Posted on 02/13/2023 7:44:35 AM PST by Kaiser8408a
Black Knights December Mortgage Report is out and the house price graphs show the west is a mess.
While much of the US is down from 2022 peaks in home price. but it is The West where home prices are down the most (just like 2008 where the Inland Empire of California, Phoenix and Las Vegas crashed in term of home prices).
At least Columbus Ohio is down only -2.1% from the 2022 peak. While Austin TX is down almost -10% from 2022 peak.
US inflation numbers are out tomorrow. Let’s check on home price and rent growth tomorrow.
(Excerpt) Read more at confoundedinterest.net ...
Awww. The flippers are upset. My heart bleeds.
Up the road from Austin in Dallas.
Prices will need to drop 60% to 70% to get to "normal."
A 10% drop is NOTHING.
.
“Why is affordable housing and less property tax a bad thing again?”
The sticky widget in that line is ‘less property tax’ because that won’t happen. Taxing districts are currently taxing us at the inflated home values to supported their covid inflated budgets. So while actual real estate values decline the bureaucracies will adjust the rates involved so that we continue to pay the current dollars or more.
I agree with every word in your post. It was very succinct. I have seen many other analyses which stated basically the same thing but were far wordier. This is one of the issues that I struggle with frequently in my posts.
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