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https://patrick.net/post/1346441/2022-07-01-first-guaranty-mortgage-files-for#last
ad says
Booger, so given demographics, etc, there will be a glut or oversupply of homes ? What housing markets does this apply to ? I would expect California as one example of this as its population only grew no more than 5% in 2010 to 2020.
Ppl are fixated on how not enough homes have been built...but these past 16 month or so about 2 million have been in various stages of construction.
Again, the effects will apply per local housing market.
Boise is a damn fine example right now.
this is the house that Booger is referencing
https://www.zillow.com/homedetails/17480-Madison-Ave-Castro-Valley-CA-94546/24915981_zpid/
I wonder why the drop in price after buying it so recently
this is the house that Booger is referencing
https://www.zillow.com/homedetails/17480-Madison-Ave-Castro-Valley-CA-94546/24915981_zpid/
1337irr says
I wonder why the drop in price after buying it so recently
They probably asked too much to begin with.
this is the house that Booger is referencing
https://www.zillow.com/homedetails/17480-Madison-Ave-Castro-Valley-CA-94546/24915981_zpid/
Boise is going to crash
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For Booger's post directly above, this is the home: https://www.zillow.com/homedetails/2854-S-Dexter-Way-Denver-CO-80222/13414247_zpid/
So the investor is trying to unload this quickly before they lose 10% or more ? Its listing price and last sales price is about 35% more than the purchase price in 2020.
The problem is this shows desperation and motivates buyers to remain on the sidelines for even more bloodshed.
I think the Federal Reserve wants this to happen, in order to bring house and stock values down to mid 2020 levels.
The run up from mid 2020 to early 2022 was solely based on monetary policy and federal government handouts (i.e., cancel rent, etc.).
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Looks like according to this chart that some of the peasants cashed in their poker chips near the market highs for housing, but we will have to see what the future holds. Many institutional investors don't care if they make money or not. They simply have money to invest so they will pay ridiculous prices even knowing they will lose money,
https://www.marketwatch.com/story/u-s-homeownership-rate-tumbles-to-1980s-levels-11657061992?siteid=yhoof2
Based on US population so far about 2-3 million home owners cashed out to the institutional buyers.
A new Zillow® survey shows 50% of home buyers say the process left them in tears, with Gen Zers and millennials — many of whom are first-time home buyers – far more likely to cry at least once during their home-buying journey. More than 65% of Gen Z buyers and 61% of millennial buyers cried at least once when going through the process of purchasing their home.
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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.