fyi

$Opendoor Technologies (OPEN.US)$ you can forget home sales this weekend

anytime you have a sharp reversal and interest rates where mortgage rates go higher the public thinks they're smarter than the market and The logical inclination is to say well let's just hold off and wait for rates to come down.

what that means is open door and home builders and Joe public that's listing their house isn't going to do shit this weekend in terms of houses and new construction going under contract.

that's just how it is

you see I've lived through this so many times and what happens is either they say I'm going to wait for rates to fall and then we'll lock in an interest rate or the fear side starts kicking in and one of the spouses says to the other you know maybe we should just hold off for now with everything that's going on in Iran because we don't know what's going to happen.

and I've been through this so many times since the 1980s when I was a stockbroker and watch the cycles where people didn't want to invest because of the volatility when people didn't want to refinance because they thought rates were going over where people were canceling contracts for new construction because they were concerned about the economy and their job stability.

so until this is resolved with Iran home sales are going to shit new constructions going to shit and that's how it is

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