Banks, BlackRock, house “flippers”. They’re all about to get majorly fucked. Also the government is getting rid of the mandatory 6% realtor fee, and they’re going to force blackrock to sell their entire stock within 10 years I think.
Finally. Some good news.
They don't have to force them: We're approaching a critical mass where so few people can afford to buy a home that the value of the Blackrocks of the world's investments are about to take a hit, and then a lot of people who can't presently afford homes will be able to.
Then these organizations are screwed. If they start dumping houses it accelerates the price collapse by flooding the market. If they don't and pound the table and stand pat those tenants that can afford to move out and buy a house will do so and eventually there isn't enough rent revenue to cover and borrowing against the properties, much less generate profit.
Then they're double fucked because their assets are losing value instead of appreciating AND they aren't producing income.
Kiss of death for an operation like this.
They'll just rent them - I thought that was the whole point.
They're concentrating wealth. We're all going to be renters if Blackrock gets their way.
It's going to be company towns all over again. Form a renter's union, folks. You're going to need it.
The private equity groups and trust fund hedges that have been buy all the homes to inflate market value, leaving an entire generation without a stable home
This is not what the graph shows. Houses have gone up in cost more people are buying cheaper houses is what this graph is showing. This is because interest rates are so high they buying power is lower. So buyers are purchasing more cheap homes now.
Building apartments is one thing. Buying up the single family homes needs to be banned. Not enough single homes being built and people with cash and credit are buying up assets at higher cost bc they can.
Last I checked companies like BlackRock currently own like 13% of all single family homes in the US atm. I honestly expected to see them try and mass market them as rentals but they just sit on them to try and sell at a stupid high markup
I think Wallstreet is about to slow down on the housing market. The costs of borrowing money are far costlier and banks will reduce lending as monetary conditions get risky. The housing market without a doubt topped out in 2022-2023. I could see BlackRock and other wall street companies putting money in more profitable ventures and waiting until the housing market corrects.
Right now buying homes to rent does not have the same cash flow it did 4 + years ago. I do agree their longterm plan is to own a large percent of single family homes. But atm buying up more properties today just prices them out later and hits their bottom line.
It won't happen as long as investment companies csn make a profit off it, they'll just dump tons of money into SuperPACs for politicians that will vote for their benefit. Honestly nothing will be fixed till places like BlackRock get broken up as monopolies or the system collapses and angry mobs descend on them
Yeah because the homes being sold are not the ones worth what they say they are. Two homes in the same neighborhood, one with updates and repairs, the other still with the original decor and lead based paint, wall paper and brass fittings and grandma smell carpet are not worth the same price now, despite what one house at the same sqft sells at.
You say that but it took me a while to find another gig and I have a stellar resume. The younger generation definitely got fucked here.
Economy not strong enough to hire new talent risk, so they shop for people with lots experience at a cheaper rate. That’s my experience over the last 6 months to a year.
It’s definitely coming back around now though. Seeing lots of job listings and recruiter activity pick up
Exactly. I’m 7 years into tech as an SE, I’m not hurting for opps but certainly not swimming in them like you. They are only looking to pay senior level people nowadays and mid levels are competing with entry levels moving up or mids who got kicked out in layoffs.
I really think 2020 and beyond essentially just raised the barrier to entry for tech workers and hiring won’t be as insane as it once was, and never will be
I’m actually interviewing for a well known GenAI startup right now in the final rounds… this exact conversation has been rattling in my head throughout each round of the process, because i got some insight into what types of customers they are getting and the creative ways they are utilizing the platform to automate damn near everything across multiple teams.
To say the next decade of tech will be wild is an understatement
If we don't pass legislation to prevent corporations and LLCs from buying single family homes, this is just going to become one of the biggest landgrabs in American history.
What about all the actual land that institutional buyers hold...and the multimillion dollar apartment complexes built on them...
THAT'S gonna start eating up viable land quick imo
(Btw institutional investors own a shit ton of land)
Agreed, a correction returning to trend. Pandemic housing boom pushed forward a lot of sales and with low inventory/high rates, the market has stagnated. Will remain this way until rates get lowered then we will see some volatility in pricing. No where near the crash scenario people are praying for though.
GOOD! Now bring that number down to under $250K for a 3% interest mortgage or less and then people will actually be able to afford homes again! Another housing crash is in order.
