Posted on 03/28/2023 6:24:46 AM PDT by Kaiser8408a
The Federal Reserve is in retreat and housing prices reflect the retreat.
Case-Shiller’s national home price index slowed to 3.79% YoY in January as The Fed slows its money printing.
All 20 cities were down MoM in January with Seatlle declining the fastest with Las Vegas the second fastest decliner.
(Excerpt) Read more at confoundedinterest.net ...
Last September I listed my brothers house in Henderson for 1.2M, and had multiple CASH offers on day one and accepted one of them the next day.
The new owner did a quick but nice remodel, spent around $300K and listed it for $2M. This was over a month ago, lots of lookers but NO BUYERS!
it is in a highly desirable gated community, The Fountains
Sales are brisk and inventory is low in Atlanta.
How many people and how quickly will people be underwater on their mortgages?
Yep, the news is that the rate of increase in home prices slowed, but prices still increased 3.79% YoY. A nearly 4% annual increase is hot historically, just lower than than in the crazy last few years.
However, this will interpreted by many in the media and elsewhere as home prices falling.
RE: Inventory in ATL.
Yes, wife and I would like to locate to Holly-Springs, Woodstock, Ball Ground. I think inventory is just as tight or tighter as last spring when we looked, and of course prices are up.
In our zipcode which is Lawrenceville/Lilburn area $175,000 to $350,000 there are only 19 homes for sale as of yesterday. In normal times there would be 250 or more.
In Kalifonica Newscum solved the problem of "house flippers" making excessive profits
Extra tax if you don't live in the house...I think its a year or so.
As opposed to last year when we sold our Colorado property for a premium price well over $300K above expectations. The property now lists 5% below what they buyers paid.
I actually had to sign a piece of paper stating I was going to live in the new house I just finished building last year, otherwise I would be hit with a penalty
It makes sense that Seattle home prices would decline the fastest because they killed the Seattle economy. Heck they killed the economy in the whole state. Along with the small businesses that were closed, the big stores closed their Seattle venues and the few other locations that remained open are not the same. The whole state seems to be in a state of depression.
Someone said to me the other day, ‘we have to get Inslee out the next election.” I said, ‘ We don’t have elections in WA, ant more”. WA Republicans once had Mitch Romney, as the key note speaker at their state convention. That was the same year that the Libertarians tried to disrupt and take over the convention with their push to legalize marijuana.
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