The housing market is in uncharted territory, with buying conditions plummeting to levels not witnessed since 1960. Mortgage rates have plunged to their lowest in two decades, setting off alarm bells for economists and analysts alike. This downturn is particularly concerning because the housing market often foreshadows broader economic trends, reacting swiftly to fluctuations in interest rates.
Quantitative analysis reveals the stark reality: evictions moratoriums have sent rents skyrocketing, pushing a staggering 12.1 million Americans into the precarious position of spending over half their paychecks on rent and utilities. The repercussions are dire, with the number of CEOs resigning soaring by 28% month-over-month, marking an unprecedented exodus from corporate leadership positions.
As CEOs flee and housing conditions deteriorate, it’s clear that the economy is teetering on the brink. These indicators paint a grim picture of the challenges ahead, highlighting the urgent need for proactive measures to mitigate the looming downturn.
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Buying conditions in the housing market have collapsed
Reaching levels NEVER seen since 1960
Even the 30-year mortgage rate recently hit levels not seen in 2 decades
This is critical because the housing market is a leading indicator of the business cycle
And it tends to react… pic.twitter.com/6Dd12ZTscU
— Game of Trades (@GameofTrades_) March 29, 2024
Evictions moratoriums made rents SKYROCKET and now 12.1 MILLION Americans spend 50% or more of their paychecks on rent and utilities. pic.twitter.com/yE8hK8WP5a
— Darth Powell 🦈🇺🇲🇺🇦🇵🇱🇫🇮 (@GRomePow) March 29, 2024
The number of CEOs resigning rose 28% m/m, marking the highest number of CEO departures in a single month on record, per Challenger
— MacroEdge (@MacroEdgeRes) March 29, 2024