July 14, 2024

Home Buyer Traffic is Collapsing

Big drop in home buyer traffic.

he National Association of Home Builders reported that buyer traffic is collapsing again due to higher mortgage rates. This suggests that builders will need to begin cutting prices of houses again to avoid a big run-up in inventory.

Home Buyer Traffic is Collapsing

Home Mortgage Rates Spike

The skyrocketing mortgage rates have made homebuyer affordability the worst it’s been on record. This is causing many buyers to get cold feet and walk away from deals, with Redfin reporting a big increase in real estate home contract cancellations.

A housing market crash may be imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.

Mortgage rate buydowns are just delaying the inevitable collapse. Builders trying to outlast the Fed, but the Fed has to fight inflation, the inflation that the current Administration created they’re unbelievable deficit spending.  Why, just last week there was a big announcement that they’re forgiving a billion+ in student loans,  and let’s not forget the seemingly constant notification of millions and millions being funneled into Ukraine. Now, those are just the obvious how about the billions it’s taken to take care of all the illegals that have been crossing over or open border.  Who do you think is paying for their housing, food, Medical Care and education?

It sure seems to me that this current Administration could care less about the state of America and more about ensuring future voters for the Democratic Party.


Home Buyer Traffic is Collapsing


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    Some of the links in this description and in our videos may be affiliate links, and pay a small commission if you use them, but never increase the basic cost. I really appreciate the support. The content in my Youtube videos SHALL NOT be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other & may be outdated or inaccurate; it is your responsibility to verify all information. I am a not financial adviser. I only express my opinions based on my experiences. Your experience may be quite different. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. You must conduct your own research. There is NO guarantee of gains or losses on any investments. My produced videos are for entertainment purposes ONLY. DO NOT make buying or selling decisions based on these videos. If you need advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer, financial advisor, or the appropriate professional for the subject you would like help with.

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