By Duncan Smith
What do you get when you combine bad leadership in major cities with locally mismanaged pandemic policies that punish the healthy and a rising crime rate due to politically-motivated ‘criminal justice reform?’
You get flight. And lots of it.
How much flight? Well, if sales of existing homes are any indication, quite a bit.
And the flight isn’t slowing down.
U.S. home sales increased for a fifth straight month in October, far exceeding expectations and hitting the fastest pace of sales in 14 years.
Sales of existing homes in October soared 4.3 percent compared with September and 26.6 percent annually to a seasonally adjusted annualized rate of 6.85 million units, according to data released Thursday by the National Association of Realtors.
Economists expected a decline of 1.2 percent to 6.45 million from 6.54 million initially reported for September. That blistering 9.4 percent monthly gain was seen as unsustainable and high prices were seen as hurting sales volume. But growth continued and last month's figure was revised up to a 6.57 million sales pace, a 9.9 percent sales gain.
'The surge in sales in recent months has now offset the spring market losses,' said Lawrence Yun, the NAR's chief economist. 'With news that a COVID-19 vaccine will soon be available, and with mortgage rates projected to hover around 3% in 2021, I expect the market's growth to continue into 2021.'
He forecasts existing-home sales to rise by 10 percent to 6 million in 2021.
What’s feeding the surge?
“A broad range of factors—from looting and rising murder rates to closed schools to working from home and lockdowns of urban amenities such as museums, theaters, and restaurants—has pressed Americans to speed up purchasing plans and pushed renters to decide to become home buyers,” Breitbart News reported.
Americans will see major shifts in demographics in the coming years as the lunatic left continues to win office in big cities ranging from mayor down to prosecuting attorney.
And with every victory, our major cities will become less safe, less able to deliver on basic amenities, and a lot more expensive.
Worse though, many of those fleeing situations they helped create by continuing to elect bonehead Democrats year after year are going to recreate those same conditions wherever they land if they don’t change their voting habits.
President Trump is Breaking Down the Neck of the Federal Reserve!
He wants zero rates and QE4!
You must prepare for the financial reset