Housing prices rise despite more supply: Here's why
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- เผยแพร่เมื่อ 14 ต.ค. 2024
- CNBC's Diana Olick joins 'Squawk Box' to discuss the housing supply impact on prices. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/42d859g
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How about building affordable homes??? Or not allowing hedge funds to buy neighborhoods???
There’s just no profit in building affordable, at least for some states. In California they did a study on this and it would cost builders nearly 200k in losses per unit to build affordable condos. Single family homes would even have a bigger loss. The only path would to build more expensive homes and eventually older homes would become more affordable as more supply becomes available.
@@kalijasinthe bubbles gonna pop and peoples home values will be cut in half or worse
Notice how they don’t mention if corporations are buying these new homes, adding new homes means nothing if they are not bought with the intent of people living in them. Corporations should not be landlords
The issue is these corporations buying up residential areas. How is it considered residential area if all of the properties are owned by a corporation who are operating a business through these properties
Average property tax and mortgage insurance 10,000 to 12,000 for prce tag 0f $300,000 house. How the people can afford annual property tax and insurance more than $10000 plus monthly mortgage and utility? How much money people need to make to afford a house?
You are not very good at real estate news. You have to look and see if people are trying to divide their large homes into smaller units. You can have a reverse keeping up with the Jones's. You see it in college towns. The high price of dorms convert houses into dorms. It's a perplexing situation where the large home is actually a cheap home. If your neighbor adds an apartment to his house to make it income property and you have to do the same to keep up it's the opposite of adding a morning room or some crap like that. it's shrinkflation in housing. It's funny because there were people looking for houses during the housing boom who were living with their parents and children as a married couple and they were looking to move out for more space. But then they're going to have to add a cousin to the bigger space and be right back where they started.
The house with 2 master baths ends up with 2 couples sleeping in it when the couple who bought it expected individual master baths. When you have a large house you get that. And you have to tell your family and everyone to go to hell. If you leave india for america and take everyone with you when you get a bigger house, you might as well have just stayed in india. You're the problem and not the country. You're just jealous of other people.
People paid so much money for homes in 2020, 2021, that they cant get out of them. 🤣
Rates were 2%-3% of course they can’t get out of them because they choose not to sell
@@EdwinGarcia-bn2lw
Pretty clear you don't know much about the housing market
@@NunYa953 agreed with u
@NunYa953 I bet you have no idea how housing market works 😅
Joe Kernen always sounds like he has 2 martinis with breakfast (which I respect)
Home values are declining in Georgia.
Houses priced below the median sell in one week.
Glad they count permitted houses and houses under construction in their definition of “supply.” Really takes all meaning out of the word. The 20% finished is what matters. So not 9 months of supply, 1.8
By far the dumbest comment I’ve read today. Thank you.
It says over 70% of Americans cant afford a median priced home thats insane....thanks comrade kamala
Homes are sitting in 87 of the top 100 markets in the country. No one is buying a house except for the north east and CA.
Diana Olick is always the best analyst.
Hahahaha I can’t tell if this is sarcasm or not.
Either way it made me LOL
How does current homeowners sitting in their current homes instead of buying their next ones constrict supply if those supposed "next homes" are instead now available for everyone else to now buy?
In the past it was common for elderly people to down size and sell single family homes to young families while moving into condos or town homes.
Now they do not because they have low interest rates and also are the generation of "whoever dies with the most toys wins" So they HODL instead of downsizing and pulling out their equity.
They also don't need the equity from their house because they have voted themselves huge social security payments that are bankrupting our country at the cost of the young working age population.
DING DING DING! There’s not enough people (demand) to buy those homes. If someone is buying a home I’d imagine they’re going to be pretty serious about it. However, sales are at one of their lowest levels in history. This tells you one thing: There’s no demand.
We no longer have a mortgage, my husband is retired and wants to travel to Thailand. We don’t splurge, but inflation has hit hard, and I want to relocate while DCA-ing into his TTSA, which is less than $400k. I'm cautious with rising costs and have discouraged the idea due to current insecurities.
Those existing home sellers who thought their floors were made of gold are going to find out otherwise. Nobody in their right minds wants what they bring.
Housing prices have been falling over the last decade when measured in the Bitcoin system I use. I imagine it’s having an opposite reaction from the fiat system that is counterfeited by a few.
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
Yet!., Major Retail Chains Stores & Restaurants going Chapt 7 Closing!
Yeah, cause retail and waiters buy houses..😂
@peterbedford2610 ..I'm your dreams!
Lots of people ditched high prices areas and bought affordable housing stock (and also jacked up the prices in the process) and now those companies can’t keep people employed to operate properly. Same goes for Airbnb destinations, if everyone is working from home who’s going to work the graveyard shift at the gas station?
If people stop buying and those prices will come down. Boycott
STUPID ON STEROIDS
Yes exactly! 🎉do not buy at these prices and they will have to lower prices
Have no fear a reccession is here. No matter what most people are saying, the economy has lost 1.6 million jobs in the last 12 months. Excuse me for the reality .
Bubble about to burst
No, we are not in a housing bubble. We were the last time, and I called that in 2004. This time we just have the largest generation ever trying to buy homes, and there are not enough, thanks to 2010 lending regulations that slowed building growth what we needed.
Why are there a bunch of new homes sitting on the market then? Where are all those buyers clamoring to buy whatever scraps they can? Oh wait, they already bought! 😆
@@jesse_- it's a bubble, but cope more
Wrong. Boomers don’t need to worry about selling and interest rates if they can pay cash for a home when downsizing.
