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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 4:14 pm to Tantal
Posted on 9/23/23 at 4:14 pm to Tantal
quote:yep. Was thinking the same thing . In 08 09 10, folks were crying about the recession. Houston was a home sellers paradise. There’s always a few pockets that won’t be hurt
DFW isn't seeing it.
0
Posted on 9/23/23 at 4:14 pm to POTUS2024
Just ask the two posters above me. They seem to know it all.
Posted on 9/23/23 at 4:14 pm to stout
North Shore is doing OK as long as Lotoya keeps being the #1 Remax producer in St. Tammany.
Posted on 9/23/23 at 4:14 pm to Boss
quote:in all the places no one wants to live unless they have to
I’d like to see the data where it is falling.
Posted on 9/23/23 at 4:16 pm to SuperSaint
quote:
in all the places no one wants to live unless they have to
Prices have started to cool off in your backyard.
quote:
In the 15 months since the peak in April 2022, the median price has plunged by 16.3%, or by $245,000. Given the large size of the nine-county Bay Area, with a population of around 7.6 million people and about ten times as many transactions as in San Francisco alone, the median price is less volatile.
Posted on 9/23/23 at 4:22 pm to MrLSU
I fail to see how these rates cause a crash, wasn’t there a stat recently saying over 80% of current mortgages are under 4%? These folks aren’t selling and will be fine. Inventory will remain low and people forced into the market will continue to overpay. The damage has been done.
Posted on 9/23/23 at 4:28 pm to Boss
I’m trying to sell my parents house. Good to know.
Posted on 9/23/23 at 4:29 pm to HubbaBubba
quote:
Now it's down to $725.
The higher-end homes always take the bigger beating. Very few buyers can qualify for (or afford)$800K at 7%. I'm hearing of nothing but bidding wars on the lower-end stuff.
Posted on 9/23/23 at 4:30 pm to questionable
quote:
These folks aren’t selling and will be fine. Inventory will remain low and people forced into the market will continue to overpay. The damage has been done.
Yep, I tend to agree with you. I think if there were to be a "crash" it would be due to people being forced to overpay as you point out but that would be a few years down the road. Households being over 40% DTI largely due to home prices is unprecedented. If the market slows, and pricing levels off, anyone buying from this point on would be equity-poor too potentially making it harder to sell if forced to.
Inventory levels aren't correcting themselves anytime soon, though.
Posted on 9/23/23 at 4:30 pm to Tantal
quote:
I'm hearing of nothing but bidding wars on the lower-end stuff.
What do you consider lower end?
Posted on 9/23/23 at 4:32 pm to notiger1997
In Houston, I'd consider that under 400K.
Posted on 9/23/23 at 4:33 pm to notiger1997
quote:In today's DFW market, $275-$425K.
What do you consider lower end?
Posted on 9/23/23 at 4:36 pm to SDVTiger
quote:
So some local areas that went up 40% will drop 20% but still be up 20%
Yeah that's not at all how math works. If something goes up 40% then is reduced by 20% the total gain is not 20%
Posted on 9/23/23 at 4:38 pm to fightin tigers
quote:
Prices already went up without anybody getting a raise. Wages not keeping up with inflation is a huge problem. Conservatives blaming workers is a huge fail. Blackrock is laughing at you all.
quote:
by fightin tigers
a touch creepy IMO
This post was edited on 9/23/23 at 4:39 pm
Posted on 9/23/23 at 4:39 pm to Powerman
quote:
If something goes up 40% then is reduced by 20% the total gain is not 20%
It would be around a 12% overall gain
Posted on 9/23/23 at 4:43 pm to Boss
quote:Check out Ringgold.
I’d like to see the data where it is falling.
Posted on 9/23/23 at 4:58 pm to stout
I sold early 2022 and bought in Monterey. Do monterey? I'm curious
Posted on 9/23/23 at 5:01 pm to SuperSaint
quote:
Do monterey? I'm curious
Probably up 8%
Posted on 9/23/23 at 5:21 pm to SuperSaint
obligatory "you call that living"
Posted on 9/23/23 at 5:25 pm to SDVTiger
quote:Biden's America
Probably up 8%
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