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https://www.linkedin.com/news/story/pending-home-sales-hit-record-lows-6122674/
Pending home sales hit record lows

Pending home sales in November dipped for their sixth month in a row, as current economic conditions scare away many potential buyers.

Contracts to buy previously owned homes fell 4% to just 73.9 – becoming the smallest amount of signings since 2001 (aside from the pandemic), according to the National Association of Realtors.

The November decline "was worse than all estimates in a Bloomberg survey of economists." Despite the dip, home-buying activity could soon rebound as mortgage rates continue to fall, says NAR Chief Economist Lawrence Yun.

Home prices fell for a fourth consecutive month as rising mortgage rates continue to eat into buyer demand.


**Pending home sales were a noticeable 37.8% below year-ago levels, with double-digit declines in all regions of the country. **

**The monthly mortgage payment for a median-priced home is $780 higher than it was last year.**

Last edited by superbowldogg; 12/28/22 04:49 PM.

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Holiday sales were up 7.6% despite inflation. Inflation dropped to 7.1% year over year in November.


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Originally Posted by PitDAWG
Holiday sales were up 7.6% despite inflation. Inflation dropped to 7.1% year over year in November.

Fact-Checking Results: misleading.

Holiday sales rose 7.6%. However, people are not buying more items. They are actually buying less stuff because the costs of goods are up 8.2% (inflation has nothing to do with the present cost of goods) and people were desperately buying gifts on their credit cards.

https://www.cbsnews.com/news/holiday-spending-2022-up-despite-inflation/

Overall spending has slowed from the pandemic-infused splurges and shifted increasingly toward necessities like food, while spending on electronics, furniture, new clothes and other non-necessities has faded. Many shoppers have been trading down to private label goods, which are typically less expensive than national brands. They've been going to cheaper stores like dollar chains and big box stores like Walmart.


https://www.cbsnews.com/news/credit-card-interest-rates-debt-inflation/

Inflation is continuing to wallop Americans, with consumer prices up 8.2% in September from a year ago. Core inflation, which excludes volatile food and energy prices, have jumped 6.6% over the last 12 months — the fast rise in 40 years.

https://www.forbes.com/sites/qai/20...-how-does-yours-compare/?sh=1a415e4d6489

As of the third quarter of 2022, Americans hold $925 billion in credit card debt, which is a rise of $38 billion since Q2 2022. The Federal Reserve of New York says this is a 15% year-over-year rise – the biggest jump we’ve seen in more than 20 years.

*This was the last gasp from consumers (spending on credit cards) before consumer spending takes a nose dive and I was really hoping this wouldn't happen so quickly*


If we look at last year’s Q3 data from Experian, we can see that the average credit card balance was $5,221 in 2021. If we add a 15% increase to that number, we see that the average credit card balance for Americans in Q3 2022 is somewhere around $6,004.

The Federal Reserve has been raising interest rates since March 2022. They’ve gone up by 375 basis points in just 11 months, which means borrowing has quickly become much more expensive.

In fact, the average credit card’s interest rate is the highest it’s been since the Fed started tracking in 1994. In Q3 2022, the average APR of all credit cards was 16.27%, up from 14.51% in Q4 2021 before the Fed started raising rates. Those who are carrying a balance and actually paying that interest are seeing an average APR of 18.43%.


*So, we have now reached the consumer purchasing tipping point and it will happen faster because Americans have maxed out their credit cards and are paying astronomical interest rates. At this point, there is pretty much nothing left we can do. This really s terrible news and millions are going to suffer.*


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Originally Posted by EveDawg

You can't fix stupid. Or frivolous. Or what ever you want to call people buying on credit what they can't afford. I get that people have less disposable income - but there were Christmas's when I was a kid we got very little and what we did get were "soft presents" - meaning clothes and underwear.

As for inflation and the discussion as if this is a Biden made thing - EU rate is over 11% ... UK rate is over 10%. smh.


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Man, you have to love living in the FREE MARKET. All these people blame Biden for out-of-hand inflation triggered worldwide due primarily to the effects of Covid Shut Downs initiated by Trump and pure corporate greed. Free Markets, not Biden, not Trump, not just in America; inflation is not a valid partisan point for us because we all hate it. Smh.

Maybe GOPers can get Dark Brandon to create them a little nanny state to keep them safe.

Last edited by OldColdDawg; 12/28/22 10:51 PM.

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Originally Posted by superbowldogg
https://www.linkedin.com/news/story/pending-home-sales-hit-record-lows-6122674/
Pending home sales hit record lows

Pending home sales in November dipped for their sixth month in a row, as current economic conditions scare away many potential buyers.

Contracts to buy previously owned homes fell 4% to just 73.9 – becoming the smallest amount of signings since 2001 (aside from the pandemic), according to the National Association of Realtors.

