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Biggest Home Sales Drop In Years Caps Dreadful US Data
Friday wasn't a good day for US macro data.
In addition to the worst update on services sector acti
so … is bad news bad now? or, just news … or, does it even matter these days?
We look to be approaching all news is bad news.
I have heard from online sources that there are local real estate markets collapsing in Florida, the Dallas/Fort Worth area, and in parts of Arizona. New home construction is getting the worst of it, as they have overbuilt, and the various incentives they have been offering are no longer working to draw in buyers. There is also some concern that Maryland may see a downturn, as the DOGE continues to slash jobs in DC.
The problem is not just the price of homes and high interest rates, but insurance costs and taxes have also risen sharply. The recent fires in SoCal could potentially push some folks to relocate in Arizona or Texas, but I do not think that would be a very large number or right away either.
If I was a government worker (what are there, 4 million) and had been thinking about moving, I would certainly put a full stop on those plans now. Chaos is not good for commerce, unless your currency is smash and grab.
Government efficiency is being tempered by some on line.
I read the following:
“These firings they’re conducting without following the law will result in hundreds of thousands of former federal employees being owed back pay, plus interest, plus benefits, plus attorneys fees,” “When the bill comes it will be monumental.”
This reminds me if the H man who is not constrained by home prices or financing costs bought a house yet?