patrick.net

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https://www.nbcnews.com/data-graphics/middle-class-new-homeowners-cost-burdened-house-poor-rcna163853

vacation rentals in places like Panama City Beach does not help this

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The share of middle-class Americans who are buying wallet-squeezing homes has more than doubled in the previous 10 years.

Almost 30% of middle-class homeowners bought homes with monthly payments costing more than 30% of their income in 2022, an NBC News analysis of Census Bureau data found. That’s more than twice the share from 2013, with experts warning it leaves many households with less money for groceries and emergencies and less able to get ahead in the future.

That “cost-burdened” benchmark — in which a household devotes over 30% of income to housing costs — is a widely used measure of affordability for both homeownership and renting. The Census Bureau measures housing costs against it, and the Department of Housing and Urban Development has used it for decades.

The Buyer's strike is on!

Inventory skyrocketing, completed transactions plummeting, stalling across the nation. The biggest COVID markets are the first to start the collapse.

Rates, Schmates. It's the underlying price that's too DAMN high.



Knock inflated Assets to the ground!

As I said, the fun really begins a quarter or so after the first rate cut. That's when reality bites the homeloaner's prized paper puffed up asset.

AmericanKulak says

The Buyer's strike is on!

Inventory skyrocketing, completed transactions plummeting, stalling across the nation. The biggest COVID markets are the first to start the collapse.

Rates, Schmates. It's the underlying price that's too DAMN high.



Knock inflated Assets to the ground!

As I said, the fun really begins a quarter or so after the first rate cut. That's when reality bites the homeloaner's prized paper puffed up asset.

Wonder how this will effect Canadian and Western US R/E markets.

DemocratsAreTotallyFucked says

Wonder how this will effect Canadian and Western US R/E markets.

Not sure how many Chinese nationals own +$1 million dollar homes in the USA especially California, but I have read that a lot of the multimillion dollar residential real estate in British Columbia is owned by foreign citizens.

So the Chicoms are taxing its rich citizens' realized gains of recent home sales in the USA and Canada ?

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The Millions of Chinese Millionaires are going to buy my Western Broward County 1970s 3/2 townhouse with the Pizza Hut roof in the burbs for a bazzilion!

Buy now or be locked out forever!

We got a clear head and shoulders, get ready for the big drop by next summer.

According to the Raw Zillow Listing, even San Diego and Miami saw drops last month.
https://wolfstreet.com/2024/10/15/the-most-splendid-housing-bubbles-in-america-sept-update-prices-drop-in-26-of-28-big-metros-even-san-diego-los-angeles/

Controversial Opinion: House prices are back to normal when they drop to about 2016 prices, or ~30%

AmericanKulak says

Western Broward County 1970s 3/2 townhouse

sounds like The Everglades is your backyard

.

AD says

sounds like The Everglades is your backyard

Not mine thank goodness, Broward sucks ass, but I do remember when they went for a reasonable sum. Here's an example of "Pizza Hut" roofed townhouse. Probably went for way under $200k just a few years ago. This neighborhood is full of low-level Broward County employees -Trayvon Martin's mom type people,etc:
https://www.zillow.com/homedetails/1518-NW-90th-Way-1518-Pembroke-Pines-FL-33024/43276443_zpid/

Shit, my ex-sister in law brought a modest house built in the early 2000s for $160k sometime around 2015. Just east of Orlando Airport. They're going for $360-$420 now, zero lot 3/2, ~1300 sq ft.

Absolutely ludicrous.

AmericanKulak says

Broward sucks ass, but I do remember when they went for a reasonable sum. Here's an example of "Pizza Hut" roofed townhouse. Probably went for way under $200k just a few years ago. This neighborhood is full of low-level Broward County employees -Trayvon Martin's mom type people,etc:

It has a terrible design for a roof in Florida given the risks of high winds.

But if they put a George Zimmerman in charge of the HOA there and drop the asking price from $300,000 to $175,000 then I would consider it a good value.

For $260,000 to $300,000 you can get a 3 bedroom, 2.5 bath, 2 car garage townhome in Panama City Beach that was built in 2015 or later, and its only about a 1.75 mile walk to the beach.

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AD says

But if they put a George Zimmerman in charge of the HOA there and drop the asking price from $300,000 to $175,000 then I would consider it a good value.

Yeah, $175k would be fine.

But the asking is outrageous. I do notice the $15k price cut.

Another sugar shack gem in Santa Cruz to cheer everybody up. Looks like it needs a roof rack for the golf clubs.

More cheer. Another California Dreamin' Beach Ass Reamin'. Cutsie Wootsie in California gonna cost you dear. Too many oligarchs, not enough beach.

Square footage goes up as you move away from the beach, but it looks like peak market chasing old prices to lure suckers or the institutional behemoths. There are a lot of price cuts already with wailing and gnashing of teeth from the speculators.

Ceffer says

More cheer. Another California Dreamin' Beach Ass Reamin'. Cutsie Wootsie in California gonna cost you dear. Too many oligarchs, not enough beach.

Lol. $130-140k per year for PITI likely. What a joke. I take 20 minute shits.... 1 bath? WTF. By default for me that house is technically unusable with 1 bath. 1 shower. I'd rather live on a bus at that point and swim in a clear water lake to clean myself or get a decked out RV for $300-400k and skip the insurance and taxes.

WookieMan says

Lol. $130-140k per year for PITI likely. What a joke. I take 20 minute shits..

Beachfront mobile home lot rents (not including HOA fees) exceed $5k a month (could be higher, that was 2 years ago).

Seniors Reamed on Rent Increases De Anza Mobile Home pdf

This Santa Cruz gem sugar shack is actually in a meth ridden crime area on west side, not that close to the beach, but in the UCSC university real estate corridor elevating its price (you'll always have a top dollar tenant(s)).

Ceffer says

WookieMan says

Lol. $130-140k per year for PITI likely. What a joke. I take 20 minute shits..

Beachfront mobile home lot rents (not including HOA fees) exceed $5k a month (could be higher, that was 2 years ago).

Seniors Reamed on Rent Increases De Anza Mobile Home pdf

Jesus. And that's not even a nice beach. I don't know how you cats do it out there. I'll eventually post pictures of my house when it's built. It will be 20% less and 3-4x's the size on almost an acre.

WookieMan says

And that's not even a nice beach.

It's beautiful in its own rugged way, though this location turns the corner at the west end of Santa Cruz and gets the very brisk wind belt treatment from the Pacific. Not even comparable, though, to an average looking Caribbean or Florida beach, not to mention the cold water.

Ceffer says

This Santa Cruz gem sugar shack is actually in a meth ridden crime area on west side

Few years ago took a monarch butterfly tour by UCSC. Part of it went through a gated community down to beach that UCSC sounded like has exclusive access.
Near the beach has pieces of glass scattered around ashes, suspect they were related to drugs as per one of the tour members!
While leaving, saw few sale signs close to 800k. Folks look poor or below middle around and tough neighborhood. Those shacks are obviously expensive.