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zzyzzx says
Meanwhile, in the area I live (DC/Northern Virginia), most people live in their homes maybe 5 years or so.
Not a Mariner fan are you, WookieMan?
https://www.reddit.com/r/FirstTimeHomeBuyer/comments/109fsfc/my_friends_escrow_just_went_up_525_after_2_years/
My friend’s escrow just went up $525/month after 2 years of owning the home.
Housing market enters 'deep freeze,' as half of all homes sell below list price
For most, they are technically buying monthly payments of a mortgage, home insurance, property tax, and HOA fee, instead of buying a house.
Housing market enters 'deep freeze,' as half of all homes sell below list price
The 'Housing Experts' of Patnet this time last year insisted that this would not happen! And they vilified anyone who said differently (namely, me)
Patrick says
Until there's a spike in inventory that graph doesn't mean all that much. Existing home sales decrease if there are limited number of homes for sale. Inventory is still low. Factor in the massive rise in vacation rental homes as well that may not hit the market for decades again. Flippers have a hard time finding deals, so there's minimal activity there. The graph "looks" alarming but I'm not seeing a housing crash.
What's happing is that most don't need/want to trade homes now with the increased interest rates. So they don't sell. So less homes sell. You cannot have a price crash in housing without a massive inventory increase. It took 12+ months of inventory for prices to really drop in Chicagoland area in 2006. Start worrying if it hits 9 mon...
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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.