Posted on 05/29/2023 11:48:22 AM PDT by knighthawk
The US housing market is currently in the midst of an unprecedented decline in home prices - with properties in some cities selling for hundreds of thousands of dollars less than they were just a year ago.
The concerning data was laid bare last week by Redfin, and marks a significant shift in the American real estate landscape following a historic surge seen during the Covid-19 pandemic.
Somewhat unexpected, the numbers unveiled two cities in the Bay Area as some of the worst offenders when it came to decline by dollar amount, a phenomenon researched said is fueled in part by diminishing demand and the looming possibility of a recession.
(Excerpt) Read more at dailymail.co.uk ...
Biden: I did that!!
How many times have people been warned to leave before the crash?
And they just raised my appraised value again.
(Somewhat unexpected)
S U D D E N L Y
U N E X P E C T E D
“Those Brits got Idaho and Utah mixed up.”
I was looking at the map going “Wait a minute here!”
My wife spent last week visiting a friend in Boise and I picked her up on Sunday. There is construction everywhere and people are still flocking there.
There will come a time when those 60+ year old cookie cutter homes that were built in the 40s and 50s in S. CA, that sold new for 15k, will go from 600K++ to 300k...And even at that price, for what you’re getting it’s a flat out rip off.
Looks like DC is holding up quite well.
...elections have consequences.
1950s: Rebellious young people including veterans of WWII took up cheap residence in the San Francisco area, some playing bongos and jazz music, others writing poetry and fiction. The Beat Generation.
1965-1975 Hippies and Haight Ashbury.
Later: Lawrence Ferlinghetti, poet, publisher and founder of City Lights Bookstore decries the total gentrification of the S.F., with yuppies, hedge fund traders and millionaires taking over all real estate. In Ferlinghetti: A Rebirth of Wonder, 2009 dvd.
Now if the city sinks all the way down the old days could return.
Now we have "The Beaten Generation"
I recall seeing all the high rises in Boise a few years back. I was blown away...That town looks nothing like it did 25 or so years ago..It’s a big city now...No going back...
“...Idaho and Utah mixed up.”
Doesn’t make sense...
I think that the housing market is much more granular than suggested by the article. There are marked differences between zip codes and even neighborhoods. Also, the price sectors widely differ. The house prices in my neighborhood have held up well after about a 150% increase over 6 years.
Over the same period of time, the rental homes that I own in a different Texas city more than doubled in value but have now come down from their highs by 20%.
Probably the people in the UK who wrote this article are not familiar with all of the American states.
How many of us could look at a map of England and identify Devon or Cornwall or Lincolnshire?
Mine too.
Sold house in D.C. area in March..
Had offer of $25k over asking price...
House bought in 2018 @ $450k sold at $610k.. Was on Market 5 days and closed in 30...
D.C. area needs to have housing market crash as in 2007/2008..
Sold our house in San Francisco in 2016, as recently as Sept it was estimated at over $2 million, now back down to $1.6, lost $400,000 in 8 months.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.