The numbers keep getting worse.
The University of Michigan Consumer Survey showed a decline in May to 58.4 (100 is baseline). Soaring inflation is a likely culprit.
But the truly horrible survey result is the UMich Buying Conditions for Houses, plunging to 45. The reason? Crazy, expensive house prices courtesy of The Federal Reserve and rising mortgages (also, courtesy of The Federal Reserve).
The buying conditions for houses is now the lowest in the history of the University of Michigan consumer survey. In fact, consumer sentiment for housing is far lower than during the awful housing bubble burst of 2008 and the subsequent financial crisis.
Here is Fed Chair Jerome Powell wielding his monetary bat called “Lucille.”
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Consumer Senitment For Home Buying Falls To Lowest Point In History, Even Lower Than Housing Bubble Burst And Financial Crisis Of 2008 (Housing Too Expensive, Mortgage Rates Soaring, Inflation Roaring) is written by IWB for www.investmentwatchblog.com