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What is next
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Employment
Corporate profits
Recreational vehicles.
I pass 9 RV dealerships to and from work. Not an inch of room on any lot to park another trailer and not a customer in sight.
In real estate currently. Many agents are still pricing from Q1 in my area and the market is already away from that. I’m able to still sell houses relatively well but I’m not mincing words with my clients. I’m telling them that unless they want to stay on the market 90+ days then we’re gonna have to price aggressively under market to get it done in the timeframe they want. Most agents don’t want to have this discussion with clients so prices here appear unchanged but almost no one is selling at that price.
Truth is in the numbers- in my area (DFW) there were about 3k new listings the last 7 days. But there were 4k price reductions on existing properties and only 2.2k closings. Earlier this year there were virtually 0 price reductions and about the same or more closings than new listings. Shift is already here but most agents don’t want to hear about it.
I started in the last recession, so I’m gonna still be around when this one is done too. But any agents who started in the past 12-24 months are gonna be in trouble if they haven’t saved some money. Once people realize what’s going on they’ll panic and there will be few new listings and very few buyers cause they’ll be scared to do anything. And if you don’t have a warchest to ride out 6-12 months you could be looking at a new job, or will need to work 24/7 to stay afloat. New market is here, the numbers just don’t show it yet. And when they do that’s all anyone is going to talk about on the news for months lol.
TL;DR: Housing market is already falling, but no one is wanting to accept that yet so it looks like nothing is happening yet. If you’re in real estate get ready to hustle or find another job cause it’s gonna get difficult for a while.
Motherfucker is still at door #1
What is next?
A return to normalcy. This market has been articifically hled high by money-printing and rock-bottom interest rates.
It was never meant to last.
Jobs -> Housing in that order
There should be a pic with blood trails back to stocks and cryptos too lmao this aint over
Haha you Think he is done with stonks
Naw, auto repos are next. They’re already rising at a staggering rate.
Sports cards as well
Who bought a house in the last year? 
I feel like I bought my interest rate not my house. But at least it’s 2.8%
I’m a loan officer.
We hit 7% rates this week. It’s causing significant demand destruction. I have a (less desirable, secondary) market nearby where the average household income is roughly $75k. Average home value is $335k. I literally can’t approve an above average income to buy the average home in their market.
Prices are going to drop significantly. They already have started. The same monthly payment today got you twice the purchase price a year ago.
Homeowner equity is going to evaporate. I’m not going to say MBS is going to have any significant issues, at least initially – because for anyone who has owned 3+ years there should be substantial equity after the last two years, and the underlying loans are good this time…
The Fed has been the main buyer and backstop for mortgage rates. They aren’t buying, and nobody else is either. There will be higher rates. Home values will drop hard.
Stocks ain’t over until AAPL and TSLA fall. Those two motherfuckers are actually holding up this market lol. Gonna be a lot of margin calls when they start slipping.
Please for the love of god let’s see 10-15% declines. I’ve got savings I’ll put down 40% now get a decent monthly payment and either refinance later or pay it down faster. Fuck these prices
When shits to good to be true, it usually is.
If you buy an asset that increases by 100% in one year, you must be a idiot not i lock in some gains.
Bank of America just announced the return of sub-prime mortgages….so pretty accurate!
If jppow isn’t bluffing about interest rates, it will happen.
Layoffs are happening now. Too many companies hired too many people in the last few years.
Source: I work in talent acquisition. And was laid off by a major software company this month because they stopped tech hiring.
God I hope so
Bold of you to assume stocks and crypto already got their smacking.
Got real lucky and sold my place 3% down from Feb price
Lithium stocks
We probably shouldn’t have lowered rates so drastically in 2020 in the first place. Some gradual lowering is fine and then see if you need more, dropping it straight to the bottom was reckless.
*Commercial* real estate. We’re not building nearly enough housing to ever see another totally bananas real estate crash like 2008, imo. We have a three million + unit shortage in the US alone of a resource that is subject to inelastic demand. The lavish excesses of price may come down somewhat, but we’re never going back to y2k pricing.
Commercial real estate, though? Well, I’m pretty sure that’s 99% of the reason why a lot of the establishment players are desperate to squash remote work.
The yen, pound, euro etc . Every currency that is not USD
need to fire everyone first 🙂
Get your HELOCs now!
Interest rates make the new buyers mortgage rate way more expensive
The real meme is thinking stocks and crypto are done with.
You can tell in here who lived through 08 and who slept through American history class when it came to the housing crisis paragraph.
08 isn’t happening again kids. This is not at all like 08.
Actually, everyone wants the real estate market to crash… that’s why it wont.
To be honest, these is out of control… Something extremely big it’s gonna happened.
European REIT’s are already getting slammed. Vonovia (the biggest German residential REIT) halved in value since January.
Feels like they left no where to hide our wealth.
I can say my friend is a real estate agent and he’s working more at his parents brewery because houses are not selling, even when they are “reduced” . Strap your self in, were going in to some 2008 stuff again
Please, it will bring in a golden age here in Canada at least. Watch how innovative people can be when they don’t have to spend 60 hours a week working to pay their bills, while the landlord class sits on their ass not needing to be innovative.
Capitalizing off of real estate is akin to taking people’s money to allow them to breathe and it’s really holding us back.
not anytime soon. Still not much inventory and banks such as blackrock and foreign investors will just buy them up even faster.
Gay bears once the market starts to recover while things are still getting worse like it always does and they still short the market because “it’s a bull trap” and “there is no catalyst”
Real estate going down will affect stocks. People who had any money in stocks will sell to keep their homes.