Posted on 11/28/2023 3:24:29 AM PST by davikkm
In a harrowing turn, new home prices have plummeted by a staggering 18%, marking the most significant annual decline on record, surpassing even the depths of the 2008 financial crisis. The grim reality intensifies as builders face a crisis, with mortgage demand hitting its lowest since 1994, and housing defaults soaring to levels not seen since 2013. The average selling price is down almost $90,000 from last year, raising a critical question: How can this precarious situation end well? The housing market is in crisis mode, and caution is warranted.
(Excerpt) Read more at citizenwatchreport.com ...
Bidenomics
Good, if true. People need a place to live that's not with their parents.
New home prices plunge 18%We don't know whether or not new home prices have actually declined and/or, if so, by how much. It's the "average selling price of new homes" that's down, not the actual prices of new homes.
This is akin to a headline saying "New Mercedes-Benz Automobile Prices Have Fallen By 18%," when, actually, people for the last month have just been buying less expensive models.
In my area of Florida existing houses clearly are not being bought soon after they hit the market as in the Trump era.
I don’t think house prices are down.
I’m not aware of existing home price declines anywhere.
Rents are absurdly high in most places.
It would follow that house prices are excessively high in most places too.
“People need a place to live that’s not with their parents.”
In the Third World multi-generational living is common.
Take a look around at the people living in your community.
Sso the government printed 3x the money supply creating inflation like never before under Biden... and the government wants you to accept 18% less for sale of your home - sounds like wheelborrow’er time to me.
Remember, it is only worth less if everyone refuses to pay more.
Did Ford, Chevy, GM, or other car manufacturers say they were now asking 18% less? Only Telsa has dropped the price of their cars, and new truck.
Uncanny, Joe just asked the major industries to lower their pricrs by 18%, and just like that the housing market responds.
It is the 90 year loan in Japan so just imagine;)
In Korea, women refuse to marry unless they get the best deal, e.g., sugar daddy life style - they won’t share with the budget and won’t do half the house work - Confucianism is Dead;)
In the USA, multigenerational familys only exist when it is time vote DEMOCRARAT, and 25 of you live at one address;)
My home price has gone up 185% in 3 years according to the county.. I lost the appeal, which was expected. None of the assessor’s commented when I asked if they would pay that price for my home.
Government doesn’t understand markets. Taxes always go up but never down for the most part
That’s the parent’s fault.
Precisely the desired effect of the Fed raising interest rates, which they REALLY didn’t want to do, but they didn’t have a choice because Biden’s insane reckless policies were threatening to push inflation into double digits.
If I preferred third world living, I could go there. I think it’s good if housing prices fall.
Well, it’s the parents’ fault for having the children in the first place, or so I’ve been told. However, housing prices - and landlords’ selling the rental house to someone who wants to live there, putting the tenants on the street or back with their parents - are economic factors independent of my moral failings.
Timing, it’s all about timing. We’ve had our home for sale in South Carolina since February. Had showings but no offers. We’ve reduced the price by 100K. Our realtor had to get a second job. Thank you, Brandon!
To top it off our washer, dryer and pedestals were stolen from the 2nd floor, along with a gun cabinet that was bolted to the wall. They tried painting the wall. Who does that? They had to have help and access. We ended up installing an alarm and removed the keypad on the garage door...ugh.
Nice. A lot of shenanigans at the local level with me as well.
...can’t they just leave us alone?
Well, up here in rural NW GA sites like Zillow and Redfin have shown a steady increase in home prices over the past year. Redfin says that home prices in GA increased 5.3% over 2022. Good for sellers, but once you sell a house, then you’ve got to find something to buy.
Definitely not seeing anything like an 18% drop in prices.
18% is a start. Home prices will need to drop another 18% after that to get back to something remotely reasonable. Until that happens, buyers are going to continue to sit on the sidelines.
“… We don’t know whether or not new home prices have actually declined and/or, if so, by how much. It’s the “average selling price of new homes” that’s down, not the actual prices of new homes.
This is akin to a headline saying “New Mercedes-Benz Automobile Prices Have Fallen By 18%,” when, actually, people for the last month have just been buying less expensive models.”
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Yep! A pure CLICKBAIT title/story.
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