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Existing home sales tumbled in December
for 11th straight month, falling to lowest
level since 2010

Original Article

Posted By: fca, 1/22/2023 6:13:40 PM

Higher mortgage rates have caused home sales to fall for 11 consecutive months.. U.S. existing home sales slowed for the 11th consecutive month in December as higher mortgage rates, surging inflation and steep home prices sapped consumer demand from the housing market. Sales of previously owned homes tumbled 1.5% in December from the prior month .... On an annual basis, existing home sales are down 34% when compared with December 2021.


Build back better..Teetering on the Brink: many Americans are living paycheck-io- paycheck.. literally teetering on the brink of financial disaster, and it will not take much to push them over the edge..

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Reply 1 - Posted by: Birddog 1/22/2023 6:28:58 PM (No. 1384987)
Ya, home prices with it. Mine has dropped 18% in zillo valuation, after gaining 28% over the Trump years. My only regret is that I didn't take a loan to get some use of the equity when I could have at 2 3/4%. I own it fee simple, and could use some funds for "other things". Now interest rates are at near Credit Card levels, and I could borrow it there at 0% for 18 months, paying just the 3% transfer fees up front. But 18 months isn't a long time, and there are no guarantees that a similar offer will be available when it's time to roll it over to another card company. I'd rather work through a local bank or my Credit Union. On the plus side, during the Trump years not only did I pay off the house, the cars, and all of the credit credit score is now "Golden".
8 people like this.

Reply 2 - Posted by: paral04 1/22/2023 6:45:42 PM (No. 1384993)
What a surprise. Interest rates go up and mortgages cost more. I didn't go to Harvard Business School, but I took Arithmetic and know the cost of owning a home consists of how much it is to carry it. To those who are Woke this means, when interest rates go up, the home prices go down.
10 people like this.

Reply 3 - Posted by: paral04 1/22/2023 7:05:17 PM (No. 1385003)
As they said in France many years ago, "Off with his head".
8 people like this.

Reply 4 - Posted by: NorthStar 1/22/2023 7:12:55 PM (No. 1385007)
There will be a lag people will keep their house off the market, not wanting to pay the large Mortgage rates until they are forced to.
4 people like this.

Reply 5 - Posted by: JHHolliday 1/22/2023 8:01:47 PM (No. 1385032)
I paid mine off years ago. I am not going anywhere until the funeral home comes to pick me up. I was lucky to have the means to pay it off early. Too many don’t have that option. I can only say, buy what you can afford. So many folks got carried away thinking that they could scrape up the mortgage payment on that big house. I am afraid we are looking at a lot of foreclosures in the coming months with people being financially destroyed.
12 people like this.

Reply 6 - Posted by: fca 1/22/2023 8:05:01 PM (No. 1385033)
Inflation caused by The Federal Reserve ( that has no reserves ) money printing and government spending is a tax on the middle class workers.
8 people like this.

Reply 7 - Posted by: formerNYer 1/22/2023 8:28:54 PM (No. 1385055)
Let's go Brandon!!!!
10 people like this.

Reply 8 - Posted by: chumley 1/22/2023 10:34:48 PM (No. 1385137)
Big surprise. I just bought a new car because the prices of everything are going through the roof and likely to only get worse. I ended up paying a few thousand under sticker but they killed me on the loan. If I dont pay it off early it will cost me 10k more. My regular bank had the same rate. And I have an 830 credit rating. I cant imagine what they'd do to someone in the low 700's.
4 people like this.

Reply 9 - Posted by: watashiyo 1/23/2023 12:26:36 AM (No. 1385159)
Bought my house 8 years ago and sold it at its peak. The sound of SELL was deafening at the time. Those who couldn't hear and missed the boat, I'm sorry.
4 people like this.

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Posted by fca 1/22/2023 6:13:40 PM Post Reply
Higher mortgage rates have caused home sales to fall for 11 consecutive months.. U.S. existing home sales slowed for the 11th consecutive month in December as higher mortgage rates, surging inflation and steep home prices sapped consumer demand from the housing market. Sales of previously owned homes tumbled 1.5% in December from the prior month .... On an annual basis, existing home sales are down 34% when compared with December 2021.
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