In this monologue, Jason Hartman argues that the U.S. housing market is experiencing a top‑down slowdown. He points to Wells Fargo’s recent cut of 600 mortgage‑department jobs as a potential warning sign, though he criticizes the lack of percentage context for that figure. Hartman highlights regional data showing the Northeast’s home‑sale volume falling 8.3% while prices rose 6.8% to a median of $308,700, illustrating a divergence between high‑end market softness and continued strength in lower‑end, income‑producing properties, which he says are “booming” amid scarce inventory. He also notes that the Federal Reserve, led by Jerome Powell, is defending a gradual rate‑hike strategy, creating urgency for investors to acquire affordable, high rent‑to‑value assets before rates climb further.
Chapters
The disgusting criminals at Wells Fargo. This might be the sign of a market slowdown. They are cutting 600 mortgage jobs nationwide. 600 mortgage jobs. Now we shall see what this all means. But there are definitely signs of a slowing market. Now that has not hit us yet. This market is slowing from the top down. The higher end of the market is the part that's slow. The lower end of the market. These sensible income properties that we deal in are booming. It's still booming. It's booming, booming, booming. We do not have enough inventory. Inventory is very scarce in our part of the world. But you know, in this article it cites how in the Northeast home sales have dipped by 8.3%, the most in any region of the country. Prices in the northeast were up 6.8% at the same time that volume dipped by 8.3%. Right? And the median house in that region now costs $308,700. But here's the question we didn't get the answer to in this article, and this is what I hate. Everything in life in terms of statistics should be done by percentages. Because you have to ask yourself, compared to what? When you get a percentage, you get a comparison, right? What? They don't say they're cutting 600 jobs in their mortgage division, but they don't say how many total jobs they have. What percentage is that of their workforce in the mortgage division of the scumbags at Wells Fargo? Is it 1%? Is it 10%? Is it, is it 50%? I don't know because the article doesn't say that. It just says they're cutting 600 jobs. That's all we know. Now our Fed chair is defending the gradual rate increases. Jerome Powell or new Fed? Somewhat new Fed chair is defending the strategy of gradually increasing rates. So look, that's why the urgency is here, obviously, to get into the market, right, and buy more of these good quality, inexpensive, good rent to value ratio properties. Because the rates are definitely, definitely increasing.