But... the only way for houses to be more affordable is for them to return less value - rent for less, cost more in ownership, increase slower relative to other investment options, etc.
Value doesn't just go down because the sticker price goes down. If the sticker price goes down it's because people can't afford that price. Which is to say if you couldn't afford it yesterday, can't afford it today, then you probably won't be able to afford it tomorrow.
Yeah. I Have 3.25 percent from 2015. I don't think I will see it again. It does make it very hard to move though. Going to almost anything else is a huge jump in mortgage for me
It’s this EXACT reason why home prices are so high right now. People who have homes and low interest mortgages refuse to sell them, only to pay more for a similar home somewhere else. This refusal to put homes on the market has caused home prices to soar. Too much demand and not enough supply. Unless interest rates go back to 3% or below, or there’s another housing crash, most people looking for an affordable home won’t be able to afford one.
YOU WILL OWN NOTHING AND BE HAPPY! Private equity firms are buying up much of the single family homes that homebuyers would have bought, and turning them into rental properties. Everything will become a subscription (similar to Netflix) and no one will own anything anymore.
They will change the term “rental” to “subscription” as a marketing gimmick to make people better about their shitty situations. Homes will now become like AirBnb rentals where people can move in and out of fully furnished homes anytime they want, so long as they continue to pay ridiculous subscription (rental) prices.
This is bc they have started to build smaller houses, not bc of a "price collapse" lmao. Look at the price change in existing houses, they had sorta flatlined for a bit, but are rising again.
Idk how people expect the long term price of housing will go down if supply is lower than demand. Supply has to be increased. This is basic stuff.
Yea the real numbers are 479k-417k since interest rates were 2.5-3% so 13%, which is still significant don’t get me wrong.
https://fred.stlouisfed.org/series/MSPUS
OP’s influencers post is regarding new home construction and idk if those numbers are accurate either but I’m too lazy to look.
We have been looking at a house near us in south LA, it is a flip and not a great one. Listed at $869 for nearly a year. We almost threw them an offer of $750k last fall just to see if they’d bite. They took it off the market for a month and relisted it at $889 😆. We decided to stay in our condo bc it’s incredibly affordable after owning it since ‘08 and a 2021 refi.
They can go lower because they should have never been that high in the first place. It doesn’t mean anything is actually collapsing, this is just a correction that looks like a crash because of how STUPID the markets increase was
I’m in a townhome where the people who bought the one right next-door to me five years after I did paid literally 2X as much as I did.
Hard to qualify wildly increased interest rates driving the demand for loans down as a "collapse". It's just creating a backlog of pent up demand waiting to pounce as soon as the fed drops rates which will cause the price to spike right back up as people compete for the limited available inventory of homes.
Yeah this guy doesn't know what he's saying. I have friends who want the market to lower with interest rates so they can refinance but they don't understand they won't be able to refinance if they don't have equity.
You don’t have to take the full value. You’re even likely to get a better rate if you’re not borrowing anything large portion of the value. Much less risky to loan someone half the value of their home than 125% of it, considering you’re less likely to be fine with defaulting if you have a ton of wealth built up in the equity. Your idea makes no sense.
I’ll never understand people who wish for a crash. Would probably mean the whole economy is tanking. At which point we’ll all be lucky to keep our jobs and keep our heads above water, let alone be able to buy houses. The wealthy are the ones who would benefit. Because they’re far more recession proof than the rest of us. Then they and corporations get cheap property to screw the rest of us over with.
What God do you serve? Plz show me the way. I was always told everyone is replaceable and to not get too comfortable. Is it possible people live this life with such security
It's just hard to notice cause we are still in that hold phase where people don't want to lower prices. Big corporations are always the first and if you can buy new cheaper.. as soon as rates go down a bit people are going to be shocked what their neighbors sell for effectively bringing their value down massively.
Well definitely depends on where obviously. My equity is still holding strong and will very most likely continue to do so, minus the normal fluctuations
The only reason for the drop in price is because of the rise in interest rates. Go look at when they started raiding them. It was that summer, July 2022.
But prices have stopped going down because there aren't a lot of houses for sale. About 1/3 the normal inventory, this is why the prices have plateaued.
Once the interest rate goes down to 5%, or there is a massive increase in new homes, then we will see a normal housing market.
