Housing prices still increasing, sky has not fallen,,, yet

[Onebadcad]

Those here illegally should not worry about increased housing prices, as kali is giving ALL of them $150K, and camelknees is committed to provided each of them with a new home without a mortgage.

Housing prices and mortgage rates only affect the hard-workers.

https://www.cnbc.com/2024/08/27/home-prices-hit-record-high-in-june-on-sp-case-shiller-index.html

Prices nationally were 5.4% higher than June 2023.

New York saw the highest annual gain among the top 20 cities, with prices increasing 9% in June, followed by San Diego and Las Vegas with annual increases of 8.7% and 8.5%, respectively.

Portland, Oregon saw just a 0.8% annual increase in June, the smallest gain of the top cities.

Even as mortgage interest rates were rising, home prices reached the highest level ever on the S&P CoreLogic Case-Shiller U.S. National Home Price Index.

On a three-month running average ending in June, prices nationally were 5.4% higher than they were in June 2023, according to data released Tuesday. Despite being a record high for the index, the annual gain was smaller than May’s 5.9% reading.

The index’s 10-city composite rose 7.4% annually, down from 7.8% in the previous month. The 20-city composite was 6.5% higher year-over-year, down from a 6.9% increase in May.

[Onebadcad]

I thought this was bad humor when I first heard it.

HUGE problem I see is that NO ONE can get a mortgage, not from Fannie/Freddie/FHA/VA/USDA, or alternative lenders, without a SSN, current job verification and credit scores / history.
I guess kali will offer them first mortgage at 0.000%, with no payments required.

https://www.foxnews.com/politics/california-close-approving-150k-loans-illegal-immigrants-help-purchase-homes

Lawmakers in California could soon make the Golden State the first in the country to make undocumented immigrants eligible for up to $150,000 in state-supported home loans.

The Democratic supermajority in the California state legislature is likely to pass a measure this week that would make undocumented immigrants eligible for the "California Dream for All" loan program, a state-funded program that provides 20% in down payment assistance up to $150,000, according to a report for Politico.

Participants in the program must be first-time homebuyers, and at least one must be a first-generation homebuyer, while income levels must be below certain limits depending on the county where the recipient lives.

[DDSLT5]

Housing prices STILL increasing? I thought everyone was broke - couldn't afford food/gas, etc, etc, etc?

What gives?

[vettemed]

And yet we have the Fed itching to cut rates. We need higher rates, not lower.

[DDSLT5]

And yet we have the Fed itching to cut rates. We need higher rates, not lower.



While I enjoy a nice interest rate on my savings..........i don't think higher rates are going to be the best thing for the economy. Very strange information to be certain!!!

[DAB]

pfft, they've already set the precedent of banning private student loans, only allowing gov't issued student loans, and then forgiving them.

not that big a leap to creating a federal housing fund, banning those evil, rich banks from issuing mortgages for homes under a certain amount, making new buyers have to go to the fed gov't to get their loan, and then later forgiving all or parts that loan. it'll just drive prices up with the influx of new money. it'll be sold as a money maker for the gov't (the same way the student loan idea was sold), and with endless ability to print money, they'll never run out.

done.

[dvarapala]

Those here illegally should not worry about increased housing prices, as kali is giving ALL of them $150K

The good news is even a $150K down payment isn't enough to buy a home in any of the big cities. Maybe they can buy a trailer out in the desert somewhere. :D

[Onebadcad]

The good news is even a $150K down payment isn't enough to buy a home in any of the big cities. Maybe they can buy a trailer out in the desert somewhere. :D

I would think with the $150K from the state, once the city and county and kamelknees kicks in their gifts, you will have most illegals buying mansions that overlook the Pacific.

BTW, been to Las Brisas in Laguna Beach, the restaurant is most impressive, but the houses nestled in the hills are MUCH more impressive.

[dvarapala]

I would think with the $150K from the state, once the city and county and kamelknees kicks in their gifts, you will have most illegals buying mansions that overlook the Pacific.

If that ever happens, I'll be one of the people selling my house and bailing on this state. :yesnod:

[Anjdog2003]

I would think with the $150K from the state, once the city and county and kamelknees kicks in their gifts, you will have most illegals buying mansions that overlook the Pacific.

BTW, been to Las Brisas in Laguna Beach, the restaurant is most impressive, but the houses nestled in the hills are MUCH more impressive.




That's why you pay impressive prices.

[Frankie the Fink]

Well I can tell you that things have slowed around central Florida, sellers are about glassy eyed when they find out the hot market of 18 months ago is over. Many sellers are in denial, but that's the reality.

