Problem is foreclosures. They havent happened since the pandemic. People literally in a house who havent paid for years due to backlog in judicial systems and lag in the ability to foreclose due to the government intervention and other factors. To me thats one of the main reasons we haven't had an explosion of inventory as well as evictions. Wait til it catches up and evictions skyrocket
That and people taking money out of equity. Many are broke. Look at credit card debt. Once they are no longer able to pay those houses will end up in foreclose. Waiting out right now will pay off in the long run
@@Teknomanslade2 yup! The true numbers are staggering. Another thing that has been happing is/are lenders are automatically enrolling these delinquent borrowers into reduced payment plans, then they wrap these new mortgages into MBSs and sell them to investors. This is also how these “foreclosures “ go unreported and gives the borrower more time in a house they will ultimately lose. Crazy times.
I’m in North county San Diego. I’m seeing 10-15 percent price cuts. Home sitting in the market 50, 60, 70 days. Single family homes. I haven’t really paid attention to the apartment condo townhome market but I believe it’s even better. No choice but to sit out even with a VA loan but Im ready to pounce if the right deal becomes available.
Hold a little bit more man, the only reason why there is only 10-15% cuts is because all those idiots that run in to Florida and Texas to buy houses and try to flip them they are eating their loses in those states and running back to try to save their ass by buying on low season october 2024- march2025 and they expect people will be force to buy on high prices on summer 2025, but people is just broke 🤣it will never happen, those cuts by end of high season 2025 will be 20 to 30% and who knows there is so many desparate idiots living a life they cant afford, specially after all the tech layoffs that we might start to see a bunch of foreclousures or people just walking away from their debts.
@ I totally agree. Single family homes in San Diego are unattainable for a majority of people who live here. Wife and I have been full time RV living to save up enough for a home for about a year now. Re zoning land for starter homes under 1400 square feet is needed. Maybe some tax incentives for builders. We’ll see what happens.
Houses in your area have been greatly overpriced for a long time, I'm certainly not surprised they need to reduce their asking price if they want to sell it
Where I live homes are now taking 30x longer to sell.. meaning they sell in 30 days haha. That's only half a joke because a few years ago it wasn't usual for a house to have a contract on it, over ask, within 48 hours. A friend of mine sold his house and had 17 offers in 36 hours.
@@jacinedelarosa6302 Because they are liars and want attention. And when I ask, they never respond. I invest. I could help them but they just like being victims.
Buying cash is one thing, and good on you, but to have bought in 22-24 with the hopes (or being lied to) of refinancing to a sub 4% rate is just crazy work. Diabolical. Being house poor, is like driving that 1500$/m F350 dully to your apartment. It’s just sad people are being taken advantage of, still!!!! 😢
Agreed, plus energy and inflation costs in last two years have also skyrocketed, buyers maxed out their approval amount with Susan the realtor saying "date the rate, marry the house". I am seeing two year homes resurface after capital gains timeline
@ it’s okay if you fomo’d. Here I’ll explain the truth for you. Eventually you’ll be able to refi that bad VA loan you took. Unfortunately; you’ll have to pay fees and start your amortization schedule over, but at least you’ll have extra monthly income. Here’s the rest they won’t tell you: 1) the short term outlook is not great for refi if you put little to no money down on a house bought in 22-24 2) even in the best performing markets, and with the above noted, you’ll need close to 20% equity for a refi. Sorry. 3) rates will remain elevated, short of an economic collapse. 4) you’re more likely to see gov help shore up and foreclosures hit hard before significant rate drops!
@ people who are house poor lose their mortgages. Thanks for following along. You’re learning. ;-) Did you refi that 6.75% va loan you took out in 2012? I’m guessing your credit is better, as in 2012 a rate that high means you were like in the 450-550 range!
@@Khmer_SiemReap It will be cheaper to fix them up than to rent. I plan to sell my house eventually but am still improving it because I want to enjoy it in the meantime.
Just put in an offer yesterday, about 10 percent below ask (we'll see) The house was sitting on the market for 3 weeks now. Yeah, it's much more expensive than what it was few years ago, but still makes financial sense than renting if we stay for next 5 years. (edit: is 10 percent below ask)
This time its not the constant refi 2005 to 2007 but Home Equity Loan dipping. Banks have made it very easy for Home Owners to increase their payments with the very easy pool of cash from their home!