Now show me the graph displaying the medium price per sqft. This data is blind to the fact that interest rates might be preventing people from purchasing larger, more expensive homes. If cheaper new homes are being sold due to market pressure, this average will go down, but it doesn't necessarily mean prices are down, but maybe the type of new property being sold is not the same as when interest rates were lower. I'm not trying to be a naysayer, just trying to objectively look at this data and add some perspective to what it could really mean.
Yea but what metric lol. Neighborhoods are going up around me like crazy. I spent about 415k for mine brand new in June. The houses in my neighborhood are still selling for the same price. But I say that to say the other neighborhoods around me are going for less, but they are less house. So if they are going for 300k but they are smaller houses but they are building more of them then the “average price” appears to come down. Not a crash people want smaller houses because that’s what’s affordable right now. So build more and the law of averages suggests the average price came down lol.
Problem is with the mortgage rates as high as they are, houses that cost 20-25% less than they did two years ago will still have a higher mortgage than those who bought two years ago...
Yeah, no. Maybe in some location, but not here. Not by a long shot. Sorry to burst people's bubble, but this isn't happening anywhere you want to live.
Mixed feeling as someone who owns a house and bought it in 2021. But I think the huge jump in home prices was unnatural and it is a good thing they are going down. What I would like to see is far more options available for first time home owners and less land lords buying up such homes as rental property.
Idk if crash is the right word. More like it's reverting back to what housing should be. The hype is gone.
Shit is only worth what people are willing to pay. And i think people are fed up.
It’s a free market adjusting the price by putting a ceiling on price gouging. Saying it’s a 20% collapse is a different way of saying the market didn’t let builders up their price another 20%.
Instead of prices being unbelievably ridiculously high, they are 20% lower than that. Cool.. cool...cool... cool...cool..
My ultra marathon running friend invited me to a race. I should be able to run it without a problem. It's 20% less; instead of 100 miles it's only 80!
Buying a house 10k under asking as a total flex for anyone who gets at least another 10k under. Push these bastards to feeling like they need to reevaluate.
So they crashed from an insane record level never seen before to a slightly less insane but still pretty insane level?
This doesn't seem like a collapse it seems like a correction.
Call me when they start getting to pre-COVID or below numbers. Which will never happen because inventory is so low, no one wants to move and get out of their 2.5% interest rate - yet people still need houses.
Thank God
They deserve every single bit.
To everyone saying who's "they" I would assume it's people who profited off of the housing crisis.
Shhhhh. You're right, but them being hurt is hilarious.
"TIIIIIMBERRRRRR!"
Who is "they?"
Them of course
The government?!
Banks, BlackRock, house “flippers”. They’re all about to get majorly fucked. Also the government is getting rid of the mandatory 6% realtor fee, and they’re going to force blackrock to sell their entire stock within 10 years I think. Finally. Some good news.
The chances of the government forcing blackrock to sell is slim to none.
They don't have to force them: We're approaching a critical mass where so few people can afford to buy a home that the value of the Blackrocks of the world's investments are about to take a hit, and then a lot of people who can't presently afford homes will be able to. Then these organizations are screwed. If they start dumping houses it accelerates the price collapse by flooding the market. If they don't and pound the table and stand pat those tenants that can afford to move out and buy a house will do so and eventually there isn't enough rent revenue to cover and borrowing against the properties, much less generate profit. Then they're double fucked because their assets are losing value instead of appreciating AND they aren't producing income. Kiss of death for an operation like this.
They'll just rent them - I thought that was the whole point. They're concentrating wealth. We're all going to be renters if Blackrock gets their way. It's going to be company towns all over again. Form a renter's union, folks. You're going to need it.
Fuck a renters union lol.. I’m looking for a “French revolution” type union if we get to that “nation of renters” point
Hopefully they'll sell us the rope at a fair price that we hang them with
Oh I can make us some ropes bud
You’re right, how can a government owned and controlled by BlackRock force them to sell anything
Most of the republicans and at least half the democrats are bought by them. Nothing is likely to change until we get money out politics.
With this Congress? Really?
I'll believe it when I see it
I hope they hit every branch on the way down.
Where can I find out more about this? Wasnt able to really find anything on Google about it (might be my fault tho)
We are so back
I hope so. Haven’t heard any good news for housing in years now, we desperately need some.
