Ohh, I sure hope you weren’t a part of the problem… I sure hope you didn’t buy at the top of the housing market. Cause she’s ahhh coming down!
The Feds just stopped buying mortgaged backed securities (MBS). That helped reduce interest rates, and pumped the housing market. Now, that’s gone at rates are already at 6%+. Great news if you have cash, and if you’ve been patiently waiting for the hype to die.
Boy, the media almost never gets it right. I wake up to an article saying the housing market is bouncing back. They claim,
Millions of people seized on lower mortgage rates and stagnant prices to buy homes last month, breathing new life into a U.S. residential housing market that has seen steady declines for the past year.
Can you believe it?
Millions of people did NOT buy a house last month. In fact, 271,000 houses were sold in February. Talk about hyping an inflated housing market!
The market is lifeless as mortgage rates are around 6.75%, and house prices are still near the peak, when rates were around 3%.
As always, the media lies due to their ignorance and need to cover for those who own them. It’ll be interesting to see what the Fed does with rates today after the banking fiasco.