Me too. I have heard as we lose more consumers (I'm putting it nicely) prices will go down for food and housing.
Housing MAY hit a bubble burst of some form.
They aren’t selling (good, not everyone is a fool) and at least here its over-stock.
A record high of sellers are yanking their houses off the market because they aren’t getting highly inflated prices (by the seller) for them.
Example; I was eyeing a house for barely worth 180k, needed about $10k to restore it like new. Bank appraisal was only $175k. That would put me at 15k over bank appraisal. Which means 15k out of pocket.
Looked at it again, no work done at all it was now $240k. Now its $65k over appraisal and that comes out of pocket. Absolutely NOT.
Found out, people fleeing IL not only paid 240k, but slapped down 5k over asking price just to get it.
Stupid enough to pay $70k over appraisal, insane.
The fool market ran dry, now they can’t sell anything with that gouging.
Now, because of unemployment spiking and a crap economy foreclosures are starting to rise.
The last thing people are doing is buying a price gouged house, they are renting at gouging prices.
Real estate people I know were advertising $1m-4m homes are now trying to sell normal houses just to make a living and failing. Or sellers now renting.
It can only flop on its face. A price reset is coming, if not worse.
And all those who bought gouging priced home will take a major loss.
Its a shame it takes a flopping economy to cause a correction.
Very low gas prices can’t save that. Its coming. Bit it would be cheaper to live in a car during winter.
Ya know why prices went up under joe and sold? Because they could barely afford it, niw they can’t even barely afford it
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