Housing Market COLLAPSE: 56,000 Contracts Canceled

A Redfin report showed that in the month of June 56,000 real estate contracts were canceled. The highest number of cancelations reported in years. Some fear that this could be the beginning of a collapsing housing market.

I’m going to dive into this article along with a few others to talk about why people are pulling out buying homes. It basically all comes down to one thing. Homes are just getting too damn expensive.

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Jacqueline "Jackie" Baker
NJ License 1541448
Coldwell Banker Realty
Allendale/Saddle River

#realestate #jackiebakerrealtor #jackiebakersellsnj #homebuyingtips #homesellingtips #realestateinvesting

[tonysilke]

In the USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.

[HugoBergmann-lund]

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.

[sirheisenberg]

The effects of the downturn are beginning to sink in. People are being impacted by the long-term decline in property prices and the housing market. I recently sold my house in the Sacramento area, and I want to invest my lump-sum profit in the stock market before prices start to rise again. Is now the right moment to buy, or not?

[Riggsnic_co]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[claireNymans]

Housing market collapse? Yikes! 😅 Just when I thought my $23k emergency fund was ready to give me a head start on investments! At this rate, I might just have to start investing in ramen noodles instead of real estate. Anyone else feeling like the market's playing hard to get, or is it just me?

[HawaiiBlueMermaid]

The dramatic increase of homeowner insurance premiums is diabolical! Maybe the U.S. should also stop allowing foreign real estate investments for homes.

[uneyedentified]

I dont understand why we are now all of a sudden suprised "home prices are way to high" they have been too high for atleast 3 4 years now

[Lisa_]

“Backing out over minor issues” BS!! Sellers are insane and insist on “as is” in this market for major problems because they’ve been getting away with it. I recently cancelled a contract when the seller refused to fix a septic system that inspection revealed had major problems. I’m not buying a house with an inoperative septic system. Either fix it or reduce the price. Seller refused, so I said bye bye. So sick of sellers preying on buyer desperation. Not me, back to the sidelines for me.

[FrankHaubrich-mtgw]

Real estate can be quite a rollercoaster, the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate my entire $700k liquidity value to my stock portfolio or just stay 100% cash?

[lenurban]

I cancelled 2 offers this summer. The house orice is too high, the cost of the money im borrowing is too high, and the cost of the repairs uncovered during inspection was the fiinal straw.

[jonathantaylor]

People are also getting home inspections again and realizing they are about to pay top dollar for a broken house.

[edmundj]

What makes this insane is that the income in based on gross not what you take home. Sure I can afford the house based on my gross income but in reality, I can't.

[SilvesterMiles-yj]

Well, I guess it's a good thing I've been stashing away that $234k emergency fund for a rainy day, but who knew the storm would be a Housing Market COLLAPSE? 😂 Just when I thought I was ready to dip my toes in the investment pool, 56, 000 contracts decided to cancel themselves out of the market. Maybe I'll just start a hedge fund for bad timing! Anyone got a hot tip or should I just keep waiting for the next real estate apocalypse?

[carolyncuesta]

Houses are too expensive and people are finally unable to make do? Who could’ve seen this coming.

[Rocketcarla]

I’m disgusted with the housing market. We are a young couple with good incomes and we can’t afford to buy a house. I refuse to spend my hard earned money on a house that is ridiculously overpriced

[Fernandosasx]

I'm favoured financially with Bitcoin ETFs, Thank you buddy $32, 000 weekly profit regardless of how bad it gets on the economy. All thanks to David Wilson

[Akiiyaford]

Hallelujah The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻. I was owing a loan of $49, 000 to the bank for my son's brain surgery, Now I'm no longer in debt after I invested $11, 000 and got my payout of $290, 500 every month…God bless Mrs Susan Jane Christy ❤️

[Robert]

Praise to God Almighty!!! I’m favoured financially with Bitcoin ETFs, Thank you buddy.$63, 700 biweekly profit regardless of how bad it gets on the economy

[ricardoramirez]

I am in Houston Texas. I terminated a contract in July. Starter home 3b 2b 1800sqft. Nothing crazy. The sellers home needed estimated 25-30k dollars in repairs. Yes it was an older home, 1978, and when looking I understand most older homes will have issues but this one had the main 5. Foundation, roof, plumbing, HVAC, and electrical. Original owner did a lot of DIY that was not up to code and was going to cost us more than expected and delayed us from moving in. The issue is asking price. We all know we shoot for the stars to get the most out of a sale but it’s not like this house is made of gold. Sellers need to be more realistic. It’s not peak covid anymore that time has passed.

[mbnesbitt]

Start early with diversified investments in Bitcoin, stocks, bonds, and real estate. Maximize contributions to tax-advantaged accounts like 401(k)s and IRAs. Regularly review and adjust your strategy to ensure security