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
It’s a trap!
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."
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:
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.
Great timing for Blackrock to scoop them all up.
Mortgage rates have risen quickly from less than 3 to almost 8%. Since buyers cannot afford to pay that increase at the same house price, prices will decline almost everywhere.
“When Lawrence Yun predicts that prices are going to fall, you know they will definitely fall.”
YEP!!! He’s the Baghdad Bob of the Real Estate ‘industry’. In the bubble that popped in 2008, he never stopped saying that there would be something like a ‘smooth landing’ with prices peaking but nothing approaching a crash. Right up until the end.
When asked why he was obviously lying about the condition of the market, he said something like “Well, look who’s paying my salary”.
It’s AMAZING to me that he’s still around and STILL taken seriously.
Its “women and minorities hardest hit”
We can’t keep helping the radicals with their talking points.
Oh and home prices in CA are not going to fall by 50%