Housing Market in EMERGENCY MODE AS SALES PLUMMET..

Despite interest rates coming down, buyers are not returning to the housing market and inventory continues to build across the country. In some parts of the U.S. we are seeing inventory levels jump beyond pre-pandemic levels and nationwide inventory levels are nearly back to pandemic as well. How low interest rates have to go to bring buyers back into the market?

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[jerrycampbell-utyf]

I remember in 2007 when I was working in real estate seeing people buy homes new from builders with the intention of selling before close of escrow to a new buyer for profit. The crash was so brutal and fast that I remember seeing a lot of these units foreclosed on with the builder plastic still on the carpet.

[alexsteven.m]

From my analysis, people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.

[thomasryan]

There's an abandoned and condemned house on my street. It was flooded out and gutted following a hurricane in 2012. It's in awful condition but is on a deep-canal and almost bayfront. Someone bought it last year for 550k. A flipper is now trying to sell it for $1 million. Nobody has looked at it for months now. Screw greedy people.

[bobbylee]

The Feds say they are going to lower the rates? Why aren't people buying homes? They are way way way overpriced.

[Juliet]

I don't think most people want to buy a house with this job market. Too much uncertainty and the prices still need to come down to align with people's salary. Thanks Michael and Happy Monday!

[missylearned]

It’s not the interest rate. It’s houses doubling and tripling prices in a 5 year period in most of the metropolitan areas. Salaries did not double or triple.

[eliot]

It’s not the interest rates. It’s the prices. Everybody boycott buying until they drop these prices by at least $100, 000. Just don’t buy anything overpriced.

[Oursgirl]

Taxes, HOA’s, and insurance really make it unaffordable 😥

[pablo]

Reason people aren't buying or cancelling is the taxes and insurance rates have skyrocketed; plus home prices are still too high and no one wants to buy and own an overpriced house.

[bradc]

We’re about to find out that there was never a shortage of homes. Very likely many areas were overbuilt. The problem was too many people hoarding homes as investments. The majority of those investors paid cash, so interest rates mean very little in this market. You could lower interest rates to 0% and the majority of the population could still not qualify to buy homes at overvalued prices. The crazy thing is, there are investors out there that will continue to buy up all the homes they can, as the inventory continues to rise.

[Kin--]

Stability is a result of our economy's struggles with uncertainty, housing issues, foreclosures, global volatility, and the pandemic's consequences. To restore stability and promote growth, all sectors must respond quickly to concerns about growing inflation, slow growth, and trade disruptions.

[MarioLuigi-vbrp]

Here in San Jose we have so much inventory but the prices are insane.

[tripolarmisfit]

Doesn't matter if they lower mortgage rates, interest rates, etc. PEOPLE DON'T HAVE MONEY!

[jasonfuller]

I learned my lesson in 2008. Refused to fall for the same B.S.

[Landstalker]

The era of flipping houses for quick profit is over.

[specialk]

There is a legitimate fear and hesitation for buyers due to job insecurity and a forecast of a great depression

[randalceniceros]

Rates too high
No one wants to list/sell.
My mortgage is 2.37% FIXED
Why would I sell?
Too bad.

[JillFestini]

Most people don’t make enough money to afford the house payments with houses at these prices. Plus inflation and insurance, it’s beyond unaffordable

[LongNguyen-fpri]

Home prices are 30% - 40% overvalued plus double digit inflation and plus surprised unemployment, while wages increase 3% - 5%. The rate cut, let’s say 50 basic points, won’t save much on monthly payments. Currently rent payment is half of mortgage payment. Why buy when it’s 30% overvalued??

[kurtleo]

Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.