2023 Housing Market Crash (Why is NOBODY living in these homes?)

Hundreds of empty homes. NO BUYERS...

I've been driving around America for the past few months and this sight (of homes being built with no buyers for them) is becoming all too common.

It's a sobering reminder that the 2023 housing crash is just getting started.

Nine months ago, these new homes were selling for $430,000 and now they're selling for $370,000.

And they have still only sold half of these new homes. They're going to have to cut the price by even more.

How much do you think these homes are actually worth?

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[NicholasBall]

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.

[architecture.w]

These houses will become rentals with corporate landlords.

[andrew.alonzo]

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.

[AntonioBianh]

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.

[caliwrestling]

Don't Rent from these corporate thieves

[mobeefus]

The median household income in the US is roughly $65-70k. Even with a $60k price drop $370k is unaffordable for most people.

[RellupNorth]

Corporations should not be allowed to buy homes. Period. They are meant for families. We cannot buy warehouses without intent of what we are going to do with it, they shouldn't be able to tread into our territory

[xavier_lucas]

it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.

[joelballard]

When you build 250k houses and try to keep selling them for 500k people will wake up and just stop. Which is what really needs to happen. Everyone stop. Put your money away.

[donaldgoodin]

Families, pull together for a few years. Make due. Hold off on buying anything for a while. We need to take back the power we gave them.

[dylanmoris]

In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living

[jameswood]

With rates climbing like never before in ’23 coupled with uncontrollable inflation, and our own mortgage at now 7.5% what are the best alternatives/strategies for avoiding a crunch and maximize my $600k savings other than moving in to an RV with my two kids and wife.

[crook]

Houses getting cheaper is not a market crash. It's called coming back to reality.

[lurkingarachnid]

The problem is too many houses being built but no one can afford

[joshcassigham]

In spite of how everyone is frightened and calling the crash, there is already an excessive amount of demand waiting to absorb it, which is
another reason it's less likely to happen that way. This forecast was not made in 2008, at least not by the general public, as I will explain below.
The ownership rate peaked in 2004, according to the other comment. We reached a peak in the second quarter of 2020 and are currently at the
median level. From 2008 to 2012, it fell by 3%, and in the second quarter of 2020, it dropped from 68 to 65.

[SWAGXICAN]

Don’t give up ppl!!! Hold on a bit longer with cars and housing purchase. We the People need to teach them We’re in charge. We need to stand together once again and teach all these greedy companies that because of us they exist and without us they will go down. Pls stop paying insane markup prices.

[karencarlin]

We need rent and housing prices lowered. The rents now are outrageous, and people on SS can't afford these prices.

[xaviercanedos]

No one’s living in them because they’re not even done 💀

[gingerkilkus]

Great video! For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.

[michaelsmith]

We miss you, hope you’re healthy. No burn out. Keep it pushing.