Another significant cloud in the economic sky. As we posted last week, New York City is currently experiencing a bit of a housing swoon. Now it sounds like Cali is seeing something similar.
If housing gets ugly yet again the blame should be put directly on the Fed. It blew up the last housing bubble which helped facilitate the Crash of 2008. Now again it has allowed things to get too hot.
It’s a shame that we let the central planners do this over and over again.
The number of new and existing houses and condominiums sold during the month plummeted nearly 18 percent compared with September 2017, according to CoreLogic. That was the slowest September pace since 2007, when the national housing and mortgage crisis was hitting.