Mortgage applications across the U.S. plunged to a 28-year low in late August.
The Mortgage Bankers Association index of home-purchase applications decreased by 2.1 percent last week, hitting its lowest level since April 1995, Bloomberg reported Wednesday. Bloomberg also noted that contract rates on 30-year fixed mortgages dropped by 10 basis points in the week that ended on Sept. 1, and that the overall measure of mortgage demand dropped by 2.9 percent, hitting an almost 27-year low.
Housing affordability and the disgustingly high rates for mortgages are making home purchases almost impossible for average Americans and their families. And those lucky enough to have bought their properties during the pre-pandemic low-interest rates are clever enough not to sell, despite the almost-bursting bubble surrounding the market right now.
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
Part of the issue is the plethora of corporations using shadow companies and shell names to purchase huge numbers of single family homes, and sometimes entire neighborhoods, pricing out regular Americans who just want a roof over their heads.
2024 Presidential candidate Robert F. Kennedy Jr. said recently that BlackRock, Vanguard and State Street were the three key players behind this move. He predicted that the three companies — who are actually just one big company when you track the data back far enough — are trying to own 60 percent of all American single family properties by 2030 as part of the World Economic Forum’s push to cut individual ownership and freedom. (RELATED: Morgan Stanley CIO Says There’s Too Much Optimism Over Markets Right Now)
After the Daily Caller reported on Kennedy’s statements, a representative from BlackRock contacted the Caller, disputing the claim. When asked to provide “100% certainty” and proof that these corporations aren’t buying properties under various different names and shell companies, the representative stopped responding to emails.