Title: Typical US Mortgage Payment Is Up 20% From Last Year But Home Prices Keep Rising Due To Plunging Supply Source:
[None] URL Source:https://www.zerohedge.com/markets/t ... eep-rising-due-plunging-supply Published:Aug 7, 2023 Author:Tyler Durden Post Date:2023-08-07 20:31:30 by Horse Keywords:None Views:185 Comments:2
The total number of homes for sale is down 19%, the biggest drop in a year and a half, and new listings are down 21%.
Poster Comment:
This has to end with a bad recession if not a Depression.
If you have a 3% mortgage, you will not want to sell if you have to buy your next house at 7%.
The main problem is, and always has been, the Fractional Reserve System of banking. The bank only needs 10% of the amount of the loan on deposit. The other 90% is created out of thin air.
As the loan is paid off, the funds are extinguished. The bank makes its money on the front end of the loan with the higher interest rate payments. ;)
"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke