Is the housing boom about to bust? Sellers are slashing prices at levels not seen since before the pandemic amid rapidly cooling market

Its not the smart ones. It's the desperate assholes that are causing more problems and bringing their billshit voting and morals with them that dont have that right. Those assholes made a lot of this mess and now are running to our backyards shitting in them and causing the rest of us issues becaus of their own fucking stupidity. I have no problem with good people who have morals and values moving to my area, it's the other assholes.i take issue with.

Certain places sure but not as a whole....Geez dummies.

People don’t learn. There will be a downturn. But it’ll all be bought up by bankers to rent. They have no risk. Bailouts etc. there will be no bailout for the average owner. And prices may not drop ever again due to inflation. You’re all fucked. I’ll be in the jungle, leave me alone.

No one wants to move to Phillly. It’s a slum, you’ll get raped on public transportation while others video it, or get car jacked and die, while being forced to wear a mask to buy coffee. Philly is hell on earth currently. No one wants 600 square foot hole in the wall for 3k.
Duh

nutshell synopsis:

Housing prices in Liberal states will crash 40% by end of fall.

Housing prices in Conservative states will continue to go up, but will slow as interest rates rise

no need to explain why.

depends if she has teeth or not

Hey, dummie…has it ever once occurred to you that not everyone could afford to buy a house and are being fiscally responsible?

Way to bash people who live within their means.

Yup. I started hitting all the small town bars in the area. Not just my town, but all over.

It's fun. And getting into gardening some.

I'm definitely glad I left Seattle and did this. So Win Win!

Rumor is President Biden is reviewing Mortgage forgiveness, like he did with Student Loan Forgiveness.

Not in Florida

Wow!

I’m not surprised at anything that installed puppet does.

I def think there is some truth to this. Even with crazy low supply issues, the home prices are at a level where people are really considering their long term value. And they are correlating that with their career outlooks if the the economy starts turning south (which there is evidence of).

Just this week, I watched a property not get to the final sale as the buyers pulled out last minute. Nothing wrong with that place either, just cleaned and painted, with all new appliances including the central air.

Let's pick the shittiest cities in which to live and use it to create a narrative. Fucking stupid article.

the california exodus alone has the potential to change the demographics of the entire conus. there's no frontier left.

i see it even in farm country nearby there's these little islands of cosmopolitan trash that dot the landscape. the teslas, the liberal types that talk about how great equity inclusion diversity in 100% white neighborhoods. they invade anywhere that hasn't been infected by communist, liberal ideas and take over.

Where are sellers slashing prices? In the Denver area the prices are still going up. Many potential buyers with approved financing are getting beat out by investors, and individuals paying all cash. So when rates go up and prices actually go down all you'll see is more little people rubbed out by the rich.

Exactly.

All that retirement money is going to go poof.

Jobs.

Poof.

Lots of paper wealth is going back from where it came.

Thin air.

When interest rates go up, housing prices have to come down.

Otherwise the monthly payments get too high for most people to afford.

Motherfuckers are still overpaying with cash. This country is done. Stick a fork in it .

Try 400k in central Tennessee

That’s what bankruptcy is for

Student loans couldn’t be forgiven by bankruptcy

Stay away Joe and let the system work

Be careful, I ran into some people that weren't happy about the 'invaders'.

no

The price climb seems to be slowing down in my area but sales are still happening quickly.

We're just re-listing one that we thought we had sold but it fell through at the end. Perfect bugout location in the Ozarks, nice little mobile home (2br/2ba) on three acres connected to Army Corps of Engineers land. Literally hundreds of acres to hunt and fish, at the end of a private small road with a handful of other bugout joints. Boat ramp is only 5 minutes away to a 56,000 acre lake with no houses on it. Asking 97K. Two hours to KC, two hours to Springfield.

This is a perfect SHTF location, rural area all gunowners. There ain't no safer place.

I grew up on a farm in a similar region.
I know how to blend in.
Like I say, I'm already bar hopping.

^I like this man.^

:whiskey:

:poppop:

wait for the comps to start dropping in every neighborhood.

Housing Bubble Getting Ready to Pop: Unsold Inventory of New Houses Spikes by Most Ever, to Highest since 2008, with 9 Months’ Supply, Sales Collapse at Prices below $400k

[link to wolfstreet.com (secure)]

Sales of new single-family houses in April plunged by 16.6% from March and by 26.9% from a year ago, to a seasonally adjusted annual rate of 591,000 houses, the lowest since lockdown April 2020, according to the Census Bureau today. Sales of new houses are registered when contracts are signed, not when deals close, and can serve as an early indicator of the overall housing market.

By region, sales plunged the most in the South:

South: -19.8% for the month, -36.6% year-over-year.
Midwest: -15.1% for the month, -25.5% year-over-year
West: -13.8% for the month, -12.4% year-over-year.
Northeast: -5.9% for the month, +17.1% year-over-year

Excerpt:
The bottom fell out under $400,000. At the top end, things weren’t so bad: sales were flat year-over-year in the $400,000 to $750,000 range, though they fell on a month-to-month basis. But you cannot maintain a housing market by just selling to the wealthy.

In the price categories below $400,000, the bottom fell out. The drop in sales year-over-year:

$300k to $400k: -42%
$200k to $300k: -71%
$200: dead.
Collapse in sales below $400K changed the mix, skewing the median price.

Excerpt:
Homebuilder stocks have gotten crushed for months, and swooned again today upon the news. This list and chart of the major homebuilders show the year-to-date declines in percent as of early afternoon today (data via YCharts):

R. Horton: -39.6%
Lennar: -38.5%
PulteGroup: -29.0%
Taylor Morrison: -25.5%
Meritage: -37.2%
NVR: -31.2
KB Home: -30.6%
Century: -39.5%
LGI Homes: -43.1%

For complete article:
[link to wolfstreet.com (secure)]