Posted on 04/26/2022 6:18:55 AM PDT by Browns Ultra Fan
Making homes affordable is NOT one of the mottos for The Federal Reserve. But making homes outrageously unaffordable for the masses should be their motto.
The February Case-Shiller home price indices are out for February and the national home price index rose to 19.80% YoY.
Instead of the limbo rock, The Fed is apparently trying to see “How HIGH can we go?”
(Excerpt) Read more at confoundedinterest.net ...
Blackrock doesn’t seem to have ANY trouble buying residential units...even single family homes.
I see on ZILLOW home prices being reduced now (but only on those $800K on up).
Chinese buyers have led foreign investments in U.S. homes for the past seven years. In 2019-2020, they bought U.S. home properties worth $11.5 billion, or little more than a sixth of the total, according to a report from the National Association of Realtors (NAR).
This isn’t the Fed.
It’s the late part of the cycle where people are rushing to buy before rates go up.
Rates have already gone up almost 2% from the lows.
“I see on ZILLOW home prices being reduced now (but only on those $800K on up).”
Zillow is better in some states than others, Montana for instance is a non-disclosure state.
What does that mean? Home and land prices are never made public and cannot be published/released. Banks/lending institutions, appraisers and Realtors who are active on the MLS do have access to this information but they can’t disclose the information.
Zillow in Montana is more of a guessing game...
In October my neighbors listed their home. Realtor.com and Zillow.com both had the list price. The neighbor told me there were multiple offers on the first day and an all cash offer was accepted for $75,000 over asking (from an older couple from Eastern Montana).
Zillow, after the listing was taken down, estimated the value of the home for less than 70% of the list price which is very inaccurate.
Zillow is similar for my home about 65% of the value Realtor.com lists it at.
FWIW my wife is a Realtor Broker/Owner and our values currently are not declining.
February was two months ago.
BEFORE all the interest rate hikes.
Excellent. My search was for Carolina Beach here in NC. I used to be able to afford a home there but not so much anymore. The reductions maybe to incentivize buyers due to rising mortgage rates. Or due to the fact of the destructive powers of the Dims from the Dead/Demented Head on down:-)
Hope you get your nice place!
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