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Maybe a peak but around Santa Cruz it's still insane.
Bay Area home prices fell more than anywhere else in US last month
zzyzzx says
Bay Area home prices fell more than anywhere else in US last month
Good. The high prices have made life miserable here.
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
Don't go after me with crap like this again unless you want to be reamed again and in a harsher way in future.
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
I'll take my chances with a modern, well-built house in Florida.
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
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?
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
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”."
He added that we could see the U.S. ultimately turn towards a model with lower total commissions, as is the case in Australia.
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.
Eman 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.
The only reason I posted that link is because it was on survivalblog.com. Rawles (the owner of the blog) has been pretty good with advice. Of course, only time will tell. Hindsight is 20/20 btw.
From what you know about him, did he advise people to get out, or don’t buy in 2005-2007? Did he advise people to buy during the downturn?
What's your formula? Is the Fed going to continue to raise? When is the next meeting to decide?
clambo says
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).
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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.