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housing prices peak 2
invite response
2022 Apr 29, 9:29pm 457,357 views 4,769 comments
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1624
GNL
2023 Jan 23, 3:14pm
GNL
2023 Jan 23, 3:14pm
WookieMan says
Nationally. What's the median where you are?
The median FAMILY income is about $62k(ish) nationally.
Nationally. What's the median where you are?
1625
WookieMan
2023 Jan 23, 7:15pm
WookieMan
2023 Jan 23, 7:15pm
GNL says
$62k for my county. I'd like to give the county, but I'd dox myself too much. It's northern IL, north of I-80. East of I-39.
If you assume the 3x's income idea that puts you at $186k. That's not how it works though. You can borrow PITI up to 40 something percent of income. Basically you can afford $2,100/mo in payments on the median household income by lending standards if you don't have other debt and a good credit score (rare). This is back of napkin math, but that gets you into the $300k range on that income with a FHA 3.5% down loan at 6.7% interest.
Housing is just going to stall in non-coastal areas. Some may/will rise still. Interest on $1.2M versus $250k is exponentially different. Coastal areas are going to see an equity loss or potential crash. Specifically in the SFBA because of all the recent layoffs. That's not a surprise. Local government is pure shit so that doesn't help.
I could walk into any business or government entity here in IL and have a $40-70k job if I walked in not wearing pants. We'll see. I'm in Fort Wayne, IN Thursday, Phoenix, AZ Friday to Tuesday and Bozeman, MT until I think Feb 5. So hitting different parts of the country for 10-11 days.
Mexico seemed to be in better spirits than the Dominican. Bahamas was fine and didn't see negative energy economically, but that's the islands of FL essentially. Not that one cannot get stats and info, but experience is a thing. I'm in IL and WI often as well. I'm not bullish on anything currently. But I'm not overly bearish. European War III breaking out is of concern and potential nukes, but I think we're in a tech sector crash again. That's more probable than a recession that moves housing in a large way.
WookieMan says
The median FAMILY income is about $62k(ish) nationally.
Nationally. What's the median where you are?
$62k for my county. I'd like to give the county, but I'd dox myself too much. It's northern IL, north of I-80. East of I-39.
If you assume the 3x's income idea that puts you at $186k. That's not how it works though. You can borrow PITI up to 40 something percent of income. Basically you can afford $2,100/mo in payments on the median household income by lending standards if you don't have other debt and a good credit score (rare). This is back of napkin math, but that gets you into the $300k range on that income with a FHA 3.5% down loan at 6.7% interest.
Housing is just going to stall in non-coastal areas. Some may/will rise still. Interest on $1.2M versus $250k is exponentially different. Coastal areas are going to see an equity loss or potential crash. Specifically in the SFBA because of all the recent layoffs. That's not a surprise. Local government is pure shit so that doesn't help.
I could walk into any business or government entity here in IL and have a $40-70k job if I walked in not wearing pants. We'll see. I'm in Fort Wayne, IN Thursday, Phoenix, AZ Friday to Tuesday and Bozeman, MT until I think Feb 5. So hitting different parts of the country for 10-11 days.
Mexico seemed to be in better spirits than the Dominican. Bahamas was fine and didn't see negative energy economically, but that's the islands of FL essentially. Not that one cannot get stats and info, but experience is a thing. I'm in IL and WI often as well. I'm not bullish on anything currently. But I'm not overly bearish. European War III breaking out is of concern and potential nukes, but I think we're in a tech sector crash again. That's more probable than a recession that moves housing in a large way.
1626
Misc
2023 Jan 23, 9:02pm
There are also the crazies in charge of our financial system. Seems one of the clueless ones is retiring and decided to spout some wisdom. She didn't really want to have a 2% inflation target and didn't like the idea of QE,, but wants to sell the Fed's portfolio of mortgage securities soon. That would cause mortgage rates to go even higher causing even less homes to be built and decreasing the loan amount for new buyers to qualify for.
You should read the article to see how clueless the Fed members really are.
https://finance.yahoo.com/news/fed-needs-mortgage-backed-securities-183640854.html
... AND they are all like her.
