The biggest Mortgage Collapse in US History is happening right now.

Homebuyer demand measured by mortgage applications just took the biggest plunge in 30 years. With mortgage applications to buy a house now down 19% YoY and resting below the lows of the 2008 housing crash.

This crash in homebuyer demand suggests that the spring 2024 housing market will be a ghost town. And that sellers on the US Housing Market could be forced to lower prices. And that many people in the real estate industry could also be laid off.

Especially in housing markets like Florida, Texas, and Tennessee, where home prices look to be on the decline in 2024. Especially in cities like Sarasota, Austin, and Nashville. Where homes for sale has spiked and home prices are now trending down.
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[ReventureConsulting]

Homebuyers are gone. And they're not coming back. Until home prices crash.

Here are the current stats on early-stage buyer demand in 2024 Housing Market:

-Mortgage Applications down 19% YoY
-Google Searches for Homes for Sale down 14% YoY
-Redfin buyer demand index down 14% YoY

Meanwhile - new listings are going up. And now we're starting to see the mortgage defaults increase. Ugly cocktail for prices. Should be very interesting to watch seller behavior over the next 2-3 months.

(check 2:05 of video to see new report on Mortgage Defaults).

[sarawilliam]

Sadly, banks continue to stumble, mortgage rates is on the rise with higher imports and lower exports, yet the FED is to lessen cost. So, where do we grow and safeguard our money now? something will eventually break if they keep raising interests and quantitative tightening.

[KarenLavia]

Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market

[bobbymainz]

I predict a housing crash due to people buying homes over asking price, lacking equity if prices decline further. Foreclosure becomes likely if they can't afford the house, and selling won't yield profits. With anticipated layoffs and rising living costs, many individuals may face this situation.

[AllenNichol]

High interest rate causes house market declining, less people are buying houses. more empty comericial buildings are converted into residential condos wich results in rental declining.After covid, more people are working at home, artificial intelligence technology has eliminated many office jobs, and commercial buildings are vacant and converted into apartments.

[HugoBergmann-lund]

I sold a couple of properties in 2020 and have been waiting for a housing market crash to buy at lower prices. In the meantime, I've been considering investing in stocks as an alternative. Is it a good time to buy stocks now? I've heard people describe the market as chaotic and refer to a "dead cat bounce, " yet I also come across stories of people making over $225k in weekly trades. How is that possible?

[johnlennon]

If you are properly prepared and knowledgeable, every crash/collapse/inflation or recession gives an equal market opportunity. I've seen folks amass up to $800, 000 throughout crises and even do it with ease in a terrible economy. Without a doubt, someone has become enormously wealthy as a result of the crash.

[RonaldPaul-rskt]

Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

[bravehats]

Person A bought a house for 400k in 2020, Sold it to Person B for 600k in 2022. Person B then sold in June. 2023 to Person C for 700k. Person C wants to sell in Jan. 2024 for 750k...house has been in the market for >30 days...price has been cut to 725k. This is what is happening across the country.

[fareshajjar]

Prices are still insane. If they want to sell houses they have to cut prices and not by a little. Time for half off sale and then go down from there.

[konradzach]

People in Illinois trying to sell homes that were built in 1940s and never renovated for over 400k is absolutely bananas

[simone_maya]

With rates not as subsidised in ’24 and our mortgage still as high as 6.3%, we seek alternatives to maximize savings without an RV move or taking a loan. I’m seriously contemplating the latter.

[Kenneth]

The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies

[Riggsnic_co]

I paid up all my mortgages in 2yrs while working with a Financial Adviser. I’m 50 and my husband 54 we are both retired with over $3 million in net worth and no debts. We got to realize that the secret to financial freedom is making better investments.

[tubularbill]

The prices are out of control. I paid a 7.5% mortgage rate on a $90k house w a separate 2 car garage years ago and my mortgage w taxes was about $700 a month. It’s not the rate it’s the price of the house.

[onebridge]

That $40k a year mortgage payment is only when the 20% down payment of $109k is made. Most Americans don’t have that. Also, many are screwed once taxes, insurance, and HOA fees increase on them.

[Koushi]

Buyers ain't gone it's just prices are not worth it at all.

[BryanVahey]

Mans just called a $550, 000 home a starter home. 💀

[paaaatrika]

40 grand a year for mortgage? 40 grand is like a good yearly salary here in Sweden.

[robertsquared]

If you have Excellent credit.. car loans are 9.5!! A $30, 000 vehicle for 60 months is going to be a $600 car payment with $5, 000 down!! That’s nuts