Housing Market Crash 2024: Let's Be Very Honest

The 2020 Housing Bubble, The 2021, housing market collapse, The 2022 Housing Market Apolocypse, The 2023 Housing Market Implosion, and The 2024 Housing Market Meltdown. All of those are titles of videos made by various YouTubers including myself over the past four years, but the reality of the housing market in the US has been very different. Instead of crashing, the markets have only gone up. In fact, according to the infamous Case-Shiller Index home prices in the United States have increased by 42% since January 2020. This video isn't about excuses but rather the reality, and addressing the various problems that plagued all these predictions over the past four years. To begin we first need to take a step back and understand some history.

Altos Research Channel

Bill McBride SubStack

ClearTax Video

[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.

[Peterl]

I'm in Michigan, and the housing market here over the past 7-8 years has been unprecedented. Houses that were purchased for $130K in 2015 are now going for $590K. These are tiny, poorly constructed 950-square-foot homes in quiet, mediocre neighborhoods. Meanwhile, nicer, average-sized homes in better neighborhoods that were over $300K a decade ago are now selling for $750K+. It's wild.

[austinbar]

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.

[HarryPotterFan]

People have no money. Debt is at its highest level ever. Real wages have decreased. Inflation has eaten 25% of Americans purchasing power since 2020. Home prices are up 40-60%. And people think home prices won’t correct????

[LucilleAlvarez]

I'm curious about the greatest investment prospects right now. I read certain perspectives, but I soon learn that these opinions are meaningless because the stocks they mentioned took a completely different turn.

[Prestoux]

Prices wont go down if corporations keep buying up all the homes.

[threeone]

I'd rather react to a collapse years early than 15 minutes late.

[henkhenk]

The can kicking is long overdue to end

[dunggg]

no one is ever wrong if there is going to be a market crash. They are just wrong on the timing. Michael Burry and Steve Eisman was wrong about the 2008 housing bubble by 2.5 years. They called it in 2005, but nothing materialized until end of 2008, reaching the bottom in 2012.

[MikeMachAttackJenkin]

now I know if Graham changes his clickbait titles to "the housing market is bullish", it means the housing market crash happened lol

[CliveBirse]

Keep in mind that during the 80’s people were encouraged to save due to the interest rates. Right now there’s very little incentive to save because those who are saving are watching those who are reckless taking it in. I’ve been trying to save for a home and it’s been discouraging to watch prices continue to not budge because there’s people willing to get into a mortgage where they’re paying 40% of their income. It’s insane.

[RationalEgoism]

In some of the hottest markets, prices have declined in nominal terms. Even Nick at Reventure Consulting didn't predict that prices would fall everywhere. Nationally since Jun '22, prices have fallen about 6% after adjusting for inflation. That's not a crash, but it's not a boom either. There will be another recession and when it happens home prices will fall as people lose their jobs. Remember that in the GFC it took 6 years for prices to bottom out; home prices move slowly.

[VansusVie]

I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.

[young_rich]

That was a long stretched video for saying “I have been wrong the whole time. No housing crash”

[tradewisetv]

Young people just can’t get their heads around how slowly the housing market moves. It absolutely is in a correction, it just doesn’t happen overnight. Go ahead and buy something. Nobody cares what you do. I sold when the market said sell, and I’ll buy when the market says buy. It’s a pretty simple approach if you understand how markets work.

[JonSmith]

From 2005 to 2008 was 3 years. I'm sure anyone who bought in 2005 and sold in 2010 wished they would have waited. Same thing applies today..

[jamesdeininger]

Prices are crashing in St Pete right now. We’re already down about 15% from the peak and inventory is 250% what it was this time last year. There are holdouts, but the people who actually NEED to sell eventually will, and those sales will reset the comps.

[philp]

This is so dumb. Do what's in your best interest. Screw all these videos telling you this or that. It's your money and your life. Will you make a mistake? Sure, but that comes with anything in life.

[liamcarpss]

Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them

[idnotapplicable]

I've offered well below asking on three different houses over the last 8 months or so and haven't regretted not just going into a bidding war for a house. Seems like a lot of people are regretting it now for anyone that bought between 2021 and now. Homes are extremely overvalued and until buyers realize that, things aren't changing. Just my take.