The Equity Share Mortgage enables homebuyers to purchase a property with the mortgage provider taking a maximum 49% ownership stake in the house. This allows the buyer to obtain a mortgage for 51% of the property value, reducing the capital, down payment and income requirements for homeownership. When the property is sold, the mortgage provider receives 49% of the resale price as co-owner.
2006 didn't bottom until 2011 due to real estates lack of liquidity. Stocks started declining mid 2008 and bottom by February 2009 due to liquidity. Real Estate peaked in June 2024 with just a 4% increase over 2022 which was a long peak for US Single Family Dwellings. The State of California is facing it biggest deficit in history at 68 Billion Dollars! As businesses keep leaving the state there will only be one outcome.
Around the Great Recession, lending requirements for homebuyers were extremely loose (about 10x now) so there were a ton of bad loans. That all changed in 2010 due to the Dodds Frank Act. Much different than comparing the housing market to the stock market. The national deficit is concerning though and no one seems to have a solution that would be acted on.
@ business and wealth was not leaving California in 2008 like it is now! There’s 19.6 million tax payers in CA. The deficit is 3469 per taxpayer. As many of the high end taxpayers leave that number will grow. And then there’s Buffet. Very Heavy Cash!!!!!! When real estate has difficulties so will the economy. Trump will cutoff a lot of the Federal dollars to CA and give it to Florida his home state. To the victor go the spoils! It will be a very long winter in CA.
@ and then there’s the Massive Debt. In 1980 since the Dollar was no longer tied to Gold everyone was dumping dollars to buy their favorite hard asset until Volcker crushed it. Now if the dollar gets dumped again like in 1980 the FED has NO CHOICE! Especially if there is a major conflict on the horizon the FED has to make it cheaper. It’s going to be a very long three months!
Then come February the Federal Government will begin the age old round ups. You can ask Native Americans, African Americans, and Japanese Americans how that works and it will affect CA the most.
@@JasonWalter1 Economic conditions played a much larger factor in the last real estate downturn than lending standards did. 66% of mortgage failures originated from prime borrowers. The primary reasons were being upside down and/or financial hardship. Subprime was a small segment of the overall market concentrated around lower income neighborhoods. When the current economy enters the inevitable recession, low rates will be trumped by job losses, just as during the GFC. Consumers debt and costs are currently several times higher than what they were 16 years ago while the savings rate is much lower.
And yet people are still being stubborn with unrealistic high housing prices. Still seeing 400k homes listed for 550k, but it’s ok every 30 days they sit they’re dropping the price by 1%. Come on people!
The US dollar was devalued after Trump printed up several TRILLION DOLLARS the first time he was president. That's why prices seem so high. Our dollars are worthless in 2020 and beyond 😢
Small areas tend to have more significant variations in housing stats due to a lower amount of sales. So inventory, sales, prices, etc. can vary quite a bit each month.
Now is the time to buy , next year things could be very expensive , inflation will be back and rates will be down causing more people in market causing demand pressure .
I disagree with this inflation narrative. Do you anticipate getting a 50% raise next year? Do you know anyone who anticipates getting a 50% raise next year? No? I rest my case.
@@nitroneonicman That is exactly the reason why prices are going to increase. Prices dont increase because people are getting a raise, it's because of supply and demand. More people in the market and less supply means there is more demand. and most existing homes are all paid and hence no pressure on sellers to sell, and we are at historic low foreclosures. Prices ONLY go up.
@@straightdrive6192 but you said the key word... Foreclosures... There has been a ticking time bomb with foreclosures since the pandemic. There are people literally in a house who havent paid for years due to backlog in judicial systems and lag in the ability to foreclose due to the government intervention and other factors. To me thats one of the MAIN reasons we haven't had an explosion of inventory as well as evictions. Wait til it catches up and evictions skyrocket and all hell will start.
@@straightdrive6192 I think you're missing the point I was trying to make. People already can't afford houses at current prices which is why we're at historical low levels of home purchases for the year. If people are making the same amount of money next year how could prices go up? Nobody can afford them at the current prices how can they afford them at higher prices? You say mortgage rates are going down but so far there is no evidence of that.
