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Friday, July 29, 2022

Fed rate hike to unleash AVALANCHE of home foreclosures and market drops while still doing little to halt skyrocketing INFLATION

 https://www.naturalnews.com/2022-07-28-fed-rate-hike-to-unleash-avalanche-of-home-foreclosures-and-market-drops-while-still-doing-little-to-halt-skyrocketing-inflation.html


Yesterday the Fed hiked the interbank lending rate by 75 basis points (0.75%), which will lead to retail loan rates rising across the board. This is all part of the Fed’s attempt to reel in rising inflation, which the dishonest government claims is at around 9% but the rest of the world already understands to be closer to 20%.

Thus, raising interest rates by 0.75% isn’t going to halt inflation. Prices of food, fuel and consumer goods are going to continue to rise dramatically in the months ahead.

The rate raise, however, will cause sharp drops in the housing market, since housing is strongly dependent on mortgage loans which are highly sensitive to interest rates. Because home loans are often 30-year loans, even a small increase in loan rates can result in dramatic increases in monthly payments, pricing many people out of the homes they could afford just six months ago. The net effect will be falling home sales and decreasing values of real estate, combined with large increases in mortgage defaults.

Foreclosure starts are now up 440% year over year

According to DSnews.com’s reporting on the Black Knight Mortgage Monitor Report, us foreclosure “starts” (i.e. new foreclosures) have risen 440% from last year (June 2022 vs June 2021). July numbers aren’t yet reported, but it is near certain they will also show large increases in foreclosures.

Retail auto sales are down slightly, although much of that may be attributable to lack of supply rather than reduced demand. However, as interest rates rise, people are increasingly priced out of the automobiles they wish to purchase. As the UK Daily Mail reports, a shocking number of Americans are now paying $1,000 a month on a car loan payment:

– The percentage of people taking out new car loans and paying $1,000 in monthly payments has almost doubled from 7% to 12.7% over the last 12 months
– Average monthly payments on new car loans are at a record high of $686
– Used car market sees average monthly payments at $554, up 12% year-on-year
– Pandemic supply-chain problems are partly to blame with the shortage of new cars leading to price hikes on the forecourt
– Monthly interest payments also shot up after the Federal Reserve raised rates

Gold and silver will likely drop a bit more as people unload assets to meet margin calls in the stock market, but in the long run, precious metals look poised to skyrocket as the dollar’s real world value plunges and inflation spirals out of control.

Read the entire article here:

https://www.naturalnews.com/2022-07-28-fed-rate-hike-to-unleash-avalanche-of-home-foreclosures-and-market-drops-while-still-doing-little-to-halt-skyrocketing-inflation.html