This is devastating…
June 15, 2022 (2w ago)

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So much for the housing market. Rates have more than doubled in 10 months!

Here’s a longer-term view. The Fed hasn’t updated their chart since May but you can see that rates last exceeded 6% just before the global financial crisis. Keep in mind that back then home prices were lower and anyone could get a liar loan, but at 6% today huge swaths of buyers are priced out.

This looks more and more like a serious recession.

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