My boomer parents bought in 1980 on Long Island. Price, rates, and inflation were so high, we had to move out to the boobies and my father had a long commute everyday. Now they are good, but for the first ten at first ten tough, then we moved out of state to a less expensive state. Why are young people no longer relocating like past generations? My cousins and many of my friends on Long Island moved out of state, many to the Carolina’s where it’s significantly less expensive. They sell their tiny homes and bought McMansions. Why are people no longer doing this?
During the pandemic many bloomers were leaving labor force.
Materials and the Labor cost are the main factor for high price homes. We need to bring in more those hard working Mexican workers in the country. That's what we need to do.
Do you think young kids today like to work in home building, electricians, plumbers, or construction?
Don't dream Gen Z? Millennials? Gen X? are going to build home for us.
For this reason the house price will never going to be lower than today price.
Have you seen those cookie cutter tier 1 new homes? Surprised it only takes 9 months to offload them.. yuck!
The 10-2 has yet to reverse course. It is a possibility to see housing dip. I had a dream 2 weeks ago that housing was dipping in February. The 7 million immigrants make me believe housing will continue to go up. It's interesting seeing the lower end housing get bought up.
All is well folks! Keep buying!💪💪💪
We recently bought a newly built retirement home. Nice to have a warranty and less maintenance. Previous older homes maintainance costs thru the roof
Many do not want to move from their previous 3% mortgage
Many builders offering mortgage discount first year.
Housing is expensive where the jobs are. Location location location
Contractors keep building housing that working folks cannot reasonably afford. Then talking heads wonder why young people just say "No", refusing to be shackled for the rest of their lives to such an albatross.
Just rent.
The dollar becoming so devalued from all the inflating of monetary system through QE,PPP, Unemployment, causing inflation. Gold over $2400/ounce reflecting devaluation. Home prices will thus not drop too much as so many more dollars needed to buy the same thing. Yes, inflation slowing which means still rising but slower pace.
Banks underwater with commercial real estate. Banks underwater with all these 3% 30 year mortgages. Banks being hit by more bankruptcies because of historic 1.3 trillion credit card debt. Car dealerships overstocked, LOT ROT. Car give it back crisis, repo’s etc. banks pulling away from car
Loans
Both domestic and foreign investors park funds in SFR homes. Congress needs to step in and forbid this.
Congress needs to 3-4X the cap gain exemption on sale. Boomers don’t to sell due to massive appreciation over the past 40 years, which will trigger huge tax liabilities. UPDATE THE DAMN TAX LAWS!
Until affordability is addressed, the housing market will continue to have issues. Interest rates are an issue, but nowhere near as big as affordability.
There are tens of millions of illegals in various stages of being "housed" using deep pocketed taxpayer monies, therefore it doesn't matter what the FOMC sets rates at. If you want to normalized the real estate market, you must change the fiscal policy which can only happen by removing the Democrats.
you wouldn’t be here if it wasn’t for the Magnuson Act so you’re a f@&kin hypocrite!!!!
Immigrant calling others illegals is the height of hypocrisy.
@@kalijasinnice joke. But a legal immigrant came with permission where as a illegal gate crashed.
Decreased interest rates is inflationary
But is supply outpacing demand?
I do get it why media telling the truth 🤷♀️🤷♀️🤷♀️😮😮🙃🙃🙃🙃
FOMO?
Your house will make you poor.
But I can tell everyone I am a "homeowner"
I’m up $100,000 in 2 years. I had to paint a couple rooms 🤷♂️
Did you try selling it? 😆
Low 5's would spark a boom.
Stop buying overpriced houses at higher interest rates. This market is absolutely WHACK and consumers are to blame for voting with their dollars to support it. Have some self-control and patience instead of paying top dollar. FFS.
I’m an odd ball because i seriously think the market is going to crash big time in the near future. To the likes we’ve never seen like the boom we never seen.
New homes are junk.
If a baby boomer downsized. Wouldn’t they pay cash for the new house?
That all depends on how much equity they have. My parents did that, but my in-laws mortgages their equity, so they would be like first time buyers. Keeping up with the jones is just not worth it.
Housing prices, apartment rents, the OPEN borders, economy, crime out of control this is what is on Americans minds.
its just like stocks, and the economy. The market is bifurcated, only the expensive homes in high quality areas are going up
No prices are going up. Uneducated buyers will always over pay at the tail before major crash.
Supply and demand ppl won’t buy
FJB
Bitcoin > Real Estate. I'll pass on the golden handcuffs, taxes, upkeep
I’m already 90% all in on crypto. SOL and Doge are going to make real estate returns look like a peasants investment income.
non buyers then drive up rents.
She’s lieing
She has to lie or she doesn’t get paid.
It’s a bubble
Yup rich get rich and poor poeple wont ever buy a hoise 105,000
Nah. Just gotta ride the wave and be patient. I bought plots of land for $500 each in a few cities in 2010 and sold the majority to developers who built condos, breweries and manufacturing plants. I won’t tell you how much they paid but I can tell you these guys were absolute idiots. Being rich doesn’t make you smart-
I call for a SOCIAL REVOLT!
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I've been considering but haven't been proactive. Can you recommend your advisor? Could really use some assistance.
"Nicole Anastasia Plumlee" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip.