😱 Spring Buyers Stunned: The 7% Rate Reality Check
7% interest rates cause chaos in spring home buying season. Learn how this impacts your investing strategy.
With rates rocketing back up to a dizzying 7%. Spring home buyers are dropping like flies, sending purchase applications into a nose-dive.
Investors are fleeing the housing market faster than a cat from a cucumber. But can you blame them?
Refinancing? Yeah, that's gone the way of the dodo bird, leading to a sloppy cascade of pink slips across the mortgage industry.
You'd think someone might have seen that iceberg before we hit it.
In this edition of the AltReports:
😬 Mortgage Mayhem
🤖 AI Job-Snatcher
🚀 339,000 New Jobs
📉 CRE Shakedown
🏗️ From Hotels to Homes
Mortgage rates soared back up to 7%. This has turned the spring selling season into a spectacular flop, with purchase applications diving to the third-lowest since '95.
The housing market's losing its appeal with investors pulling out big time.
As for refinancing, it's all but vanished, leading to a messy wave of layoffs in the mortgage industry.
Despite a tsunami of layoffs, employment rates are on a surprise upswing with 339k jobs added in May.
Meanwhile, the unemployment rate rose to 3.7% - totally boggling the economists.
The culprit? The government's Dr. Jekyll and Mr. Hyde surveys that count jobs and job-holders differently.
"Shark Tank" star Kevin O'Leary warns of a big shake-up in the commercial real estate market.
Pointing at higher borrowing costs and a post-pandemic dislike for cubicle life as the main culprits.