Since the Fed is rushing to hike the US into a deep recession just so inflation will (supposedly) slide ahead of the November midterms, in line with Biden’s demands, the housing market is eager to comply with Powell’s and Biden’s handlers’ wishes, and is leading the charge into the economic abyss, as we discussed most recently here, and as the latest nationwide survey of new home builders confirms.
Last week, Zillow’s dismal outlook stoked fears that rising mortgage rates would result in the next downturn. On Monday night, Airbnb co-founder and CEO Brian Chesky warned: “this moment feels similar to late 2008 when we started” the online marketplace for lodging.
Long overdue. Home prices are ridiculous and sellers are delusional.
For months, there have been “price drops” on these over priced $hit=holes people are trying to pass off on desperate buyers trying to escape the crooked renting game played here.
Average time on the market is now over 45 days.
I laughed at the list of price drops on all the “new builds” that are 1200 sq ft for 300K.
Some eight months after a nationwide moratorium on foreclosures expired, foreclosure filings soared to the highest level since the pandemic began.
Best news for a Friday the 13th
There are a lot of idiots out there buying at these outrageous prices and the industry is laughing at you, because while they are making bank, eventually you will lose a substantial amount of value of your home.
This is all a shell game and the only one always winning is the (house) bank
Was only a matter of time. Houses, vehicles, boats, campers, etc. All these big purchases people went crazy on with their Covid cash burning holes in their pockets, stressed supply. By the time it catches up, the demand will no longer be there. The bottom is going to drop out of prices.
LOL, all these big purchases? stressed supply? vehicles?
I dunno where you have been for the last 2 years but there are very few new vehicles, and the reason the prices are so high is because there are very few new vehicles.
Was it Ford that stated they are producing and selling new vehicles without working amenities? Let me know how that all works out for you. Test driving a car? Make sure you push every single button in it. and check the sticker
Send a thank you note to china. It has nothing to do with covid cash.
Guess you missed economics class…there are so few new vehicles today because they were all bought up at the beginning of this so called pandemic almost 3yrs ago now. Supply chains were stressed supposedly, and parts weren’t available to replenish the supply to keep up with demand. That’s why you have to essentially get on a wait list now for new vehicles. You’re talking months right now to wait for new cars. In the meantime, the bottom is going to fall out before the inventory arrives that people already reserved. Now how many of those people are going to try to either back out of the deal, or try to sell that new car immediately upon receiving it because they can no longer afford it. Same with houses. Drive down rt 54. Several new developments and those houses are being bought 6-9mos before ground is even broken. Same situation as the cars…by the time the house is done, many people won’t want it or won’t be able to afford it, or the prices are going to drop to the point they’re upside down as soon as the get the keys.