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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.”

 

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12 COMMENTS

  1. Complete BS. Trying to drum up a catastrophy. Not buying it. Our house in FL is rising in price every month.

    Don’t buy the lie!

  2. Our housing prices are still up 5% this year and closing days up 2 days. I think the media is stoking fearbecause the matrix is not the same as 2008. What I foresee is a flattening if pricing and house staying on market for 30-60 days. We still have a tremendous shortage, The cities cited, other than Florida, have seem mass exodus, but Florida numbers are bull shit since I’ve been looking this last week in the 2 cited communities and prices are still going up.

  3. You can keep those houses and cars that you realtors and car dealers are getting over the asking price for, and shove them. Greedy radicals! Bad as demon-crats.

  4. We’ve had realtors sending cards trying to get us to consider selling. Homes in our neighborhood are popular. So at least here it’s booming. We won’t move. It’s paid for.

  5. All Red state prices are rising , all blue state prices are the ones falling, this trend will continue for at least 3 more years unless joe checks out early ,,ha

  6. When it crashed in 2007 it was about 7 or 8 months after gas was at $4 a gallon. I figured people were using part of their mortgage payment to pay for gas to get to work. Finally everyone ran out of credit and the time to reconcile caused the crash.

  7. Bull Shit….! I don’t know where these people live, but where I live, house prices a climbing +15% annually, with no end in sight. Cost of building materials, and labor rates, alone will continue to have a huge impact on housing prices for the foreseeable future. Anyone who is today prepared to pay 10%-20% over list price, will not be afraid of modest interest rate hikes. When mortgage interest rates hit greater than 8%, you may then see prices start to fall.

  8. Here in South Carolina prices are really high for houses and rent just for modest house and little bit of land. We couldn’t afford to move if we wanted to. .

  9. We were basically forced to let our home go into foreclosure and file bankruptcy back when Obama was in office and we’ve been renting for the last 10 years. We held on for as long as we possibly could but when the mortgage company refused to work with us and we could no longer afford to keep our home we did what we had said we would never do. Having said that, the rent prices in our area have been going up quickly since Biden took office. We were looking to rent a smaller place and the rent for a home has risen close to 1,000 dollars in the past year. I know part of it is because those renting the homes are trying to get caught up on their mortgage payments from the moratorium. I know of one place where after almost 2 years the landlord was finally able to get the tenants out and before they moved they destroyed the place causing over 80,000 dollars in damage that this family had to repair before they could rent it again. They are an older couple that downsized and to help with their income decided to rent their house. I know all this because they live just down the street from my daughter. Right now we are staying where we are because IF we can find a place to rent we couldn’t afford it because it is higher than what we pay now. I don’t know how long this is going to last but I won’t be surprised to see that people find themselves in the same position as last time having homes that are going to be upside down.

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