Real Estate Brokers and Financial Professionals get Devastating News
A massive shift is currently underway in the Real Estate industry that has NEVER been seen before and is severely affecting thousands of Real Estate Brokers and Agents, yet most do not fully understand the seriousness of it...yet. In fact, experts are now calling this “unprecedented disruption” that is going to change the entire landscape of this industry for the worse, for years to come so listen closely...
If you’re still in the trenches right now fighting for every last listing, home sale and qualified buyer then you’re in for a rude awakening my friend because the times have officially changed and they’re not EVER going back… Period. In fact, Combined Home Sales (all property types) are now THE WORST since the National Association of Real Estate Brokers started tracking the numbers and inventory is now at a 10.5 month supply - THE WORST EVER on record!
“The real economy took a sharp turn for the worse towards the end of the third quarter,” Pat Newport, an economist with Global Insight said. “Since then, housing permits are down, the National Association of Home Builders index of activity dropped to a record low in November and purchase loan applications were down 15%. That’s telling us the housing market has worsened a lot.”
The U.S. Census Bureau reported that new homes sales fell to an annualized rate of 433,000 in October. That’s down 5.3% from the revised 457,000 annual rate recorded in September, and off more than 40% from a year ago.
“October was definitely another disappointing month for the home-building industry,” said Mike Larson, real estate analyst at Weiss Research. But he added that the decline was not surprising given the ongoing weakness in the housing market.
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