There are new signs of trouble in the housing market as more homebuyers back out of contracts. A survey, citing rising costs and falling confidence in the market, has triggered homebuilder cancellation rates to more than double since April.
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It’s simple…… don’t buy a home at their all time high (adjusted for inflation)
its more then that dont buy after we havent had a recession in 10 yrs and the first pandemic in 110 yrs how could they be so stupid need a place to live rent or buy a mobile home for 10x less money and wait a short period 1-4 yrs max
Just wait for the 2008 to come back gonna be a mass of homeless
Overpriced and poorly constructed crap. I bought a house way to big for one person and I cannot afford to downsize.
Rent it out and rent smaller
Costs 25% more to build than buy
LOL what does that mean.
Don’t fight the Fed my good friends…. _Don’t fight the Fed._
*Sacramento, CA Housing Prices Crater 26% YOY As Northern California Housing Demand Collapses On Soaring Inventory*
Who’s responsible for the USA economy and everything surrounding the country? Joe Biden 🤣… Remember inflation is only temporary 😆
Also there’s no recession 😂 even though 2Q say otherwise. hahahahahha prices will never go down.
It’s called the American dream because you have to be asleep to believe in it! THIS COUNTRY IS FOR RICH PEOPLE, ALWAYS WAS!
@Yea more get lost… go fork another sport…
@Servoskull Jacob you all don’t have enough future to be upset online go make some children lol
@Yea more ya i get it i point out you can get rich as a bigot you go crazy and accusatory… get LOsT go fish a “ex-athlete”
The Fed has still yet to offload 2.7 trillion in mortgage backed securities *rubs hands* let it fall. Let’s bleed the landlords until there is no more life in them anymore
This is what’s been happening in China. Chinese homebuyers were buying homes before they were built, and then companies were using those to pay off other homes they hadn’t built yet, so they stopped finishing the existing homes, and homebuyers stopped paying on those houses.
i hear thats just the tip of it. tofu construction is a thing i hear.
Yo dawg, I heard you like mortgages, so we already mortgaged your house before you mortgaged it, so when you pay your mortgage you can pay our mortgage, then when we finish those other mortgaged houses we might get around to building yours, awwww yeah!
Last fight https://youtu.be/u244gu7o5ys
*Falmouth, ME Housing Prices Crater 16% YOY As Double Digit Price Declines Blanket Cumberland County,Maine*
Wooden houses 🏠?
Why ?
Cheers from west Africa
🦅
Because Americans like to live in new houses and cities develop fast here, so it’s easier to build new communities every 40 years than to renovate old buildings since we have so much land.
Haha! Yes! F u sellers
The bonanza time is over
The Real Estate market stinks like a rotten tomato 🍅
I was in the market for a home a few years ago and the home prices seem to increase overnight. Couldn’t find anything decent in my budget. I just decided to wait and continue to save to avoid being stuck with an overpriced home. Glad I did. I will just see what the next year brings.
Wishes to you! Don’t let this corrupt market take advantage of your hard work.
Smart
If you are renting you are just paying off someone else’s overpriced home
@Knockout Artist #stoppage yeah, even if you overpay for a house now, it will still be cheaper than renting a house in the same area.
Rent will always increase, regardless of the house market
So the Fed’s plan is working… Good? 🤷🏿♂️
Builders refused to complete their projects on time with the hopes prices would keep going up. Now they are in a rush to finish before prices Crater.
What? Builders have an incentive to finish on time. They have loans from the bank just like buyers. The interest rate goes up for buyers, the interest rate goes up for sellers.
💯💯💯💯💯💯
Got my house in July. 5.4% my house payment is 1800. I live in New Mexico
That’s good I’m sure rents are pretty close to that. If prices drop and rates go up the payment would likely still be the same
@RH You’re “pretty sure”?🤣
*Colorado Springs, CO Housing Prices Crater 21% YOY As Excess, Emtpy And Defaulted Housing Inventory Blanket Denver Area*
Wait, your telling me a 1 bedroom house the size of a small garage is priced at $950,000 people can’t afford and no one is buying at that price……..WHAT A SHOCKER!!!!!
😂🤣😂🤣 Right!!!!
Imagine that.
So, just give it to the next buyer. They said housing would never go down because low inventory and high demand.
Right now in SoCali we have alot of work but that’s only because the homebuilders are rushing every trade to finish faster. Was told by my company that work is gonna slow down and they’re already planning on laying of some workers soon
This is what is being said in markets all over. Builders are about to slow way down
“Overvalued homes” being the key word there.
The realtors steal too much too. It shouldn’t cost us more than one percent to sell our house that we’ve invested our time our money and our live isn’t too.
Exactly. 3% commission on a $200,000 home isn’t the same as the commission on a $400,000 home, yet they still do the same amount of work. Normal people’s income didn’t double in the last two years. Why should an agent’s?