You should read the article to see how clueless the Fed members really are.
https://finance.yahoo.com/news/fed-needs-mortgage-backed-securities-183640854.html
... AND they are all like her.
1627
GNL
2023 Jan 23, 11:20pm
GNL
2023 Jan 23, 11:20pm
Misc says
In your opinion, is there anything wrong with low interest rates?
There are also the crazies in charge of our financial system. Seems one of the clueless ones is retiring and decided to spout some wisdom. She didn't really want to have a 2% inflation target and didn't like the idea of QE,, but wants to sell the Fed's portfolio of mortgage securities soon. That would cause mortgage rates to go even higher causing even less homes to be built and decreasing the loan amount for new buyers to qualify for.
You should read the article to see how clueless the Fed members really are.
https://finance.yahoo.com/news/fed-needs-mortgage-backed-securities-183640854.html
... AND they are all like her.
In your opinion, is there anything wrong with low interest rates?
1628
stereotomy
2023 Jan 24, 12:00am
stereotomy
2023 Jan 24, 12:00am
GNL says
I'm not Misc, but low interest rates are bad because they pull too much future demand forward to the present day. I.e., people buy more now on credit than later, and later, they're too indebted to buy anything else so economic activity stalls.
Low interest rates discourage saving by negating the time value of money - no one has any incentive to defer gratification.
Finally, low interest rates promote speculation in the riskiest assets in pursuit of yield. When these risky assets crash, savings are destroyed instead of invested.
Misc says
There are also the crazies in charge of our financial system. Seems one of the clueless ones is retiring and decided to spout some wisdom. She didn't really want to have a 2% inflation target and didn't like the idea of QE,, but wants to sell the Fed's portfolio of mortgage securities soon. That would cause mortgage rates to go even higher causing even less homes to be built and decreasing the loan amount for new buyers to qualify for.
You should read the article to see how clueless the Fed members really are.
https://finance.yahoo.com/news/fed-needs-mortgage-backed-securities-183640854.html
... AND they are all like her.
In your opinion, is there anything wrong with low interest rates?
I'm not Misc, but low interest rates are bad because they pull too much future demand forward to the present day. I.e., people buy more now on credit than later, and later, they're too indebted to buy anything else so economic activity stalls.
Low interest rates discourage saving by negating the time value of money - no one has any incentive to defer gratification.
Finally, low interest rates promote speculation in the riskiest assets in pursuit of yield. When these risky assets crash, savings are destroyed instead of invested.
1629
GNL
2023 Jan 24, 12:54am
GNL
2023 Jan 24, 12:54am
stereotomy says
GNL says
Misc says
There are also the crazies in charge of our financial system. Seems one of the clueless ones is retiring and decided to spout some wisdom. She didn't really want to have a 2% inflation target and didn't like the idea of QE,, but wants to sell the Fed's portfolio of mortgage securities soon. That would cause mortgage rates to go even higher causing even less homes to be built and decreasing the loan amount for new buyers to qualify for.
You should read the article to see how clueless the Fed members really are.
https://finance.yahoo.com/news/fed-needs-mortgage-backed-securities-183640854.html
... AND they are all like her.
In y...
I agree with you. Seems Misc and others do not.
1631
Eric Holder
2023 Jan 24, 12:31pm
Eric Holder
2023 Jan 24, 12:31pm
clambo says
The question is: did it survive the recent string of storms or got washed down the mountain? And what the insurance premium is going to be next year?
PS. I know a couple who "won" a house on a piece of land in that general area and had to back out after getting insurance quotes for the place. And it was before the recent storms (but after the recent wildfires).
Maybe a peak but around Santa Cruz it's still insane.
The question is: did it survive the recent string of storms or got washed down the mountain? And what the insurance premium is going to be next year?
PS. I know a couple who "won" a house on a piece of land in that general area and had to back out after getting insurance quotes for the place. And it was before the recent storms (but after the recent wildfires).