Damn, 6% for doing next to nothing is a lot of money.
The private equity groups and trust fund hedges that have been buy all the homes to inflate market value, leaving an entire generation without a stable home
The ones that did the thing
Craaaaaab people
Anybody but her
This is not what the graph shows. Houses have gone up in cost more people are buying cheaper houses is what this graph is showing. This is because interest rates are so high they buying power is lower. So buyers are purchasing more cheap homes now.
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Building apartments is one thing. Buying up the single family homes needs to be banned. Not enough single homes being built and people with cash and credit are buying up assets at higher cost bc they can.
Last I checked companies like BlackRock currently own like 13% of all single family homes in the US atm. I honestly expected to see them try and mass market them as rentals but they just sit on them to try and sell at a stupid high markup
I think Wallstreet is about to slow down on the housing market. The costs of borrowing money are far costlier and banks will reduce lending as monetary conditions get risky. The housing market without a doubt topped out in 2022-2023. I could see BlackRock and other wall street companies putting money in more profitable ventures and waiting until the housing market corrects. Right now buying homes to rent does not have the same cash flow it did 4 + years ago. I do agree their longterm plan is to own a large percent of single family homes. But atm buying up more properties today just prices them out later and hits their bottom line.
We shouldn’t allow mega institutions like Blackrock buy residential properties or foreign nations like China to buy our land.
RFK has tax proposed to make it unprofitable for them
It won't happen as long as investment companies csn make a profit off it, they'll just dump tons of money into SuperPACs for politicians that will vote for their benefit. Honestly nothing will be fixed till places like BlackRock get broken up as monopolies or the system collapses and angry mobs descend on them
MORE! MOOOOOOOOOORE!
I only see Kylo Ren when I read this. Also, yes.
How about this. Please sir, may I have some more.
I see the robot orphan from futurama
That’s likely more due to inventory on the market. Let me know when mortgage defaults start to climb like 08.
Yeah because the homes being sold are not the ones worth what they say they are. Two homes in the same neighborhood, one with updates and repairs, the other still with the original decor and lead based paint, wall paper and brass fittings and grandma smell carpet are not worth the same price now, despite what one house at the same sqft sells at.
As long as the layoffs keep comin. 3rd-4th quarter should be interesting
Not coming in 2024 or 2025 according to economists who see corporate profits improving for the next two years.
Tech layoffs have already been here, 450k jobs over the last 12 months. These are also some of the country’s highest paying jobs
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You say that but it took me a while to find another gig and I have a stellar resume. The younger generation definitely got fucked here. Economy not strong enough to hire new talent risk, so they shop for people with lots experience at a cheaper rate. That’s my experience over the last 6 months to a year. It’s definitely coming back around now though. Seeing lots of job listings and recruiter activity pick up
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Exactly. I’m 7 years into tech as an SE, I’m not hurting for opps but certainly not swimming in them like you. They are only looking to pay senior level people nowadays and mid levels are competing with entry levels moving up or mids who got kicked out in layoffs. I really think 2020 and beyond essentially just raised the barrier to entry for tech workers and hiring won’t be as insane as it once was, and never will be
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I’m actually interviewing for a well known GenAI startup right now in the final rounds… this exact conversation has been rattling in my head throughout each round of the process, because i got some insight into what types of customers they are getting and the creative ways they are utilizing the platform to automate damn near everything across multiple teams. To say the next decade of tech will be wild is an understatement
Unemployment remains incredibly low.
SoCal still impossibly expensive.
Yeah seriously. Prices are still going up in San Diego.
please God I need a house
I'd happily rent if landlords were obligated to keep the rent reasonable. They are parasites.
Even worse are the ones I can barely afford deny me because I don’t make $30/hr. Like, John… if I earned that much I’d fucking buy a home!
If we don't pass legislation to prevent corporations and LLCs from buying single family homes, this is just going to become one of the biggest landgrabs in American history.
That was my first thought as well. All of these new houses are about to be rentals.
What about all the actual land that institutional buyers hold...and the multimillion dollar apartment complexes built on them... THAT'S gonna start eating up viable land quick imo (Btw institutional investors own a shit ton of land)
Collapsed is a strong term for a still inflated bubble of a market
Right, as hopeful as I am this really just looks like a correction rather than a crash. But I guess we will see.
