Sales of existing homes fall for 11th consecutive month

This is a good thing and shows inflation is tamping down another qtr like this and we will be at or close to the desirable rates.

If we put a limit on how much property a company or person can purchase, stop foreigners from buying property here, guard the border and put a moratorium on legal immigration, all this building would end and that would be great.

Thanks for the info!

That led me here: [link to www.corelogic.com (secure)]

This is core logic's insights of where we are now and heading the rest of 2023.

just got a flier from a local real estate agent that shows her local sales and things. 13 of the 20 home sales she showed, were sold for less than asking.

this is bay area cali.

When you look at this as strictly selling product currently available, yes, the results will look bad.


Though, when you take into account what happened to Real Estate over the past 3 years and the real reason why it happened, you realize that this was the inevitable outcome.

The Millennial Generation entered "standard" home purchasing age back around 2015. Unfortunately, due to an over inflation in home prices ALREADY and a low inventory of affordable housing, this meant the median value home was largely out of reach for the majority of Millennials entering the housing market.

What'd they do? They saved their money so they could obtain a home like they had been wanting. They sat back and waited, figured that housing prices would have to ebb and flow, something had to come down in price. Though, it never did. 5, 6 years later (2020/2021) Prices begin to increase, though thanks to the COVID pandemic, interest rates drop to basically 0%. Making all of those homes mortgage payments suddenly affordable and they bought them, with a 30 year mortgage.

The millennial generation is more populous than any other generation. The home inventory necessary to meet demand of "affordable housing" hasn't changed in over 30 years. Almost all new homes built in that time were designed and built for middle class income and have appreciated in "value" that is beyond middle class income affordability.

So you have product available but you can't sell it because it's appreciated in value too much... But as cheaper product is made available, that product sells instantly at a WAY over inflated price.

So yes, in conclusion, you have a surplus of "Median" value real estate. Unfortunately, you still lack the inventory to meet affordable housing demand in basically every single city in the United States, keeping prices high for the foreseeable future... Or indefinitely. Remember when new houses could be purchased for $25k? Well now you'll say "Remember when new houses could be purchased for less than $250,000?"

I had a man from India tell me that property in India is much higher than in the US, so Indians do better by selling property in India and buying it here. Just so much foreign BS like that. We have to stop the international crap so that US people can have homes in their own nation!

Lions and tigers and bears oh my!

EVERYTHING in the US is for sale to the highest bidder from anywhere in the world. That's not a "nation".

I’m sick of seeing 200,000 dollar houses listed for 950,000 bucks.

People who are doing this are fucking criminals.

Granted I don’t like government interference, but it’s total bullshit what people are doing to others.

They remind me of the vermin who sell 40 dollar concert tickets for 500 bucks.

Fucking scam artists, all of them.

They will crash everything then buy cheap to resell high again !!

Wash, Rinse, Repeat is a classic, never fail

Well, they interfere in some things and don't interfere in others causing an extreme imbalance. They should make limits on how much property a person or company can own that isn't connected to their own homestead and not allow foreigners to buy any of it. Also, they need to stop all this excessive immigration.

Realtor estimates are all over the place.

My house has a 130k variance (I rounded off to the nearest 10k).

Zillo: 460
Trulia: 460
RealtyTrac: 500
Redfin: 510
Remax: 530
Realtor: 590


Last year during the height the Zillo estimated was 530k, so Zillo has knocked off 70k from the value.

We paid 100k for this place 40 years ago.

Thread: The best part of being smart is

The large majority of people 25 years and younger will never have the opportunity to own a home simply because they will never earn enough money to afford it. They will rent a cheap place with roommates or live out their entire life with their parents. All by design.

If I was in this age group, I'd be fighting mad.

Florida and a Texas are still booming. I’m in Portland, Or. prices haven’t really dropped, but have definitely flattened out. Things are still selling. There’s very little inventory. Nobody wants to leave their low interest rate mortgage.

I bought 40 years ago with a 30 year mortgage.

It can still be done, but only if things remain stable.

