Housing market is too far gone.

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
21,781
Loserville. Population: 1
In for a full point increase by the Fed this week.

Goddamn, I'm generally pretty fucking retarded, but I was lucky enough to buy in 2018 and get a sub 3% rate. I'm gonna be buried in this house.
A week ago there was 96% confidence that the Fed was raising rates by 50 basis points with only 4% projecting a 75bps increase. Then the horrific inflation data came out and now that probability shifted to 91% probability of a 75bps increase, and only 9% probability of the 50bps. That's what has caused everything to go haywire in bonds recently.

1655228800125.png
 

stevezissou

OT Supporter
Jul 15, 2009
37,702
US
REAL ESTATE

Real estate firms Compass and Redfin announce layoffs as housing market slows​


  • In filings with the Securities and Exchange Commission, Compass announced a 10% cut to its workforce, and Redfin announced an 8% cut.
  • Mortgage rates have taken off since the start of this year, rising from 3.29% in early January to 6.38% now, according to Mortgage News Daily.
  • Home sales have been dropping for several straight months, and the fall is expected to worsen.
 

Remy Bressant

40 big girls and a bottle
OT Supporter
Jul 24, 2015
28,614
SoCal
REAL ESTATE

Real estate firms Compass and Redfin announce layoffs as housing market slows​


  • In filings with the Securities and Exchange Commission, Compass announced a 10% cut to its workforce, and Redfin announced an 8% cut.
  • Mortgage rates have taken off since the start of this year, rising from 3.29% in early January to 6.38% now, according to Mortgage News Daily.
  • Home sales have been dropping for several straight months, and the fall is expected to worsen.
good
 

2397

OT Supporter
Dec 27, 2007
4,840
FL
:omg: Bit nervous as I work for a homebuilder + joint ventures & all their finance arms

In IT though...
 

Cicada

Abraham $LINK’in
OT Supporter
Sep 30, 2008
125,721
SoCal
REAL ESTATE

Real estate firms Compass and Redfin announce layoffs as housing market slows​


  • In filings with the Securities and Exchange Commission, Compass announced a 10% cut to its workforce, and Redfin announced an 8% cut.
  • Mortgage rates have taken off since the start of this year, rising from 3.29% in early January to 6.38% now, according to Mortgage News Daily.
  • Home sales have been dropping for several straight months, and the fall is expected to worsen.
 

stevezissou

OT Supporter
Jul 15, 2009
37,702
US

Property prices PLUNGE by up to 20% across parts of US as buyers shun the market amid 'Bidenflation' and spiking interest rates​

  • Asking prices have plummeted by up to $400,000 in wealthy areas while poorer ones saw falls of $115,000
  • The round-up revealed the top ten cities across the country where the median price for homes have dropped
  • Toledo in Ohio topped the list with an 18.7 per cent fall, while Richmond in Virginia was tenth with 3.4 per cent
  • Meanwhile a separate report found one in 20 sellers dropped the asking price for their home in April and May
  • Despite the apparent trend, New York was one city heading in the other direction as real estate prices spiked
59077265-10916461-image-a-52_1655245721659.jpg



Where are all those who doubted me that we needed to raise interest rates and the market would come down?

@Mejnoon especially.

FED will raise at least .75 tommorow. Crash incoming and GOOD it needs to.

MXtujjz.gif
 
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Mejnoon

Well-Known Member
May 6, 2000
34,300
Omaha, NE

Property prices PLUNGE by up to 20% across parts of US as buyers shun the market amid 'Bidenflation' and spiking interest rates​

  • Asking prices have plummeted by up to $400,000 in wealthy areas while poorer ones saw falls of $115,000
  • The round-up revealed the top ten cities across the country where the median price for homes have dropped
  • Toledo in Ohio topped the list with an 18.7 per cent fall, while Richmond in Virginia was tenth with 3.4 per cent
  • Meanwhile a separate report found one in 20 sellers dropped the asking price for their home in April and May
  • Despite the apparent trend, New York was one city heading in the other direction as real estate prices spiked
59077265-10916461-image-a-52_1655245721659.jpg



Where are all those who doubted me that we needed to raise interest rates and the market would come down?

@Mejnoon especially.

FED will raise at least .75 tommorow. Crash incoming and GOOD it needs to.

MXtujjz.gif
You’re looking at asking prices, not solds ;)

We already established that many markets were seeing aspirational pricing - they’re coming back to reality. Sale comps don’t show a substantial decline in values and aren't likely to in most markets any time soon.
 

intro_vert13

∞/21M
OT Supporter
Feb 26, 2005
29,601
an offshore haven somewhere

Property prices PLUNGE by up to 20% across parts of US as buyers shun the market amid 'Bidenflation' and spiking interest rates​

  • Asking prices have plummeted by up to $400,000 in wealthy areas while poorer ones saw falls of $115,000
  • The round-up revealed the top ten cities across the country where the median price for homes have dropped
  • Toledo in Ohio topped the list with an 18.7 per cent fall, while Richmond in Virginia was tenth with 3.4 per cent
  • Meanwhile a separate report found one in 20 sellers dropped the asking price for their home in April and May
  • Despite the apparent trend, New York was one city heading in the other direction as real estate prices spiked
59077265-10916461-image-a-52_1655245721659.jpg



Where are all those who doubted me that we needed to raise interest rates and the market would come down?

@Mejnoon especially.

FED will raise at least .75 tommorow. Crash incoming and GOOD it needs to.

MXtujjz.gif
reported for POL content
 

Mejnoon

Well-Known Member
May 6, 2000
34,300
Omaha, NE
This is a solid analysis

There are an enormous number of housing units under construction,” says Bill McBride, the author of the blog Calculated Risk, who in 2005 correctly predicted the housing bubble and has since become one of the most reputable sources for housing market analysis. McBride says that housing price growth is going to slow and may flatten by the end of the year, as demand wanes and more supply comes onto the market. There is currently about two months of supply of houses on the market in the U.S., meaning it would take two months for all the homes available to sell, given current conditions, but McBride predicts that prices will stall if that amount reaches about six months worth.

 
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Reactions: Menger

DrewDown

Well-Known Member
Jan 4, 2006
22,859
Tucson
With lumber prices dropping like 50% I was just going to continue with my shop project and wait and see about a pool or any other upgrades. But now I'm wondering if I should just wait on everything. If we moved we wouldn't be cash buyers but we have a pretty decent amount to put down before factoring the sale price. Assuming the market doesn't tank to below 2020 levels and now we are upside down.
 

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