Axios tried to gaslight readers into thinking the housing market is in some type of recovery, or “comeback,” Monday, even though this isn’t even close to being true.
In their “Axios AM” rundown email sent Monday morning, journalist Emily Peck tried to argue “there are some early signals that the market is picking back up again,” to which I burst out laughing because I legitimately thought she was joking. But no, according to Peck, what matters most is mortgage rates … and not the facts and data that show the housing market is screwed.
Mortgage rates went down from almost 8% in 2023 to 6.6% in mid-January, which we’re supposed to think is a good thing. In reality, this situation is still absolutely destroying the housing market, the economy, and the overall quality of life for millions of Americans. And anyone who thinks otherwise is an indulged idiot who must live in a different timeline to the rest of us. (RELATED: Majority Of Americans Know The Economy Is Tanking, Despite Biden’s Propaganda)
Even at 6.6%, if you buy a house, you’re going to pay a hellishly high-interest rate — meaning you will end up paying your bank hundreds of thousands of dollars extra for a home that will never recoup the value it has today.
Don’t Believe The Hype, We’re Still Headed For A Recession — And Investors Are Anxious AF | @DailyCaller https://t.co/4XJhaEMlft
— KAY SMYTHE (@KaySmythe) September 6, 2023
But obviously, banks don’t care about that. When the housing market crashes, We The Taxpayer will bail them out again. And when you can’t afford to keep paying your mortgage, you’ll join the hundreds of thousands of other homeless Americans left to die on the sidewalks of our major cities.
What terrifies me is that home sales are apparently picking up again, as if no one in this country has the financial literacy to realize they’re overpaying for overvalued homes, and getting locked into a debt cycle that could see them bankrupt and homeless should the rest of the economy keep trending downward? (RELATED: Real Estate ‘Apocalypse’ Could Destroy American Economy, Midsize Cities, WaPo Finally Realizes)
Don’t let Axios lie to you. The housing market is not in recovery; it’s still bleeding out, waiting for an ambulance that won’t arrive because real estate investors and their corporate overlords are too greedy to save it. Put simply: we’re still in a bad situation that could have macro-ripple effects for generations to come. So unless you can buy a house outright with no mortgage, don’t do it. It’s not worth the pain you’re going to feel in the years to come.