Covid out of control, loss of jobs, full blown homelessness crisis, biosphere collapsing yet market up almost 500 points and this today: “Pending Home Sales Rose 44% in May, the Biggest Leap on Record”
We’ve been looking for a house to buy for over 2 years and the areas I am looking (modest homes) homes sell within minutes of hitting the MLS with multiple offers and in many cases for more than the asking price. These are not businesses buying these homes, they are basic family homes sold to average individuals.
Does anyone understand this?
And yes, the “market” is rigged and an illusion created for the elite.
But these are middle class homes . . . I do not understand all the forces at play here.
Common sense tells me that if home buying numbers are high, people are feeling comfortable, secure . . . confident in their ability to keep paying mortgages.
But all the signs (other than the f—ing “djia”) indicate people should be feeling anything but confident. There is talk of banks collapsing:
Yet another example (i.e. dire situation for homeless people while market soars, home sales soar) of the crazy making mixed messages and layers of economic/societal pathology that have hidden the truth.