"... U.S. Existing-Home Sales Surged in July by Most on Record updated 24 minutes ago Joe Biden Vows to Return Hope to America After ‘Darkness’ of Trump Biden Scorns Trump as Failed President, Vows to End ‘Darkness’ ETC.... https://www.bloomberg.com/
So the Fed lowers rates to almost nothing due to the shitty economic situation which means homebuyers can buy houses they could not afford 2 years ago and now this is all Trump's doing?? whenever interest rates are low home buying explodes and real estate has not slowed down during COVID...
Real estate picked up during COVID. Lots of factors driving it. There is a "cocooning" phenomena. People spent a lot of time in their homes. Some have decided to improve their homes or upgrade to another. Some have elected to move out of large cities. Some have downsized due to their business or employment being affected by the situation. Its kind of a musical chairs effect and the music isn't going to stop anytime soon.
Surprised the tards aren't claiming that the sales are a direct result of Trump killing people with the corona.
There are no market makers in the real estate market. If real estate is selling hot is because there is a huge demand for it right now. I also do real estate investments and some properties I was looking into were receiving 15-18 offers with escalation clauses. I was not going to chase but it shows plenty of people are...
The electronic load board provided my the trucking carrier I am leased to showed all-time highs, 60,200, in number of available loads, or almost triple the lockdown low of about 22,000. Maritime’s Dry Baltic Index has recovered nicely and could conceivably hit 5 year highs by November. DAT services shows dramatic growth in trucking load to truck ratios and freight rates in recent weeks. These are not even the usually strongest end of month or especially end of quarter statistics, implying there are more good economic news reports to come. While not all industries are doing well, those industries that represent the backbone of a dynamic economy are surging forward and should eventually cause increased demand for other services, such as those from still recovering industries. It is truly epic what Congress, the Fed, and Trump have done to turn around the US economy. Not only did they prevent negative feedback loop, they actually created what is looking like it could be sustainable growth. And they accomplished this in months. With an economic base of $20 Trillion plus dollars, no less. Epic. Comparing the effect of stimulus between the Obama and Trump Administration, the difference in effect is related to relative business confidence. Under Obama, onerous regulations and partisanship stiffled business expansion plans in spite of roughly similar stimulus efforts, stalling capital spending and hiring. Under Trump, businesses have more confidence to take on risk and open their wallets, at least partially explaining why our economic recovery has been so quick. I see the election Obama’s Vice President as throwing water on business risk taking, reducing the economic potential of the United States, if not global economic growth beyond 2020. As far as improving our civil-social situation, I see a strong economy as Trumping a weak Democrat economic history and endless platitudes for their base. A vote for Trump is a vote for a strong economy.
It's new home sales that are spiking. Not so much people just transferring homes to each other. It has been unusual. I expected to lose 20-30% on my home in March but locally the ravenous buying had gained me 20%. New constructions are selling like hot cakes at absurd premiums. I get calls maybe twice a week from house flippers looking for a cash only buy. I speculate a lot of it is being driven by REITS. At least 3/4 of my neighborhood is now being rented. I don't think single family buyers are able to get in still. But low interest rates have certainly fueled the wealthy buying up even more homes to rent to the serfs. I don't think turning suburbs into trailer parks is really a "Trump economy" benefit and like I've said before COVID saw us witness the single largest wealth transfer to the rich in the last century. Frankly, I'd like to have a neighborhood that doesn't have renters in and out every year even if that means losing a little value of my house. If Biden plans on putting actual families into homes and locking out REITs and foreign investment in American real estate maybe he's not such a bad guy for that aspect of the economy. Doubt it though.
I dunno, I'd have expected renters to wait until foreclosure season when the market's flooded w/competition. Why pay top dollar when the interest rates are likely to stay at zero past next year? Seems dumb.