[Macoozie]

“median sales price of new homes climbed to $439,400”
median family income ~$68K

That’s more than twice the normal ratio of about 2.5

home prices need to come way, way down,
or incomes go way, way up.

Pass the popcorn

[woodbutcher1963]

I have been subscribing to “Reventure Consulting” videos on YouTube for about six months.

He was one of the first to call for a correction in the housing market. He is calling for a 20-40% correction in many of the western US markets.

The next shoe to drop is going to be foreclosures. People have not been paying their mortgage ever since the government told them they did not need to. These will be coming in 2023.

https://www.youtube.com/watch?v=xKr2nqD0lhs

https://www.youtube.com/watch?v=j6GOL10nuQQ

[Seruzawa]

“Unexpectedly” to a moron maybe.

[hardspunned]

Middle class America cannot afford these homes today. Corporate America, China, Japan and trans national billionaires can afford to invest those prices. The new owners aren’t interested in flipping the houses. The new owners want to make their money renting the houses to the old owners for the next thirty years

[AnotherUnixGeek]

As someone who sold his CA house in April and is looking to buy a house in another state now...excellent.

[Sgt_Schultze]

Big investment funds will increase acquisitions of these homes to add to their portfolios. Quick cash closings to sellers will make available resales to people more difficult.

[CaptainK]

Who loses in the end, the person who purchased high at 2.99% interest or the person buying lower at 4.99%?

[Parley Baer]

Joe Biden’s build back better.

[T.B. Yoits]

Fixed property can be a liability if the local politicians decide your neighborhood would be diversity enhanced with illegal aliens, homeless people, meth users, and Communists such as Black Lives Matter^TM and Antifa.

[BfloGuy]

We have been in a growing housing bubble for several years. For once, it was nipped in the bud before it brought the rest of the economy crashing down. Now, the economy will likely go into recession if it’s not already there. But it won’t be housing’s fault.