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(Yahoo)   Prepare yourself, the U.S. housing market is entering the most significant contraction in activity since 2006   (finance.yahoo.com) divider line
    More: Spiffy, Real estate, Mortgage loan, Mortgage, housing boom, Fixed rate mortgage, chief economist Mark Zandi, Mortgage industry of the United States, United States housing bubble  
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1131 clicks; posted to Business » on 10 Jun 2022 at 3:35 PM (9 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



35 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-06-10 1:27:29 PM  
Oh boy, I can't wait for us to bail out certain industries again and watch them use that money to scoop up houses on the cheap that they'll rent out for a tidy profit
 
2022-06-10 1:39:48 PM  
FTFA

andi doesn't foresee U.S. home prices falling nationally over the coming year. However, he forecasts this "housing correction" will likely result in 5% to 10% price reductions in significantly "overvalued" housing markets like Boise and Charlotte.


Housing is going to stabilize, and its going to be just fine. Declarations of another 2008 is pure wishful thinking
 
2022-06-10 1:44:26 PM  

Ass_Master_Flash: FTFA

andi doesn't foresee U.S. home prices falling nationally over the coming year. However, he forecasts this "housing correction" will likely result in 5% to 10% price reductions in significantly "overvalued" housing markets like Boise and Charlotte.


Housing is going to stabilize, and its going to be just fine. Declarations of another 2008 is pure wishful thinking


this.  so that 800 square foot home in Seattle will drop from $950k to $875k.

while that $250K home in Houston will drop to $245k
 
2022-06-10 1:58:11 PM  
Jump you farkers. From the roof of your "investment property."

2 storeys won't kill you, just maim you a bit.
 
2022-06-10 2:07:04 PM  
i.makeagif.comView Full Size
 
2022-06-10 2:52:33 PM  
Good. It needs to. And hopefully all the vulture capitalist foreign investors that have been buying up housing and real estate take a farking blood bath on it all. Die motherfarkers die.
 
2022-06-10 3:46:24 PM  
I would estimate a retraction for sure.  Flattening to 0% nominal would be optimistic.
compoundadvisors.comView Full Size
 
2022-06-10 4:07:25 PM  
Too Big to Fail, here we go again!

/ if only we could have predicted it
 
2022-06-10 4:08:15 PM  
Just got an email from zillow for a rural area I'm looking at

Fark user imageView Full Size


guess they didn't get the memo
 
2022-06-10 4:24:12 PM  
Whole buncha people acting like Dodd-Frank got repealed. Prices may fluctuate, but "the bubble" isn't really a thing anymore.
 
2022-06-10 4:49:44 PM  
OMG lets farking panic!  that solves gottdamned problems..

this is not 2007-2009 happening again.  we have had a dearth of single family homes for a decade or more.  the exotic modes of financing and trading debt don't exist as they did back then.

the past is not repeating this time.
 
2022-06-10 4:49:45 PM  
Fark user imageView Full Size
 
2022-06-10 4:51:46 PM  
Fark user imageView Full Size
 
2022-06-10 5:22:04 PM  
I'm so glad.  Money launderers were getting worried they might be the only ones in the market.
 
2022-06-10 5:22:23 PM  
Oh look, an economist working for a company that should have died 14 years ago found a dead canary in the coal mine.

We are all shocked, I am sure.
 
2022-06-10 5:24:23 PM  

Ass_Master_Flash: FTFA

andi doesn't foresee U.S. home prices falling nationally over the coming year. However, he forecasts this "housing correction" will likely result in 5% to 10% price reductions in significantly "overvalued" housing markets like Boise and Charlotte.


Housing is going to stabilize, and its going to be just fine. Declarations of another 2008 is pure wishful thinking


It could be a declaration of 1929
 
2022-06-10 5:27:12 PM  
Contractions are just practice until Labor happens.
 
2022-06-10 5:29:21 PM  
I came in here prepared to yell about how prices haven't dropped in my area (all real estate is local, I know). But thought I would check since I haven't in the past few weeks. And a smattering have drops of about 2% which isn't nothing.

More notably, there are a lot more available and they seem to be sticking around longer. So maybe there's something to that.

I have to decide whether to jump into a home or sign another apartment lease in the next few months, so I'm glued to news like this.
 
2022-06-10 5:40:09 PM  

BetterMetalSnake: I came in here prepared to yell about how prices haven't dropped in my area (all real estate is local, I know). But thought I would check since I haven't in the past few weeks. And a smattering have drops of about 2% which isn't nothing.

More notably, there are a lot more available and they seem to be sticking around longer. So maybe there's something to that.

I have to decide whether to jump into a home or sign another apartment lease in the next few months, so I'm glued to news like this.


Or just find something you can afford and buy it instead of trying to time the market. People like you are why financial bubbles exist in the first place.
I bought a house April 2021. Not because it was some incredible opportunity or an 'investment".  I just bought a house so I could live in it.  Even if the value plummets below the purchase price, I will continue paying the mortgage and live in my house.
 
2022-06-10 5:40:33 PM  
We are running out of fools? That's terrible.
 
2022-06-10 5:41:20 PM  
Secretly happy because my neighbors are putting their house on the market tomorrow. They're really nice, normal people that are my age with a kid that's around our kids ages. They're aiming for a bigger house in a fancier part of town.

/selfish, but who knows what kinda people will move in next door
//we're already in a nice part of town here
///if they do sell they will almost double what they paid for their house according to estimates
 
2022-06-10 5:59:01 PM  

neongoats: Good. It needs to. And hopefully all the vulture capitalist foreign investors that have been buying up housing and real estate take a farking blood bath on it all. Die motherfarkers die.