1632
Ceffer
2023 Jan 24, 12:38pm
Ceffer
2023 Jan 24, 12:38pm
In Santa Cruz, mudslide and earthquake disastered specials are slightly marked down. "And here you can have your Jacuzzi! Until it winds up down there. You can immerse your self in if it the fires get close (there were actually people who survived the Oakland Hills fire early 90's by jumping into swimming pools)".
1638
zzyzzx
2023 Jan 25, 11:49am
zzyzzx
2023 Jan 25, 11:49am
https://www.sfgate.com/realestate/article/bay-area-housing-market-cooling-17731732.php
Bay Area home prices fell more than anywhere else in US last month
Bay Area home prices fell more than anywhere else in US last month
1639
B.A.C.A.H.
2023 Jan 25, 3:29pm
B.A.C.A.H.
2023 Jan 25, 3:29pm
zzyzzx says
Good. The high prices have made life miserable here.
Bay Area home prices fell more than anywhere else in US last month
Good. The high prices have made life miserable here.
1640
1337irr
2023 Jan 25, 3:36pm
1337irr
2023 Jan 25, 3:36pm
B.A.C.A.H. says
I mildly suspect the fall will get worst because of Prop 13.
zzyzzx says
Bay Area home prices fell more than anywhere else in US last month
Good. The high prices have made life miserable here.
I mildly suspect the fall will get worst because of Prop 13.
1641
WookieMan
2023 Jan 25, 5:59pm
WookieMan
2023 Jan 25, 5:59pm
cisTits says
You might as well literally live in a cardboard box in LA or SFBA anyway. DR houses are shit. Link doesn't load. And it says 40% in sales, not value in the link. That's pure clickbait. Sales/building will drop off if you're not building in anticipation of a drop off in sales so your prices don't drop.
Maybe prices are dropping in other places, but I'll keep saying it, they aren't here. No one is building and there's maybe 2 homes for sale out of 800 in my town. The rest of the country is not the West coast. People are moving OUT of CA and not into CA. Your numbers are going to be shit for the foreseeable future, I don't disagree with that. Out of the 39M people living there I'd get out of the dumpster fire. It doesn't get better.
The California dream is over. Most major films and shows don't even film there anymore. You have desert towns in CA, but you've got Alec Baldwin shooting people in New Mexico. Many weekly sitcoms are filmed here in Chicago. Atlanta is a big film spot. CA has lost its luster. Major personal brands are fleeing like Ben Shapiro. Joe Rogan. The list is getting bigger. Since prices are so high in CA it's going to drag the median down nationwide as I've said. It does NOT mean we're in a housing crash.
DR Horton Reports 40% DROP in Sales (Housing Crash Denial Spreads)
https://www.reventure.app/blog/dr-horton-reports-40-crash-in-sales-housing-crash-denial-spreads
You might as well literally live in a cardboard box in LA or SFBA anyway. DR houses are shit. Link doesn't load. And it says 40% in sales, not value in the link. That's pure clickbait. Sales/building will drop off if you're not building in anticipation of a drop off in sales so your prices don't drop.
Maybe prices are dropping in other places, but I'll keep saying it, they aren't here. No one is building and there's maybe 2 homes for sale out of 800 in my town. The rest of the country is not the West coast. People are moving OUT of CA and not into CA. Your numbers are going to be shit for the foreseeable future, I don't disagree with that. Out of the 39M people living there I'd get out of the dumpster fire. It doesn't get better.
The California dream is over. Most major films and shows don't even film there anymore. You have desert towns in CA, but you've got Alec Baldwin shooting people in New Mexico. Many weekly sitcoms are filmed here in Chicago. Atlanta is a big film spot. CA has lost its luster. Major personal brands are fleeing like Ben Shapiro. Joe Rogan. The list is getting bigger. Since prices are so high in CA it's going to drag the median down nationwide as I've said. It does NOT mean we're in a housing crash.
1643
WookieMan
2023 Jan 26, 6:30am
WookieMan
2023 Jan 26, 6:30am
cisTits says
Lol. Get triggered much? 40% drop in SALES is not a drop in PRICES. That's not a strawman or even a dispute. The headline says sales, not price. Really confused where you are going with this.
