As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by DailyMail:
America’s red hot housing market is cooling down fast sparking fears of a housing bust and crippling recession as nearly half of home sale prices are slashed in some areas.
After two years of buyers battling paying tens of thousands – or sometimes hundreds of thousands – over asking price to secure homes as millions fled the cities in favor of the suburbs during the pandemic, it appears the boom in over.
The article goes on to state the following:
An increase in mortgage rates, rising house prices and uncertainty around Joe Biden’s economy as inflation soars, are contributing factors to the slowdown, according to experts.
“As I said about 2008, it’s like watching a plane crash,” tweeted Michael Burry, an American investor, hedge fund manager, and physician known for “The Big Short” and calling the subprime mortgage crisis.
“It hurts, it is not fun, and I’m not smiling,” he added in the now-deleted tweet.
According to Business Insider: “Burry told New York magazine in December 2015 that as the housing market crumbled in late 2007, he had a recurring nightmare about the disaster, in the form of an airplane crashing.
“’I knew what was happening, but there was nothing I, or anyone else, could do to stop it,’ he told the publication. Burry added that on the last day of 2007, he was too upset by the catastrophe to leave his office and go home to see his family.
“The Scion Asset Management boss posted his latest tweet shortly after the US government released data showing sales of new, single-family homes fell by nearly 17% month-on-month to 591,000 units in April — well below the consensus forecast of 750,000 units.:
Daryl Fairweather, the chief economist with real estate giant Redfin weighed in, saying in a statement: “The picture of a softening housing market is becoming more clear, especially to home sellers who are increasingly turning to price drops as buyers become more cost-conscious under higher mortgage rates.”
Is the housing boom about to bust? Sellers are slashing prices at levels not seen since before the pandemic amid rapidly cooling market as hedge fund manager of The Big Short fame warns '…
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— Ruliquid Trader (@RULiquid) May 27, 2022
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