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In my area of New Jersey, at least in my neighborhood homes are still selling ~10-15% over listing. The reason why homes will not crash is that there is no inventory to buy! Everyone refinanced to super low rates, and aren't selling.
Our area of the country is usually more stable because we don't have a whole lot of buildable land left. Other parts of the country have these wild price swings that we never see. Florida is notorious for this, as well as places out west like Las Vegas. Anywhere where a lot of building and migration is going on has these price fluctuations. When we DO take a hit, it usually starts later, ends earlier, and doesn't cut nearly as deep.
Canadian here, I think the US is still catching up to the insane levels of unaffordability we have here. I think it’s just a blip, I think a real crash would be good and beneficial for the younger generation who can’t buy or rent a place for their families anymore
The root of all this "inequity" and unaffordability is the US Federal Reserve System and in your country the Bank of Canada. The ability to make up money out of thin air leads to an infinite supply of money that inflates everything and lines the pockets of the well connected.
https://foundationfortruthinlaw.org/jfk-vs-fed.html
Any current President could still invoke it.
We need to revert back to the gold standard, which forces government to live within their budgets.
Only there isn't enough gold to cover the debt, so they'd have to revalue it much higher; akin to FDR in the 1930's.
In my area of New Jersey, at least in my neighborhood homes are still selling ~10-15% over listing. The reason why homes will not crash is that there is no inventory to buy! Everyone refinanced to super low rates, and aren't selling.
Yes I think that's a big factor. We are seeing prices leveled off in our area, but inventory is still very low and decent houses are still moving briskly at asking prices that remain around peak. Unless you have cash or moving becomes an absolute necessity many are holding off.
We have a new development being built in our sub. Not huge, probably 2 dozen lots. Small parcel a developer had been holding, finally started to develop it during the big demand of 2020-2022. It will be interesting to see what happens with these. They were already bigger and more $$$ than the rest of the sub. Like $500-600k versus our little 3/2 and 4/2 ranches at $250-300k. With rates where they're at now, inflation putting squeeze on everyone, uncertainty about a looming recession. Doesn't seem like they'd be very palatable. But with the lack of inventory who knows?
The root of all this "inequity" and unaffordability is the US Federal Reserve System and in your country the Bank of Canada. The ability to make up money out of thin air leads to an infinite supply of money that inflates everything and lines the pockets of the well connected.
Abolish the Federal Reserve
It's the entire Central Banking system. A system designed to prevent deflation at any cost, despite the increasing necessity of it at this point.
Uh huh, and they’re largely lower paying service sector jobs.
Big layoffs in tech sector will start to hit other industries. We haven’t even started to see the real pain we are going to see.
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