Posted on 12/04/2023 6:37:48 AM PST by Kaiser8408a
The US housing market is goin’ down!
While the Case-Shiller National home price index is rising again, it has been slowing since March 2022. This is happening as “the honey pot” (aka, M2 Money printing) growth is now negative. While real hourly compensation growth is slightly, the average rate of growth since April 1, 2021, is -2.1%. (Not exactly what Biden wants to broadcast as a feature of Bidenomics).
In the first couple of pandemic years, buyers swarmed the housing market to seize record-low mortgage rates with little regard to home prices. Many of them are now realizing that they may have bought a pig in a poke.
According to a recent report from Point2 Homes, many recently bought homes, particularly in the hottest regions, are deep in the red. On average, single-family homeowners have been shedding $223 in property value every day since they bought their homes last year..
Again, San Francisco sellers reported the biggest losses, with 1 in 7 homeowners losing money on their sales. And Memphis TN leads in percentage loss at -17.1%!
There are a couple of factors that could be contributing to the Golden City’s housing woes, including the rise of remote work coupled with tech layoffs pushing residents to relocate to other areas.
In many markets, sellers have been reluctant to let go of their low mortgage rates and apply for a home loan at a much higher rate, and that’s keeping inventory tight and prices high.
And while San Francisco has been reporting more losses than usual, the median homeowner is still reaping $625,500 more on their home sale compared to the original purchase price.
The Godfather of San Francisco property losses, California Governor Gavin Newsom.
Oh wait! That is Eddie Haskell from “Leave it to Beaver!”
(Excerpt) Read more at confoundedinterest.net ...
I am no re expert. Never have owned a home.
But in SF we have a large very large Chinese population and I think a lot of the real estate is propped up by them/friends/relatives needing a place to park their wealth.
Detroit is an example of a single industry collapse, which is what I mentioned for a small town... except in Detroits sake it was a large city that had grown around 1 singular industry without diversifying... when that industry tanked, the town went with it.
Add to that the riots that triggered the white flight, and the election of anti white racist mayors by those left behind who did nothing to encourage good will or cooperation with the suburbs... and you get the fiasco that was what happened to Detroit.
Paradise Nevada info:
https://www.neighborhoods.com/blog/what-is-the-difference-between-las-vegas-and-paradise-nevada
Where the dogs have to watch out from stepping in human sh!t.
Nope.
Once the price goes below a certain level, chinese will start buying in SF.
Just pointing out that regardless of the overall market, there are still places people want to move to and move from. The market prices and inventory will always prove that out.
The Chinese already have the best parts they want just low end things left.
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