Housing Market COLLAPSE 60,000 Canceled Contracts

Housing Market COLLAPSE 60,000 Canceled Contracts

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0:00 - Intro
1:19 - Redfin Article
2:23 - Home Sales
3:32 - Canceled Contracts
6:13 - Home Insurance
9:16 - Property Tax
11:39 - HOA
12:53 - Payment VS Income
14:05 - Price VS Income
14:47 - Conclusion

Data Source:

#HousingMarket #HousingMarketCrash #MortgageRates
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[otmoud]

I was scheduled to close on a brand new construction earlier this month. You helped me see what’s going on in the market and I decided to back out and thankfully got my earnest money back!!! Now the house is on the market for a 30k price cut… thank you man!!!

[richardhudson]

To my own research In 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.

[oliviaHill-we]

This happened with the 2004 housing boom - home prices were greatly inflated, meaning people couldn't sell later because they owed more on the house than they could sell for. I know quite a few people who bought then, thinking they were making a good investment to sell later, but it's taken until the COVID housing boom for the prices to come back to those original amounts.

[DonaldMark-nese]

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.

[antoniozapien]

Insurance needs to be fixed that is ridiculous and property taxes needs to be abolished

[luck]

I actually just pulled out of a condo purchase because i saw on the hoa disclosure the hoa fee increasing from 277 to 850 within 4 year, never pulled out faster in my life

[cardboardboxification]

just wait for the people to question why they are paying $800, 000 for a $300, 000 used house

[jonathantaylor]

The buying frenzy is over. I think a lot of these canceled contracts are from home inspections. People were so desperate a few years ago they looked past major problems. I think people are starting to realize the home they are about to buy needs 10, 20 or 50K worth of work- and they don't got it.

[virginiaescalante]

I got my money back from 2 different offers I put in. Why did I cancel? Because inspection came back with issues on the home. The owners wanted me to pay for the damages and or issues that were found on the homes. Plus they didn't want to go down on the prices but wanted me to pay for the fixing of the home. How is that even an option?

[jimmim]

Housing prices and demand are plunging. This is great news!

[frankmc]

Renters insurance is $30/mo vs. the $200 we were paying for homeowners insurance. Property taxes were $850/mo (2% of FMV). Sold and moved out of the Northeast. Monthly cash flow improved by a minimum of $1400/mo by renting not owning.

[thebklynprophet]

The most important thing is the price of the home

[jeffreycheng]

"Politics is now and always has been just the clever and deceptive art of using euphemisms, lies, emotionalism, and fear-mongering in order to dupe average people like you and me into accepting and demanding the chains of our own enslavement."- Larken Rose. The Dangerous Superstition.

[Kin--]

It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.

[MattSchuster]

I'm in oklahoma and I'm paying 2400 per year for insurance on a $220k home built in 2018. No claims ever. It was $1200 per year when I moved in in 2020. My property taxes are $2200 per year and has only went up $300 since moving in. But even worse, I'm paying almost $4000 per year in insurance for 2 vehicles (19 ford explorer, 17 f150). How am I paying more for my vehicles than my home??? No claims or accidents or tickets either! I'm so sick of insurance! No wonder oklahoma has the most uninsured motorists in the country! We can't afford it!

[scottcollins]

Canceled my contract yesterday but only because my lender found out the HOA I was moving to was doing shady things and then wouldn't loan me the money unless I put 20% down. Maybe a blessing in disguise but now back to renting for another year and hoping the market crashes

[Bulldozer]

Thank you for your service sir. You are very much appreciated for your service.

[dht]

Now this is great stuff Travis. Key info, no lawyers waving arms, just info on our markets. Nice

[suburbankaren]

I rent a 2 bdr, 1.5 bth condo in suburban Chicago at $1, 600/month. My renters insurance ANNUALLY is $122.00.

[greyballer]

My payment has gone up 15% already since I bought in 2021. Glad I bought a third of the house cost I pre-qualified for.