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Started By
Message
re: Home prices are now contracting at levels only seen 2 times
Posted on 9/23/23 at 11:55 am to SDVTiger
Posted on 9/23/23 at 11:55 am to SDVTiger
Very small sample, anecdotal experience.. but my house in Lakeview that we sold a few years ago is again on the market by the people we sold to.. i check the listing every once in a while for shiggles, and ive noticed that it has been on the market now for over a year.. in that year-plus, they have lowered the asking price 4 or 5 times.. if there is a god, then i thank him/her profusely for letting us sell that house when we did .
2
Posted on 9/23/23 at 11:55 am to SDVTiger
quote:
Equity is on pace for 7% growth this year
This is the national average
So some local areas that went up 40% will drop 20% but still be up 20%
This isnt going to be a 2008 meltdown
Posted on 9/23/23 at 11:55 am to ellesssuuu
quote:
Plus student loan payments now due
They start again next month after 3 years of being paused. Going to be rough for a lot of people.
Posted on 9/23/23 at 11:56 am to stout
It's hard to draw conclusions because you see how high the graph went from 20-22. That combined with the increase in interest rates from basically nothing to the historical norm and who knows what it all means.
Posted on 9/23/23 at 11:56 am to stout
Housing stock is, and will continue to be, underdeveloped in most major markets. Rents and values are only going up.
Maybe not if you live in Philadelphia, MS. But in any major metro, state capital, or university town residential real estate will remain a great investment.
Maybe not if you live in Philadelphia, MS. But in any major metro, state capital, or university town residential real estate will remain a great investment.
Posted on 9/23/23 at 12:01 pm to SDVTiger
quote:
So some local areas that went up 40% will drop 20% but still be up 20%
Oh so we should just ignore signs of contracting prices then. Every correction starts somewhere.
It's interesting data to watch to see if it turns into a trend or is just a blip.
quote:
This isnt going to be a 2008 meltdown
Yes, I have said 100 times it won't be. In a 3-year period, there were millions of houses foreclosed on. 2010 had 2.9 million foreclosures alone. That will remain the high water mark.
Things don't have to reach 2008-2010 levels to be detrimental.
Posted on 9/23/23 at 12:01 pm to PetroBabich
quote:
who knows what it all means.
This .
Just like many “experts” have said over time immemorial in re to Hollywood and in re to Politics- Nobody really knows anything .
Posted on 9/23/23 at 12:02 pm to stout
I’d bet transactions are way down…most people who sell a house have to buy a new one, and if you are sitting on a 4% or less interest rate in your current home you are less motivated to do so. This keeps the supply side of things very low and so then the supply/demand intersection keeps prices high at places customers are moving to like Houston DFW, etc
Posted on 9/23/23 at 12:03 pm to ned nederlander
quote:
Rents and values are only going up.
Rental rates are actually starting to level off too due to lower demand. Many people taking on more roommates instead of maybe living alone.
LINK
Posted on 9/23/23 at 12:03 pm to stout
There are 4 or 5 new homes near Dutchtown in the $530K range that have been sitting for a while.
Posted on 9/23/23 at 12:04 pm to stout
quote:
Things don't have to reach 2008-2010 levels to be detrimental.
What is going to be detrimental?
If someone who has 40% equity forcloses thats on them
There is about 4mil new buyers ready to go and when the recession hits rates will drop
So if 4mil foreclosures happen 4mil+ ppl will be ready to buy plus BlackRock and local RE investors
Values will continue to rise
Posted on 9/23/23 at 12:06 pm to stout
Biden’s fault
Posted on 9/23/23 at 12:09 pm to stout
I mean a 5-10% drop after going up 20–40% isn’t a huge deal.
Posted on 9/23/23 at 12:11 pm to SDVTiger
quote:
If someone who has 40% equity forcloses thats on them
I have more than that. Considering the price point I would be at I understand my house will not be a fast sale and rates make it unaffordable to a lot of people. If got in a bind and had to sell and it didn't move fast enough then the amount of equity I have doesn't mean much.
You guys overstate how much equity is going to save people. It's not a magic wand. Remember I manage foreclosures for a living. I see the data constantly and equity is a small factor.
quote:
when the recession hits rates will drop
We will not see rate drops until late 2024 at the earliest and even then it will be gradual. Pay increases would also need to happen simultaneously to have a major impact. We will not see sub 4% anytime soon. I think 5% will be the floor which is a great rate but still cools things off from the highs we have seen. The 5% is still a few years away too.
quote:
BlackRock
Does not even buy SFHs
We want to make perfectly clear: BlackRock is not buying individual houses in the U.S
quote:
Values will continue to rise
OK and maybe so but I disagree with you unless there is a huge surge in wages too
This post was edited on 9/23/23 at 12:17 pm
Posted on 9/23/23 at 12:12 pm to stout
Yes, but neither of those (1970, 2008) had the 25% spike the year or two prior.
Posted on 9/23/23 at 12:13 pm to stout
MY SIL purchased brand new in Maryville Tenn. for around $300,000 2years ago. She just got her Tax bill and her house is valued at $450,000...
Posted on 9/23/23 at 12:14 pm to stout
I used to work in real estate and all but a few of the dumbasses voted for Biden.
Posted on 9/23/23 at 12:15 pm to Pintail
quote:
Yes, but neither of those (1970, 2008) had the 25% spike the year or two prior.
2008 had a spike but it was more gradual and over a few years. 2004-2007 there was a spike.
Posted on 9/23/23 at 12:15 pm to stout
Building Back Better right?
You fricking dumbass progressives.
You fricking dumbass progressives.
Posted on 9/23/23 at 12:28 pm to ninthward
Sure we can blame the government, but how about some blame on everyone buying houses at record pace over the last three years and driving up home prices and rent?
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