Posted on 12/16/2022 4:24:01 AM PST by Kaiser8408a
California Screamin’!
6 of the top 8 metro areas with the largest home price crash in 2022 were in California, according to Redfin.
Sadly, I lived in three of these metro areas (Austin TX, San Jose CA and Phoenix AZ), although I wouldn’t confuse correlation with causation.
The trend for home price growth (blue line) is definitely on the downturn as The Fed removes its ample stimulus (green line).
Here is California governor Gavin (Nancy Pelosi’s nephew) Newsome screaming about crashing California home prices.
(Excerpt) Read more at confoundedinterest.net ...
Banks be nervous??
I thought Austin had a huge housing shortage because of the Tesla Gigafactory, etc.
Odd that the San Antonio Board of Realtor yesterday projected the average price of home sales would increase between 2.5% and 5% for he year 2023
Austin property taxes are going through the roof.
They’ll blame it on conservatives.
This way they always have money available for new lending and don't have to worry about servicing the loans.
I’m not sure if I understand why this is a bad thing. Home prices in LA were astronomical, and needed to come down.
People who can’t do the most basic data management should probably be ignored. Austin, Boise, and Seattle are all in the top 8. Either my geography is now atrocious, or my math is, or the headline is wrong. Last I checked Austin, Boise, and Seattle are all outside of California, they together total three cities, and 8 minus 3 is five.
Must be the new math, or the new editing.
The Marxist liberals that live there should love it. Enjoy the suck.
Crashed my ass... With the Exodus, prices just corrected themselves. When no one wants to buy million dollar 1500 sqft homes in fkd up neighborhoods, well the solution bid to lower the prices...
bttt
Let’s not forget housing issues in China as well.
China lockdowns and Bank of China.
Manufacturing way down.
Vanguard, BlackRock, REITs, et al investments in housing and ESG.
How are Deutsche Bank and Credit Suisse doing?
Energy issues and war in Eastern Europe…
Maybe SkyNet will become self aware in 2023 too…
is*
House prices collapsing. Average homeowner underwater. Run for the hills!
House prices remaining constant. No longer the best ROI. Run for the hills!
Cheap money destroyed the world. Fed pumping and congress spending like crazy has distorted market forces for years. RIP gen x y z etc
I think there is more to the story than just the numbers.
The city of Austin sold out quickly to the relocating tech sector employees. The best, thus higher priced, homes sold out. A big chunk of the remaining homes on the market were of lesser value and/or had some serious issues -water damage, structural, wood rot etc.
My son moved there for a tech job right at the beginning of the expansion. An acceptable house would hit the market in the morning and by the end of the day it was already bid up well over asking price. He lost out on a dozen bids. The one he did win was later discovered during the inspection that over $100k was needed to repair it and meet code. He smartly backed out.
Just up the road is the city of Round Rock. He bought a very nice new construction home for half the price of the Austin market. Highways were expanded an tech companies moved up the road too. Austin had to compete with the surrounding area.
So, yes, the average home cost came down 16-18% but mostly because the houses were of lesser value and more houses came on the market at lower prices.
I still don’t want to venture to downtown Austin to trip over bums camped in front of a restaurant when there are nice places just outside the city limits.
EC
Bttt!!
Oh no less taxes
California 2022 Home Prices Crashed Mostly In California
Yep there down to $800.000 unless you want to live in one of the many hoods.
Yes, it’s like, no matter the situation in the housing market, there are fearful stories in the media about what’s going on.
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