This is another area of concern.
What do you know? What have you seen?
I hear there aren’t affordable houses on the market. Then I hear people are paying over asking price. I’d been hearing people paying over asking price for a lot of years around here. This was well before 2020. That seemed so odd to me, especially since housing was available.
There is a rather new state law here that says every town must have affordable housing. It’s some formula of income, housing prices, etc. It’s fucking bullshit. It’s government forcing housing and the market.
My coach is also a realtor. She was very busy during the pandemic, which really saved them because they had just opened their gym the year before, and were made to close down during that time. She said it’s slowed some now, which she takes as it comes, as she can focus on the gym and coaching.
Right now, no one I know is buying. Our son would like to move out of his neighborhood but there isn’t a lot around. Our niece has been for years, for even a simple fixer upper, as her dad can do a lot, but it’s been very overpriced. They’re in Massachusetts.
Corporate institutional ownership (Blackrock for instance) of residential housing has dramatically increased, putting the market at high risk if they decide to unload their hordes of single family homes.
Blackrock and the like are ruining it. There is a lot to lease but little to buy and what is out there to buy is 100K+ overpriced (or more) if you ask me. The shiz will hit the fan at some point.
I was killing time one day, perusing the market back home. I laughed hard when I saw the prices on some of the homes... some I have literally been in. I thought, who is paying 400K for that dump? And no one was/is.
A decent home is over half a mil where I live. How? I have no idea. I think to myself what on earth do all these people do for a living that they can afford it? But I am also seeing in my neighborhood.... 4-6 cars in the driveway for some homes. Why? The whole damn family is living in one house and sharing expenses. There is a lot of it here in the nicer neighborhoods. The people that live across the street from me live in a 600K home. The whole family lives there. Granddad, Meemaw, husband, wife, adult kids, little kids. They use the garage for storage and the driveway and street are packed. (with their cars) Looks like a dumping ground at a family reunion.
Canada housing market is the most precarious, at the moment, I think, but we're right behind them.
The U.S. Now Has:
1. Record $17.1 trillion in household debt
2. Record $12.0 trillion in mortgages
3. Record $1.6 trillion in auto loans
4. Record $1.6 trillion in student loans
5. Record $1.0 trillion in credit card debt
From, The Kobeissi Letter