It is often said that those that refuse to learn from history are doomed to repeat it. More than a decade ago, the Federal Reserve created the most epic housing bubble in American history and everyone was happy until 2008 came along. The economy slowed down, home prices crashed and the ensuing chaos on Wall Street spawned an endless series of movies, television specials and documentaries. But instead of learning our lessons, we did it again. The Federal Reserve created an even larger housing bubble, and I have been relentlessly warning that it would inevitably burst. Now home sales have fallen for six months in a row and prices are crashing again. In fact, in some parts of the country we have already seen prices plunge by as much as 20 percent…
Property prices have fallen by up to 20 percent across parts of the US as buyers shun the market amid ‘Bidenflation’ and spiking interest rates.
Asking prices have plummeted by up to $400,000 in wealthy areas while poorer neighborhoods have seen house values nosedive by as much as $115,000.
Do you remember last time around when millions of homeowners ended up “underwater” on their mortgages?
If we continue on this current trajectory, it is going to happen again.
Last year at this time, the housing market was extremely hot, but now a new report from Redfin is telling us that things have dramatically changed…
Not here on the shore. Just checked Zillow and my house has gone up over 2% in the last 30 days.
meanwhile, my CoComm signed a contract to buy millionaires’ real estate at pre-crash valuation to develop for tourists to drive here on $10/gallon gas!
A couple of days ago, a 30yr fix was UP to 6.6% damn, over a 100% increase in 6 months.
Huncker down folks, this one will be a doooozie!