They Want You to Believe the Housing Market’s Healing The National Association of Realtors (NAR) says pending home sales jumped 4% in August. That’s way above the 0.3% gain Wall Street expected. They’re spinning this as a sign that “lower mortgage rates” are giving buyers a break. Let me translate that for you: we’ve been beaten over the head with 7%+ mortgage rates for the better part of two years, and the second they ease slightly, desperate buyers jump at the chance before things get worse again. This isn’t a sign of strength—it’s a sign of fear. People are rushing into homes they can barely afford because they’re terrified rates will spike again… or worse, that they’ll get locked out…
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