US - Housing 03 (Aug 20 - Dec 26)

[behappyalways]

The rent is too damn high!

(and yet owning a home costs almost $1000/month more)
https://twitter.com/Mayhem4Markets/stat ... 7214340123

[behappyalways]

"Getting Cold Feet": Rising Home Contract Cancellations Hits 10-Month High As Affordability Crisis Worsens
https://www.zerohedge.com/markets/getti ... ordability

[behappyalways]

Homebuilders Finally Face Reality, Confidence Plunges In September
https://www.zerohedge.com/markets/homeb ... -september

[behappyalways]

$250 Million NYC Condo Sees Price Slashed To $195 Million After A Year Without Selling
https://www.zerohedge.com/markets/250-m ... ut-selling

[behappyalways]

Mortgage rates hit 7.75%, the highest level since 2000
https://twitter.com/Mayhem4Markets/stat ... 1305784365

[behappyalways]

US Home Prices Hit New Record High, Despite Soaring Mortgage Rates
https://www.zerohedge.com/personal-fina ... gage-rates

[behappyalways]

Something Popped: Google Searches For "Sell My Airbnb" Surge As Travel Downturn Worsens
https://www.zerohedge.com/markets/somet ... rn-worsens

[winston]

No Housing Crash?

The housing market crash that everyone has been predicting for two years now is likely to never come because of an enormous housing inventory shortage.

Sure, if the Fed lowers interest rates in 2024 and the gap between the effective and average mortgage rates narrows, more homeowners would be inclined to sell. But lower rates will also energize a whole army of sidelined prospective buyers.

After all, we’re still hearing that in most markets, there are at least four to five bids per home. That means for each home that sells, there are three or four people still looking for a new home.

To meet all the demand, housing inventory would have to triple or quadruple. And that assumes demand doesn’t go up with lower rates.

In short, the housing market isn’t crashing, now or anytime soon. Instead, it is likely to boom as lower rates energize a whole army of sidelined demand in 2024.

Source: Hypergrowth Investing

[winston]

Priced Out

Existing home sales in September were the lowest since 2010.

The 30-year mortgage rate is 8%, the highest since 2000.

Meanwhile, limited supply is propping up prices.

The median price paid for a home rose 2.8% to $394,300.

Its little wonder why first-time home buyers dipped to just 27% of sales. Typically, they account for 40%.

Source: The Street

[behappyalways]

As Mortgage Rates Hit 8%, US Housing Affordability At Lowest Level Since The '80s
https://www.zerohedge.com/personal-fina ... el-80s-nar