F*cked Borrowers who bought into Housing Bubble 2.0 during the pandemic-era sugar rush are well & truly buggered

The housing market is still PRICED at 3% mortgage rates.

Either people get 40% real increases to their wages or

Housing market prices fall 40%

— Darth Powell 🦈🇺🇲🇺🇦🇵🇱🇫🇮 (@GRomePow) May 26, 2023

it will likely greatly overshoot in the down direction pic.twitter.com/lBaFoWozVX

— Darth Powell 🦈🇺🇲🇺🇦🇵🇱🇫🇮 (@GRomePow) May 26, 2023

Well wages are on a downward trajectory and rates are higher for longer so….

— Darth Powell 🦈🇺🇲🇺🇦🇵🇱🇫🇮 (@GRomePow) May 26, 2023

Young couples seeking to buy a starter home & form a household get to compete with the Fed’s private equity & corporate accomplices with access to unlimited Yellen Bux. Hardly seems fair.

Don't worry this isn't 2008……its worse t.co/tG1FiZn6x9 pic.twitter.com/ioDAZnDDh3

— Darth Powell 🦈🇺🇲🇺🇦🇵🇱🇫🇮 (@GRomePow) May 27, 2023

Hot real estate markets starting to cool: Redfin (how do Fed-blown asset bubbles implode? Slowly at first, then all at once)

 

h/t Simian_Stacker