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Mortgage Rates Rise Again

Written by Gary North on June 6, 2013

Last November, people with good credit could get a 3-year mortgage for 3.3%. Today, it’s 3.8%. The rate is likely to keep rising. Some estimates predict that it will be 5% at the end of 2014. Every month, the Federal Reserve buys $40 billion worth of mortgage bonds from Fannie Mae and Freddy Mac, the […]

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Fascist Housing: Making It Official

Written by Gary North on June 4, 2013

Housing policy in the United States has copied the fascist model for housing ever since 1934, when the FSLIC was set up: government-guaranteed savings and loans. This was part of the well-named National Housing Act. It subsidized middle-class housing by guaranteeing Federal Savings and Loans against “bank runs.” The essence of economic fascism is simple: […]

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7,000 Abandoned Buildings in Dayton

Written by Gary North on May 14, 2013

In Dayton, Ohio, there are 7,000 abandoned buildings. Because of federal asbestos controls, it costs $11,000 to demolish one building. So, they rot. The city is desperate. It cannot afford to demolish them. So, like a blight, the number of these buildings continues to grow. This is the Keynesian economy at work. This is recovery. […]

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Home Builders’ Confidence Declines

Written by Gary North on April 16, 2013

Anything below a figure of 50 is considered recession level. In March, it was 44. In April, it was 42. Economists had expected an increase to 45. Too many buyers cannot get credit, despite low mortgage rates. The low rates are a benefit only if a borrower can qualify for the loan. Home builders say […]

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“3% Down” Mortgages: They’re Back!

Written by Gary North on April 3, 2013

With the Federal Reserve System buying half a trillion dollars worth of Fannie Mae and Freddy Mac IOUs a year, the mortgage market is flooded with newly created money. Lenders are now offering 3% down payment mortgages. Why, it’s 2006, back from the grave. This has breathed new life into the housing market. This does […]

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Housing: Addicted to Fiat Money

Written by Gary North on March 22, 2013

It is now over  five years since the recession began. We are told that the housing recovery is strong. Then why is the best-performing new home building stock losing money? KB Homes lost $12 ½ million from December through February of this year. This was down from a loss of $46 million during the same […]

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