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 . . . . . .
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.
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.
“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.
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.