by Michael Snyder,The Economic Collapse Blog:
The housing bubble that burst during the Great Recession was enormous, but it was nothing compared to what we are facing now. Two decades ago, the average price of a home in the United States was about $140,000. Today, the average price of a home in the United States is above $500,000. We have literally never seen anything even close to a housing bubble of this magnitude. Unfortunately, what comes up must eventually come down.
TRUTH LIVES on athttps://sgtreport.tv/
Just like we witnessed during the Great Recession, home sales have started to crash.
In January, sales of previously owned homes were8.4 percent lowerthan they were in December…
Sales of previously owned homes in January dropped a much wider-than-expected 8.4% from December to a seasonally adjusted, annualized rate of 3.91 million, according to the NAR. Sales were 4.4% lower than January 2025. That is the slowest pace since December 2023 and the biggest monthly drop since February 2022.
This count is based on closings, so contracts that were likely signed in November and December, when the average rate on the 30-year fixed mortgage didn’t move much before dropping slightly in January. That rate is now 6.1%, according to Mortgage News Daily.
Regionally, sales fell across the nation month to month but were down the most in the South and West.
Sales of previously owned homes have been at a depressed level for years, and now things are getting even worse.
It is a really bad time to be a real estate agent in America. So many really good agents are deeply struggling right now.
Source: SGT Report