You will not win in the long run, buying in the “cheap market”. You’ll make a solid offer, maybe 20- 100k over asking price & wont get it. This is what “cheap markets” bring to the table. Cash sharks…turning down trash investments. If you do get a mortgage, expensive or not, use it to all its advantages. Look up advantage to a mortgage…better than credit cards. If you get a house in the “cheap market” be aware that you will probably have to wave inspection and pay up for 20k in repairs to start… Just get a mortgage if you can now. Don’t worry about everything. You will refinance and make up for it in the long term. Why not? May not have that job or credit score forever.😢
This are not "homebuyers" this are investors getting ready for 2025 high season 🤣 people is so dumb to think that under this economy people will go on a buying spread on the holidays, 🤣🤣 literally there will be people that will not have food to eat this next thanksgiving but they will go out and buy a house? 🤣🤣🤣🤣🤣🤣 and this investors will find the hardway they can just runaway from Florida or Texas dissaster they produce to go and buy in California or Colorado and save their ass, there is just to many houses and 2025 summer will be a dissaster just like 2024
Problem is foreclosures. They havent happened since the pandemic. People literally in a house who havent paid for years due to backlog in judicial systems and lag in the ability to foreclose due to the government intervention and other factors. To me thats one of the main reasons we haven't had an explosion of inventory as well as evictions. Wait til it catches up and evictions skyrocket
That and people taking money out of equity. Many are broke. Look at credit card debt. Once they are no longer able to pay those houses will end up in foreclose. Waiting out right now will pay off in the long run
@@Teknomanslade2 yup! The true numbers are staggering. Another thing that has been happing is/are lenders are automatically enrolling these delinquent borrowers into reduced payment plans, then they wrap these new mortgages into MBSs and sell them to investors. This is also how these “foreclosures “ go unreported and gives the borrower more time in a house they will ultimately lose. Crazy times.
Wrong. There hasn't been anything stopping foreclosures for nearly four years now. 🙄
I’m in North county San Diego. I’m seeing 10-15 percent price cuts.
Home sitting in the market 50, 60, 70 days. Single family homes. I haven’t really paid attention to the apartment condo townhome market but I believe it’s even better.
No choice but to sit out even with a VA loan but Im ready to pounce if the right deal becomes available.
Hold a little bit more man, the only reason why there is only 10-15% cuts is because all those idiots that run in to Florida and Texas to buy houses and try to flip them they are eating their loses in those states and running back to try to save their ass by buying on low season october 2024- march2025 and they expect people will be force to buy on high prices on summer 2025, but people is just broke 🤣it will never happen, those cuts by end of high season 2025 will be 20 to 30% and who knows there is so many desparate idiots living a life they cant afford, specially after all the tech layoffs that we might start to see a bunch of foreclousures or people just walking away from their debts.
But really. What is 10-15% compared to the run-up of the last 10 years. You'll need 50% correction to help the cause. Especially in SD.
@ I totally agree. Single family homes in San Diego are unattainable for a majority of people who live here. Wife and I have been full time RV living to save up enough for a home for about a year now. Re zoning land for starter homes under 1400 square feet is needed. Maybe some tax incentives for builders. We’ll see what happens.
Really ? What's the address of two such properties. I'll wait.
Houses in your area have been greatly overpriced for a long time, I'm certainly not surprised they need to reduce their asking price if they want to sell it
Where I live homes are now taking 30x longer to sell.. meaning they sell in 30 days haha. That's only half a joke because a few years ago it wasn't usual for a house to have a contract on it, over ask, within 48 hours. A friend of mine sold his house and had 17 offers in 36 hours.
And foreclosures just doubled: 1 to 2 😂
What metro?
@@CurtisLoew-q7qThey never mention that part in comments like this. 🙄
@@jacinedelarosa6302 Because they are liars and want attention. And when I ask, they never respond. I invest. I could help them but they just like being victims.
Those days are long gone.
Buying cash is one thing, and good on you, but to have bought in 22-24 with the hopes (or being lied to) of refinancing to a sub 4% rate is just crazy work. Diabolical. Being house poor, is like driving that 1500$/m F350 dully to your apartment. It’s just sad people are being taken advantage of, still!!!! 😢
No one has a crystal ball that works, but this caution is well received
Agreed, plus energy and inflation costs in last two years have also skyrocketed, buyers maxed out their approval amount with Susan the realtor saying "date the rate, marry the house". I am seeing two year homes resurface after capital gains timeline
People who will be "house poor" do not get approved for mortgages.
