Investor warns US entering ‘greatest real estate correction in my lifetime’

Pictures make it look better and bigger than it is. If it's actually 1,600 square feet I'm a vermisious kinind. They originally listed at $290k, sold at $230k. The original list price is indicative of how over prices the market is that anyone considered that a possibility, even the $230k is excessive for what you're getting. If they'd listed reasonably over the summer they probably could have gotten $250, houses were going contingent within 8 days of being listed. Despite that, total home sales in the state are the lowest since 2011.

 

Ahh, nothing like the fear mongering Fox news to mislead. I would recommend getting advice from several sources, especially more neutral into fact based economics only.

 

It happens often in booming gentrifying areas. Someone buys a house then years later different people with a lot more money move in from other states and the area becomes popular among them so the property values triple in price the of course the taxes go up accordingly. Not sure it works out to be 75 percent of the mortgage payment but I've seen people lose their houses due to this in the past.

 

Right because CNN nor any other TV station doesn't.

 

That is what has been happening here. The flood of californians and new yorkers that can easily pay $ 200,000 or more for a house or property then any native Texan can has inflated values badly. Our 6 acres was valued at 48k in 2005. With house and shop was 350k. Projected 2024 value is 2 freaking million. In a trailer house farm area with crap roads and old school vfd and ems from another town 20 miles away. So no benefit to residents to pay more in tax.

 

This is friggin great news and long overdue! I hate land "LORDS" and they have been sitting on over priced over valued buildings for a LONG time!

This will get younger people (sub 70-90 years old) thinking about the American dream again.

 

Real estate is local. Until there are more homes for sale than there are buyers, there won't be a correction in a certain market.

I live in a rural red area that still can't build custom homes fast enough for the homeowners paying for the build. Since the housing crash, most existing homes here have sold for cash. I spoke with one of my bankers Friday, and he has a builder who has 12 custom homes going in four different counties. Home building permits in 2023 are only 10% off the 2022 high. I built a barndominium (my toy garage) last year, and my home is being built now, so I'm tuned into what's going on with construction.

In addition to the thousands of Boomers retiring every week, thousands of people are fleeing Florida each year due to insurance or the lack thereof and they are fleeing to rural areas in GA, KY, TN, NC, SC, etc. These rural counties are used to selling 15-50 existing homes a month, so the math works in the seller's favor.

 

Worse than this?
Housing Market Crash 2008 Explained: Causes & Effects (noradarealestate.com)

 

I maybe wrong but I read this as MUCH bigger than 2008....and way different.