If you hurry, you may just be able to
eek eke [thank you Mr. ‘Eagle Eye’ Turner!] out a mortgage for the fine abode shown above!
Mortgage rates fall to lowest level since 2016 — this could be the ‘last affordable’ spring home-buying season for a while, Realtor group warns
If this broad cacophony were not so funny I’d actually have contempt for it. You’ve got a president on Twitter touting the stock market and FOMO’ing those not up 90% since he took office. You’ve got buttoned down analysts getting whipsawed and lowering/raising targets as usual after the latest surprise in the latest stock du jour. And of course you’ve got the public in the game and the damn Coronavirus messing up sentiment.
Into the breach goes the National Association of Realtors, you know the group that exists to give you a fair and balanced view of the Real Estate market. ha ha ha…
But a new report based on research from Realtor.com and the National Association of Realtors indicates that buyers who manage to score a deal this year will be lucky, as experts predict that affordability will only worsen in the years to come.
Hear that guys? It’s a new report… and it’s based on research! Better still, it’s based on research from the NAoR and ha ha ha… realtor.com! “Score a deal”? Pure FOMO talk. “Score a deal” my ass. “Score a deal”…
Sure, if the Federal Reserve is allowed by the market’s natural forces to keep fucking up the system then you might be able to score in the context of future inflation. They’ve got a track record, after all.
So I am not saying RE prices are going to collapse. But I am saying that when the mainstream financial media feed lines like “score a deal” to the average lug because of a “new report based on research” from Realtor.com and the NAoR you might want to cool your jets a moment and think about it. Sure, the Coronavirus and/or a deflationary macro whiff are putting down interest rates, but it’s more complicated than simply low rates = ba ba ba BUY!!!
As if its ears were burning, in checks the Continuum with its yield still locked well below 2.2%. Hence the touts coming from the RE industry. A rational interpretation of this “research” could well be ‘we sure as hell hope that low rates mean this time what they have always meant over the continuum of decades that the Fed has been allowed to rig the economy in service to inflating the system’.
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