@ it’s okay if you fomo’d. Here I’ll explain the truth for you. Eventually you’ll be able to refi that bad VA loan you took. Unfortunately; you’ll have to pay fees and start your amortization schedule over, but at least you’ll have extra monthly income. Here’s the rest they won’t tell you:
1) the short term outlook is not great for refi if you put little to no money down on a house bought in 22-24
2) even in the best performing markets, and with the above noted, you’ll need close to 20% equity for a refi. Sorry.
3) rates will remain elevated, short of an economic collapse.
4) you’re more likely to see gov help shore up and foreclosures hit hard before significant rate drops!
@ people who are house poor lose their mortgages. Thanks for following along. You’re learning. ;-) Did you refi that 6.75% va loan you took out in 2012? I’m guessing your credit is better, as in 2012 a rate that high means you were like in the 450-550 range!
Data is so fascinating
Glad you enjoyed it
I sold my house in October 2021..sold for way over asking in one day..
I bet
I'm making a mistake by not selling cause my bathroom and kitchen needed a little work to get full price
Awesome
@@Khmer_SiemReap It will be cheaper to fix them up than to rent. I plan to sell my house eventually but am still improving it because I want to enjoy it in the meantime.
Midwest, didn't have a big pandemic boom, builder activity was low, and population is increasing, so prices aint going down.
houses were i live have gone up 300% since 2019.
You must live in Boise
@@waltpagan Georgia? Alabama? SC? TX? Maybe AZ, or ID
@@LockedUpLarry FL
@@waltpagan god bless. Not sure how yall live there!
You sitting on gold mine rite😊
Just put in an offer yesterday, about 10 percent below ask (we'll see) The house was sitting on the market for 3 weeks now.
Yeah, it's much more expensive than what it was few years ago, but still makes financial sense than renting if we stay for next 5 years.
(edit: is 10 percent below ask)
@@lukehong349 what was the list price? I'm currently looking to make some offers, and was going to offer atleast 10% below list.
You're both just wasting paper.
Good luck I hope they accept!
@@8675-__ Thanks! honestly, I'm expecting counteroffer, but if they accept it as is, that's great too
@@HappyandBlessed-wj7gc so you should always walk up and pay asking price? Money doesn't grow on trees. Greed sure seems to though.
This time its not the constant refi 2005 to 2007 but Home Equity Loan dipping. Banks have made it very easy for Home Owners to increase their payments with the very easy pool of cash from their home!
@@JosephMcMackin Also banks are auto-enrolling delinquent borrowers into new programs and reduced payments.
The Equity Share Mortgage enables homebuyers to purchase a property with the mortgage provider taking a maximum 49% ownership stake in the house. This allows the buyer to obtain a mortgage for 51% of the property value, reducing the capital, down payment and income requirements for homeownership. When the property is sold, the mortgage provider receives 49% of the resale price as co-owner.
at 7% interest rate...not sure if that is considered a strong buyers market.
If someone buys right now they are a raving lunatic who can't be trusted around sharp objects
A buyer's market is generally defined as buyers have an advantage over sellers. This is typically from an abundance of supply.
New Homes Sales will buy down loan %. First time buyers down payment assistance grants do not apply to first time buyers only, really.
2006 didn't bottom until 2011 due to real estates lack of liquidity. Stocks started declining mid 2008 and bottom by February 2009 due to liquidity. Real Estate peaked in June 2024 with just a 4% increase over 2022 which was a long peak for US Single Family Dwellings. The State of California is facing it biggest deficit in history at 68 Billion Dollars! As businesses keep leaving the state there will only be one outcome.
Around the Great Recession, lending requirements for homebuyers were extremely loose (about 10x now) so there were a ton of bad loans. That all changed in 2010 due to the Dodds Frank Act. Much different than comparing the housing market to the stock market. The national deficit is concerning though and no one seems to have a solution that would be acted on.
@ business and wealth was not leaving California in 2008 like it is now! There’s 19.6 million tax payers in CA. The deficit is 3469 per taxpayer. As many of the high end taxpayers leave that number will grow. And then there’s Buffet. Very Heavy Cash!!!!!! When real estate has difficulties so will the economy. Trump will cutoff a lot of the Federal dollars to CA and give it to Florida his home state. To the victor go the spoils! It will be a very long winter in CA.
@ and then there’s the Massive Debt. In 1980 since the Dollar was no longer tied to Gold everyone was dumping dollars to buy their favorite hard asset until Volcker crushed it. Now if the dollar gets dumped again like in 1980 the FED has NO CHOICE! Especially if there is a major conflict on the horizon the FED has to make it cheaper. It’s going to be a very long three months!
