Taps Coogan – June 27th, 2021
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The following chart, via Not Jim Cramer, speaks for itself. It shows the results of a long running University of Michigan survey which asks people if they think that it is a bad time to buy a house.
It’s safe to say that the Fed over did it this time, and remember, they are still buying $40 billion of mortgage backed securities every month.
Unwinding this situation would cause a hangover for the ages. For that very reason, don’t expect the Fed to even try, regardless of how badly an unwind is needed.
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It just gets better everyday with the FED clowns. What could possibly go wrong? As Alfred E. Neuman used to say, “What, me worry?” I think Powell and Yellen have adopted Neuman’s slogan. I guess that also shows my age.
I ask the same question and always get the same answer.
“which one of your children can afford to buy the house you live in right now?”
and the same answer:
“I couldn’t afford to buy the house I live in right now”
I don’t know a single person in my group of friends that could afford to buy they house they live in at the current levels of price to incomes……
How does this end?
Them where are the buyers and lenders coming from ??