, Bank of America noted the rate of wire payments to escrow and title companies—typically used to pay deposits for home sales—have fallen this year for the first time since the Covid recession in mid-2020, according to consumer spending data, adding to mounting signs of a housing market slowdown.
Bank of America notes the slowdown could also be a drag on consumer spending due to the impact on housing-related segments, most notably furniture spending, which has a"historically close" relationship with housing sales and has already fallen more than 10% year over year. In past housing cycles, including the collapse that sparked the Great Recession more than a decade ago, furniture spending didn't hit its low until a few months after home sales did, so Bank of America notes further weakness could still lie ahead.
Others susceptible to the decline include appliance-makers, in-home entertainment companies and consumer electronics firms including Best Buy, whose CEO last year pointed to the booming housing market asAnalysts aren't yet convinced the housing-related fallout alone will trigger a recession, but the impact could be big: Harvard researchers have
the market's effects have accounted for at least one quarter of the growth in personal consumption expenditures, which command a hefty 70% of the nation's gross domestic product.
WTF is up with that house wrap? On no planet anywhere does that installation qualify as proper. Not even as a prep.
don't come to give me lessons
Hire Portugal ok
I will know first than you😎
don't talk to me about houses price collapses