Click here to view original web page at www.theepochtimes.com
A for sale sign is posted in front of a property in Monterey Park, Calif. on Aug. 16, 2022. (Frederic J. Brown/AFP via Getty Images) A record number of home sellers dropped their asking price in July, as the U.S. housing market began to tank rapidly, according to new data from Redfin .
July saw the biggest annual decline in U.S. home sales in more than a year.
Many buyers have fled the housing market amid high mortgage rates and rising prices, while some prospective homeowners have refrained from selling, as home price growth began to slow.
During the pandemic, millions of Americans flocked to quiet metropolitan areas like Boise, Phoenix, and Tampa in search of extra space and lower housing costs in order to work from home, causing home values in the new boomtowns to skyrocket.
Last month, Home sales fell 4.1 percent from June for the sixth consecutive monthly decline.
Sales dropped 19.3 percent annually from July 2021, the lowest level since the beginning of the pandemic, when the housing market was nearly stagnant, according to Redfin.
Many prospective homebuyers were priced out of the market, especially first-time buyers, while others were wary of a potential decline in home values in the near future.
The tumble in sales was primarily caused by mortgage rates rising above 5 percent to its highest level in years, dramatically cooling the housing market, while inflation rates remain elevated across the country.The Federal Reserve’s attempt to raise interest rates to slow inflation earlier this year caused the jump in mortgage rates, which promptly ended the housing boom. Single Digit Growth Meanwhile, price growth is now in the single digits after two years of double-digit increases, when rising mortgage rates started to soar causing demand and sales to slump.Home prices have increased 7.7 percent to their slowest pace since June […]
Click here to view original web page at www.theepochtimes.com
Yes, We Need Your Help
I hate being “that guy” who asks people to donate because I think our conservative news network is so crucial, but here I am…
When I left my cushy corporate job in 2017, I did so knowing that my family would have to make sacrifices. But I couldn’t continue to watch the nation slip into oblivion and was inspired by President Trump’s willingness to fight the good fight even at his own personal expense. What I didn’t realize then is that conservative media would be so heavily attacked, canceled, and defunded that the sacrifices would be extreme.
Many in this nation are struggling right now even though we weren’t struggling just a few years ago. I’m not alone. But I wake up every morning and operate the sites we’ve been able to build because there’s really no other choice. I refuse to be beholden to Big Tech like so many other conservative news outlets, which is why you won’t see Google ads here. With that said, it’s often challenging to pay the bills and it’s even harder to expand so we can get the America First message out to a wider audience.
The economic downturn has forced me to make a plea for help. Between cancel culture, lockdowns, and diminishing ad revenue, we need financial assistance in order to continue to spread the truth. We ask all who have the means, please donate through our Giving Fuel. Your generosity is what keeps these sites running and allows us to expand our reach so the truth can get to the masses. We’ve had great success in growing but we know we can do more with your assistance.
We currently operate:
- NOQ Report
- Conservative Playlist
- Uncanceled News
- Based Underground
- Five other conservative news sites
I would even be willing to entertain investments and partnerships at this stage. I’ve turned them down in the past because editorial purity is extremely important. I’ll turn them down again if anyone wants us to start supporting RINOs or avoid “taboo” topics like voter fraud, vaccines, or transgender supremacy. But I’d talk to fellow America First patriots who want to help any (or all) of our 10 news sites. Hit me up at jdrucker (at) substack (dot) com if you’re interested.
For those who have the means and just want to help keep the mission of spreading a conservative, Christian message to the nation, please consider a generous donation.
