There are hundreds of thousands of vacant houses that nobody wants. When supply exceeds demand by this much, prices fall.
And they are destined to fall for years. The housing "market", meaning the gigantic fraud perpetrated by the government and the real estate industry, is NEVER coming back.
And the number of deluded people is still incredible.
Just down the road from me there is a cottage on a 0.4 acre lot. Now, the good news is that this cottage has 150 feet of lakefront on a beautiful and, some would say, desirable lake.
The bad news is that it has 2BR, electric heat, no running water, and a septic arrangement that is now illegal and unable to be transferred to a buyer. The building is literally falling apart in places, and is likely structurally unsound. The lot is all within the NH "waterfront buffer" and "Natural woodland buffer" zones, and is hence unbuildable. It would be impossible to get a septic system permit for a new system.
And yet, the owner, with the enthusiastic cooperation of real estate professionals, has listed this place for $479,000.
There's a long, long way yet to fall.
“And yet, the owner, with the enthusiastic cooperation of real estate professionals, has listed this place for $479,000.”
hahahaha, I am water front on Galveston Bay, 3br, 2 bath, MUD water and sewer, plus a small guest house, a working water well for the garden and a 2 car garage. I would be lucky to get 250k.
Good grief, what is the actual value, zero or below?