On Monday, Axios tried to gaslight its readers into thinking the housing market is in some kind of recovery, or “comeback,” when that is far from the truth.
That's what journalist Emily Peck tried to do in an Axios AM summary email sent Monday morning. claim “There are some early signs that the market is picking up again,” I thought she was joking and laughed out loud. But no, Peck says it's mortgage rates that matter most, not the facts and data that show the housing market is in turmoil.
Mortgage rates have fallen from almost 8% in 2023 to 6.6% in mid-January, which is seen as a good thing. In reality, this situation is still completely destroying the housing market, the economy, and the overall quality of life for millions of Americans. And anyone who thinks otherwise is a spoiled idiot who must be living in a different timeline than the rest of us. (Related: Despite Biden's propaganda, most Americans know the economy is in decline)
Even if the interest rate is 6.6%, you will still be paying a hellishly high interest rate when you buy a home. That means paying hundreds of thousands of dollars to the bank. Extra For a house that cannot recover its current value.
Don't believe the hype. We're still headed for a recession – and investors are worried@DailyCaller https://t.co/4XJhaEMlft
— Kay Smythe (@KaySmythe) September 6, 2023
But apparently banks don't care about that. When the housing market crashes, We The Taxpayer bails it out again. And when they can no longer afford to keep paying their mortgages, they will join hundreds of thousands of other homeless Americans who are left to die on sidewalks in major cities.
What scares me is that home sales are clearly picking up again. It's as if no one in this country has the financial literacy to realize they're paying too much for an overvalued home and are stuck in a cycle of debt. Will the rest of the economy continue to trend downward? (Related: Real estate 'apocalypse' could destroy American economy, mid-sized cities, WaPo finally realizes)
Don't lie to Axios. The housing market has not recovered. The ambulance still hasn't arrived and continues to bleed because the real estate investors and their corporate overlords are too greedy to save the ambulance. Simply put, we are still in a bad place, with potentially macro ramifications for generations to come. So don't buy unless you can buy the house outright without a mortgage. It's not worth the pain for years to come.
