Wait for the numbers as more illegal aliens leave or are deported. The price of used cars is also expected to decline for the same reasons.
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I don’t think Long Island, NY is suffering. My friend told me someone just sold a house that was built decades ago for $720,000. A middle class neighborhood with property tax rates of $12,000.
Given the insanity of rising prices during the flu is going to need to be a 25% or more drop to get even close to sanity,probably lower actually with rising property taxes and insurance increases.
I am a cash buyer wanting a small home with minimum 50 acres,am still and probably for a long period of time on “buyers strike”.
June, HALF of the top 50 metro areas saw year-over-year home price declines.
Which means the other 50% saw price increases, even Cleveland with over a 4% increase the last year, in the heart of the rust belt. Not bad, not bad at all. Just negative people writing articles.
The bubble hasn’t popped yet. Might be getting close, but that remains to be seen. House next door to my mom’s went on the market today, and is asking $480,000 for a one story mid 1950’s 3 bed/2 bath ranch. Granted, it has a large back yard, and an in ground pool (that needs major work) but is still outrageous. Will see if the seller gets any bites.
My parents bought a three bedroom brand new ranch in 1956 on Long Island on a 59x 100 plot with a one car garage for $17,000. I would say the bubble has popped long ago. Who in hell wants to but a house for $480,000 in 2025? The bubble popped.
Some people might “want” to but literally can’t….. not even close.
I’ve asked myself that same question repeatedly, and yet even in the last 6 months I’ve continued to see houses locally sold for similarly outrageous prices. Apparently there are enough well monied (or heavily mortgage indebted) idiots around who insist on keeping the game going. It may have slowed, but is sure hasn’t stopped yet. And believe me, I want very much for it to stop.
It is out of control, and a crash is needed to clear out the BS and re-establish some sort of sanity in the market. But, as the single biggest asset held by most people is their home, and it thereby represents an enormous amount of “paper wealth” and self-perceived status, most people don’t actually want the housing market to correct. It has become an American institution to feel entitled to easy 10% YOY “gains” in the market value of one’s home. Should a correction finally occur, it will shatter the myth a lot of people hold near and dear that they will be sitting on a whole pile of money, when they finally decide to sell.
Of course, no consideration is ever given to the fact most of the proceeds of such a sale will have to be plowed back into buying another home to live in, or if moving into a retirement or nursing home, that the cost of same will eat every penny of one’s putative gains, and then some, precisely as designed. Very seldom does someone actually realize the profit from the increase in value over time. At best, their heirs may make out like bandits by selling the house while settling the estate.