The Residential Real Estate Post-Crash Index-Moderated Message Board

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Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated

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To: bull_dozer who wrote (119155)	8/24/2022 3:53:11 PM
From: bull_dozer	Read Replies (1) of 119358

Termites in the Woodwork The Feds created another housing crisis. Now the cracks are beginning to appear... Bloomberg: Home Sellers Are Slashing Prices in Pandemic Boomtowns Redfin found that 70% of homes for sale in Boise, Idaho, had their price cut in July, the highest share of 97 metros. The American middle class stores its wealth in its houses. But now termites have gotten into the woodwork. In July, new house sales hit a 6-year low. Existing house sales are down 20% from last year. And the median sales price has already dropped 5% since last year. The housing market is slower to register changes than the stock market. It takes time to match up buyers with sellers and for trends to express themselves. Already, the supply of houses for sale has risen to almost 11 months’ worth of inventory. That is the highest level since 2009. This suggests that house prices will fall a lot more before they find their bottom. And America’s middle class will be poorer. bonnerprivateresearch.substack.com

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