It’s true and we can thank Obama for blackrock buying up houses. He let banks steal 10 million homes through fraud and gave them money to buy up the stolen homes. Then they kept them off the market driving up prices and rent.
100%. Everything building around my subdivision is sold/pending with the exception of 1 resale that has gone on and off the market more times than I can count, and is overpriced. I am listening to construction as I drink my coffee this morning.
Quite the opposite in Reno. The virus known as Californiaitis continues to spread from the Bay Area to Northern Nevada. These people have sold their properties and are moving in huge numbers. Meanwhile they think the government needs to be much more involved in peoples lives. They even want an income tax. They are invading our school boards and local governments greatly increasing the cost of living. Home prices have nearly doubled since the other virus known as Covid. You see, they could not stand living in California anymore, so they moved to Nevada and are now attempting to make Nevada into the California they despise with their Biden bumper stickers. Go figure. Soon, nobody will be able to afford a home, not just young people. But they will all continue to vote for democrats because their media masters have told them to.
We had a new build under contract (North Carolina) and decided to cancel in Jan/23 because of the unstable economy. Took a big loss on our deposit, but I'm happy we cancelled as the house will be losing value as prices come down. Prices are not coming down much yet here, but sales are stagnating.
one good thing for me about the housing market mess is it helped convince my seller that cutting me a new contract after my 2 year balloon came up is a better looking option than repossession and attempting to sell it on the open market
Young folks can not afford the homes- so they rent
In Athens/Clarke GA young adults cannot afford starter homes because of interest rates - 8+%, and rental rates are sky high. Takes 2 incomes.
I keep reading about the influence of Blackrock buying up houses- how will this play out if we have another '08?
It’s true and we can thank Obama for blackrock buying up houses. He let banks steal 10 million homes through fraud and gave them money to buy up the stolen homes. Then they kept them off the market driving up prices and rent.
All depends where you live.
In Tennessee, we can't build fast enough.
This will stabilize when government disavows dei and gets back to business.
100%. Everything building around my subdivision is sold/pending with the exception of 1 resale that has gone on and off the market more times than I can count, and is overpriced. I am listening to construction as I drink my coffee this morning.
One of my coworkers under 30 was bemoaning just yesterday how he'll never afford a house.
I assured him this wasn't the first time that prices had spiked.
In fact, after bemoaning the exact same thing, I bought my first house in 1994 at age 37.
Quite the opposite in Reno. The virus known as Californiaitis continues to spread from the Bay Area to Northern Nevada. These people have sold their properties and are moving in huge numbers. Meanwhile they think the government needs to be much more involved in peoples lives. They even want an income tax. They are invading our school boards and local governments greatly increasing the cost of living. Home prices have nearly doubled since the other virus known as Covid. You see, they could not stand living in California anymore, so they moved to Nevada and are now attempting to make Nevada into the California they despise with their Biden bumper stickers. Go figure. Soon, nobody will be able to afford a home, not just young people. But they will all continue to vote for democrats because their media masters have told them to.
We had a new build under contract (North Carolina) and decided to cancel in Jan/23 because of the unstable economy. Took a big loss on our deposit, but I'm happy we cancelled as the house will be losing value as prices come down. Prices are not coming down much yet here, but sales are stagnating.
one good thing for me about the housing market mess is it helped convince my seller that cutting me a new contract after my 2 year balloon came up is a better looking option than repossession and attempting to sell it on the open market