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Started By
Message
re: Mortgage applications/buyer demand dropped to a 28-year low
Posted on 2/22/23 at 7:34 pm to GreatLakesTiger24
Posted on 2/22/23 at 7:34 pm to GreatLakesTiger24
quote:
Austin
IIRC Austin is already down something like 30% from last year's highs. Houston is down too. As a region. the SW USA is down around 36%
I can't find it now but I saw the map on Twitter a few days ago breaking it all down.
This post was edited on 2/22/23 at 7:35 pm
1
Posted on 2/22/23 at 7:39 pm to Hawgnsincebirth55
quote:
can confirm. Some guy tried selling me a house last summer for 250k whereas I felt like paying 180 would’ve been over paying. Just a 3 bed 2 bath with a man cave attached and an in ground pool. Nothing spectacular
Where is this?
Posted on 2/22/23 at 7:41 pm to GreatLakesTiger24
quote:
I’m not sure I can even see a correction in cities like Tampa, Nashville, Denver, dfw, Houston, Austin, etc
The cities attracting people will not see corrections and like the OP charts show the price problem will get worse. Raising the cost of capital for homebuilders will not bring on new supply. Evidence of this can be found on new permits.
Stout how is that index calculated? I bet those figures are highly skewed by luxury properties.
This post was edited on 2/22/23 at 7:45 pm
Posted on 2/22/23 at 8:01 pm to stout
FJB
Posted on 2/22/23 at 8:03 pm to stout
quote:
I meant in relation to those trying to sell to a limited pool of buyers. If there is a limited pool of buyers as my OP pointed out, what do you think sellers will have to do to attract those buyers especially as more and more houses come up for sale? Low inventory only matters if there are a ton of buyers which again my OP points out there is not right now.
Posted on 2/22/23 at 8:03 pm to stout
quote:
I can't find it now but I saw the map on Twitter a few days ago breaking it all down.
Posted on 2/22/23 at 8:04 pm to Artificial Intel
Nice rebuttal
What about my statement is wrong?
What about my statement is wrong?
Posted on 2/22/23 at 8:05 pm to Artificial Intel
You must be a realtor in denial
Posted on 2/22/23 at 8:06 pm to Powerman
It's an alter from someone banned obviously.
Dude is straight-up ignoring actual data put out by companies that track this stuff.
Dude is straight-up ignoring actual data put out by companies that track this stuff.
This post was edited on 2/22/23 at 8:07 pm
Posted on 2/22/23 at 8:08 pm to Dawgfanman
quote:Another new subdivision just broke ground near where I live. Probably going to be 200+ houses going up.
This. Those doing new construction might lose their arse.
Posted on 2/22/23 at 8:11 pm to stout
quote:
What about my statement is wrong?
There isn’t a limited pool of buyers, there especially isn’t a limited pool of buyers for desirable houses - which are still going under contract quicker than the norm. And housing data is extremely localized, rather than geographical.
You have a knack for reposting regurgitated info from fools who have been praying for a real estate crash since Covid and before so that they can magically swoop in and pick up real estate for “cheap”. That’s not how it works.
Posted on 2/22/23 at 8:11 pm to stout
He’s a dipshit I would just ignore him. My CFO has been in mortgage longer than he’s been alive and it’s the sharpest downturn he’s ever experienced.
Posted on 2/22/23 at 8:12 pm to Powerman
quote:
You must be a realtor in denial
Nah, just not an uninformed doomer.
Posted on 2/22/23 at 8:13 pm to stout
Listed my house a couple weeks back. 12 viewings in 2 days and under contract within 48 hrs. location and pricing still move houses
Posted on 2/22/23 at 8:17 pm to wutangfinancial
quote:
My CFO has been in mortgage longer than he’s been alive and it’s the sharpest downturn he’s ever experienced.
You have to ignore the data in the OP completely to say that the pool of buyers has not shrunk.
He is correct RE is regional/localized but national data still matters and is a leading indicator of what upcoming obstacles all markets will face.
Posted on 2/22/23 at 8:17 pm to wutangfinancial
quote:
the sharpest downturn he’s ever experienced.
Sharpest downturn he’s ever experienced huh? I guess when houses go from having folks offer $100s of thousands over asking to now under contract <30 days, sure. More like return to the norm, and we aren’t even to the norm yet.
This post was edited on 2/22/23 at 8:19 pm
Posted on 2/22/23 at 8:20 pm to Artificial Intel
quote:
and we aren’t even to the norm yet.
What is the norm? There is no such thing as a norm with fluctuating markets.
Posted on 2/22/23 at 8:24 pm to kywildcatfanone
I’m seeing a ton of re-listings north of the 285 in Atlanta. I think one of the properties has had 4 or 5 deals fall through.
Im guessing the houses just aren’t appraising for the ask?
Im guessing the houses just aren’t appraising for the ask?
Posted on 2/22/23 at 8:25 pm to stout
Blackrock is so happy rn.
Posted on 2/22/23 at 8:25 pm to Artificial Intel
quote:
Yea I’m sure those are the only reasons. No mention of supply not even once.
Supply is getting better. What's not is the pool of qualified buyers. If their credit isn't holding them back, it's DTI on the home that they want. Alot of people apparently would rather pay rent than buy a house smaller than they want. They would start building equity almost instantly, but people are also scared of a collapse that likely won't happen, ie being underwater on a home that they didn't REALLY want in the first place.
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