I had friends that lost everything in 2008, including their pensions because the corporations they worked for went under. They had to sell their homes and move into apartments, and some had to go back to work. I saw some of the same things after 9/11 when things crashed in 2001.

I always prepare for the worst, and hope for the best.

Not surprising since houses have been over priced like a lot of other things. People drive the prices and when you have a home on the market for 125 thousand with 3 buyers and all making over market and over asking price offers and the 175 thousand bid wins, as the seller are you going to turn it down ? Other sellers see that and raise their asking price and even more idiots line up to bid it higher. And many on here bitch daily about housing prices so they should be happy

In my area good homes are still going fast and for asking price or above. Shitboxes and quick flips are taking longer and seeing modest price drops. Inventory is still pretty low.
Midwest

They shouldn’t allow foreign nationals to own property in the US. A lot of other countries do this.

Honestly, I’d recommend you look outside of Fl; Alabama, South/North Car, unless you’re willing to fix up Hurricane damage or live in the middle of nowhere I don’t think Fl is gonna drop for a while.

I don't know why US people didn't raise hell about this long ago- a segment of them making money I guess. No sense of nationalism, just a quick buck here and there by whatever means.

its winter here...noone buys in winter here anyhow..

Economists are baffled...

Smart money will sell real estate at its top, and buy Bitcoin at its bottom.

When the mania in digital assets resumes, they'll sell Bitcoin at its top, and buy into the depressed real estate markets.

As with all wealth cycles, timing is everything.

Wow. People really love Florida. Desantis is doing well. Life is good over there apparently.

I'm jelly.

I wish that was a option, but we have family that has retired there and we are retiring as well. Just want to be close to family.

Sellers are too tied up in Zillow's "mark to fantasy" valuations that they still display, even though people are no longer paying those prices. I mean, if I were Zillow and REdfin and the other RE sites that bought houses to flip I wouldn't publish mark to market pricing data until I had dumped al of my houses at elevated prices first.

The SFH boom is over. The next housing boom is multi-unit "affordable housing" in cities. My city recently passed sweeping zoning changes that will allow duplex, triplex and even quadplex units to be built on 1/4 and 1/3 acre lots, whether on vacant land or where existing SFH houses are. The only catch is that the lots can't be tied to existing HOAs and similar covenant restrictions already in effect. Buying vacant land in and around cities without HOA restrictions is the best "buy low" RE investment going forward. Land is relatively cheap but will become more valuable as the zoning changes take effect (here they take effect June 2023) and developers switch gears from SFH to multi-family units.

The USA is hopeless.

Everything is illegal, but only the little people must obey the law.

The US is so corrupt now that the only way to become rich is to work for the 1% as actors, politicians, reporters, Gestapo, or soldiers.

Anyone who accepts the NWO gets welfare, a paycheck, or a sale. Anyone who defends freedom, balanced budgets, and peace is called a racist nutjob, gets banned, gets an IRS audit, is arrested, tortured, or killed.

There is no chance that the elites will restore the Bill of Rights, pay off the debt, or end the wars and Americans don't care.

Soros, Clinton, Bush, Trump, Obama, and Biden will never go to jail.

You can't vote because the US is not a democracy.

Americans can't protest because protesting is illegal.

You can't join a militia because militias have been infiltrated by the FBI.

You can't escape the US because the borders are closed and the world is a police state.

You don't have years or decades to prepare for the US collapse.

Soon the stock market will crash, the USA will start WWIII with China, Russia, Iran, and North Korea, and Americans will be sent to the concentration camps.

The only realistic option right now seems to be is to dropout and go Galt by moving to a small town in North Dakota and buying guns, gold, and food.

You hate to say that the sky is falling, but the sky is falling. How much more proof do you need?

Pass the word.

No, it's no mystery that home prices soar when the economy is doing well and the cost of borrowing money is cheap...Borrowing should not be cheap, you should have to think twice before going into debt...

Everyone who wants a job, has one...but many are still living on Covid handouts...We were already heading into a labor shortage, and paying people to stay home and NOT work made it ten times as bad...

I hope they have learned their lesson, shuttering the supply chain fucked a lot of people up...