Everything shows that this will not be a soft landing as advertised.
With the 30 Year mortgage now (un)comfortably into 7% territory, the US housing market is already suffering the ” sharpest turn since the 2008 crash“, according to Redfin…
… pushing the average mortgage payment almost 50% to $2,500 from around $1,700 at the start of the year.
But we won’t focus on mortgage in this post (we have done so excessively on variouspreviousoccasions), especially since in a world where most Americans have been forced to rent (with the average house increasingly unaffordable), having a mortgage became a luxury for the middle class long ago. Instead, we will bring readers’ attention to what is no longer a luxury, but with the US savings rate at record lows…