Unless there's more inventory on the market it is unlikely to result in any meaningful price drops. We'll see this spring. Interest rates will stall PRICES nationally and CA (YOUR PRICES) may be in for a rough ride with the JOB LOSSES I've been talking about. I've been saying this would have to be a job loss housing crash IF housing even gets hit that hard. And even then the floor is pretty high on housing price losses.
SALES could drop 40% for DR because they got 40% less buyers wanting to build 5 months ago, so they didn't build and SALES went down. SALES will naturally go down in that scenario. We haven't built enough new inventory over the last decade and a half as is. These companies got burned leading up to 2006, they've learned. Don't overbuild if people aren't buying. They want to keep the prices up and over building brings them down.
Existing home sales are a better metric. But with regard to SALES, that could mean people are just staying put.
We're talking simple supply and demand economics. It's not an argument. You have ripped nothing on me. Show me year over year price losses in housing that are worse than -10%, regionally and not in a shit area/city like St. Louis or Memphis. Not one cherry picked neighborhood or individual house sales price history. PRICES, not gross SALES of homes. There simply aren't homes for sale in much of the country.
Inventory has to increase to show whether prices go down or not. You're talking about a home builder that probably didn't get contracts on new builds, so they didn't build, so sales dropped. So they layoff or drop contractors and sell the remaining 60% of what they built. Fact is it's a clickbait article using SALES from a builder who can scale up and down within a month or two. They scaled down.... Not much else to it.
Hell, even if the link did open, look at the source. I played this game for 15 years dude. Look at the image you posted. That's pure click bait. As I've said, I'm not bullish on housing, but this isn't 2006 2.0, where an 18 year old with no income could buy a $500k house. No one is moving because they locked in low interest rates. They have to buy a new place at higher interest rates. SALES will fall. It's inventory. No strawman there. Just a fact. Let me know when I'm wrong and you've "ripped" me.
Don't go after me with crap like this again unless you want to be reamed again and in a harsher way in future.
Lol. Get triggered much? 40% drop in SALES is not a drop in PRICES. That's not a strawman or even a dispute. The headline says sales, not price. Really confused where you are going with this.
Unless there's more inventory on the market it is unlikely to result in any meaningful price drops. We'll see this spring. Interest rates will stall PRICES nationally and CA (YOUR PRICES) may be in for a rough ride with the JOB LOSSES I've been talking about. I've been saying this would have to be a job loss housing crash IF housing even gets hit that hard. And even then the floor is pretty high on housing price losses.
SALES could drop 40% for DR because they got 40% less buyers wanting to build 5 months ago, so they didn't build and SALES went down. SALES will naturally go down in that scenario. We haven't built enough new inventory over the last decade and a half as is. These companies got burned leading up to 2006, they've learned. Don't overbuild if people aren't buying. They want to keep the prices up and over building brings them down.
Existing home sales are a better metric. But with regard to SALES, that could mean people are just staying put.
We're talking simple supply and demand economics. It's not an argument. You have ripped nothing on me. Show me year over year price losses in housing that are worse than -10%, regionally and not in a shit area/city like St. Louis or Memphis. Not one cherry picked neighborhood or individual house sales price history. PRICES, not gross SALES of homes. There simply aren't homes for sale in much of the country.
Inventory has to increase to show whether prices go down or not. You're talking about a home builder that probably didn't get contracts on new builds, so they didn't build, so sales dropped. So they layoff or drop contractors and sell the remaining 60% of what they built. Fact is it's a clickbait article using SALES from a builder who can scale up and down within a month or two. They scaled down.... Not much else to it.
Hell, even if the link did open, look at the source. I played this game for 15 years dude. Look at the image you posted. That's pure click bait. As I've said, I'm not bullish on housing, but this isn't 2006 2.0, where an 18 year old with no income could buy a $500k house. No one is moving because they locked in low interest rates. They have to buy a new place at higher interest rates. SALES will fall. It's inventory. No strawman there. Just a fact. Let me know when I'm wrong and you've "ripped" me.
