{"id":145943,"date":"2022-12-12T14:38:09","date_gmt":"2022-12-12T21:38:09","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=145943"},"modified":"2023-08-09T10:34:04","modified_gmt":"2023-08-09T16:34:04","slug":"its-hard-to-buy-in-this-buyers-market","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/its-hard-to-buy-in-this-buyers-market","title":{"rendered":"It&#8217;s Becoming A Buyer&#8217;s Market, But It&#8217;s Still Not Easy To Buy"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm?e=BIGPOC5623817404&#038;light=false\" width=\"100%\"><\/iframe>  \n\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The economy is beginning to stall as the Fed has repeatedly increased its discount rate over the past few months to fight inflation. As Jerome Powell&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.pbs.org\/newshour\/economy\/federal-reserve-chair-jerome-powell-says-inflation-fight-may-cause-a-recession\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">put it<\/span><\/a><span data-preserver-spaces=\"true\">, \u201cWe have got to get inflation behind us,\u201d even \u201cif the chances of a soft landing are likely to diminish.\u201d<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Inflation did edge down last month and&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/inflation-finally-peaked-heres-proof\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">has possibly peaked<\/span><\/a><span data-preserver-spaces=\"true\">. Unfortunately, if it has peaked, it is likely because we are on the edge of or in a recession. Mass layoffs have been announced at multiple large companies (11,000 at Facebook, 10,000 at Amazon, etc.), and&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/calculatedrisk.substack.com\/p\/homebuilder-comments-in-october-as\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">new housing starts have plummeted<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">A survey by the National Association of Business Economics found&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnn.com\/2022\/08\/22\/economy\/nabe-economists-recession-inflation\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">72% of economists<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;predict a recession in 2023 (and one with high unemployment, unlike the technical recession of Q1-Q2 2022), and the Bloomberg Economics model puts the odds&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-17\/forecast-for-us-recession-within-year-hits-100-in-blow-to-biden?leadSource=uverify%20wall\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">at 100%<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">So, we can expect relatively high inflation and a recession in 2023 while interest rates on the average 30-year mortgage have more than doubled over the past year.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">While a housing crash like 2008 is&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.youtube.com\/watch?v=U3mmU0mRlL0&amp;t=\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">extremely unlikely<\/span><\/a><span data-preserver-spaces=\"true\">, real estate&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/home-prices-are-declining-should-investors-panic\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">prices have already started to decline<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;(at least month-over-month prices have), and needless to say, this isn\u2019t a particularly ideal market to be buying in.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">And we should remember that historically speaking, the Federal Reserve\u2019s discount rate as of this writing (4%) is still low by historical standards.<\/span><\/p>\n\n\n<p><iframe loading=\"lazy\" src=\"https:\/\/d3fy651gv2fhd3.cloudfront.net\/embed\/?s=fdtr&amp;v=202211301909V20220312&amp;d1=19230106&amp;h=450&amp;w=800\" scrolling=\"no\" width=\"800\" height=\"450\" frameborder=\"0\"><\/iframe><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>U.S. Federal Funds Rate Over Time &#8211; <a href=\"https:\/\/tradingeconomics.com\/united-states\/interest-rate\" target=\"_blank\" rel=\"noreferrer noopener\">Trading Economics<\/a><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">On the other hand, housing prices have gone up substantially faster than inflation. Bill McBride at&nbsp;<\/span><em><span data-preserver-spaces=\"true\">Calculated Risk<\/span><\/em><span data-preserver-spaces=\"true\">&nbsp;has put together a&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/calculatedrisk.substack.com\/p\/worst-housing-affordability-since\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u201chousing affordability index\u201d<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;that takes into account median income, housing price, and interest rates, and this is what it looked like back in June.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"968\" height=\"660\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/api.png\" alt=\"housing affordability price index\" class=\"wp-image-145944\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/api.png 968w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/api-300x205.png 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/api-768x524.png 768w\" sizes=\"auto, (max-width: 968px) 100vw, 968px\" \/><figcaption class=\"wp-element-caption\"><em>Housing Affordability Price Index (1976-2022) &#8211; <a href=\"https:\/\/calculatedrisk.substack.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Calculated Risk<\/a><\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">This shows that housing is as unaffordable as it\u2019s been since just before the Great Recession, and that was back in July. It\u2019s certainly gotten worse in the past few months. But even still, affordability is better than it was back when Volker broke the back of inflation in 1982 by jacking interest rates through the roof.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">So how should investors approach this volatile real estate market? Well, as I like to say, every market has pluses and minuses. In a buyer\u2019s market, it\u2019s easy to buy, not sell. In a seller\u2019s market, it\u2019s easy to sell, not buy. In this odd market, creativity could be the key. But first, let\u2019s look at the straightforward advice for flippers and homeowners.