Now the mainstream media is picking up the housing crash story.
Redfin is reporting that there were 201,000 homes for sale in Florida in May which was up 40% YOY!🤦‍♂️ 💥
This is a regional story but we are are entering the end game in the Florida housing market. pic.twitter.com/qjkcxEhaMA
— QE Infinity (@StealthQE4) July 8, 2024
This is going to be catastrophic for many banks.
The ripple effect of this will be felt everywhere on Wall St.
Don’t forget TX is rolling over too
— QE Infinity (@StealthQE4) July 8, 2024
I'm seeing the crash in my area. I guess the builder got tired of paying the taxes, lol. A slightly bigger home sold for 780k about 6 months ago, across the street. I'm guessing it will sell for 730k. I keep seeing price drops recently on other homes in the area. pic.twitter.com/0oLnAfhL04
— MacroSpeed Economics (@MacroSpeedEcon) July 8, 2024
A massive housing bubble has developed, and is about to pop, in the South.
The number of new homes for sale in the Southern Region (FL, GA, TN, TX, etc.) has spiked up to nearly 300,000.
This is the highest level of all-time. Even higher than the previous bubble peak in August… pic.twitter.com/bVB9vCQl4I
— Nick Gerli (@nickgerli1) July 8, 2024
2) The builders in the South have gone absolutely crazy, and continue to pull single-family permits at an extremely high rate.
Many are adopting a mid-2000s perspective of "build it and they will come".
However, the demand has dropped off precipitously. With new home sales in…
— Nick Gerli (@nickgerli1) July 8, 2024
Homes listed for sale in Colorado Springs, Colorado, per Zillow.
In the summer of 2021, there were less than 400 homes on this map.
2022, about 750.
2023, roughly 1600.
Two months ago, just about 2550.
Today: over 3800 and climbing.In peak selling season. pic.twitter.com/bNCrmeuJpS
— Uncle Milty’s Ghost (@his_eminence_j) July 7, 2024
BREAKING: The median new mortgage payment now requires 41.4% of the median US household income, according to Reventure.
To put this in perspective, even at the peak of the 2008 Financial Crisis, this metric topped at 39.3%.
On a post-tax basis, new homebuyers are spending over… pic.twitter.com/m036XstP5q
— The Kobeissi Letter (@KobeissiLetter) July 8, 2024