Hello and welcome. It is Eric Erickson here. The Eric Erikson Show across the nation from Atlanta, Georgia. I sure hope you're doing well today and have blue skies. The phone number, if you want to be on the program, 87797-933-7-4-25. Marjorie Taylor Green wants you all to know that the church in America is controlled by Satan.

Maybe a multiple adulterist should shut up about what Satan controls, but Marjorie Taylor Green wants you to know the church in America is controlled by Satan.

We will get to that, but there's actually a more

important story. The economy. It's not doing well, folks. We're having a decline, but I actually

want to start with something related to it, very directly related to it. The economy, the gross domestic product is down 1.4%.

People weren't expecting that.

But there's another issue here.

The mortgage cliff.

This is a problem, and I suspect this is the beginning of a burble a bubble bursting.

What is the mortgage cliff? Well, the ability of an American to maintain a mortgage has fallen

below the average home cost or mean rather, I should actually not average, the mean new home cost.

So the ability of an American to take out a mortgage is the mean is $469,000.

That means that the home buyers in this country who want a mortgage can typically take out a mortgage no more than $469,000. They don't have enough annual income to take out a mortgage more than that.

Meanwhile, most homes in this country are selling now for around $524,000.

That means that most Americans are now unable to afford a home in this country because of their mortgage qualifications,

which means home prices have to come down.

Incomes not going up in an economy with the economy in decline.

In fact, pending home sales have slipped for the fifth straight month.

The latest data from the National Association of Realtors indicates new contracts

fell by 1.2% last month from February to 103.7 on the pending home sales index.

Sales were down by 8.2% year over year with pending sales slipping across all four regions

of the United States to the lowest level in two years.

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