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Advice for Flippers and Wholesalers<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Six months ago, the market was on fire and assuming you could find a motivated seller or value-add property, it wasn\u2019t usually tough to find an end buyer for it. That is rapidly starting to shift. And it\u2019s likely to shift more. For flippers who need to rehab a property and won\u2019t likely list it for sale again for 2-6 months, you should assume the market will be worse than it is now. It would be wise to reduce your maximum acceptable offer from 5-10% as a contingency.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Wholesalers need to realize they need a better deal than in the past to entice end buyers. In addition to lowering your offers, you should also consider asking for longer closing times, as it may take longer to find one. And, of course, you should be honest and open about what you\u2019re doing with the seller. Don\u2019t pretend you\u2019re the end buyer.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Need to Move? Rent Your Home<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Whether you are a real estate investor or not, if you own your home and need to move for work or other reasons, selling your home is not the way to go.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Instead, it makes more sense to rent out your current home and then rent where you are moving (assuming it doesn\u2019t make sense or is unaffordable to buy there).&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Rent prices across the country are trending back down after skyrocketing in 2021. Indeed, the graph for rent prices&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/calculatedrisk.substack.com\/p\/housing-and-inflation?fbclid=IwAR0lyV3Zfew_dKDqtKYPBsm3MLhI98sQ6oifqPxUeKGnJEG338G-_SfbdRo\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">is quite the roller coaster<\/span><\/a><span data-preserver-spaces=\"true\">:<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"643\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/rentlevels-1024x643.png\" alt=\"rent change yoy\n\" class=\"wp-image-145945\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/rentlevels-1024x643.png 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/rentlevels-300x188.png 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/rentlevels-768x482.png 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/rentlevels.png 1108w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Rent Measures: Year-Over-Year Change (2015-2022) &#8211; Calculated Risk<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">While this will make it less profitable to rent out your current property, it will also make it much more affordable to find a place to rent where you\u2019re going. And the benefits of holding real estate accrue over time, whereas renting is temporary.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Whenever rates go back down, you can simply buy a home where you have moved to. Although I know, that makes for a lot of moving, and moving sucks, it\u2019s the price we pay for financial freedom.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Subject To and Seller Financing<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The last time we had high-interest rates (and again, they were much higher than now) was in the 1970s and early 1980s. And that was when seller financing first became popular. As interest rates make traditional lending options less attractive, seller financing can again become a useful tool.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">One of the best groups to market to is those without any debt on their properties. About&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.thezebra.com\/resources\/research\/homeownership-statistics\/#:~:text=A%3A%2037%25%20of%20U.S.%20households,to%20a%20Zillow%20data%20analysis.\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">37% of homeowners have no mortgage<\/span><\/a><span data-preserver-spaces=\"true\">. For such owners, seller financing at a lower interest rate can be an important point of negotiation. Indeed, many such owners are older and would rather have a stream of income than a lump sum.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/2016-07-03-subject-to-real-estate\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Subject to deals<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;is an even more attractive possibility. Subject to means you buy the property \u201csubject to the existing financing.\u201d In other words, the seller\u2019s name stays on the mortgage, but the buyer begins making the mortgage payments.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">It should be noted that this technically triggers the due on sale clause in every bank\u2019s mortgage documents. This would give the lender the right to foreclose, and while it\u2019s rare they do this, it\u2019s something you need to be aware of.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The vast majority of mortgages these days are fixed-rate, and most were taken out between 2018 and early 2022 when rates were very low. Being subject to one of these low-interest loans is an enormous boon. Remember, a great deal can be made with terms. It isn\u2019t all about the price.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">One other point to be mindful of here is that the last time subject to deals was popular was shortly after the housing crash in 2008 when credit markets were tight. The advantage was predominantly that it allowed a buyer to purchase the property without much cash down or without having to seek a bank loan.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Today, the advantage has to do with the interest rates of the loans. That means most buyers will want to hold those loans for a long time and likely the duration. The seller will likely not be okay with this, especially since being stuck with a mortgage in their name could interfere with a future attempt to get a new mortgage on a different property. You should be honest and forthright about how long you intend to hold the loan in their name and stick to your word.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Cash Purchases and Partners<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">When interest rates are high, cash is king. Of course, \u201chave money\u201d isn\u2019t particularly helpful advice, as this tweet amusingly points out:<\/span><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Worried about money?