Posted on 10/09/2023 7:29:31 AM PDT by ChicagoConservative27
The number of homes for sale on the market fell for the fifth straight month in September amid the already severe housing shortage.
A new report from Realtor.com shows that the total number of homes for sale, including homes that were under contract but not yet sold, fell by 4% in September compared with the same time a year ago.
On top of that, available home supply remains down a stunning 45.1% from the typical amount before the COVID-19 pandemic began in early 2020, according to the report
(Excerpt) Read more at foxbusiness.com ...
How is this possible with Blackrock buying up all available inventory?
Gee - I wonder if interest rate uncertainty has anything to do with this? And I wonder if wild government spending has anything to do with interest rate uncertainty . . . . . .
Good question. With Blackrock buying up properties, I can see that would create distortions in the market. With the Blackrock properties off the market, that would constrain the supply side, of the supply and demand of the housing market.
Everything is overprice in California so I’m not surprised.
A home across the street and two down just went for $1.4 million - asking price was $1.3 million so there must have been a bidding war.
These are old homes built in the 40s with poor designs - but the lots are large so people can tear down, expand and then build ADUs.
Hopefully, a developer didn’t buy it and plan to build four units or more on it, which is legal now in California as all local zoning laws were declared null and void by Newsom.
Existing homeowners with mortgages bearing relatively low interest rates may be balking at the prospect of “trading up”.
To the extent they don’t list their homes for sale, or delay doing so, Y-O-Y inventory would predictably drop.
Obviously other driving factors may exist but this could be one.
High interest rates mean a lot of people can't afford to buy a house.
As for the severe housing shortage - evict the illegal alien invaders The Biden Regime and Black Rock have subsidized, and send them back to wherever they crawled out of.
“High interest rates mean a lot of people can’t afford to buy a house.”
The home at 1 Typical Lane is sold for $350,000.
The Buyers shall pay $200,000 of the purchase price with a 7% loan.
The Buyers furthermore will pay for an additional $50,000 interest when mortgage rates fall below 6.1%.
The Buyers furthermore will pay for an additional $50,000 interest when mortgage rates fall below 5.2%.
The Buyers furthermore will pay for an additional $50,000 interest when mortgage rates fall below 4.2%.
“severe housing shortage”
Maybe prospective renters that are able to pay much larger security deposits should approach real estate companies.
The Local Real Estate Office has a number of prospective renters able and willing to pay $15,000 to $30,000 security deposits who hope to rent a high quality abode at a discounted rental rate that takes into consideration their lower risk.
Don’t let your home still idle, call Pat at The Local Real Estate Office today.
Well over 10 million housing units are unoccupied simply because renting at typical security deposits is too risky.
“illegal alien invaders”
Yes, you hardly ever read how five to eight million illegal alien invaders distort the housing market. That number implies a demand for maybe two million apartments (four invaders per apartment)?
There are 22 million apartments in the US, so those invaders alone represent an increased demand of 10% (ignoring other changes in population that wants to rent an apartment). That 10% increase is a huge distortion of the market and causes rents to go up.
That is NEVER discussed.
The same applies for apartments and other multi-family housing. Those loans typically require an interest rate cap. The cost of a cap tripled and in some cases quadrupled. There still is a lot of uncertainty with respect to interest rates
I know of two houses for sale nearby here in my part of Florida that have not sold after a month.
In 2021, they probably would have been sold within a week.
Time to throw more of the elderly and veterans out into the street. Check the border. We’ve got a lot more “company” comin’. Like Jan and Dean said back in the 60s. “They’re Comin’ From All Over The World” and they’re ready to Pah-Tay.
“… home supply remains down a stunning 45.1% from the typical amount before the COVID-19 pandemic began…”
If you sell your home, you still need some place to live. Most homeowners want that replacement to be a house, but current price and interest levels work against that (unless you want to live by the harbor in Baltimore or some similar place).
The millions of illegals welcomed in might have something to do with the housing shortage.
They can’t build them fast enough around here. 4000 new homes going up just 2 miles from me.
To what do you attribute that situation? High interest rates? Sellers asking too much? Economy taking a toll on prospective buyers?
There are now a dozen metro real estate markets in the country that have been going down for over a year.
Boise, Austin, San Fran, Nashville, Dallas, Phoenix, Las Vegas, San Antonio, ALL have gone down in price.
If we go into a recession, that trend will spread to more areas when people are FORCED to sell.
Now, the only people being forced to sell because they are being told they have to come back into the office in Seattle. So, they are forced to sell their house they bought two years ago in Boise.
It is also my understanding that companies like BLACKROCK stopped buying houses almost a year ago. Especially in places like Austin.
The real issue is no one wants to take out a 8% mortgage unless they are forced to. So, people are staying put unless they can buy a house for cash. Which is happening with about 40% of the houses purchased in many markets currently.
I paid $270K for my house 12 years ago. I do not owe anything. I could probably sell it for $600K or more. So, I I sold it I could probably buy a house for cash in many markets. I am fairly typical of the Baby Boomers.
What metro area is here?
Hillsboro Oregon. It is a phased development but 500 to 600 have gone up already. All sold
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