Houses sitting for 60 days or more and the ones that move are discounted 10%-15%..

[Onebadcad]

That's why you pay impressive prices.

I do not remember the prices, or much else on my last visit, as A LOT of alcohol was in play.

Las Brisas is on my 'Get Back To' list, Florida has nothing that impressive.

[Onebadcad]

Well I can tell you that things have slowed around central Florida, sellers are about glassy eyed when they find out the hot market of 18 months ago is over. Many sellers are in denial, but that's the realigy.

Houses sitting for 60 days or more and the ones that move are discounted 10%-15%..

From WEST ORLANDO NEWS:

https://westorlandonews.com/florida-housing-market-new-listings-up-prices-easing/#:~:text=The%20statewide%20median%20sales%20price,for%20more%2C%20half%20for%20less.

Florida Housing Market: New Listings Up, Prices Easing
August 25, 2024

Florida’s housing market reported easing median sales prices, more new listings and improved inventory levels (active listings) in July 2024 compared to a year ago, according to Florida Realtors’ latest housing data.

The statewide median sales price for single-family existing homes in July was $416,990, basically the same (up 0.5%) as a year ago, while the statewide median price for condo-townhouse units was $315,000, down 1.3% from July 2023. The median is the midpoint; half the homes sold for more, half for less.

[Frankie the Fink]

Not counting school has started back and the holidays are looming and those factors are always a damper on sales.

[Onebadcad]

Not counting school has started back and the holidays are looming and those factors are always a damper on sales.

Yep, many buyers put the process on hold in NOV and DEC.
Homes that sell during these two months usually need a price reduction.

[Vette40th]

Maybe a banker can step in and explain supply and demand, rates etc.
Inventory is low as well as building permits. Buyers were/are used to very low rates and being able to buy Mcmansions cheap. So many variables.. And cost of living doesnt allow people to buy as much.

[Wathen1955]

We bought our new house here in Woodland, CA in 2015 for $450k. It's now worth $767,400 according to Zillow. It can rent for $3,500. Crazy!!! Our 30 year mortgage @2.75%, the payment is only $2,500 including property tax and insurance.

[AUTOHOLIC]

Well I can tell you that things have slowed around central Florida, sellers are about glassy eyed when they find out the hot market of 18 months ago is over. Many sellers are in denial, but that's the reality.

Houses sitting for 60 days or more and the ones that move are discounted 10%-15%..

:iagree: Same thing here.
And regarding buying a trailer in the desert then you don’t want to come to Sedona as a double wide on it’s own lot are now 1/2 million.

[LATB]

Well I can tell you that things have slowed around central Florida, sellers are about glassy eyed when they find out the hot market of 18 months ago is over. Many sellers are in denial, but that's the reality.

Houses sitting for 60 days or more and the ones that move are discounted 10%-15%..

Indeed. DOM (days on market) is the most accurate indicator of the market condition.

[LATB]

Not counting school has started back and the holidays are looming and those factors are always a damper on sales.

Add the aweful summer / August heat…and a crazy election season…and you have an already slow market even slower.

I’d call it a buyer’s market if there were any buyers. :Jeff '79:

[Trapper Sean]

West Florida.

One of my neighbors put his house up for sale just under $1M a few months ago.

Drop price, drop price, drop price ... down to 750 .... still no serious buyers, just tire kickers .... so he took it off market.

Not sure what's next.

[Raazor]

Inventory is still lower than pre-WuVid. Foreclosures are at historic lows. :shrug:

[LATB]

Btw- the new broker commission rules don’t help. Nothing really changes in the big picture. But there is some confusion and additional documentation that affects mostly buyers, and the market definitely doesn’t like new and uncertain changes.

[LATB]

West Florida.

One of my neighbors put his house up for sale just under $1M a few months ago.

Drop price, drop price, drop price ... down to 750 .... still no serious buyers, just tire kickers .... so he took it off market.

Not sure what's next.

I have a brand new home listed for a builder friend. 4br 4 bath 2200 sq ft. Great location. Listed at 655K and just lowered to 635K.
We’ve only had a few showings and no offers going on 4 months.

Two years ago we sold similar home same builder same subdivision for 645K in a couple of weeks.

[vettemed]

I have a brand new home listed for a builder friend. 4br 4 bath 2200 sq ft. Great location. Listed at 655K and just lowered to 635K.
We’ve only had a few showings and no offers going on 4 months.

Two years ago we sold similar home same builder same subdivision for 645K in a couple of weeks.

No offers in 4 months = it's still too expensive.