Then come February the Federal Government will begin the age old round ups. You can ask Native Americans, African Americans, and Japanese Americans how that works and it will affect CA the most.
@@JasonWalter1 Economic conditions played a much larger factor in the last real estate downturn than lending standards did. 66% of mortgage failures originated from prime borrowers. The primary reasons were being upside down and/or financial hardship. Subprime was a small segment of the overall market concentrated around lower income neighborhoods. When the current economy enters the inevitable recession, low rates will be trumped by job losses, just as during the GFC. Consumers debt and costs are currently several times higher than what they were 16 years ago while the savings rate is much lower.
Colorado Spring is cheeper than Denver
Not a buyers market will we get back to the prices before the flipper and investor epidemic started
And yet people are still being stubborn with unrealistic high housing prices. Still seeing 400k homes listed for 550k, but it’s ok every 30 days they sit they’re dropping the price by 1%. Come on people!
The US dollar was devalued after Trump printed up several TRILLION DOLLARS the first time he was president. That's why prices seem so high. Our dollars are worthless in 2020 and beyond 😢
still waiting for this big crash that never happens
200 of the largest metros? Why not all the metros? Wonder how they define “metro?” In Dallas, all the new building in outside the “metro.”
Small areas tend to have more significant variations in housing stats due to a lower amount of sales. So inventory, sales, prices, etc. can vary quite a bit each month.
@ ah, makes sense.
Wa State Houses 🏘 prices still going up
Mahalo 🤙🏽🤙🏽🌴
#RealEstateIsLocal
#EveryHousingMarketIsDifferent😊
Good morning Steve! Hunker day today for the rain is coming!
Yep, we will have a few wet days coming for us in the 916😮
Now is the time to buy , next year things could be very expensive , inflation will be back and rates will be down causing more people in market causing demand pressure .
I disagree with this inflation narrative. Do you anticipate getting a 50% raise next year? Do you know anyone who anticipates getting a 50% raise next year? No? I rest my case.
This isn't just incorrect its the opposite of true.
@@nitroneonicman That is exactly the reason why prices are going to increase. Prices dont increase because people are getting a raise, it's because of supply and demand. More people in the market and less supply means there is more demand. and most existing homes are all paid and hence no pressure on sellers to sell, and we are at historic low foreclosures. Prices ONLY go up.
@@straightdrive6192 but you said the key word... Foreclosures... There has been a ticking time bomb with foreclosures since the pandemic. There are people literally in a house who havent paid for years due to backlog in judicial systems and lag in the ability to foreclose due to the government intervention and other factors. To me thats one of the MAIN reasons we haven't had an explosion of inventory as well as evictions. Wait til it catches up and evictions skyrocket and all hell will start.
@@straightdrive6192 I think you're missing the point I was trying to make. People already can't afford houses at current prices which is why we're at historical low levels of home purchases for the year. If people are making the same amount of money next year how could prices go up? Nobody can afford them at the current prices how can they afford them at higher prices? You say mortgage rates are going down but so far there is no evidence of that.
You will not win in the long run, buying in the “cheap market”.
You’ll make a solid offer, maybe 20- 100k over asking price & wont get it. This is what “cheap markets” bring to the table. Cash sharks…turning down trash investments.
If you do get a mortgage, expensive or not, use it to all its advantages. Look up advantage to a mortgage…better than credit cards.
If you get a house in the “cheap market” be aware that you will probably have to wave inspection and pay up for 20k in repairs to start…
Just get a mortgage if you can now. Don’t worry about everything. You will refinance and make up for it in the long term. Why not? May not have that job or credit score forever.😢
#1😊 By my dumb math!😂
Boom!
For the algorithm😊
Thank you, Steve!
Yeah set yourself up for bankruptcy at these prices. Buyers have the advantage of entering financial ruin.
This are not "homebuyers" this are investors getting ready for 2025 high season 🤣 people is so dumb to think that under this economy people will go on a buying spread on the holidays, 🤣🤣 literally there will be people that will not have food to eat this next thanksgiving but they will go out and buy a house? 🤣🤣🤣🤣🤣🤣 and this investors will find the hardway they can just runaway from Florida or Texas dissaster they produce to go and buy in California or Colorado and save their ass, there is just to many houses and 2025 summer will be a dissaster just like 2024