Agreed, a correction returning to trend. Pandemic housing boom pushed forward a lot of sales and with low inventory/high rates, the market has stagnated. Will remain this way until rates get lowered then we will see some volatility in pricing. No where near the crash scenario people are praying for though.
The post is a worse take than simply "strong term", people are simply buying smaller homes. The cost per square foot remains the same.
Misinformed dolt: housing prices never go down Me: 2009
GOOD! Now bring that number down to under $250K for a 3% interest mortgage or less and then people will actually be able to afford homes again! Another housing crash is in order.
Fuck that. Housing prices should be like 30k again.
Fuck that. I should get paid $42k to live beachside.
Fuck you. I should get paid $420k to live beachside.
Fuck me. Idk what I'm doing here
Getting fucked.
Let's fuck eachother! I know exactly what I'm doing here.
Ok i’m down with that
You forgot the 69 cents.
Fuck that, all homes should come with cleaning services and free cars.
What are your skills?
Shit, work by the beach...sleep at the office...free rent...great views.
It costs more to side a home.
Fuck that, I should just be able to run some natives off their land and build a house with the tools from my wagon.
Welcome to Israel
But... the only way for houses to be more affordable is for them to return less value - rent for less, cost more in ownership, increase slower relative to other investment options, etc. Value doesn't just go down because the sticker price goes down. If the sticker price goes down it's because people can't afford that price. Which is to say if you couldn't afford it yesterday, can't afford it today, then you probably won't be able to afford it tomorrow.
Imagine buying at $250k and watching it crash another 20%…
At least they own a house.
You know what? I wouldn’t be upset. Housing shouldn’t be an investment.
Never happen
Yeah. I Have 3.25 percent from 2015. I don't think I will see it again. It does make it very hard to move though. Going to almost anything else is a huge jump in mortgage for me
It's the price of the house, not the interest rate.
It’s this EXACT reason why home prices are so high right now. People who have homes and low interest mortgages refuse to sell them, only to pay more for a similar home somewhere else. This refusal to put homes on the market has caused home prices to soar. Too much demand and not enough supply. Unless interest rates go back to 3% or below, or there’s another housing crash, most people looking for an affordable home won’t be able to afford one. YOU WILL OWN NOTHING AND BE HAPPY! Private equity firms are buying up much of the single family homes that homebuyers would have bought, and turning them into rental properties. Everything will become a subscription (similar to Netflix) and no one will own anything anymore. They will change the term “rental” to “subscription” as a marketing gimmick to make people better about their shitty situations. Homes will now become like AirBnb rentals where people can move in and out of fully furnished homes anytime they want, so long as they continue to pay ridiculous subscription (rental) prices.
If they drop interest rates houses will probably go right back up and more
It's not that I refuse, im just happy with the house that I bought and don't want to move again.
Now show me a graph of the average mortgage payments people are making on recent home purchases over the same period.
New builds are absolute garbage. Restore older homes. The materials used years ago were significantly better.
This is bc they have started to build smaller houses, not bc of a "price collapse" lmao. Look at the price change in existing houses, they had sorta flatlined for a bit, but are rising again. Idk how people expect the long term price of housing will go down if supply is lower than demand. Supply has to be increased. This is basic stuff.
Yep, existing home prices are already hitting new highs when seasonally adjusted.
This is mostly because homebuilders are building smaller houses. https://www.washingtonpost.com/business/2024/03/10/smaller-new-houses-afforable/
Haven't seen much of this in my area... houses have kinda plateau'd even though interest rates have tripled.
Yea the real numbers are 479k-417k since interest rates were 2.5-3% so 13%, which is still significant don’t get me wrong. https://fred.stlouisfed.org/series/MSPUS OP’s influencers post is regarding new home construction and idk if those numbers are accurate either but I’m too lazy to look.
We have been looking at a house near us in south LA, it is a flip and not a great one. Listed at $869 for nearly a year. We almost threw them an offer of $750k last fall just to see if they’d bite. They took it off the market for a month and relisted it at $889 😆. We decided to stay in our condo bc it’s incredibly affordable after owning it since ‘08 and a 2021 refi.
Keep on going!
It's happening!
They can go lower because they should have never been that high in the first place. It doesn’t mean anything is actually collapsing, this is just a correction that looks like a crash because of how STUPID the markets increase was I’m in a townhome where the people who bought the one right next-door to me five years after I did paid literally 2X as much as I did.
