from WallStForMainSt
Last week’s US retail sales numbers were great. https://wolfstreet.com/2020/06/16/eco…
There’s just one major problem: 30% of Americans missed their housing payments in June https://www.cnbc.com/amp/2020/06/16/3…
How can the US economy be recovering with more US consumer spending on retail items when many Americans are skipping their mortgage payments for the last 3 or 4 months?
Commercial Real Estate & Residential Real Estate appear to be the next major Black Swans that stock market and US economy bulls are not thinking about or ignoring.
Nearly Half Of Americans Consider Selling Home As COVID Crushes Finances https://www.zerohedge.com/personal-fi…
Australia is also changing the rules to avoid their real estate bubble bursting. See the work of Martin North.
In the US, a lot of the rules changes involved manipulating interest rates lower on mortgages:
1) US mortgage rates have dropped to another all-time low. Can they go even lower? https://finance.yahoo.com/news/mortga…
2) Rates on home loans hit new record low, nudged by Powell and the Fed https://finance.yahoo.com/news/mortga…
3) Mortgage rates drop to another record low — here’s why Americans may not want to wait too much longer before locking rates in https://www.marketwatch.com/story/mor…
Quicken Loans (also owns Rocket Mortgage) must see the writing on the wall about how unsustainable all of this is for residential real estate and people skipping their mortgage payments. Which is why they are rushing their IPO forward. https://www.cnbc.com/2020/06/11/quick…
Read what the Federal Reserve had to say about the US housing market in their newest May 2020 Financial Stability Report that they released a month ago: https://www.federalreserve.gov/public…
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