Newsweek: California’s Housing Market is Collapsing

[OliverHeldens]

https://archive.ph/H40G0
Paywall Free Link

“While in San Francisco, prices were down by 13.04 percent year-on-year, in Palo Alto and Fremont, for example, they had dropped by 12.80 and 10.60 percent, respectively. In Santa Cruz, prices dropped by 10.44 year-on-year, according to the website.

A Zillow listing shared by Dahr on X for a home in Lake Tahoe, at the border between California and Nevada, shows that the property experienced a $3.5 million price reduction after remaining 477 days on the market without being sold.
Another property in Carmel, California, suffered a $2.55 million price reduction after spending 245 days on the market, as shared by Dahr.”

[JayJ350]

This is what happens when businesses start fleeing.

[ltsOgre]

I believe the US is on the verge of a severe deflationary spiral, one that rivals what was seen in 1929. However, wages will continue to grow and job cuts will be minimal thanks to the strong Biden economy.

[Duckliver]

I believe the US is on the verge of a severe deflationary spiral, one that rivals what was seen in 1929. However, wages will continue to grow and job cuts will be minimal thanks to the strong Biden economy.

Lmao

[OliverHeldens]

I believe the US is on the verge of a severe deflationary spiral, one that rivals what was seen in 1929. However, wages will continue to grow and job cuts will be minimal thanks to the strong Biden economy.

There aren’t many jobs that allow someone to buy a $3m house….

[Duckliver]

There aren’t many jobs that allow someone to buy a $3m house….

Nah boyo listen to the man jobs will be paying more but not cuz inflation.

It’s just gonna be deflationary for rich people assets while strong Biden policies like printing 800 billion and calling it “inflation reduction act” will actually make money disappear.

[JayJ350]

I believe the US is on the verge of a severe deflationary spiral, one that rivals what was seen in 1929. However, wages will continue to grow and job cuts will be minimal thanks to the strong Biden economy.

"everything is going to hell and we are on the brink of collapse, but everything is great thanks to Biden"

Just LMAO @ libs srs

[OliverHeldens]

"everything is going to hell and we are on the brink of collapse, but everything is great thanks to Biden"

Just LMAO @ libs srs

lol I’m not even sure Libs believe this. But they’ll probably be conned into it before the election.

[JayJ350]

lol I’m not even sure Libs believe this. But they’ll probably be conned into it before the election.

People are aware of how much things cost and how much money they have. All the MSM propaganda in the world can't change that.

[r32gojirra]

According to the article, on average prices have increased:

“ According to the California Association of Realtors (CAR), the median sale price of an existing single-family home in the state was $840,360 in October—down from $843,360 in September but up 5.3 percent compared to a year before.”

So for every example cited where the price of a home went down, there must be many more others that increased to drive up the average.

Guessing OP’s landlord raised the rent again

[BalognaNbeans]

Biden's Newsome

[OliverHeldens]

According to the article, on average prices have increased:

“ According to the California Association of Realtors (CAR), the median sale price of an existing single-family home in the state was $840,360 in October—down from $843,360 in September but up 5.3 percent compared to a year before.”

So for every example cited where the price of a home went down, there must be many more others that increased to drive up the average.

Guessing OP’s landlord raised the rent again

“While in San Francisco, prices were down by 13.04 percent year-on-year, in Palo Alto and Fremont, for example, they had dropped by 12.80 and 10.60 percent, respectively. In Santa Cruz, prices dropped by 10.44 year-on-year, according to the website.

A Zillow listing shared by Dahr on X for a home in Lake Tahoe, at the border between California and Nevada, shows that the property experienced a $3.5 million price reduction after remaining 477 days on the market without being sold.
Another property in Carmel, California, suffered a $2.55 million price reduction after spending 245 days on the market, as shared by Dahr.”

FYI this ain’t stopping anytime soon. Just the beginning

[JayJ350]

According to the article, on average prices have increased:

“ According to the California Association of Realtors (CAR), the median sale price of an existing single-family home in the state was $840,360 in October—down from $843,360 in September but up 5.3 percent compared to a year before.”

So for every example cited where the price of a home went down, there must be many more others that increased to drive up the average.

Guessing OP’s landlord raised the rent again

"if you perform the necessary mental gymnastics, things are getting better" - libs

[saltypits]

A 13% drop in a house that's $2million dollars is still unaffordable to OP.

[r32gojirra]

“While in San Francisco, prices were down by 13.04 percent year-on-year, in Palo Alto and Fremont, for example, they had dropped by 12.80 and 10.60 percent, respectively. In Santa Cruz, prices dropped by 10.44 year-on-year, according to the website.