The November decline "was worse than all estimates in a Bloomberg survey of economists." Despite the dip, home-buying activity could soon rebound as mortgage rates continue to fall, says NAR Chief Economist Lawrence Yun.

Home prices fell for a fourth consecutive month as rising mortgage rates continue to eat into buyer demand.


**Pending home sales were a noticeable 37.8% below year-ago levels, with double-digit declines in all regions of the country. **

**The monthly mortgage payment for a median-priced home is $780 higher than it was last year.**

Recognizing that you just love to beat on Liberals, I should point out that this might be a good thing. Hopefully housing prices will return to more normal levels....


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So you can't deny that holiday spending was up and inflation has dropped from it's high of just over 9% to 7.1% but wish to try to do everything to undermine those facts because you hate to admit anything positive. Got it.


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Originally Posted by PitDAWG
So you can't deny that holiday spending was up and inflation has dropped from it's high of just over 9% to 7.1% but wish to try to do everything to undermine those facts because you hate to admit anything positive. Got it.

Originally Posted by PitDAWG
Holiday sales were up 7.6% despite inflation. Inflation dropped to 7.1% year over year in November.

You said spending was up despite inflation. The facts show that the only reason spending is up is because of inflation.

No real way to spin that one bro.


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Holiday spending was .5% higher than the inflation rate. Many claimed holiday spending would be down. Even accounting for inflation is rose slightly. Like I said, anything positive certain people try to shoot down. When their predictions fall flat they make excuses as to why that happened.

As I've said before, there are certainly reasons to think we may enter into a recession. There are also reasons to think we may not. Doom and gloom is not inevitable.


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Fair enough. Sales were definitely better than expected.

IMO the storm that's brewing has much more to do with this...

Originally Posted by EveDawg


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Debt is certainly a concern. I've never gone into debt for the holidays. I do think increased debt has been an ongoing trend that has been talked about a lot on this board over the years. From everything I've seen it's Lending Tree that is tracking holiday debt and they've only been doing that for eight years. I'd love to see how that actually played out over the last few decades allowing for inflation.


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Speaking of the economy, has anybody noticed gas prices? They jumped for $2.74 per gallon around here to $3.35 per gallon in the last 2 weeks.


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Forecasts are for steadily rising gas prices, to a high of about $3.80 by late May and over $4 again by summer.


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Went for a motorcycle ride Wednesday. The bike takes premium, paid $4.58 for gas then saw that jump to $4.79 yesterday


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It's crazy how consistently inconsistent it has been. Not just the daily yo-yo, but the price differences from location to location. I'm always back and forth from Fort Wayne... on any given weekend trip we regularly see ranges differ by over a dollar.


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Originally Posted by GMdawg
Went for a motorcycle ride Wednesday. The bike takes premium, paid $4.58 for gas then saw that jump to $4.79 yesterday

Gas prices have dropped about a dollar a gallon in California. Go figure...


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Originally Posted by GMdawg
Speaking of the economy, has anybody noticed gas prices? They jumped for $2.74 per gallon around here to $3.35 per gallon in the last 2 weeks.

GM, I don't think that this has much to do with the price of oil or the economy-more like gas stations owners just jacking up the price for the holidays.
I use gas buddy alot, especially when I travel.

If you don't want to pay 3.35 for regular-a few minutes checking where you are going and
a) gas at Sams in Boardman is 2.87 for regular-If you are a member
b) on Gasbuddy, there are (3) stations in salem that listed prices as of yesterday-2 were 2.47 for regular and one was 2.57-The gas station across from Dutch Haus had regular listed at 2.59-I went by last night and they raised it to 2.99 when i was going down through Columbiana and I thought I saw it for 3.35 when I was coming home about 2 hours later.
c) Shell at Glenwood and Western Reserve was 2.68 for regular
d) there are a couple more out by Eastwood Mall that were listed in the mid 2.60-2.70's.
e) Valley View in Lisbon was 2.69 yesterday afternoon.
e) if all else fails-i go to Sheetz and get the 88 octane-it is normally about 30 cents a gal cheaper than their regular. Just don't put the 88 in the power tools/ATV's

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j/c

It's an odd thing. Any time gas prices go up you see several comments about it. When it goes down you don't hear a peep.


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Lol …. it’s like global warming. In the middle of winter and the weather is cold and nasty. “Where’s all the global warming we keep hearing about?” Then in June and it’s already 110 deg by noon and 30% of the American West is on fire. “Crickets”

Anyways it’s not like Putin’s war is helping the issue, but let’s point fingers toward our own leaders like Biden. notallthere

https://www.reuters.com/business/en...-require-gas-payment-roubles-2022-03-23/

LONDON, March 23 (Reuters) - British and Dutch wholesale gas prices jumped on Wednesday's close after Russia said it would start selling gas to "unfriendly" countries in roubles, while the European Union proposed legislation on minimum gas storage levels.

