April existing home sales in the U.S. came in at an annualized pace of just 4.02 million units, barely rising 0.2% from March and missing expectations yet again. We are now looking at one of the weakest spring housing seasons in decades, despite population growth and years of underbuilding.
Real estate has always been driven by confidence in the future. People buy homes when they believe their job is secure, taxes will remain manageable, and the economy is stable enough to justify taking on long-term debt. That confidence has been steadily collapsing under inflation, rising insurance costs, property taxes, and geopolitical uncertainty.
Mortgage…
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