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Power the Flux capacitor, climb your Delorean on board, and prepare to travel back until 2008, as the latest titles on the real estate market crash seem very familiar.
The main differences between today’s implant market, and the one from 17 years ago was that in ’08 were the problem with bad mortgages and excessive housing prices. Today, high interest rates, insurance costs, economic fears and persistent inflation are the main problems. However, the results are quite similar – much of the United States are becoming a buyer market, according to a recent Redfin (NASDAQ: RDFN) report.
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The numbers are shocking. In April, 56,000 housing contracts were canceled – just over 14% of all hanging transactions, Redfin reports. Not from the early days of the pandemic there are so many deals, they have failed to reach the final.
“We see a lot of deals that crash, especially in major markets like Las Vegas and Phoenix,” Joel Efosa, CEO of Fire Cash, told The Daily Mail, “he said.” Especially buyers for the first time. Some lose their jobs, others just no longer qualify for loans because they don’t do enough or have a good loan. “He noted:” The riotors ask the sellers to accept the truth – the market collapses before our eyes. “
Prices have fallen throughout the year since April to the same time last year in 20 main metro districts, according to the Zillow home value index. Most of the declines have occurred in conditions of solar fruits, such as Arizona, Texas, Florida and Louisiana, which followed a similar model in 2008.
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Zillow, however, reports that the northeast has not yet entered the buyer market, where sellers still have the upper hand in cities like Buffalo, New York; Boston; Hartford, Connecticut; And Provadens, Rod Island. There are at least 10 housing buyers in these markets for each house listed.
Continuing discussion of tariffs and growing concerns about higher prices for food, furniture, construction, cars and others support potential buyers on the sidelines.