US ‘Housing Recession’ Confirmed. Just Not By Prices
Existing home sales fell more than expected in the US last month, as affordability concerns continued to weigh on buyer psychology.
July's 5.9% drop from June marked the sixth consecutive monthly decline (figure below).
The 4.81 million annual rate was the slowest in more than two years. Notably, the pace is now well below that observed prior to the pandemic.
On a YoY basis, sales plunged more than 20%. Every major region in the country logged declines on both a MoM and 12-month basis.
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Every time I turn around I’m getting emails from Trulia and Redfin, etc. telling me our property is worth $20k more than it was worth last week.
I won’t blather on about the reasons why, other than to say there is a lot of activity in the vicinity where we live and potential buyers believe there is a future real estate goldmine in store for them if they buy homes in our area.
I am afraid we’re going to be forced to sell our place because we won’t be able to afford the stinking property taxes and insurance anymore.
“He was taxed outta town on a rail”…