Posted on 05/16/2023 6:53:51 AM PDT by ChicagoConservative27
Americans’ views of the housing market hit an all-time low this year with more than three-quarters saying it’s a bad time to buy a home, according to a new poll.
Gallup’s annual Economy and Personal Finance poll found that just 21 percent of U.S. adults believe it’s a good time to buy a home – marking only the second time since the poll’s inception in 1978 that fewer than half of survey respondents believed it was a good time to buy.
The highest confidence level in the poll’s history was recorded in 2003 before falling off in the run-up to the 2008 financial crisis.
(Excerpt) Read more at thehill.com ...
The wonderful Biden economy.
Yuo will own nothing and be happy.
How do we define “overpriced”? Over priced how?
Serious question. I know the housing market has really boosted prices. But, isn’t this the free market at work, in that, prices are at levels at which willing buyers and willing sellers agree? These are prices at which mortgage underwriters and appraisers are agreeing that these properties are worth such prices?
Maybe I’m missing something?
The mass migration of people OUT of the BLM RIOTING/LOOTING & BURNING areas really triggered the housing market to go wonkey.
Cannot blame those smart enough to move
I’m not sure “free market” applies when large investment firms with trillions of dollars in capital are buying up entire neighborhoods trailer parks and apartments. Seemingly for the purpose of keeping housing costs high.
The housing “market” is choked in dozens of ways with an incredible number of local, state and federal regulations that make development of new housing very expensive in some areas and just totally impossible in others.
Then (as another poster noted) add huge corporations speculating on buying existing housing and you have a disaster.
The key ratio to look at over time is median income related to median housing prices.
Another metric is median income related to median mortgage payments for new transactions.
It is the worst it has ever been.
Let’s increase mortgage rates for those who have good credit and lower it for folks who ruined their credit.
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