Sounds like 2007.
And now the CFPB won’t be there to bail out the banks.
. . .
A little like 2007, but people are buying them. Still, I have a funny feeling that the brakes may be going on to the housing market shortly. My neighborhood where I just sold has lost 20-30k over the last 6-8 months. Roughly, since it’s hard to compare properties that aren’t alike. Mine sold and closed just over a week ago so I’m out of that.
Here, they are building when there are buyers, with the occasional spec home thrown in. Not too many empty lots left, though they have opened a couple of cul-de-sacs in the last couple of months.
There’s a nearby Del Webb development - Pulte’s version of The Villages, without all the nice shops and golfing - and it’s going fast. Part of the attraction is that it’s not in the same county as the nearby big city, so it’s drawing people out of there. I notice that builders do these developments in phases, which is a fancy way to say that they’re hedging - they don’t want to put in all those streets if they see a market downturn. Del Webb is no exception and has built about 1/3 to 1/4 of the development’s streets so far. As those fill up, they’ll expand, but if things slow down, those extra roads would be a sunk cost.