Depends where / not some areas back out/
Home prices are dropping from “super expensive” to “expensive”
Good job Biden
And the soldiers of the Real Estate Mafia suffer crushing defeat. Good people who want a roof over their heads win.
And the Fed’s are going to hike taxes AGAIN!
When I was young burger king cheeseburger was . 39 cents now it’s 3 $
We are existing so the rich can thrive… that’s it simple!
Low income people cannot afford 1.995 million dollar homes . So let that sink in . #dosomething
People about to have buyers remorse. Wait for the 40% drop.
40 percent isnt enough in about 6 different states. in idaho or texas you need 80% cause there 130% overpriced adjusted for inflation and grew 35 years in 10 years
Possession is the beginning of misfortune.
Interesting.
Why would you buy a house with 10 square ft of backyard 🤣
we had the 1st pandemic in 110 years why would anybody buy a 3 digit $ for a home wait if you cant find cheaper housing you also dont have to rent – car, rv, mobile home etc
Prices dropping to more reasonable affordable levels isn’t newsworthy. It’s called a normal market.
Yah all reporters need to get real jobs and stop blowing everything out of proportion.
Most of these builders deserve to have their contracts canceled. They were canceling contracts on people having houses built because they made $100,000 more on the sale so, came around to bite them I don’t feel bad for them.
@Bailey Logan Yup and their response is always “Sorry, find another house somewhere. We can legally do it”
@dls951 Aww poopoo. “staying in business” huh?
“Oh no, I woke up today and prices suddenly spiked 30% in parabolic fashion, I am 99% finished with this house, but I better not put the doorknob on which I bought months ago at regular prices. I’ll cancel on them. I fear for the livelihood of my business!”
@S Digital I’m retired, you probably live in one of my rentals I’m about to jack the price up on. Nothing personal, Its just business.
💰💰💰
@dls951 Nope! You agree to a price and sign that contract. Honor your deal. That’s exactly why I did not have my home built. Not dealing with that headache. Just purchase a pre-existing home and avoid these greedy builders.
All the people that fomo’ed and jumped off the cliff for a over valued home are going to be walking bow legged before the Biden Administration is done raising their interest rates and cost of living (inflation).
Ngl I hope we see builders go under as many of them spent months cancelling contracts on buyers just so they could sell the house for more
That isn’t great. This would just cause prices to rise again at a fast rate. Need to have better protections for buyers instead.
Thankfully I opted for a one year mortgage rate lock back in 2021. Back then the rates were 2.875 which meant the highest I would get was 3.375. When I finally closed this past May 2022, the rate was already over six percent. Had I not taken the one year rate lock in 2021 I would have no longer qualified for the mortgage. In addition, the 3475.00 I spent to buy the point for the rate lock will end up saving me over 100k in interest costs over the 30 year term.
Good luck.🤣
*San Diego, CA Housing Prices Crater 19% YOY As The Fenders Flap And Wheels Fall Off San Diego Housing Market*
I guess that’s a smart idea if you want a 30 year mortgage, but some of us would like to retire early. I think you’d have been better off paying it off early at a lower base price and higher interest rate.
@Ravi given the prices here in South Florida, I had no other choice and I was only able to qualify for the 30 year product. I had been living in a one bedroom apartment for eleven years and after moderate rent increases of 7 percent per year, I was forced to accept a 50 percent increase or get out, so I did. My mortgage payment is on par with what I would have been paying in rent.
@Kevin Gonzalez Oooof. Sorry to hear that, man. Glad you eventually got something.
This is great news the housing market was artificially inflated by at least 50 to 60 percent over the past couple years and it needs to drop back down probably 60 to 70 percent from where it is now so that it’s back in the realistic range of what houses are worth then America will be back on the right track all this is done is let the rich get richer and the poor get poor that’s what they’re trying to do the rich can afford $6 a gallon for gas the rich can afford a half a million dollars for a two bedroom as poor can’t and that’s what they are doing Mark my words they’re trying to wipe us off the face and make us a nation of paid slaves regardless of our color rich state rich poor state poor slaves are slaves whether they’re paid cash or paid bread doesn’t matter
Housing prices have a long way to fall my good friend…. _a very long way to fall._
Good luck paying that mortgage that takes up 50% of your take home income now that energy and food prices are double.
The only thing getting built is luxury homes there’s no normal homes anymore
There are plenty of amazon boxes everywhere. You can build yourself a “normal home”…
Biden loves 16% inflation
Housing market is going to crash soon
Car market is going to crash soon
Food shortages coming soon
imaging being someone who bought at the peak in 2021-22 at a price 300k over a home’s actual value with no inspection 🤣🤣
This is long overdue. Houses are priced wayyyyy too high and contractors want way too much for sub par work.
