The US housing market is slippin’ into darkness under Bidenomics.
With existing home sales at their lowest since 2010 and new home sales finally hitting the wall, pending home sales were expected to decline MoM in August after an uptick in July (amid soaring mortgage rates and plunging affordability) and they did…hugely.
Pending home sales plunged 7.1% MoM in August (dramatically worse than the -1.0% expected) dragging sales down 18.8% YoY.
Mortgage rates are now at a 20 year high. As existing home sales tank.
