Home-Flip Profits Slip to Post-Recession Lows, Data Firm Finds
A real estate data firm says profits from home flipping have fallen to the lowest level seen since the Great Recession.
Tag
Great Recession
All articles tagged with #great recession
Job Market Deteriorates to Worst Since Great Recession
Americans are more pessimistic about the job market than since the Great Recession, with 62% expecting unemployment to worsen, driven by fears of economic slowdown and inflation, despite current low unemployment rates and stable economic indicators.
"Record-low home sales in 2021 as mortgage rates and prices deter buyers"
Existing home sales in the US have fallen to levels not seen since the Great Recession, while prices remain high due to the highest mortgage rates in 23 years. The National Association of Realtors reported a decline in September home sales, with the median price ticking up but still lower than August. Fed Chairman Jerome Powell stated that interest rate cuts should not be expected in the near future. The housing market has been impacted by elevated prices, tight inventories, and high mortgage rates, leading to a decline in sales.
The Economic Consequences of the US Debt Ceiling Crisis.
The White House warns that a protracted default on the US debt could be as bad as the Great Recession, with unemployment rising by 5% and the stock market plunging by 45%. Unlike previous recessions, the government would not be able to step in and throw money at the economic wounds. Congress will have to act within its limited number of working days to strike a deal to prevent a default within the next weeks or months. The clock is ticking, and the best-case scenario would be August 8. The Treasury could mint a $1 trillion platinum coin or invoke a clause in the 14th amendment, but the Biden administration is not budging on a clean debt ceiling increase to stave off economic catastrophe in as soon as a month.