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Put aside the tech layoffs for now. I'm just talking about housing alone.Just the housing sector, in the absence of all other sectors, is enough to send unemployment notably higher.https://t.co/S8wTLH99N2
— Jeff Weniger (@JeffWeniger) November 9, 2022
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It’s not so much the home prices declining that sends people into credit card trouble; it’s the job losses that come when this massive part of a financialized economy goes sour.Landscaping crews, bricklayers, plumbers, roofers, electricians. pic.twitter.com/QtVQKqF8Vj
— Jeff Weniger (@JeffWeniger) November 9, 2022
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Construction workers for example.New home sales have collapsed. That's not something that is GOING TO happen. That's something that HAS happened.
Jobless people can't pay credit card bills.
— Jeff Weniger (@JeffWeniger) November 9, 2022
Housing market should brace for mortgage rates hitting 10% in 2023, investment banker says