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Started By
Message
The U.S. Housing Boom Is Coming to an End, Starting in Dallas
Posted on 12/1/18 at 1:01 pm
Posted on 12/1/18 at 1:01 pm
Baws this isn’t good news
LINK
LINK
quote:
PLANO, Texas—A half-hour drive straight north from downtown Dallas sits one of the fastest-growing counties in the country. Cotton fields have been replaced with Toyota’s new North American headquarters, a Dallas Cowboys training facility and a sand-colored shopping strip with a Tesla dealership and a three-story food hall. Yet even with the booming growth, Dallas’s once vibrant housing market is sputtering. In the high-end subdivisions in the suburb of Frisco, builders are cutting prices on new homes by up to $150,000. On one street alone, $4 million of new homes sat empty on a visit earlier this month. Some home builders are so desperate to attract interest they are offering agents the chance to win Louis Vuitton handbags or Super Bowl tickets with round-trip airfare, if their clients buy a home. Yet fresh-baked cookies sit uneaten at sparsely attended open houses.
37
Posted on 12/1/18 at 1:01 pm to RedRifle
Surprised it took this long
Posted on 12/1/18 at 1:02 pm to RedRifle
Really scared of that caravan I see.
Posted on 12/1/18 at 1:03 pm to RedRifle
Wow, they built too many houses in one place, means the entire US housing market is going bust!
Posted on 12/1/18 at 1:03 pm to RedRifle
Younger people realize that getting locked in to a 30 year McMansion to keep up with the Jones isn’t a smart decision.
This post was edited on 12/1/18 at 1:10 pm
Posted on 12/1/18 at 1:04 pm to RedRifle
A buddy that follows these things told me it had to do with insurance rates.
This post was edited on 12/1/18 at 1:07 pm
Posted on 12/1/18 at 1:04 pm to PrivatePublic
Sellers have to realize most buyers buy based on what they can spend monthly. With increasing interest rates that is 10’s of thousands from two years ago.
Posted on 12/1/18 at 1:05 pm to RedRifle
Some of the builders out here really are offering some crazy stuff.
This post was edited on 12/1/18 at 1:16 pm
Posted on 12/1/18 at 1:06 pm to RedRifle
How many homes account for that $4M valuation? 4? 8? 400?
Posted on 12/1/18 at 1:06 pm to RedRifle
quote:
On one street alone, $4 million of new homes sat empty on a visit earlier this month.
10 empty $400,000 homes is the end of a boom
Posted on 12/1/18 at 1:08 pm to RedRifle
I wish someone would tell Nashville so I can afford a normal sized house not in the hood.
Posted on 12/1/18 at 1:08 pm to weadjust
quote:
10 empty $400,000 homes is the end of a boom
Home prices nationwide are probably due for a correction this story not withstanding
Posted on 12/1/18 at 1:12 pm to weadjust
quote:
10 empty $400,000 homes is the end of a boom
You really don't know what a clarifying statement is?
Posted on 12/1/18 at 1:16 pm to RedRifle
Meh...
Posted on 12/1/18 at 1:17 pm to RedRifle
Those homes start at 800k-1m. I am not shocked
Posted on 12/1/18 at 1:17 pm to Powerman
quote:
Home prices nationwide are probably due for a correction this story not withstanding
It's coming.
Posted on 12/1/18 at 1:21 pm to RedRifle
We have 15 years to reach the bottom.
Posted on 12/1/18 at 1:24 pm to TypoKnig
quote:
Younger people realize that getting locked in to a 30 year McMansion to keep up with the Jones isn’t a smart decision.
it’s just younger people.
smart people realize that your home should be your best asset not your worst.
a house leveraged like that for most people is an asset for the bank not the borrower.
a smaller house is a much quicker way to build equity
Posted on 12/1/18 at 1:27 pm to RedRifle
Not really an expert, but I think not much has changed since the real estate crash.
I think they cleaned up the ridiculous mortgage swap practices and whatnot at big investment banks, but mortgage loans are still very easy to come by and interest rates are still ridiculously low.
Once those rates start to rise, and people without a fixed rate start to see mortgage increases, they may second guess that $300,000 house they bought on a middle to low income salary.
I think they cleaned up the ridiculous mortgage swap practices and whatnot at big investment banks, but mortgage loans are still very easy to come by and interest rates are still ridiculously low.
Once those rates start to rise, and people without a fixed rate start to see mortgage increases, they may second guess that $300,000 house they bought on a middle to low income salary.
Posted on 12/1/18 at 1:29 pm to gthog61
I wonder how Austin, Nashville, Denver and other hot US cities are doing real estate wise?
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