CA median home value hits 813k up 34% y-o-y

In Thurston county, have a family member who is a very successful real estate agent. He is telling of properties where not only you have to be 50k over on a 450 ask, but then have escalators for another 60-75k if you want to get the property. Average time on the market last several months has been 4 days for properties to sell.

His belief is this is one year away from crashing ala 2008. Last straw will be 14 million people currently in places that have not paid mortgage/rent b/c of the Virus that will be moving on to somewhere.
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That's really the only thing that can kill it. I've been waiting for the foreclosure moratorium (IOW "the other shoe") to drop. On the other hand, I'm reading that investors are buying up properties. It's possible that the foreclosures will be snapped up by institutional investors and the whole madness will continue.
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Interest rates will have to rise soon and that will push prices down as well.
 
In Thurston county, have a family member who is a very successful real estate agent. He is telling of properties where not only you have to be 50k over on a 450 ask, but then have escalators for another 60-75k if you want to get the property. Average time on the market last several months has been 4 days for properties to sell.

His belief is this is one year away from crashing ala 2008. Last straw will be 14 million people currently in places that have not paid mortgage/rent b/c of the Virus that will be moving on to somewhere.
Click to expand...

That's really the only thing that can kill it. I've been waiting for the foreclosure moratorium (IOW "the other shoe") to drop. On the other hand, I'm reading that investors are buying up properties. It's possible that the foreclosures will be snapped up by institutional investors and the whole madness will continue.
Click to expand...

Interest rates will have to rise soon and that will push prices down as well.
Click to expand...

Interest rates will only go up to the degree this country can pay the interest on its debts. Right now that doesn’t signal much of a bump if at all.
 
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In Thurston county, have a family member who is a very successful real estate agent. He is telling of properties where not only you have to be 50k over on a 450 ask, but then have escalators for another 60-75k if you want to get the property. Average time on the market last several months has been 4 days for properties to sell.

His belief is this is one year away from crashing ala 2008. Last straw will be 14 million people currently in places that have not paid mortgage/rent b/c of the Virus that will be moving on to somewhere.
Click to expand...

That's really the only thing that can kill it. I've been waiting for the foreclosure moratorium (IOW "the other shoe") to drop. On the other hand, I'm reading that investors are buying up properties. It's possible that the foreclosures will be snapped up by institutional investors and the whole madness will continue.
Click to expand...

Interest rates will have to rise soon and that will push prices down as well.
Click to expand...

Interest rates will only go up to the degree this country can pay the interest on its debts. Right now that doesn’t signal much of a bump if at all.
Click to expand...

Self admitted dime store economist here, but all that money into the supply can’t help but push inflation higher, right?
 
This isn't real market analysis, but listings on Zillow are starting to soften up. More homes on market with "reduced pricing" than I've seen in awhile, especially in the 5-750k range.

I wouldn't say the crash is here, but people are getting less greedy. Would hate to miss out on selling your 300k shit hole for 600
 
House in our neighborhood went up for sale last Thursday and is still on the market. Surprising considering one a couple months ago right across the street went pending in two days at $30k over listing. Of course, this current one is a split-level and those suck even if they are modern builds.
 
House in our neighborhood went up for sale last Thursday and is still on the market. Surprising considering one a couple months ago right across the street went pending in two days at $30k over listing. Of course, this current one is a split-level and those suck even if they are modern builds.
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There’s one down the street from me that hasn’t moved in 30 days and they’ve dropped the price twice.

The market is cooling already. And forbearance ends July 1st. Some that haven’t been paying their mortgage can put it at the end of the loan. But most lenders aren’t going to do that and the homeowner will either sell or foreclose. There will be about 10 million of these homes that hit the market between July and the end of the year. If I was a betting man, I’d say prices will be down 5% year over year by December and continue to tumble from there.
 
Every industry economist I've read says prices go up another 12% over the next 12 months.
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If the terminal welfare programs had missed forbearance payments for those that couldn’t “afford” it baked in, then it could happen. If not. Look out.
 
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