1644
Al_Sharpton_for_President
2023 Jan 26, 8:07am
Al_Sharpton_for_President
2023 Jan 26, 8:07am
An interesting take on the housing market. Points out that pending new home inventory is often left out of an analysis of supply and demand. And so you can have price declines with an apparent low inventory.
Apologies but not on Rumble.
https://www.youtube.com/watch?v=OQXr_5coj84&t=310s
Apologies but not on Rumble.
https://www.youtube.com/watch?v=OQXr_5coj84&t=310s
1645
gabbar
2023 Jan 26, 9:12am
gabbar
2023 Jan 26, 9:12am
This is interesting. I watched people's shopping carts at the grocery store yesterday. People are just buying the essentials.
1646
GNL
2023 Jan 26, 9:48am
GNL
2023 Jan 26, 9:48am
I agree with Wookieman. I'm a real estate photographer and talk to many Realtors (yes, I realize they are sales people but, it makes sense what most of them are saying which is what wookieman is saying). Some seem to believe rates will come down in May. Not so sure I agree with that but, we'll see.
Low inventory will rule unless inflation goes ballistic or job losses go ballistic. There is a ton of boomer $$ out there. If it weren't for boomers, I believe starter homes, condos and townhouses would be priced considerably lower. That's my opinion.
Low inventory will rule unless inflation goes ballistic or job losses go ballistic. There is a ton of boomer $$ out there. If it weren't for boomers, I believe starter homes, condos and townhouses would be priced considerably lower. That's my opinion.
1647
GNL
2023 Jan 26, 9:49am
GNL
2023 Jan 26, 9:49am
CisTits
I ask your opinion because you are so confident in your discourse. Why wouldn't I ask you? What is your prediction on home prices for ANY market?
I ask your opinion because you are so confident in your discourse. Why wouldn't I ask you? What is your prediction on home prices for ANY market?
1648
SunnyvaleCA
2023 Jan 26, 9:53am
zzyzzx says
I guess Floridians don't know California! Costs such as insurance and property tax pale compare to California's state income tax and state/local sales tax. As for hurricanes... here in California we don't even buy insurance for earthquakes because it's too expensive! Add to that the mud slides, forest fires, week long power outages, and occasion BLM "protest" that seems to cause a lot of broken windows and fires and I'll take my chances with a modern, well-built house in Florida. (Note that a modern, well-built houses in Florida only cost $1MM, whereas new construction in California is nearly non-existent.)
I guess Floridians don't know California! Costs such as insurance and property tax pale compare to California's state income tax and state/local sales tax. As for hurricanes... here in California we don't even buy insurance for earthquakes because it's too expensive! Add to that the mud slides, forest fires, week long power outages, and occasion BLM "protest" that seems to cause a lot of broken windows and fires and I'll take my chances with a modern, well-built house in Florida. (Note that a modern, well-built houses in Florida only cost $1MM, whereas new construction in California is nearly non-existent.)
1649
SunnyvaleCA
2023 Jan 26, 10:11am
zzyzzx says
Basic math: If all metro areas fall by 20%, then the highest-priced area will fall by the most $$$.
https://www.sfgate.com/realestate/article/bay-area-housing-market-cooling-17731732.php
Bay Area home prices fell more than anywhere else in US last month
Basic math: If all metro areas fall by 20%, then the highest-priced area will fall by the most $$$.
1650
B.A.C.A.H.
2023 Jan 26, 11:46am
B.A.C.A.H.
2023 Jan 26, 11:46am
SunnyvaleCA says
You might, but the mortage guarantor won't, without the insurance.
I'll take my chances with a modern, well-built house in Florida.
You might, but the mortage guarantor won't, without the insurance.
1651
desertguy
2023 Jan 26, 1:49pm
FYI: Residential median sales price for southwestern Utah - down 0.4% year over year December 22 compared to December 21. Median price for residential from peak pricing (April 22) compared to December 31, 22 down 17%. Inventory as of last week up 215% YoY and up 263% from bottom in inventory (February 22). We had a whole lot of Californians moving here over those two years, not so much now.
