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some data
actually happened
That is why I am figuring housing prices need to come down about 30%.
Eman says
actually happened
S&P 500 peaked to 3381 in February 2020.
It is now at 3900 after dropping from 4818.
It recently bottomed to 3636 (a 24.5% drop) and this bottom is within 10% of the February 2020 peak. That drop to 3636 wiped out a majority of the COVID pandemic gains.
Is it reasonable to use the above metrics to extrapolate the potential drop in housing prices
If we have the right products price, they’ll still sell in any market.
Don't most things overcorrect?
Redfin Investor Purchases by zip code:
https://www.redfin.com/news/data-center/new-construction/
Redfin Investor Purchases by zip code:
https://www.redfin.com/news/data-center/new-construction/
zzyzzx says
In the same area: https://www.zillow.com/homedetails/6803-E-Main-St-UNIT-3317-Scottsdale-AZ-85251/82387358_zpid/ - 2.4M for 1,497sq.f condo with >1K HOA
And there I was, thinking that Bay Area is expensive.
The Bay Area is becoming cheap...?
Interesting investors didn’t slow down in buying properties through the housing bust, and they bought more through the 2010’s.
Take this place in pseudo-fortress 95138 in San Jose asking 1.7mil...
Looks like a nice place, but super tiny lot
zzyzzx ,
I copied and pasted below the Zillow link for the above home. They must be in a rush to get out of their cash investment before they lose at least 10% of their equity.
The same home sold for $432,000 in 2013, and for $288,000 in 2001. It should be about $800,000 based on a 5% annual price appreciation since 2001.
https://www.zillow.com/homedetails/1598-Bluebell-Dr-Livermore-CA-94551/24940718_zpid/
AD
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.