Cracks in the Façade In April, U.S. home prices increased by just 2.7% year-over-year – a sharp drop from March’s 3.5%, and the weakest annual gain in almost two years. Seasonally adjusted, prices fell 0.4% from the previous month. That’s not a “market correction.” That’s a heartbeat skipping a beat – the kind of skip that comes right before the heart attack. According to Thomas Ryan at Capital Economics, the market is finally “buckling” under the pressure of 7% mortgage rates. Translation: sky-high borrowing costs are turning the American Dream into a financial death sentence. Selling the Illusion Existing home sales fell 0.7% in May, and median prices ticked up just 0.7% year-over-year – the slowest pace in two years,…
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