I wouldn’t want to pay half a million for a studio either. Can we return to 2008 prices? At this rate I will never own a home. Wouldn’t want to be stuck in a 60 year mortgage.
Why buy a house when prices are falling? Buy it later after prices crater for 70% less.
*San Diego, CA Housing Prices Crater 19% YOY As The Fenders Flap And Wheels Fall Off San Diego Housing Market*
*San Diego, CA Housing Prices Crater 19% YOY As The Fenders Flap And Wheels Fall Off San Diego Housing Market*
Let’s not forget they raised interest rates by 0.75% and banks are more reluctant to give out loans.
And don’t forget housing prices are falling everywhere.
Get an RV and forget about the stupid housing market. Once you save enough in the next years think about if you need a house or not.
Thinking about it. 🤔
But according to the government, we are not in a recession haha
I went to look at a new subdivision close to my house. The prices of these homes 😯
Homes shouldn’t cost this much. It’s all monopoly.
the builders deserve this. sweet karma
Bad Karma for builders
Our builder dropped the price of the house and re did our contract. Just 25k but better than nothing. They haven’t started building yet.
*Colorado Springs, CO Housing Prices Crater 21% YOY As Excess, Emtpy And Defaulted Housing Inventory Blanket Denver Area*
Remember just cus its on the news dont mean its real life
Keep waiting. Homes are not bottomed out yet but within 8 month to a year probably will.
People are finally coming to sense with these over price cheap labor homes
Who needs a house?, better to live in your car, or in the streets
*Plano, TX Housing Prices Crater 29% YOY As Dallas Area Land And Lot Prices Plunge*
coming soon to a law firm near you, if you want to back out of a housing deal you’ll have to pay a backout fee
Build back better 😂😂😂😂🤡🤡 World
Home builders need to cut their profits. It’s simple.
Not in Florida 🤣
Don’t fight the Fed my good friends… _Don’t fight the Fed._
*Tampa, FL Housing Prices Crater 27% YOY As Mushroom Cloud Of Fear, Doubt And Falling Prices Balloons Over US Housing Market*
They don’t know the future because of the trouble Republicans are starting.
Yay! This will drive rental prices up.
No ody wants to get caught in Biden economy.
Enough piranha eat the corpse and nothing is left.
Don’t worry black rock will buy everything anyway
1:25 I Call BS! If you are looking to buy a home because of price, you should not be buying it…unless you are an investor. You look for the features and the benefits of living in that neighborhood.
Ahhhh hahahaha
Don’t fight the Fed my good friends…. _Don’t fight the Fed._
*Tampa, FL Housing Prices Crater 27% YOY As Mushroom Cloud Of Fear, Doubt And Falling Prices Balloons Over US Housing Market*
Cheaply made houses selling for mansion prices
The script has flipped. Buyers have all the power now.
Time to short KB homes and other greedy companies.
199,500 for something new? Definitely not CA
What is the real cost of building a $400k house?
Well maybe they should lower price!
Greed poisons us all
Haha such much for the great state of texas.. haha
Overvalued homes, that’s the reason I am not buying.
In no hurry to “own a liability”
YES! YES! YES!
Increasing interest rates and ridiculous high house prices. Yup.
Every time I go online they’re trying to encourage me to buy a house but why when it’s inflation 🤔
DUH try paying 8% on a overpriced new house
“”The average mortgage rate in 1990 was 10.13%””. 5% is nothing compared to over 10%.
6% rates are staggering?? 🤣🤣🤣People ain’t seen nothing yet…..😬😬😬
Stop scaring people you buttholes. It’s the news that scare people and crash the economy!
Here we go again….it’s like they learned nothing from 2008.
The big short 2
This housing market STINKS
Ha-ha ha!!!
They all lied about not enough homes when it is all a scam to raise the prices on home shoppers once they are interested. Some day I believe they will follow China’s govt who looks at someone’s bank account are forcing people to down payment up front and buy a home because of they’re well established savings in the bank but the homes are only on paper to look at and not even built yet!( And won’t be while the people will also have to pay a mortgage on either nothing to look at, or just a shell of an unfinished project.) For months or even years. The people wised up and refuse to pay ongoing mortgages for the govt’s lies on unfinished homes.
I’m so glad I brought a older home in 2018. Yes, my fixed30 year interest rate is 4.25% but I refuse to be suckered into refinancing which cost me more out of pocket and new terms that benefit the mortgage company but not me. Nope, I’m good.
People buying houses at $1.9Mil are not affected by the housing prices 😂😂😂 Why are you even talking to this builder? There will always be housing for the rich. These are not the people who need to be spotlighted during this time – focus on those who work to survive as they are being severely impacted by this. They will more than likely never have the opportunity to own a home -> when a 100 year old 1,200 sq ft house, where you can see into your neighbors windows, is costing $500,000 😂🤯
Contract back-outs