If you are trying to sell your home right now, I feel so sorry for you. Thanks to the Federal Reserve, mortgage rates have risen to very alarming levels, and this has scared millions of potential homebuyers out of the market. Compared to two years ago, the average potential homebuyer is facing mortgage payments that are close to $1,000 per month higher.
I don’t know about you, but I certainly wouldn’t want to pay $1,000 more each month for the exact same house. So most potential homebuyers are staying out of the market until interest rates come down, and that could be a while, because officials at the Fed do not plan to reduce rates for the foreseeable future.
On Thursday, we learned that sales of pre-owned homes fell 3.3 percent last month. Overall, they have now dropped to the lowest level that we have seen during the month of June since 2009…
Sales of pre-owned homes dropped 3.3% in June compared with May, running at a seasonally adjusted annualized rate of 4.16 million units, according to the National Association of Realtors.
Compared with June of last year, sales were 18.9% lower. That is the slowest sales pace for June since 2009.
In June 2009, we were right in the middle of Housing Crash 1.
Now Housing Crash 2 is here. Over the first six months of this year, only about one percent of all pre-existing homes in the U.S. changed hands…
House sales have reached their lowest level in over a decade, with only one percent of properties changing hands in the first half of the year.
Fresh analysis by real estate brokerage RedFin shows that just 14 out of every 1,000 homes across the US were sold in the last six months.
If you are planning to purchase a home, it is going to cost you a lot more than it would have a few years ago.
As I noted above, average homebuyers are now facing potential mortgage payments that are extremely high thanks to soaring interest rates…
An average homebuyer is now facing mortgage payments nearly $1,000 per month more expensive than two years ago as interest rates hover around 7 percent.
As a result households report feeling ‘locked into’ their current property due to their cheap deals. Last week, Dailymail.com revealed there has been a surge of ‘accidental landlords’ as owners are opting to rent out their homes rather than sell.
If you work in real estate, this is going to be a really tough time for you. And I am not just talking about residential real estate.
As I keep warning my readers, we have entered the worst commercial real estate crisis in U.S. history, and prices are absolutely plummeting all over the nation…
On Tuesday, we asked: Is this the start of a commercial real estate firesale in crime-ridden Baltimore City?
And to our surprise, it appears so.
Let’s begin with our report on Tuesday when The Baltimore Sun revealed a 30-story office tower at One South Street in downtown Baltimore that was sold in June for $24 million, a 63.6% discount versus the tower’s 2015 sale of $66 million.
This is already happening even though we haven’t even “officially” entered a recession yet. But a recession is certainly coming.
For the very first time since 2007 and 2008, the Conference Board’s index of leading economic indicators has fallen for 15 months in a row…
“The Leading Index has been in decline for fifteen months—the longest streak of consecutive decreases since 2007-08, during the runup to the Great Recession. Taken together, June’s data suggests economic activity will continue to decelerate in the months ahead. We forecast that the US economy is likely to be in recession from Q3 2023 to Q1 2024. Elevated prices, tighter monetary policy, harder-to-get credit, and reduced government spending are poised to dampen economic growth further,” said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board.
That is not good news at all.
And it is being reported that the overall rejection rate for credit applicants has just skyrocketed “to its highest level since June 2018″…
The New York Fed reported that the overall rejection rate for credit applicants rose to its highest level since June 2018, standing at 21.8 percent, a jump from 17.3 percent in February.
Researchers noted that the rise in the application rejection rate “was broad-based across age groups and highest among those with credit scores below 680.”
Do you remember when I warned you that a credit crunch was coming?
Well, it is here.
And it is going to get a lot worse.
Credit conditions are tightening for businesses too, and we are starting to see default rates and bankruptcies spike…
That’s starting to happen already, with more than 120 big bankruptcies in the US alone already this year. Even so, less than 15% of the nearly $600 billion of debt trading at distressed levels globally have actually defaulted, the data show. That means companies that owe more than half-a-trillion dollars may be unable to repay it — or at least struggle to do so.
This week, Moody’s Investors Service said the default rate for speculative-grade companies worldwide is expected to hit 5.1% next year, up from 3.8% in the 12 months ended in June. Under the most pessimistic scenario, it could jump as high as 13.7% — exceeding the level reached during the 2008-2009 credit crash.
The trends are very clear.
Everyone should be able to see what is coming. The short-term outlook is horrible, and the long-term outlook is even worse.
But many Americans will just continue to believe the talking heads on television that are assuring them that everything will be just fine.
For example, Jim Cramer of CNBC says that he is bullish “on the economy in general and the entire human race”.
And when you consider his track record, you have got to believe that very “interesting” times are just around the corner.
Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.
Article cross-posted from The Economic Collapse Blog.
Starting the Day With a Scripture-Inspired Roast Helps Center Your Thoughts on Eternal Truths Amid Temporal Pressures
The world can seem chaotic, especially right after we wake up. Many believers start their mornings reaching for something familiar — a hot cup of coffee — yet end up settling for mediocre brews that do little more than deliver a caffeine jolt. The daily grind of life, with its endless distractions, news cycles, and responsibilities, can leave even the most faithful feeling spiritually parched alongside their physical fatigue. What if your morning ritual could do more than wake you up? What if it could ground you in truth, nourish your body with exceptional quality, and quietly advance a kingdom purpose at the same time?
That’s the promise — and the reality — behind Promised Grounds Coffee. This Christian-founded company doesn’t just roast beans; it approaches every step as an act of worship and discipleship. By selecting only the top 10% of specialty-grade beans, ethically sourced from dedicated farmers in Central and South America, and small-batch roasting them with reverence in Austin, Texas, Promised Grounds delivers what many describe as the best coffee available — never burnt, never bland, but rich with origin stories and layered flavors that honor God’s creation.
From the vibrant Psalm 27 Roast (a light, bright medium option) to the bold yet peaceful 2 Timothy 1:7 Decaf, each bag carries a Scripture verse that turns your daily pour into a gentle reminder of faith. And through their Ounce Per Ounce Promise, every ounce of coffee you enjoy provides an equal ounce of clean water to families in need via partnership with Filter of Hope — literally brewing hope for body and soul, one cup at a time.
The challenge for today’s Christians runs deeper than finding a decent cup. In an age of convenience-driven consumerism, it’s easy to support companies that dilute values or remain silent on matters of faith. Many believers want their everyday choices — from what they drink to how they spend — to reflect discipleship rather than just convenience. Promised Grounds solves this by weaving Christian excellence into the entire process: beans nurtured with prayerful stewardship by farming families, roasted as an offering rather than a commodity, and packaged with Bible verses to encourage a mindset of gratitude and purpose from the first sip. Reviewers consistently praise the smooth, rich profiles — whether enjoyed black in a drip maker, iced on a warm day, or shared in fellowship — noting how the quality stands toe-to-toe with premium secular brands while delivering something far more meaningful.
This integration of faith and flavor addresses a real need in Christian households and ministries. Busy parents, church leaders, and remote workers alike report that starting the day with a Scripture-inspired roast helps center their thoughts on eternal truths amid temporal pressures. The coffee’s exceptional character — bright citrus notes in lighter roasts or deep chocolate undertones in bolder ones — comes from meticulous selection and careful roasting that respects the bean’s natural gifts rather than masking them. It’s the kind of coffee that elevates a simple quiet time, fuels productive workdays, or sparks meaningful conversations when shared at Bible studies or outreach events. And because it’s ethically sourced with integrity, every purchase supports sustainable livelihoods for farmers who treat their crops like family harvests.
For those leading churches or small groups, the impact multiplies. Promised Grounds offers bundles and options perfect for hospitality ministries, turning ordinary coffee service into an opportunity to point people toward the living water of Christ. Imagine greeting visitors with a warm cup whose very bag carries God’s Word — a subtle yet powerful witness that aligns with the Great Commission. The company’s Texas roots and commitment to “brewing hope” resonate especially with believers who value American enterprise paired with global compassion.
Of course, quality alone isn’t enough if the experience feels out of reach. Promised Grounds keeps it accessible with practical perks like free shipping on orders over $40, sample sets for discovering favorites, and thoughtful add-ons such as faith-themed mugs. Whether you prefer whole beans for fresh grinding, grounds for convenience, or even bulk options for larger households and ministries, the result is consistently superior coffee that makes discipleship feel integrated rather than added on.
As you consider how to align even the smallest habits with your walk with God, Promised Grounds Coffee stands out as a refreshing solution. It tackles the dual problems of subpar daily sustenance and disconnected consumption by offering a product that genuinely excels in taste while advancing a mission of clean water, farmer dignity, and scriptural encouragement. Believers who make the switch often describe it as more than a beverage upgrade — it becomes part of their rhythm of gratitude, a daily invitation to remember that every good gift comes from above.
If you’re ready to transform your mornings (and perhaps your church gatherings) with coffee that honors both exceptional craftsmanship and Christian values, I encourage you to explore what Promised Grounds has to offer. One sip at a time, you’ll be nourishing your body, refreshing your spirit, and participating in something far greater — all while enjoying what truly is among the best coffee available.