Bad Times Keep Rolling On
Guess bad times shadow everyone. I mean until now I only thought about how bad things were for me. A high mortgage rate was just the beginning of a long list of highs. And none of this is going to end anytime now. However, it is not only final consumers like us who are suffering. Latest figures show that that the housing market has cooled off tremendously. Inventories of unsold new homes have gone from four months’ supply a year ago to six months now. That means developers are also having a bad time.
But still at the end of the day, it’s us homeowners who are taking a bigger beating. Our purchasing power has depressed and even if we want to put our homes on the market, I doubt there are buyers who can afford to take them right now. Along with high oil prices, these effects are hurting other industries.
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