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The Sean Morgan Report

Sean Morgan

Qanon Posts, Coronavirus, News, Trump, Spirituality, News Commentary, Qanon, Politics, Qanon Decodes, Qanon Updates, Q Anon, Religion & Spirituality, Covid19

2.8 • 690 Ratings

🗓️ 21 July 2023

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

What if I told you that the US housing market is standing on shaky ground, teetering perilously close to a complete freeze? That's right, the current situation is so dire that only 1% of homes have changed hands, with a widening bid-ask spread causing a deadlock. In this riveting conversation with Dr. Kirk Elliott, we unravel the complexities of the market's predicament, probing deeper into jobless claims, tech stock jitters, and a disappointing AI boom that may forewarn an imminent recession...

Transcript

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0:00.0	My name is Sean Morgan. I'm the host of the Sean Morgan Report over at Amp News, and I'm here with Dr. Kirk Elliott.
0:06.4	So, Kirk, I took a look at Zero Hedge today and had a lot of interesting headlines.
0:11.5	I know how you have a lot of things you want to cover, but the numbers of the real economy are not looking so great.
0:17.5	And a very interesting stat that I saw was that just 1% of U.S. homes have changed hands in
0:24.0	2023. That's the lowest on record. So that's a really weird situation for our housing
0:30.2	market to be in. And I wanted to get your take on that. And then once I get your take, I'll read
0:35.7	the part in the article where they explain why
0:38.3	we're in this weird situation. Yeah, I'd like to hear their explanation. I really would.
0:43.3	I'll give you the explanation then if you want first. They said, well, I'll just say this is what
0:49.6	their explanation was, and this is an interesting financial quandary to be in. The reality why prices have
0:57.4	not collapsed is that the bid-ask spread for any home currently for sale has ballooned to
1:02.6	levels where the market is effectively frozen. There's simply no possibility for the bid and
1:07.0	ask to meet somewhere in the middle in the range where you've got people hoping to buy who are already tapped out before being asked to pay even more while the sellers
1:16.5	are already wealthy and they're seeing it as fire sale price and they don't want to go for it.
1:21.2	So we've got no buying and no selling happening.
1:23.6	Everyone's just staying with the inventory that they have and that's not healthy.
1:33.7	Well, see, a lot of people are they're losing their jobs, right? Wages are coming down and they may have bought a house over the last year or two and thought, man, I can't afford this.
1:39.0	I got to sell it. So they want to sell it and they think, I've got to get out of it what I put into it, right?
1:45.9	I don't want to lose money on this.
1:47.6	But that's not where the markets are justifying right now.
1:50.8	The markets are collapsing.
1:53.4	So now this is, this is in layman's terms, what you just said, that bid and ask spread is the sellers don't want to lose money on their
	...

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