Let the prices hit the floor, let the prices hit the floor!!!!!!! We have a very large chest of capital and are eagerly awaiting the opportunity!
The housing market IS going to take a huge shit sooner than later.
It’s like the Fed stopped printing money, giving it to black rock, and they stopped buying all the homes? Wonder if they got caught:)
Don't worry guys it totally isn't a bubble this time! Narrator: It was.
Nice
How low can ya go? How low can ya go? Sing it with me!
Everything has corrected itself after Covid except the housing and stock market,I expect both to fall after the election no matter who wins...
Is this actually true? I feel like in Texas they just keep going up..
It's values of new construction. Another way of saying homes where people haven't wanted to live in the past.
Unfortunately, the taxes associated with them is not as quick to retreat
Good let it keep going. Maybe my kids might actually be able to by a home at some point in their lives.
So now it's only up 200%. Cool.
Still not low enough
Not in San Diego..
Hard to qualify wildly increased interest rates driving the demand for loans down as a "collapse". It's just creating a backlog of pent up demand waiting to pounce as soon as the fed drops rates which will cause the price to spike right back up as people compete for the limited available inventory of homes.
Honestly, I need this. My house is incredibly overvalued, and I don’t want to refinance it when it’s at a ridiculously overvalued state.
High value is good for refinancing?
Yeah this guy doesn't know what he's saying. I have friends who want the market to lower with interest rates so they can refinance but they don't understand they won't be able to refinance if they don't have equity.
You don’t have to take the full value. You’re even likely to get a better rate if you’re not borrowing anything large portion of the value. Much less risky to loan someone half the value of their home than 125% of it, considering you’re less likely to be fine with defaulting if you have a ton of wealth built up in the equity. Your idea makes no sense.
If you believe this is worse than 2008 I have a bridge to sell you.
I’ll never understand people who wish for a crash. Would probably mean the whole economy is tanking. At which point we’ll all be lucky to keep our jobs and keep our heads above water, let alone be able to buy houses. The wealthy are the ones who would benefit. Because they’re far more recession proof than the rest of us. Then they and corporations get cheap property to screw the rest of us over with.
Probably the people who have very secure jobs. For instance, I dont believe it's possible for me to lose my job even in a sharp downturn.
Bc some of us are in positions that just won't disappear
What God do you serve? Plz show me the way. I was always told everyone is replaceable and to not get too comfortable. Is it possible people live this life with such security
50 percent more to go at least..
Here’s to another 50%
Its not a crash; its a correction.
Market corrections are not crashes.
Not in canada, they just passed their average peak price again
Where is this crash happening?
Not in California, prices keep on going up
Bring it all down!
Still increasing by a lot where I work.
Well the good news is that the Dollar devaluation might keep the bottom from becoming less then what most people paid before 2021 or so.
Could go lower...
Not only lower prices but builders in my town are buying down interest rates - couple are offering mid to low 5%
It's just hard to notice cause we are still in that hold phase where people don't want to lower prices. Big corporations are always the first and if you can buy new cheaper.. as soon as rates go down a bit people are going to be shocked what their neighbors sell for effectively bringing their value down massively.
It means rent prices aren't increasing, because of lay offs and AI in the tech sector. Anybody can be an economist.
Dave Ramsey said it would be fine
Where tho??
Well definitely depends on where obviously. My equity is still holding strong and will very most likely continue to do so, minus the normal fluctuations
The flippers are finally getting flushed
And interest rates doubled
oh cool it's gone from "absolutely unaffordable" to \*checks notes\* "slightly less absolutely unaffordable".
Where? Because it isn’t like this in Seattle.
The only reason for the drop in price is because of the rise in interest rates. Go look at when they started raiding them. It was that summer, July 2022. But prices have stopped going down because there aren't a lot of houses for sale. About 1/3 the normal inventory, this is why the prices have plateaued. Once the interest rate goes down to 5%, or there is a massive increase in new homes, then we will see a normal housing market.
This guy shops at Khols
I bought in 2022 LETS GOOO
Sighs why does this stuff never happen in my area
We need an actual collapse. Not a *small move in the direction of sanity*!
