The Economic Nightmare That You Have Been Waiting For Is Just Beginning

A lot of people out there have been waiting for the next major economic crisis to arrive.  If you are one of them, you don't have to wait any longer, because it is already here. All of the numbers are telling us that we haven't faced a downturn of this magnitude since 2008.  

On Tuesday, we learned that existing home sales in the United States have now fallen for 12 months in a row…

U.S. existing home sales slowed for the 12th consecutive month in January as high mortgage rates, surging inflation and steep home prices sapped consumer demand from the housing market.

Sales of previously owned homes tumbled 0.7% in January from the prior month to an annual rate of 4 million units, according to new data released Tuesday by the National Association of Realtors (NAR). On an annual basis, existing home sales are down 36.9% when compared with January 2021.

It is the slowest pace since November 2010, when the U.S. was still in the throes of the housing crisis triggered by subprime mortgage defaults.

Just think about these numbers for a moment.

Existing home sales have dropped every single month for an entire year.

That is catastrophic. READ MORE