I still think they’re mainly trying to get more people to sell.
People looking to downsize or move to a lower COL area are looking at selling their houses for a lot less of a gain or even a loss.
In the last few years the supposed value of my home went from
123K to 225K with no real change in the property. The taxes rose along with that, of course. The taxes will never go down. In addition we get offers of equity loans based on the higher valuation almost daily. I feel for the folks who take up the equity loan offers and soon will find themselves deeply under water on their home loans. It’s all part of the democrat plan.
‘risk an even worse housing correction’
This language is silly. Corrections are good things, not bad things. The bad things are the foolish economic policies that create prices with no connection to actual value, which necessitates corrections.
19.5% correction?
They gotta long way to go before they get back to normal.
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The real estate market has been way overheated for generations. It should be corrected by at least 50%.