The spike came after President Vladimir Putin said Russia would start selling gas to "unfriendly" countries in roubles, with the British price for day-ahead delivery jumping by 11.8% to close at 246.00 pence per therm, while the winter 2022 price rose by 11% to 264.01 p/therm.


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I disagree. When gas prices blow up, you hear about it. When they slowly decrease, you don't hear about it. What people may be forgetting is, in warmer months, prices always go up due to "warm weather blends" being more costly to produce. When winter prices go down, it's due to "non warm month blends" in large part.

I'm not agreeing with you, or disagreeing. Just stating a fact.

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I paid a buck eighty-nine this morning at Kroger with a dollar off per.


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Originally Posted by PitDAWG
j/c

It's an odd thing. Any time gas prices go up you see several comments about it. When it goes down you don't hear a peep.


I bet if gas prices dropped 61 cents a gallon in two weeks you would hear about it.


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But dropping from over 4 dollars to under 3 dollars a gallon seemed like no big deal. I think that's being pretty selective.


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But it didnt drop that much in less than two weeks


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oh, we still crying about gas prices?


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That's me. I'm still crying, and pouting about it eek


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Originally Posted by Swish
oh, we still crying about gas prices?

YES! Until the gas prices hit the same lows under Trump I will not be satisfied. Also, everything still costs more. Fix it.


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So what exactly do you think the cause is for this and exactly what is it you think can be done to "fix" it?


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Originally Posted by tastybrownies
Originally Posted by Swish
oh, we still crying about gas prices?

YES! Until the gas prices hit the same lows under Trump I will not be satisfied. Also, everything still costs more. Fix it.

Trying to fix it, but the MAGAts won't get 0ut of the way.


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https://www.linkedin.com/news/story/grim-outlook-for-corporate-earnings-5103433/

not good.

Grim outlook for corporate earnings

Amid challenges faced by major U.S. firms that include high interest rates, growing costs and a strong dollar, analysts predict S&P 500 companies will report their first year-on-year decline in quarterly earnings since 2020 this week. Profits in the fourth quarter are forecast to have fallen by 4.1%, compared to 31% growth recorded the previous year, according to Fact Set. Morgan Stanley strategists say investors remain pessimistic about economic growth, suggesting the S&P could drop even further. Meanwhile, Goldman Sachs will reportedly lay off some 3,200 employees this week.

Despite falling 19% in 2022, the S&P 500 rose 1.4% in the first week of 2023 following the Labor Department's recent jobs report, which suggested the jobs market remains strong.


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U.S. added 223,000 jobs in December, capping off strong 2022

https://www.cbsnews.com/news/hiring-jobs-report-december-capping-off-strong-2022-12/


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Consumer prices fell 0.1% in December, in line with expectations from economists

https://www.cnbc.com/2023/01/12/con...n-line-with-economists-expectations.html


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Originally Posted by PerfectSpiral
Lol …. it’s like global warming. In the middle of winter and the weather is cold and nasty. “Where’s all the global warming we keep hearing about?” Then in June and it’s already 110 deg by noon and 30% of the American West is on fire. “Crickets”

Anyways it’s not like Putin’s war is helping the issue, but let’s point fingers toward our own leaders like Biden. notallthere

https://www.reuters.com/business/en...-require-gas-payment-roubles-2022-03-23/

LONDON, March 23 (Reuters) - British and Dutch wholesale gas prices jumped on Wednesday's close after Russia said it would start selling gas to "unfriendly" countries in roubles, while the European Union proposed legislation on minimum gas storage levels.

The spike came after President Vladimir Putin said Russia would start selling gas to "unfriendly" countries in roubles, with the British price for day-ahead delivery jumping by 11.8% to close at 246.00 pence per therm, while the winter 2022 price rose by 11% to 264.01 p/therm.
What, exactly, does that have to do with Biden?

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Right wing nuts love pointing their fingers at Democrat presidents for issues caused by other countries. Such as gas prices.


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Amen, like the "border crisis"- it hasn't changed much in 70 years- Ike, 50s Prez- Operation Wetback, imagine that operation in today's world....WOW. Illegals have been an issue FOREVER- and no President has fixed it....maybe they don't want to- cheap labor. Who's working the yards, putting roofs on, working in chicken factories, slaughter houses, restaurants, etc- how many folks paying people with cash to do jobs they don't want to do.....lots.


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Wow.


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So once again the GOPers are using the debt ceiling to force their will. They’ve flipped flopped on this issue for decades being for and against raising the debt ceiling depending on who’s in the oval. Party over country as usual. Sighs…


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