1652
Booger
2023 Jan 26, 5:28pm
Booger
2023 Jan 26, 5:28pm
https://www.reddit.com/r/Seattle/comments/10m0cug/bought_a_house_at_the_peak_nearby_houses_are/
Bought a house at the Peak; nearby houses are going for 600K less than our house
Bought a house at the Peak; nearby houses are going for 600K less than our house
1653
RedStar
2023 Jan 26, 6:04pm
RedStar
2023 Jan 26, 6:04pm
Booger says
You cant fix stupid
https://www.reddit.com/r/Seattle/comments/10m0cug/bought_a_house_at_the_peak_nearby_houses_are/
Bought a house at the Peak; nearby houses are going for 600K less than our house
You cant fix stupid
1654
GNL
2023 Jan 27, 7:03am
GNL
2023 Jan 27, 7:03am
https://www.investmentwatchblog.com/us-median-home-price-drops-12-in-six-months-largest-drop-since-2009/
From the article...
"San Francisco home prices have already fallen 30% from peak.
Denver, Austin, and Phoenix are all pushing 20% drops from peak.
It’s real. It’s happening. It’s not “small”."
From the article...
"San Francisco home prices have already fallen 30% from peak.
Denver, Austin, and Phoenix are all pushing 20% drops from peak.
It’s real. It’s happening. It’s not “small”."
1655
clambo
2023 Jan 27, 8:23am
I'm not that interested in this subject, but out of curiosity I looked.
The Redfin page says $1.28 million median home price in San Francisco, down 13.3% from last year.
Either way, 1. houses are a fortune up there 2. some people are pissed off 3. some people are happy.
The thing with houses is that they are ever popular. It's interesting to see.
Rich gazillionaires sometimes buy multiple houses, including fucking castles, etc.
After a certain level of wealth, you can afford fancy hotels for every day of your life; why own a castle in addition to your beach house in Malibu?
The Redfin page says $1.28 million median home price in San Francisco, down 13.3% from last year.
Either way, 1. houses are a fortune up there 2. some people are pissed off 3. some people are happy.
The thing with houses is that they are ever popular. It's interesting to see.
Rich gazillionaires sometimes buy multiple houses, including fucking castles, etc.
After a certain level of wealth, you can afford fancy hotels for every day of your life; why own a castle in addition to your beach house in Malibu?
1657
Eric Holder
2023 Jan 27, 6:41pm
Eric Holder
2023 Jan 27, 6:41pm
clambo says
This is what Musk realized (and acted upon).
After a certain level of wealth, you can afford fancy hotels for every day of your life; why own a castle in addition to your beach house in Malibu?
This is what Musk realized (and acted upon).
1658
Blue
2023 Jan 27, 10:52pm
zzyzzx says
Lol! Sadly this is almost true at least in CA after 1978 prop 13. Boomers never cared even if it is hurting their own children.
Lol! Sadly this is almost true at least in CA after 1978 prop 13. Boomers never cared even if it is hurting their own children.
1659
gabbar
2023 Jan 28, 4:22pm
gabbar
2023 Jan 28, 4:22pm
Right now is not the time to invest in housing. Prices may continue to climb for a while as it continues to be a tight market. If you are a homebuyer, or a young person looking to buy a home, you need a bit of a reset. We need to get back to a place where supply and demand are back together and where inflation is down low again, and mortgage rates are low again. - Jerome Powell, June 14, 2022
1660
gabbar
2023 Jan 28, 4:32pm
gabbar
2023 Jan 28, 4:32pm
In 2019, two home-sellers filed a lawsuit [Sitzer et al v. National Association of Realtors (NAR)], alleging that several NAR rules violate the Sherman Antitrust Act, an 1890 law which prohibits activities that restrict interstate commerce and competition. One of the NAR rules in question requires listing brokers to offer buyer brokers a commission to list a property. The lawsuit alleges that this practice inflates sellers' costs and, therefore, is anticompetitive. Traditionally, it takes two agents to sell a house: a buyer's agent and a seller's agent. However, if NAR loses the suit, the real estate industry would effectively see buyers' agents removed from the equation. That means the number of real estate agents in the U.S. (there are 1.5 million right now, according to NAR), could drop precipitously .
