08/09/2024
We are moving into a very soft market. I’m seeing foreclosures, forbearance, bank owned homes, and unsold new construction. Fellow agents mention 2008, and I have to agree. Extended time on market, reductions, and buyers walking away from homes is common place now. Florida posted 56,000 canceled contracts in July. Economists say the Fed missed their chance to help, and are ignoring true inflation, true job growth, and international impacts like Japan raising interest rates causing their markets to lose 12% in one day. Many American investors borrowed money from Japan for decades at prime rates. Those days are gone. China is garnishing waged they have already paid their employees, many haven’t received payment after months of work. Business owners all say America stopped buying. With half as many home closings this time last year. It’s clearly true here too. We expect the Feds to reduce interest rates in September at Jackson Hole, and again in December. They are simply being reactive instead of proactive. There is no one earning in this economy. Many float, others are sinking fast. We just surpassed one trillion in credit card debt. Breaking records in all the wrong places. Don’t leave your future at risk! Liquidate, or hunker down. It’s going to be a bumpy ride. (404)542-0244 Christopher Lee Raley
