Posted on 12/19/2022 9:20:32 AM PST by Kaiser8408a
Ain’t this a kick in the … head.
Rising mortgage rates courtesy of The Federal Reserve’s tightening to fight Bidenflation has led to a Covid-level plunge in the NAHB Homebuilder Market Index.
Everything seems to be going down with a sinking M2 Money growth.
And today, the 10-year US Treasury yield is up over 10 bps. Watch out mortgage rates!
(Excerpt) Read more at confoundedinterest.net ...
This is good news, I like it.
Well, if they implement eVerify and fire and deport all of the illegal construction workers, hopefully no Americans will be left unemployed.
Just checked on zillow, my house has dropped nearly 250 kilobucks from its high in 2021. Back then in my neighborhood they were selling for cash significantly above asking price in like 10 minutes. Should have sold, but really don’t want to move again until I retire.
It will be back up within 3 years.
Not to worry. 10 million illegal aliens a year need housing too.
There is good news in this for home owners. Property valuations will plummet and give homeowners an opportunity to fight the recent and exhorbitant property tax increases. Everyone should make preperations to protest their property taxs next year.
If enough do and succeed this will have the effect of reducing monies going to local municipalities and public school districts. If enough revenue is lost the “teachers” of the government propaganda will need be laid off. Deprived of jobs and otherwise unemployable they will have no choice except to join the ranks of the drug addled homeless in Los Angeles. If you know a teacher, the best present you can give them is a one-way bus ticket to LA and if your feeling extravagant, give them a small backpack and a tent.
There is a two-year lag from the time prices decline until those declines begin to hit the tax assessments. Taxes will hit their lows well after the recovery in prices has begun.
Should have added that tax assessments will rise for another 2 years before they start to decline. Happens every time and people always freak out about it.
“Just checked on zillow...”
$$$$$$$$$$$$$
Here’s some others. It is surprising how much they can differ. I take an average and track that:
realtor.com
realtytrac.com
redfin.com
homes.com
forsalebyowner.com
trulia.com and zillow.com are now the same company
Have people already forgotten that Zillow has made some famous wild misses with their home valuing attempts?
I use Realtor.com since that’s what appraisers use and I used to be one. I would call Realtors to ascertain if there were things about sales that didn’t show up in the sale recording, seller distress, for example.
Thanks! Realtor.com actually uses two estimators - CoreLogic and Quantarium. How do I handle that, an average of the two?
That would be a good move to keep home prices high.
Too bad most currently unemployed “Americans” are unemployable.
An electrician I know had plans with a builder to build 45 single family houses. He built 19 and was told in October the rest are either on hold or canceled.
Oh it will be fine. Chomo Joe will announce a hundred billion to build new ‘free’ housing for all illegal alien invaders. They have to live somewhere, right?
Taxes are the opposite of markets. They are rocket up and parachute down or slower if possible. The tax man does not give back easily.
As for housing prices, what goes up... And it is about time. What took place was insane. Tulips on a much larger scale.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.