"You could see hundreds of thousands of real estate agents leaving the profession, and major brokerages go out of business," said Oppenheim. "We're on the precipice of an armageddon that nobody talks about."
There's hope for a settlement with regulators or an appeal process, but there's a high likelihood the marketplace for real estate agents is about to get majorly overhauled, said Oppenheim. He added that we could see the U.S. ultimately turn towards a model with lower total commissions, as is the case in Australia.
https://law.justia.com/cases/federal/district-courts/missouri/mowdce/4:2019cv00332/145710/741/
"You could see hundreds of thousands of real estate agents leaving the profession, and major brokerages go out of business," said Oppenheim. "We're on the precipice of an armageddon that nobody talks about."
There's hope for a settlement with regulators or an appeal process, but there's a high likelihood the marketplace for real estate agents is about to get majorly overhauled, said Oppenheim. He added that we could see the U.S. ultimately turn towards a model with lower total commissions, as is the case in Australia.
https://law.justia.com/cases/federal/district-courts/missouri/mowdce/4:2019cv00332/145710/741/
1661
Eman
2023 Jan 28, 5:38pm
Eman
2023 Jan 28, 5:38pm
gabbar says
Actually, this was the time where housing prices peaked….if not a month or two before.
Low inflation and low mortgage rates happened through out the whole 2010’s especially the first half of 2010’s. Whoever didn’t buy after the housing bust missed an opportunity once in a lifetime. Prices have gone up 2-4x since. In the lower end markets, some have gone up 10x since.
Right now is not the time to invest in housing. Prices may continue to climb for a while as it continues to be a tight market. If you are a homebuyer, or a young person looking to buy a home, you need a bit of a reset. We need to get back to a place where supply and demand are back together and where inflation is down low again, and mortgage rates are low again. - Jerome Powell, June 14, 2022
Actually, this was the time where housing prices peaked….if not a month or two before.
Low inflation and low mortgage rates happened through out the whole 2010’s especially the first half of 2010’s. Whoever didn’t buy after the housing bust missed an opportunity once in a lifetime. Prices have gone up 2-4x since. In the lower end markets, some have gone up 10x since.
1662
Eman
2023 Jan 28, 5:46pm
Eman
2023 Jan 28, 5:46pm
GNL says
The author is cursing in his article? So professional. If prices are dropping, they’re dropping. It’s a fact. Present the data to back up his thesis. No need to curse. This indicates the author is likely a renter, has missed his buying opportunity, and is simply outraged at Bay Area real estate prices.
To me, it is what it is. Use the data, make our decision to buy or not to buy and live with the consequences.
https://www.investmentwatchblog.com/us-median-home-price-drops-12-in-six-months-largest-drop-since-2009/
From the article...
"San Francisco home prices have already fallen 30% from peak.
Denver, Austin, and Phoenix are all pushing 20% drops from peak.
It’s real. It’s happening. It’s not “small”."
The author is cursing in his article? So professional. If prices are dropping, they’re dropping. It’s a fact. Present the data to back up his thesis. No need to curse. This indicates the author is likely a renter, has missed his buying opportunity, and is simply outraged at Bay Area real estate prices.
To me, it is what it is. Use the data, make our decision to buy or not to buy and live with the consequences.
1663
HeadSet
2023 Jan 28, 6:03pm
HeadSet
2023 Jan 28, 6:03pm
gabbar says
When I was in England, I noticed that there were no multiple listings. One would list with a preferred "Estate Agent" and only pay 1%. I thought that was a good system.
He added that we could see the U.S. ultimately turn towards a model with lower total commissions, as is the case in Australia.
When I was in England, I noticed that there were no multiple listings. One would list with a preferred "Estate Agent" and only pay 1%. I thought that was a good system.
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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.