Breaking...June new home sales numbers are out...crashing.(video)

1 BR apartment in a quality city is now $1200 to $1500 monthly.

Brief lives around booger eaters.

Figures.

Prices sky rocketing and sales sky rocketing during a pandemic can only last as long as the big players kept injecting big money.

On the run to way overvalued prices all the people wanting to leave the cities because of the Black Lives Matter armies attacking them all on a daily basis were either stuck or way overpaid like everybody has the last year and a half.

Now the big money has stopped coming in, the city people wanting out are going to become the main drivers. Lots of big money is going flip assets they only hold for a year or so but made massive profit on it because they played the market together to hold people in the cities longer, destroy all those city environments via BLM armies, and screw all the honest people seeking to flee the BLM terrorists.

Our damn FED hold well over a trillion and a half in mortgages. The whole market is fake. They drove it up on purpose as part of the democrat led war on Americans.

Foreclosure avalanche coming..

https://imgur.com/a/3fitCaU

Where I live, near the coast of Washington in the middle of nowhere, with no commerce or industry for at least 100 miles all around, housing prices went up 27% in one year, according to data from last month. Property, land for building and already built houses are being snapped up.

A few years ago this was an affordable area, but no longer.

I hope housing prices go down here too because it's out of hand and now many people are having a hard time finding or maintaining affordable property. Taxes and insurance were already high so that just adds to it.

Wow! $650 a month, a 1 bedroom where i live is $1200 minimum unless it’s in a bad area or rundown. Meanwhile minimum wage is like 10.50/hour. Crazy!

At some point they just become unaffordable to 95% of the market

Good plan

Hi Brief. You are on point. Housing has never been more affordable if you go by payments not price.

Not in San Diego County. My husband is an L.O. for the biggest home builder in the nation and he's been slammed non stop since
early 2020.

brief hasn't had a foot in reality for some time now

what you have said is the norm

But you created an entire investment portfolio with your child labor, you lying hack.

Did you think the coast was clear?

Your lies will follow you forever.

Same in Virginia, I am supervisor for construction services for a major Natural Gas utility company, we can't get enough crews for the workload, been like this since last year around August. There is 50+ Main line installs that havent even started yet.

and thats just in this area, we have 8 areas same way in Virginia.

New home sales a body can see. The supply chain has everything screwed up.

They buy only few outrageously priced properties in selected areas to keep average price going up...

Working in this industry for over 25 years. The home builders intentionally slowed sales down with hopes construction can keep up.

Labor and supply chain disruptions are causing havoc creating massive delays with product deliveries. With that, the sales pace had to be slowed in order to eventually have the construction pace catch up. Sales are still currently limited to a manageable number and will continue into Q3.

This

A lot of them are stalled mid construction, waiting for lumber availability.

In Florida,they avoid this problem of investors buying and then leaving it vacant.If you buy a house, you must occupy the house within a month. I am not sure that it is exactly one month, but the timed is short.

That's only for homestead ers. I have renovated 6 homes here. No one cares how long it takes me.

Its talking new home sales. Many major companies stopped selling due to supply side problems. They announced this a month or so ago.
Pre-existing homes are still high. Although that will probably fall as well in the coming months.

was in Downtown La this morning at LADBS...place was empty...no one picking/dropping plans...felt weird...usually place is packed w/long lines...

All the fun of being in the city is gone, that's for sure. Tense interactions. Reduced freedom. Every present risk of wokesters deciding to take from you.

90% of what the realtors are calling "new" are actually "flipped" homes from '50s-'90s that the flipper did a piss pour job on.

The market is very sad right now.

it won't matter much in a year..

This is only slightly true. A few are buying, but it's a small portion of the homes available. Most are waiting for the massive decline in prices, which is coming. Most people won't be able to borrow money in 2022. Housing market mania is over. People never learn from history...

Yep, tons of price drops where i live in NoVA on both new builds and existing homes, and LOTS of contracts falling out.

Of course the new home sales are low. There isn’t s
enough materials or labor to build the homes.

There's no inventory, so there aren't any sales.

Simple supply and demand catching up. Material costs up: new building starts to go down.


Market crash would be brutal for the over-extended house of cards type multi-mortgage holders that paid way too much for crap.

Those types are usually in the 40 to 50 age range, hard to start over by that age.

If things got back to normal and people starting moving back to the big cities, the suburban and rural market would collapse FAST.

And it's not like the stock market where you can be out in 5 minutes.