Taps Coogan – November 24th, 2022
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As the following chart from Reventure Consulting’s Nick Gerli highlights, the latest results of the National Association of Home Builders (NAHB) survey shows that homebuyer traffic has plunged to levels last seen near the Covid lows and the depths of the 2008 housing crisis.
The NAHB’s broader index of home builder conditions is equally grim, via Liz Ann Sonders:
This is estimated to be the worst time to buy a home in a generation vis-a-vis getting a mortgage, again via Liz Ann Sonders.
Buyers who can pay in cash are starting to find some better deals, but as housing pertains to the broader economy, the setup here is highly recessionary.
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