Taps Coogan – December 7th, 2022

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Based on the most recent data, the US personal savings rate fell to just 2.3% in October, the second lowest rate on records since 1959 and the lowest ever three-month average.

The last time the savings rate was this low was in the runup to the Housing Crisis. Coincidentally, homebuyer traffic has returned to the Housing Crisis lows and home affordability is the worst on record.

It will take some time to burn through the above trend savings generated over the last couple years, but that process has started and a recession in the coming year will speed things up quite a bit.

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