I knew it. It's those "darn Amish" again...
Posted on 11/28/2023 3:24:29 AM PST by davikkm
Any chance we flip from inflation to deflation?
“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.”
My thought too. I’m watching a particular house model at a particular location, no movement for the past year. Getting me mad.
Tax-chick wrote: “Good, if true. People need a place to live that’s not with their parents.”
Nothing like wealth redistribution.
“Good, if true. People need a place to live that’s not with their parents.”
Maybe if parents were adults the kids wouldn’t be living at home.
Markets.
This entire article is based on Twitter posts by some randos. The randos mix and match the metrics “mean” and “median,” clearly indicating that they failed remedial math.
In addition, the annual level of sales in October was 679,000, down from September’s substantially revised 719,000 pace, However, sales in October were still up 17.7% from a year ago.
New homes are still more expensive than existing homes, but the gap has narrowed in recent months with the typical new home now just 5% more expensive than the typical existing home.
Taken comprehensively, more new homes are being sold yet the median sales price is way down vs a year ago. AND the median sale price of a new home is within striking distance of existing home prices. This may be bad for home builders, but it sounds pretty cheery for home buyers.
There is also mention of insurance costs. Here’s a little secret: homeowners insurance is a state regulatory matter, not federal. Some states have integrated global warming into their apparatus, causing underwriting to be unprofitable. THIS is a bigly reason why insurers are pulling out of California.
Parenthetically, aren’t we all supposed to be worried about INFLATION? I wish the Citizen Free Presses of the world would get their talking points straight from Soros et al.
Thank you for all this informative information!
I worked in San Diego for 3 years in 2016-19, rent was $1500, $1650, $1800 for my one bedroom 600 sq ft apt. Retired and moved back home to Texas, same apt is now $2500.
Anyone watching the Treasury’s auction. $39B of 7 Year notes at a higher rate. Still
Mad at Yellen for not rolling over with the 30year at much lower rates. It almost looks intentional
Not in Texas. They are still moving here by the droves. Unfortunately.
I’m in S.E. Michigan. Homes on the market seem to be fewer and they seem to stay on the market longer - but I’m not seeing a price drop. Interest rates hurt demand but it appears people are not putting up homes for sale, so lower supply, they don’t want a new mortgage at a vastly higher rate.
“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.”
Housing prices are what the market makes it, landlords have a right to sell any property they want just as you have that right and no I’m not a landlord.
Not sure what moral failings you may have but if you say you have them then that might be part of the problem.
Many kids make it on their own as they should. There’s a lot of kids, especially in today’s generation that expect everything handed to them and then want more. There’s no such thing as entitlement and that needs to be taught. When that’s the cause, then that’s a parents fault for not teaching them right (Literally right vs left).
Helping a kid out that’s busting his or her ass to make it is fine if you can. Coddling them because they’re pathetic entitlement liberal POS is not... that’s where you kick them out.
You need to get an appraisal.
My County had me at 15% over a recent appraisal I’d gotten, and had no choice but to adjust the valuation.
I subscribe to this guy on YouTube that calls himself Reventure Consulting. He has been calling for a correction in the general US housing market for over a year. His basis/metric is based on what people in that metro area can afford. Meaning people in Boston/NYC/SF make more money on average, so they can pay more money for a house.
So, where he is expecting the biggest correction is in places like Tampa and Jacksonville. He was the first to call for a correction in Nashville. It pulled back and has now recovered.
In fact Nashville leads the US this year in the percentage increase in NEW home permits.
This Reventure guy says that the largest real estate investors stopped buying new houses about six months ago. Now, they are selling because they can lock in 5.3% on TBILLS which is more they make long term on rent.
Yes, that's exactly right, and it was, in fact, my point. There's nothing dreadful about falling housing prices.
I knew it. It's those "darn Amish" again...
$3,999,000- $241K downpayment- Estimated payment $24,124/month
Heh, cute!
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