<br><br>Have you tried being rich? <a href=\"https:\/\/t.co\/4R38BV386N\" target=\"_blank\">pic.twitter.com\/4R38BV386N<\/a><\/p>&mdash; Gritty is the Way (@Gritty20202) <a href=\"https:\/\/x.com\/Gritty20202\/status\/1591133115426430976?ref_src=twsrc%5Etfw\" target=\"_blank\">November 11, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">But even if you don\u2019t have money, that doesn\u2019t mean you can\u2019t buy with cash. Whereas private loans may have been the best way to raise money a few years ago, partnerships may be more enticing now; i.e., you do the work and bring the deal, the partner brings the cash, and you split the deal. You can find such partners&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.youtube.com\/watch?v=CWuRxl9vqMo\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">the same way you would find private lenders<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">For these, the pitch should include a plan to refinance with a bank loan and pay off most of the equity partner\u2019s investment whenever rates come back down.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Buying Portfolios<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">This one is a bit more speculative, but we have seen a notable uptick in the number of sellers liquidating portfolios of houses and small multifamilies. Indeed, we have purchased four such portfolios in 2022 alone and have sort of made this our specialty.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">From what I can tell, a combination of reasons have led to this, which I believe are:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span data-preserver-spaces=\"true\">Many owners of portfolios (particularly between 5-30 units) couldn\u2019t keep up with rent increases over the past few years and now have quite under-rented portfolios, which they don\u2019t want to deal with.<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">In this interest-rate environment, it doesn\u2019t make sense to refinance, and it would be difficult and take a long time to sell many scattered sites individually.<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">The general difficulty of managing a group of spread-out houses and small multifamily units.<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">I should also point out that they usually sell these portfolios at significant discounts. The four we bought this year were, from my estimates, between 75%-80% of their value.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">If you are fairly well established and can handle low cash flow on a newer purchase for the immediate future&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/how-to-stop-charging-below-market-rent\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">while you get the rents up<\/span><\/a><span data-preserver-spaces=\"true\">, this could be an opportunity to explore.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Conclusion<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">It\u2019s important to remember that every real estate market has its advantages and disadvantages. When it\u2019s hard to find good deals, it\u2019s usually easy to sell. The same goes for a market teetering on the edge of a recession with high inflation and high-interest rates.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">You just might have to be a bit more creative.&nbsp;<\/span><\/p>\n\n\n\n<div class=\"wp-block-group border border-gray-200 p-6 rounded-md has-slate-50-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n    \n  <div \n    id=\"segemnt-view-event-block_624f52525847f\" \n    class=\"  \"\n    x-intersect:enter.once=\"\n      analytics.track('On The Market Blog Sponsor View', {\n        referrer: 'https:\/\/www.biggerpockets.com\/blog\/its-hard-to-buy-in-this-buyers-market',\n              })\n    \">\n    \n  <\/div>\n  \n\n\n<h3 class=\"has-text-align-left mt-0 wp-block-heading\"><strong>On The Market is presented by Fundrise<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-1024x252.png\" alt=\"\" class=\"wp-image-142373\" width=\"256\" height=\"63\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-1024x252.png 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-300x74.png 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-768x189.png 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black.png 1380w\" sizes=\"auto, (max-width: 256px) 100vw, 256px\" \/><\/figure>\n\n\n\n<p class=\"mb-0 wp-block-paragraph\" style=\"font-size:16px\"><strong>Fundrise is revolutionizing how you invest in real estate.<\/strong><\/p>\n\n\n\n<p class=\"mt-0 has-slate-600-color has-text-color wp-block-paragraph\" style=\"font-size:16px\">With direct-access to high-quality real estate investments, Fundrise allows you to build, manage, and grow a portfolio at the touch of a button. Combining innovation with expertise, Fundrise maximizes your long-term return potential and has quickly become America\u2019s largest direct-to-investor real estate investing platform.<\/p>\n\n\n\n<div id=button-custom-event-block_624f4a1837234 class='button-custom-event'>\n      <a href=\"https:\/\/t.sidekickopen84.com\/s3t\/c\/5\/f18dQhb0S7kF8cpngfW16gy-_59hl3kW7_k2841CX6NGN35Qwt3rN_mgW56Jw3w1HcgXpf197v5Y04?te=W3R5hFj26QkH2W4hJTY63T3pkxW3Fbt5S3Cdl5cf49M_4s04&#038;si=8000000019411002&#038;pi=6988e0ed-1aea-4af5-9769-8a0de4675eeb\" x-on:click=\"window.analytics.track(&#039;On The Market Blog Sponsor Click&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/its-hard-to-buy-in-this-buyers-market&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\" rel=\"noopener\">Learn more about Fundrise<\/a>\n  <\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The economy is beginning to stall as the Fed has repeatedly increased its discount rate over the past few months to fight inflation. As Jerome Powell&nbsp;put it, \u201cWe have got [&hellip;]<\/p>\n","protected":false},"author":1689,"featured_media":145950,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4433,7119],"tags":[],"class_list":["post-145943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/145943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/1689"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=145943"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/145943\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/145950"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=145943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=145943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=145943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}