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https://wolfstreet.com/2025/01/12/the-most-splendid-housing-bubbles-in-america-dec-2024-in-21-of-the-33-metros-prices-have-now-dropped-below-2022-peaks/
Even if prices were to go down, assessments and taxes have skyrocketed.
preed says
Even if prices were to go down, assessments and taxes have skyrocketed.
Contradiction right there.
Not really, as what happened in my area. The real estate assessments were significantly raised based on house appreciation over the last two years, even though house prices now are starting to decrease.
You still don't get the contradiction.
Average Homeloan Buyer age climbs to 56
By age 56, one should own the home outright.
AmericanKulak says
Average Homeloan Buyer age climbs to 56
By age 56, one should own the home outright.
I'm far from 56 but with couple of decades left on my 2.15% mortgage I sure as shit won't own my house outright by that age. Because paying down loan this cheap would be stoopid.
Without a price (not rate) collapse, the people who can afford to buy at current prices will be over 60.
Get ready for the demo-driven crunch. Even if Trump deports 10M
AD says
illegal immigrants as they likely live 4 persons to one bedroom
Prince William County
I am not sure about the housing supply impact as far as deporting the criminal category among illegal immigrants as they likely live 4 persons to one bedroom, and likely in low cost housing.
Median First Time buyer age climbs to 38, all time high
Average Homeloan Buyer age climbs to 56
.
https://www.fastcompany.com/91267785/housing-market-americas-largest-builder-says-rising-housing-inventory-impact-sales-florida-texas
naturally the first oversold areas are the more attractive retirement areas like Florida and Texas
I wonder if work from home is one factor, albeit not the largest one, for them being oversold
,
Where are these stats coming from? I'm 41 and hang with 33-55 year olds. Everyone owns their home and will have it paid off by 60. No renters.
Everything points to the market being about 30% overpriced. Price, not rates themselves, is the bottleneck
Correct. There is also data that Blackrock and others through their various LLCs are putting houses on the market, including at a loss, at about 5% of holdings per quarter.
Slow so they don't tip their hand too much or flood the market, but it's clear where Big Money thinks the housing market is headed : Down.
I don't care about Blackrock
WookieMan says
H1B's likely didn't own.
You claim to have Extreme Knowledge about a place you've never lived, and never worked in the trenches, nor experienced first hand the facts on the ground.
The Bay Area, which has a GDP and population bigger than most states, is chocked full of H1 homeowners. I've known many of them.
No one wants to sell. Mortgage applications drop because there's nothing to buy.
Maybe Chicago, but there's literally no inventory where I live. Prices are not dropping here in IL is all I know.
WookieMan says
I don't care about Blackrock
Because reality pisses all over your little world that you keep insisting should be real for the rest of us, that's why.
Why is this comment voted #2 Best Comment, Wookie?
B.A.C.A.H. says
WookieMan says
H1B's likely didn't own.
You claim to have Extreme Knowledge about a place you've never lived, and never worked in the trenches, nor experienced first hand the facts on the ground.
The Bay Area, which has a GDP and population bigger than most states, is chocked full of H1 homeowners. I've known many of them.
One thing is clear: Divest of Northern Virginia Real Estate NOW
is that because of illegal immigration raids in shitholes like Manassas Park (Prince William County) and also Trump cuts to the federal bureaucracy (and contractors such as for USAID and US Dept of Education) ?
And many people tire of 90F/90%H in June-August
https://www.newsweek.com/florida-home-sells-130000-loss-housing-market-changes-2023830
Florida Home Sells At $130,000 Loss as Housing Market Changes
Blackstone, the property's owner, purchased the home for $490,000 in April 2022 and sold it on Wednesday for just $360,000—a sharp decline of $130,000, or roughly 27 percent.
https://x.com/nickgerli1/status/1884991201281036711
https://www.reddit.com/r/RealEstate/comments/1ifmteo/my_home_has_been_on_the_market_for_100_days/
My home has been on the market for 100 days. Should I pull it and rent it at a loss?
The commentary is priceless!
The commentary is priceless!
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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.