The Home BuyersAs reported by ZeroHedge recently, the NAR U.S. Pending Home Sales Index dropped 2.1 percent MoM in May, down 6.6 percent YoY.To put these numbers into perspective, the current index is at 70.8, or 70.8 percent of the contract activity in the base year 2001. This is lower than any point during the 2008 financial crisis; even lower than 2020, when lockdowns brought markets to a screeching halt. This is the lowest level of contract activity in my lifetime.Source : Zero HedgeThe position of new home buyers in 2024 is unprecedented. Not only are prices at record highs, but the new generation of prospective home buyers can’t remember a time without cheap mortgages. During the steep decline in pending sales between 2005 and 2007, the average 30-year fixed rate mortgage only

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