Posted on 10/14/2022 12:37:03 PM PDT by millenial4freedom
Home prices will fall in about half the markets in the US next year, a top housing economist said on Thursday. Lawrence Yun, chief economist at the National Association of Realtors (NAR), said he is forecasting 0% home-price growth in 2023. That means prices will increase in about half of the areas that NAR tracks, but decrease in the other half, Yun said. Yun, who was speaking to the National Association of Real Estate Editors conference in Atlanta, Georgia, said he predicts the home-price declines will be most dramatic in the most expensive parts of the country.
(Excerpt) Read more at businessinsider.com ...
Isn’t this a bit of good news? Housing has gotten beyond the reach of many middle class families in many parts of the country. A correction or decline in prices will help such people afford to buy or rent.
Oh my, will the Brady home in L.A. become affordable again? Or maybe Jim Rockford’s trailer?
How could CA not be hardest hit? The homes there have been way over priced for decades. We’re talking about a 60+ year old cookie cutter 3 bed 2 bath 1300 square foot fixer for 700K and up?
lol...
Rat locals hit hardest.
Your link is not working
definitely is good news, just surprised that NAR is willing to admit this.
“Isn’t this a bit of good news?”
Of course it is. The complainers complain about everything.
It’s a trap!
In 2005 a friend wanted to start flipping houses. He said this was the best market ever. Up up and away, prices will never fall.
Then last winter I was talking to a young realtor who said this was the best market ever. Up up and away, prices will never fall.
Bet about 20 years from now you’re going to hear the same thing.
People just get dollar signs in their eyes and lose all sense of reason.
Maybe my property taxes will go down.
LOLOLOLOL...
I break myself up sometimes.
Does this organization teach agents how to write those dreadful listings with dripping superlatives and rooms that "boast" and "peaceful paradise."
I wonder what you could buy in rural Wyoming? (I guess that’s everywhere in Wyoming)
If home prices are rising, chances are, the price of your new home will be higher as well.
If home prices are falling, then chances are, you will get a good deal on your next home.
There are some exceptions, such as if you are trying to buy a home for the first time or if you are downsizing. Mostly however, it all tends to balance out.
Doesn’t seem like bad news to me. Lots of young people can’t afford home ownership now so hopefully this can help them out a bit. The only problem could be some huge mega corporation gobbling them all up
Random notes on a Friday:
Home prices should/historically/affordable/middle class family be 2.5 times median income with a 5-6% mortgage.
F.I.R.E. all make stable money, and families can live well.
Either prices fall or incomes rise to equilibrium.
The house I grew up in now has annual property taxes of $25k.
Everything else is fantasy land, from a time long ago, and a land far far away.
And no, noone should buy a shell in Detroit for $100.
Working link:
Where do you live?
It is a combination of people being too young to remember the last big downturn in the economy and people just not wanting to remember.
We had a handful of engineers quit to either become builders or RE Agents about 18 months ago. Granted our area is still desirable but the rate has fallen greatly. My guess is many of these people go back to slinging code.
Most of the were barely working anyway so the were not missed. They would disappear for hours at a time or “telework” but never be heard from. Sad really.
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