FWIW, focus your anger on the right targets.  72% of single-family-home real estate bought as investments for rentals are owned by individuals.  Boomers, mostly, who rode that longest of long economic expansions just right and kept that starter home instead of selling it, and now, everyone's doing it.  Sure, hedgies and VC's are into it now, but it's mostly just old f&ckers enjoying the fruits of that unregulated business.

Wanting them to die is a bit harsh, but, throw all the "teach your children well" hypocrisy bullshiat back at them, in regards to what they're doing now, with a flamethrower, is a good start.
 
2022-06-10 6:00:09 PM  
First he said:
Compared to the height of the pandemic housing boom, purchase applications are down 40%.

Then he said:
Additionally, he says, this historic run wasn't underpinned by a credit rush of bad mortgages like we saw in the early 2000s

Hahahahaha, no bad mortgages? What about all the PPP loan fraud? People going around buying brand new cars and trucks, gun fights at the Gucci store? The money printing presses that have not been turned off for year There is way too much money out there, if you haven't noticed. Oh right, we all have by all the inflated prices.

The money is going to run out. I give it 2 years, RIGHT before the election.

Book it, bookmark it.. That's my bet.
 
2022-06-10 6:02:18 PM  
The house across the street from me was worth 150k at one point. It is now a rental house and part of a 11 to 21 million dollar investment package. Zillow showed it was worth millions. It isn't.

It has been empty for the past 6 months.
 
2022-06-10 6:44:32 PM  
Oh good, maybe I can at least dream about buying a house again soon.
 
2022-06-10 6:45:41 PM  
Yes, but what does Cardi B think?

That's gonna be my go-to from now on. I wanna know what Cardi B thinks about housing.

Way more than I wanna know what Jim Cramer thinks about, really, anything.
 
2022-06-10 6:47:28 PM  

Wine Sipping Elitist: First he said:
Compared to the height of the pandemic housing boom, purchase applications are down 40%.

Then he said:
Additionally, he says, this historic run wasn't underpinned by a credit rush of bad mortgages like we saw in the early 2000s

Hahahahaha, no bad mortgages? What about all the PPP loan fraud? People going around buying brand new cars and trucks, gun fights at the Gucci store? The money printing presses that have not been turned off for year There is way too much money out there, if you haven't noticed. Oh right, we all have by all the inflated prices.

The money is going to run out. I give it 2 years, RIGHT before the election.

Book it, bookmark it.. That's my bet.


Done. You and NewportBarGuy have the same prediciton.


Fark user imageView Full Size
 
2022-06-10 7:48:22 PM  

Ass_Master_Flash: FTFA

andi doesn't foresee U.S. home prices falling nationally over the coming year. However, he forecasts this "housing correction" will likely result in 5% to 10% price reductions in significantly "overvalued" housing markets like Boise and Charlotte.


Housing is going to stabilize, and its going to be just fine. Declarations of another 2008 is pure wishful thinking


Yeah. Not terrible news for my current house, which inflated 25% in the four years I've owned it.

But not great news that was hoping for an over correction so I could pick up another place or two
 
2022-06-10 7:48:55 PM  

Another Government Employee: We are running out of fools? That's terrible.


Don't worry, the US has a surplus of fools.
 
2022-06-10 8:46:32 PM  

Red Shirt Blues: Wine Sipping Elitist: First he said:
Compared to the height of the pandemic housing boom, purchase applications are down 40%.

Then he said:
Additionally, he says, this historic run wasn't underpinned by a credit rush of bad mortgages like we saw in the early 2000s

Hahahahaha, no bad mortgages? What about all the PPP loan fraud? People going around buying brand new cars and trucks, gun fights at the Gucci store? The money printing presses that have not been turned off for year There is way too much money out there, if you haven't noticed. Oh right, we all have by all the inflated prices.

The money is going to run out. I give it 2 years, RIGHT before the election.

Book it, bookmark it.. That's my bet.

Done. You and NewportBarGuy have the same prediciton.


[Fark user image image 490x172]


Thanks for holding me accountable. We shall see in 2 years.

I don't mind being wrong, it means the economy is pretty sound.
 
2022-06-10 9:03:58 PM  
I've definitely seen in in my neighborhood.  The first two years we were here, houses were on and off the market in 2-3 weeks.  There are three that have been for sale for more than three months, two more at six weeks, and (insane) prices are being reduced.  I've only seen one sell since February.
 
2022-06-10 10:07:09 PM  

Ass_Master_Flash: FTFA

andi doesn't foresee U.S. home prices falling nationally over the coming year. However, he forecasts this "housing correction" will likely result in 5% to 10% price reductions in significantly "overvalued" housing markets like Boise and Charlotte.


Housing is going to stabilize, and its going to be just fine. Declarations of another 2008 is pure wishful thinking


There aren't enough shady loans in the system to cause a repeat of 2008. Plus unemployment is low and companies are hurting for workers. Mine offers good jobs with excellent starting pay and benefits and we're having a time filling all our positions. These are not the makings of a real estate collapse.
 
2022-06-10 10:08:25 PM  

Pats_Cloth_Coat: Just got an email from zillow for a rural area I'm looking at

[Fark user image image 318x155]

guess they didn't get the memo


Trust zillow the way you trust half scoop.
 
2022-06-10 10:24:04 PM  
Real estate is like love, my dad used to say.

Get lots while you are young.
 
2022-06-10 10:25:39 PM  
Seeing lots of price drops, few sales, at or below asking, lots of contingents, and lots of houses going on the market. Prices stopped climbing, but haven't dropped yet.

It's early. Interest rates doubled just over a month ago.

A .75 rate hike is coming.
 
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