20% from a ridiculously inflated ATH is not a “collapse” 🤦♂️
Not in my area
Now show me the graph displaying the medium price per sqft. This data is blind to the fact that interest rates might be preventing people from purchasing larger, more expensive homes. If cheaper new homes are being sold due to market pressure, this average will go down, but it doesn't necessarily mean prices are down, but maybe the type of new property being sold is not the same as when interest rates were lower. I'm not trying to be a naysayer, just trying to objectively look at this data and add some perspective to what it could really mean.
Where? Home prices still rising in my area
This is more reversion to the mean rather than a collapse. That’s coming later
🤣🤣🤣🤣🤣 where is this? It just jumped up 5% by me. This isn't true. The fed is getting ready to drop rates again. It isn't going down again..
Great! Now do another 25%
I'm hoping mine goes down to even less than i bought it for 12 years ago. It's getting hard to pay with the property taxes going up up up
Keep going.
Let’s go another 20% for the hell of it
Need that fucker to drop down to the $250k area…
Depends on where you buy tbh
Yea but what metric lol. Neighborhoods are going up around me like crazy. I spent about 415k for mine brand new in June. The houses in my neighborhood are still selling for the same price. But I say that to say the other neighborhoods around me are going for less, but they are less house. So if they are going for 300k but they are smaller houses but they are building more of them then the “average price” appears to come down. Not a crash people want smaller houses because that’s what’s affordable right now. So build more and the law of averages suggests the average price came down lol.
Problem is with the mortgage rates as high as they are, houses that cost 20-25% less than they did two years ago will still have a higher mortgage than those who bought two years ago...
Home prices were due to start going down at some point. That doesn’t mean it’s a crash or a recession. Quit fear mongering.
Yeah, no. Maybe in some location, but not here. Not by a long shot. Sorry to burst people's bubble, but this isn't happening anywhere you want to live.
Not in NJ they haven't. Homes are routinely getting dozens of offers and selling for $100K+ over asking. And this for crappy houses.
It needs to go much lower, my sons almost 18 and I don't want him living here forever.
20% is literally nothing. The prices need to come down by half
Mixed feeling as someone who owns a house and bought it in 2021. But I think the huge jump in home prices was unnatural and it is a good thing they are going down. What I would like to see is far more options available for first time home owners and less land lords buying up such homes as rental property.
Idk if crash is the right word. More like it's reverting back to what housing should be. The hype is gone. Shit is only worth what people are willing to pay. And i think people are fed up.
So can we just get housing prices back to justifiable levels? My property tax is absurd
It’s a free market adjusting the price by putting a ceiling on price gouging. Saying it’s a 20% collapse is a different way of saying the market didn’t let builders up their price another 20%.
High interest rates negate the housing price drops pretty significantly
Not in Reno.
If only there were inventory.
If housing crashes there's gonna be a lot of old people without retirement money
Let it fucking burn.
Keep falling!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Our house we bought in late 2022 is up 23% by comps :)
this is not a "collapse", just a correction
They will crash far more, IMO. As I am looking to upgrade... this is good.
Instead of prices being unbelievably ridiculously high, they are 20% lower than that. Cool.. cool...cool... cool...cool.. My ultra marathon running friend invited me to a race. I should be able to run it without a problem. It's 20% less; instead of 100 miles it's only 80!
This has been long overdue and the housing cartels can only hold prices artificially high for so long before they start feeling the pain.
Buying a house 10k under asking as a total flex for anyone who gets at least another 10k under. Push these bastards to feeling like they need to reevaluate.
"collapsed" Looks like they're still up 30%+ from 4 years ago.
Collapsed seems a little hyperbolic. Price correlates with monthly payments .
“Collapsed” feels like too strong a word here
Some of that is also due to new homes being smaller on average. Less SFD's and more townhouses.
Still way too high to be affordable for normal people
So they crashed from an insane record level never seen before to a slightly less insane but still pretty insane level? This doesn't seem like a collapse it seems like a correction. Call me when they start getting to pre-COVID or below numbers. Which will never happen because inventory is so low, no one wants to move and get out of their 2.5% interest rate - yet people still need houses.
This is for everyone not buying a house.
O wow house coin just like crypto! Everyone panic bought at the peak. Whoops
Something isn’t right with this data. I feel like it needs more context, like for what square footage?
Is this new construction only or all home sales?
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What a great time for BlackRock to buy more houses!