[Taurus]

It's still all about supply and demand. In markets with high inventory, prices go down. We still have an extreme shortage of units here with a lot of folks moving in from CA, it's nuts. My home has almost doubled since we bought it in 2019. When homes come up for sale in our neighborhood they are gone in a week and these are not entry level homes. Homes in this subdivision run between $750K and $1M with some a little higher. Admittedly we are on a golf course but I don't think it has that much to do with it.

Funny thing is, the people buying these homes are not taking very good care of them, unkept lawns and such. Hard to figure.

[dvarapala]

Funny thing is, the people buying these homes are not taking very good care of them, unkept lawns and such. Hard to figure.

After spending $2M for the house they have no money left to hire a gardener. ;)

[Taurus]

After spending $2M for the house they have no money left to hire a gardener. ;)

You may be right. It's an odd mix of yuppies and old folks. There's one couple that are of Indian decent that are probably in their early 70's that bought a million dollar home and have yet to touch the yard this summer. Some of us have offered with no luck. Maybe the grass is sacred, I don't know.

The home next to me went to an early 30's couple with no kids for about $820K and they own a health spa in the pricey part of town. At first I was worried as they let it go for a while but that have really done a nice job with it this year. I helped them get their sprinklers working properly and they've kept up with people to treat the yard, pest control, landscapers and today their arborist stopped by. Good to see.

[donuts]

Low inventories, Prices still sustained and rates still high simply means there’s still a lot of corporate buying going on.

Needs to be something that Trump puts on the state’s priority list to slow down corporate meddling in residential housing.

[tjfontaine]

It's interesting where we live now in Fargo ND. Fargo has a booming economy - has for quite some time. Homes below 500K selling fast ... but more expensive stuff has really slowed down. We live in a development where houses are 800 to 1.4 or so - DOM has gone up quite a bit along with the higher interest rates.

Meanwhile - in the areas where they are building new / starter homes - they can't build them fast enough. You can still get a pretty nice new place in parts of town for 300-400K - and lots of jobs here support that ....

[Frankie the Fink]

You may be right. It's an odd mix of yuppies and old folks. There's one couple that are of Indian decent that are probably in their early 70's that bought a million dollar home and have yet to touch the yard this summer. Some of us have offered with no luck. Maybe the grass is sacred, I don't know.

The home next to me went to an early 30's couple with no kids for about $820K and they own a health spa in the pricey part of town. At first I was worried as they let it go for a while but that have really done a nice job with it this year. I helped them get their sprinklers working properly and they've kept up with people to treat the yard, pest control, landscapers and today their arborist stopped by. Good to see.

Well my niece is trying to sell her absolutely gorgeous Florida home in Fort Pierce, on a canal in a gated community, brand new high-end metal roof and new air conditioners and just remodeled kitchen. She started out at $668K two months back pending a move to Williamsburg, VA; she got an offer for $610K last month and I told her to counteroffer at $650K and she was too insulted to do it.

So now reality has set in and she's had two more showings at $650K and no offers, now she is in a bind. When young people won't take your advice its frustrating...

As to foreigners, a Vietnamese couple with 3 little girls moved into a $700K house across the street. Super nice, deferential, polite family, barely speak English, but their yard is sh!t. Its mowed when it gets terrible but the man thinks he can keep a Florida landscape going a few hours a week with just a weedeater.

Different culture I guess.

On the flip side, they are throwing up multi-story, multi-building apartment/condo complexes around me every week and I don't know who is going to opt for those with rent for 3/2 units between $2,200 and $2,800/month.

[SurfnSun]

Unpopular opinion....we need a period of significant deflation to correct what has happened since COVID.

The only real struggle with that is lost jobs. The stock market will bounce back eventually, but something has to stem this out of control inflation, or we'll be paying $100 for a Coke if the gov't keeps printing money like it has been for the last 5 years.

[dvarapala]

Low inventories, Prices still sustained and rates still high simply means there’s still a lot of corporate buying going on.

Needs to be something that Trump puts on the state’s priority list to slow down corporate meddling in residential housing.

Sicc RFKJ on it. :yesnod:

D3fYWTqXfjs

[Onebadcad]

Mortgage delinquency data, for smaller banks, I believe they only report 90+ days late, data thru 04/01/2024:

I could not get graph to post, delinquency at 1.14%

https://fred.stlouisfed.org/series/DRSFRMOBN

[Anjdog2003]

I do not remember the prices, or much else on my last visit, as A LOT of alcohol was in play.

Las Brisas is on my 'Get Back To' list, Florida has nothing that impressive.



You should also try La Jolla Santa Barbara or Monterey, much more impressive.