Will 2023 be a real estate blood bath? Well, if you think seeing worse than 2008 qualifies, than some think it is a good bet.
Credit ratings are not what they used to be.
We have fudged with credit ratings so that borrowers now enjoy artificially high credit ratings. This not only ends up with bad lending, but blurs the line between prime and subprime borrowers when it comes to selling the debt.
Jobs are not as great at the headlines suggest.
We covered this a few shows ago. The bulk of these jobs will go away right after Christmas.
Layoffs and hiring freezes.
Companies are not just talking about not cancelling currently outstanding job offers and hiring freezes, but actually laying employees off.
Peter Schiff is worried. And he called it last time.
Before the downturn in 2006, all the pundits used to laugh at Peter Schiff when he predicted the downturn. They are not laughing now and he is predicting worse for next year.
Consumers are paying insane car prices for both new and used autos. This just adds to the overall debt that helps push us ever closer to that real estate blood bath.
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Straight from the lips of the good folks over at Fannie Mae “…Recession Likely in 2023”. Well, I think the most obvious response to that statement would be “Welcome to the party pal!” As seems to be true with most bad news, the headlines and folks in charge always seem to be just a little behind the curve. Even in this admission, Fannie Mae puts the absolute best possible spin on the situation. But hey, we all love optimism… right?