A Zillow listing shared by Dahr on X for a home in Lake Tahoe, at the border between California and Nevada, shows that the property experienced a $3.5 million price reduction after remaining 477 days on the market without being sold.
Another property in Carmel, California, suffered a $2.55 million price reduction after spending 245 days on the market, as shared by Dahr.”

FYI this ain’t stopping anytime soon. Just the beginning

Averages, how do they work

[OliverHeldens]

A 13% drop in a house that's $2million dollars is still unaffordable to OP.

Wait until you see the 2024 drops….

[N0stradamus]

Once upon a time, I predicted that homes will be selling at 60% discount.

And as usual, I was RIGHT.

In Los Angeles, celebrities are desperately trying to unload their mansions due to the county's new "mansion tax".

Some have taken upwards to 70% loss just to get rid of these homes.

Feels good being a high IQ boyo that's usually right about everything.

[PaulJerome]

OK, I'm a little disappointed. 17 posts above me and only one poster with the balls to double-down.

Come all you housing bulls, come in here and lampoon all the stupid housing bears!

[SirFapsAIot]

lol @ california, liberal chit hole

[saltypits]

Wait until you see the 2024 drops….

50% drop? Is that catastrophic enough? Let's take a place that's $2.5 million dollars. Let's take 13% off. So now $2.175 million. Now let's take 50% off. So now $1.0875 million dollars.

You still can't buy it.

[r32gojirra]

Once upon a time, I predicted that homes will be selling at 60% discount.

And as usual, I was RIGHT.

In Los Angeles, celebrities are desperately trying to unload their mansions due to the county's new "mansion tax".

Some have taken upwards to 70% loss just to get rid of these homes.

Feels good being a high IQ boyo that's usually right about everything.

March 2022 right? Dolt

[gmenfan40]

According to the article, on average prices have increased:

“ According to the California Association of Realtors (CAR), the median sale price of an existing single-family home in the state was $840,360 in October—down from $843,360 in September but up 5.3 percent compared to a year before.”

So for every example cited where the price of a home went down, there must be many more others that increased to drive up the average.

Guessing OP’s landlord raised the rent again

"Equity" =/= Sale price

Just because the county is appraising houses for millions for property tax revenue, that doesn't mean there is a supply of buying willing or able to pay the price... (Super Ded fkn Srs)

[N0stradamus]

OP, 2024 will be the year of endless discounts. Hope you've been stacking your paper, cause we going shopping, boyo.

[r32gojirra]

OP, 2024 will be the year of endless discounts. Hope you've been stacking your paper, cause we going shopping, boyo.

What happened to March 2022

[N0stradamus]

Wait until you see the 2024 drops….

My understanding is the major auto companies have been taking huge losses producing electric vehicles that no one wants. In the EV market, people only want Tesla because it's "cool" while an EV from Toyota or Honda or Ford is considered milquetoast and boring.

Their EV inventories have been piling up. Most likely they'll have to slash prices all across the board to attract sales.

2024 might be the year of the auto crash as well.

LOVE these market crashes.


OP, we going shopping, boyo.

[rectifryer]

You cant speculate what a manipulated market will do beyond the intent of the business interest behind said market. Everyone rational agrees it should burn down yet its rising in reality.

Prices have to fall another 60% to just be comparable. Employment and gdp is still to high, albeit for the wrong reasons. But they have everyone fooled for the show.

[r32gojirra]

You cant speculate what a manipulated market will do beyond the intent of the business interest behind said market. Everyone rational agrees it should burn down yet its rising in reality.

Prices have to fall another 60% to just be comparable. Employment and gdp is still to high, albeit for the wrong reasons. But they have everyone fooled for the show.

Remember when you claimed to know anything about real estate markets

Pepperidge farm remembers

[r32gojirra]

My understanding is the major auto companies have been taking huge losses producing electric vehicles that no one wants. In the EV market, people only want Tesla because it's "cool" while an EV from Toyota or Honda or Ford is considered milquetoast and boring.

Their EV inventories have been piling up. Most likely they'll have to slash prices all across the board to attract sales.

2024 might be the year of the auto crash as well.

LOVE these market crashes.


OP, we going shopping, boyo.

Lmao just 2 more weeks

[FelixTheCat1919]

You make this same thread almost daily.

[IlChosenOne]

I believe the US is on the verge of a severe deflationary spiral, one that rivals what was seen in 1929. However, wages will continue to grow and job cuts will be minimal thanks to the strong Biden economy.

Fkn lol