In August, after sales of existing homes declined for a sixth consecutive month, the National Association of Realtors (NAR) predicted that “we may see two or three additional months of some decline—nothing meaningful," Lawrence Yun, NAR’s chief economist, told Business Insider.
On 27 September, lumber futures prices dropped to $429.30 per thousand board feet, falling 60 percent from their peak last March to levels preceding the COVID era and its building boom, according to Random Lengths, an industry research service.
Last week, U.S. mortgage interest rates rose to their highest levels since July 2007 during the Great Recession.
The U.S. Federal Reserve is watching the turmoil that the strong dollar is causing in emerging markets, but still will continue to raise interest rates in its struggle to control inflation, Fed vice-chair Lael Brainard said at a Fed-sponsored conference last week.
Watch, look, and listen. The global economy is going down the drain. It has been flushed into ruin by egotists called politicians, central bankers, and bureaucrats that the masses look up to and obey.