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The housing market crisis in America

nodle

Cheesemonger
Administrator
Get ready your about to see the housing market bubble burst. You will start seeing this more and more in the media soon. We all knew it was coming, and I think it's finally starting to hit.
So for some reason I thought this was a separate thread by itself. But I guess I posted it in here the other day. I know California housing is in a crisis right now, and I also read a report about all these foreign people no longer wanting to move here. Here is another news article on it.

Seattle housing market under pressure as Chinese buying falters
 

nodle

Cheesemonger
Administrator
So I thought I would start a new thread, because I know you are going to see more and more about this hit the news.
 

jmanz

I bought you the sims
Members
Those crazy expensive areas were bound to have something happen. When the average home price in certain California cities is well over a million dollars, that's just not sustainable.
 

nodle

Cheesemonger
Administrator
Those crazy expensive areas were bound to have something happen. When the average home price in certain California cities is well over a million dollars, that's just not sustainable.
I will agree, I am actually surprised though to see how long it did last though. I mean you could sell down there move up here and live like a king.
 

jmanz

I bought you the sims
Members
I'm sure these areas will still be expensive. It's just cooling off a bit. As long as there are jobs, which there are, those places will be attractive because of the weather.
 

nodle

Cheesemonger
Administrator
There might be a crisis in California, but I am pretty sure they are all heading up here. This year alone I can't believe all the building going on in our small town along with rent prices going though the roof.
 

jmanz

I bought you the sims
Members
There might be a crisis in California, but I am pretty sure they are all heading up here. This year alone I can't believe all the building going on in our small town along with rent prices going though the roof.
A lot of California people are heading out. Vegas is getting a big push. I think Utah and Idaho as well. Western Montana will get their share most likely.
 

nodle

Cheesemonger
Administrator
A lot of California people are heading out. Vegas is getting a big push. I think Utah and Idaho as well. Western Montana will get their share most likely.
Ya I have heard Idaho is one of the fastest growing states. I have seen alot of growth down there as well in the few towns we have visited.
 

nodle

Cheesemonger
Administrator
The US housing boom is coming to an end, starting in Dallas
U.S. existing home sales have declined on an annual basis for eight straight months, the longest slump in more than four years, according to the National Association of Realtors report Wednesday. The slowdown has been driven by places that had earlier seen some of the strongest price growth during this recovery, including Seattle, Denver, New York City, Boston and the Bay Area.
Home price gains shrink to lowest level in nearly 2 years
"Home prices plus data on house sales and construction confirm the slowdown in housing," says David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. "One factor contributing to the weaker housing market is the recent increase in mortgage rates."
 

nodle

Cheesemonger
Administrator

nodle

Cheesemonger
Administrator
Home sales plunge as price growth hits 6-year low
Home sales in the U.S. slumped in December, while prices inched up slightly, marking the smallest annual increase since the end of the last housing crash in 2012, according to data from brokerage Redfin.
The median home price rose to $289,800 in December, a gain of 1.2 percent, the slowest monthly pace since March 2012. Sales dropped by almost 11 percent, the biggest decline for any month since 2016, Redfin said. Previously hot metropolitan areas are cooling fast. Prices dropped 7.3 percent in San Jose, California.
 

nodle

Cheesemonger
Administrator
We meet with a guy from around Boise, ID. that is wanting to build some fishing cabins up here. I was talking to him about Idaho and he said it is booming so fast. He said Boise is starting to turn into a small Seattle and the influx of people moving to the area they can't keep up with. He said most are Californians trying to get away from California's laws and the amount of illegals pouring into the bottom half of the country so people are selling out and moving up North now. Interesting.
 

jmanz

I bought you the sims
Members
We meet with a guy from around Boise, ID. that is wanting to build some fishing cabins up here. I was talking to him about Idaho and he said it is booming so fast. He said Boise is starting to turn into a small Seattle and the influx of people moving to the area they can't keep up with. He said most are Californians trying to get away from California's laws and the amount of illegals pouring into the bottom half of the country so people are selling out and moving up North now. Interesting.
Idaho has long been popular with those moving from California. Nevada, Utah and of course Arizona are also seeing more people coming in. I don't blame them one bit.
 

nodle

Cheesemonger
Administrator

California is the epicenter of Chinese residential investment in the U.S., with 34% of purchases in the state. Other significant hubs are New York, New Jersey, Florida and Texas.
In Irvine, population 280,000, “there are 65,000 houses... and 21,000 of them are owned by Chinese.” Lu of Fidelity National says.
“It’s normal for Chinese buyers to raise the price aggressively," says Phil Lee, a broker at Keller Williams in Irvine. "For example, a $1.2 million house, they pay $1.22 million, all in cash.”
In recent years, Chinese investors made about half of all home purchases in the city, but that share has fallen to about 36% in 2019, Lu says.
 
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