Excerpt: After unexpectedly surging in March, new home sales plunged 4.7% MoM in April (considerably worse than the 2.2% MoM decline expected). This dragged new home sales down 7.7% YoY…
New home sales median price remains near record highs…
Mortgage rates above 7% continue to plague existing-home sales, which are “stuck,” National Association of Realtors Chief Economist Lawrence Yun said last week.
https://www.zerohedge.com/markets/us-new-home-sales-tumbled-april-amid-further-downward-revisions
Here are some of the reactions–
ted: great news! this means my “property” taxes will be coming down accordingly
in: those “downward revisions” are for glossing over the rosy numbers they put out previously – not for glossing over your rosy financial situation.
pay up and keep consenting, peasant.
Free: I’d like to see the current run rate percentage of home acquisitions that are from private equity. Last year it was 44% and I’m guessing that’s growing in 2024’.
crypto: It means taxing authorities will be ramping up tax rates.
Tggr: Property taxes aren’t going anywhere but up: New home sales median price remains near record highs… Inflation fixes everything, and unfortunately, that’s the FED’s game plan is measure today’s debt against tomorrow’s inflated dollars.
Missing from the data. New single family home construction is not what you think it is. A large component of new single family home construction is now size-diminished multi-unit rental units owned by private equity funds. Home ownership is not part of the plan. You will own nothing and you will be happy.
And anyone with owning and existing home is now being incentivized to pi$$ off their neighbors and convert their home to a multi-unit dwelling and take in borders.
NoDebt: I’ve been watching YouTube vids lately about a home inspector (cyfyhomeinspections) who goes through those new McMansions pointing out all the VERY SERIOUS problems with them. I mean, structural stuff, electrical stuff, not just cosmetic problems.
People are going to die in those houses.
clot: If you bought a home built after 2000, you would know they’re built like ****.
Mount: Here, housing prices have become insane. If we tried to purchase our current home and land in today’s market and interests rates, our mortgage would be over $5,000 per month on a 30 year! And that does not include the insurance, which went up 50% in one year, nor the taxes, which also climbed 40%.
Jz: It’s that way everywhere… and if you think it’s a great time to sell… well it’s a zero sum game… If you sell, the next house you buy is going to be just as overpriced as the house you just sold.
Ism: the AI bubble is pretty strong, as companies see a way to replace their human workers with AI. but that will kill off demand from humans. wait until Trump is elected and fires many of the government workers and cuts programs. that will really drive a stake in the heart of this fake bloated economy.
213: I stopped caring about owning a home lol.If it happens, it happens. But I ain’t moving 45minutes from downtown into a D.R. Horton home that is made of sticks and twigs.
The Average homeowner is also married, old, and commutes an 1hr+ a day.
You need dual income most of the time. Divorces rates are 56% and sexless marriage and staying together “for the kids” is probably another 25%.
28yo renter bachelor> 40yo married dead bedrooms male with 200k equity.
bANNED: Median price is up because only the high end homes are moving. Banks won’t loan to the folks in the low end of the market, so they cannot buy even if they wanted to.
If you price the same house vs a year or two ago, you’ll see prices are starting to decline. And when there is a significant standoff between buyers and sellers, the buyers win. Buyers who can’t get a loan aren’t buyers. Prices have to come down, and they are.
everything: I’m watching rentals pop up faster than ever have seen before in my life.
Jack: The government will Jack up the housing sector! You just watch!
Deep: Who is climbing the equity ladder? It ain’t the rent-serfs.
Delivered From The Mainstream 