The looming real estate crisis in China, from 60 Minutes:
Is China Next?
by Jim the Realtor | Mar 3, 2013 | Bailout, Market Conditions, Unbelieveable | 4 comments
by Jim the Realtor | Mar 3, 2013 | Bailout, Market Conditions, Unbelieveable | 4 comments
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In Jan 2021, the 30-yr mortgage rate was 2.65% and average new home price in the US was $401,700.
Today the 30-yr mortgage rate is 5.30% and average new home price is $523,900.
Assuming a 20% down payment, that's an 80% increase in the monthly payment (from $1,294 to $2,327). https://twitter.com/charliebilello/status/1524755634843004930
The 30-year mortgage rate in the US rises to 5.30%, its highest level since 2009 and double the all-time low of 2.65% from last year.
Could be. Chanos went short 3 years ago and predicted the collapse would happen in ’10. Maybe it’ll happen this year.
Could be??? This is a nuke on a timer, but nobody knows how many ticks are left.
At least the Chinese haven’t yet experienced a burst bubble and thus have an excuse.
I saw the program last night. I think bloggers have been talking about this for years. Building for the sake of building. The parties seem to last longer than you think.
Markets can stay irrational a lot longer than you can stay solvent!
“Markets can stay irrational a lot longer than you can stay solvent!”
Need to change your name to aboveAverageJoe cuz the avgJoe really doesnt understand this. 🙂
One of my favorite sayings.