Investor housing purchases in Phoenix are falling FASTER than during the GFC pic.twitter.com/gNzd5VFrFQ
— Darth Powell 🦈🇺🇲🇺🇦🇵🇱🇫🇮 (@GRomePow) September 14, 2023
Down from $2 million to only $1 million, in a few months, here in Tampa lol pic.twitter.com/AJGhyzokom
— Andrew Lokenauth (@FluentInFinance) September 14, 2023
California existing home sales have declined 47% from the Covid peak, a deeper plunge than the 38% decline in the US as a whole. It is difficult for me to paint a "soft landing" economic scenario when I spend all day looking at waterfall charts like this one. pic.twitter.com/JiE9C4CpNR
— Jeff Weniger (@JeffWeniger) September 13, 2023
Soooo……we didn't have a hotel shortage in 2019, but AirBnBs doubled due to temporary stimulus when inflation was low and no one had to make ANY payments.
Now inflation is destroying budgets, people are almost out of pandemic savings, student loans are back on, heading into a…
— Darth Powell 🦈🇺🇲🇺🇦🇵🇱🇫🇮 (@GRomePow) September 15, 2023
Affordability Crisis Worsens: Rising Home Contract Cancellations Hits 10-Month High
Housing affordability is in crisis according to a Redfin report, with record deal collapses in August due to skyrocketing mortgage rates and home prices. About 15.7% of home contracts were terminated, the most since mortgage rates surpassed 7% in 2022. High costs are causing homebuyers to abandon deals, with the average 30-year-fixed mortgage rate at 7.27% and monthly payments 20% higher than last year. With housing affordability at historic lows, experts predict prolonged high mortgage rates and reduced housing supply, trapping homeowners.
h/t Simian_Stacker