Anyone that can fog a mirror on a cold morning saw this coming. It happens every down cycle and is additionally burdened with lingering COVID work from home policies. Empty building don’t pay for themselves.
For us regular Joe’s, the question has been, will it spread to residential? It normally does, but I don’t think it will this time. In my area, inventory is too low for prices to fall. Even with the higher rates, homes sell same day above asking price here. You’ve got Blackrock and millions of new illegals as additional buyers in the market. You’ve also got the green pressure on development. Increasingly woke finance will cut off capital to traditional developers in favor of developers building Martin sized boxes for us. I already see this happening. The only housing available here are small apartments in increasingly larger complexes.
I suspect land and homes will become more valuable than gold. Especially, if you have good water.
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