How Are We Going To Get Out Of This Thing, I Might Have To End Up With Nothing

Abstract

Black Knight's data shows that home prices have pulled back from their recent peaks in popular markets like San Jose, Seattle and San Francisco by 5.1%, 3.8% and 2.8%, respectively. "Real estate agents working in Helena, the Flathead Valley, Bozeman and Billings generally said homes are still selling, but that properties are typically seeing fewer offers and staying on the market longer than they were last year, trends that give buyers more negotiating power. Additionally, sellers are in some cases finding they need to dial down ambitious list prices - a sign the market may be reaching a plateau. Missoula's median single-family home sales price dipped slightly in July, declining to $525,000 - $37,500 less than the June median." The Daily Independent in Arizona. "Some Phoenix homebuilders reported a spike in cancellations of new home contracts as the local housing market adjusts to less demand and more supply. Over the last few months, the cancellation rate has jumped to around 30% to 35% in the Phoenix metropolitan statistical area, said Steven Hensley, housing analyst at Zonda." "'We have seen an uptick in cancellations in the new home market,' Hensley said. Richmond American Homes- another Phoenix homebuilder - announced a sizable spike in home sale cancellations. "One of the largest iBuyers in the nation is now offering homes for sale on its website before widely listing them to the public, a move aimed at helping buyers avoid price negotiations and bidding wars. The company has an appraisal price match guarantee as well. If a customer buys an Opendoor Exclusive and the home appraises for less than the purchase price on contract, the company will reduce the price by up to $50,000 to match the appraised value. As of the first quarter, homes sold using an iBuying service made up 5.1% of the Dallas-Fort Worth market and 1.3% of the national housing market, according to Zillow." Palo Alto Online in California. "Residential home sales in Metro Vancouver have seen more than a 40-per cent decrease, comparing July 2021 to this year and a nearly 25-per cent decrease in just one month. The Fraser Valley Real Estate Board said there has been more than a 50-per cent decrease in sales comparing July 2021 to this year and a 22-per cent decrease in home sales from June to July." "'The weaker demand resulted in prices dropping for the fourth consecutive month, most notably for detached homes which ended the month with a benchmark price of $1,594,400, down 3.5 per cent from last month and by 10.2 per cent since peaking at $1,776,700 in March,' Lilian Choi said, Fraser Valley Real Estate Board's communications manager. '" "Another family that had been saving their whole life for their first home was Manish Agrawal's. They signed up to build a double storey duplex, with four bedrooms in each, for $698,700 with Ajit Constructions in July last year in the suburb of Schofields, which was renamed to Nirimba Fields. But the married man said despite paying $152,000 for construction, including $12,000 directly to suppliers for window frames and bricks, he only has a slab and partition wall on his property." "'I'm stuck so badly.