Real Estate Crash thread

[Toadman]

Latest report on RE market.

Home Prices Falling in More Than Half of the U.S.
The median U.S. home-sale price fell for the eighth straight four-week period after more than a decade of increases.

Home-sale prices dropped in 30 of the 50 most populous U.S. metros, with the biggest drop in Austin, TX (-15.1% YoY). It’s followed by Oakland, CA (-11.5%), Sacramento, CA (-9.5%), San Francisco (-9.2%) and Seattle (-9.1%).

On the other end of the spectrum, sale prices increased most in Fort Lauderdale, FL, where they rose 9.1% year over year. Next come Cincinnati (9%), Miami (8.5%), West Palm Beach, FL (8%) and Milwaukee (7.2%).

Leading indicators of homebuying activity:
For the week ending April 20, average 30-year fixed mortgage rates increased to 6.39%, the first increase after five straight weeks of declines. The daily average was 6.67% on April 20.
Mortgage-purchase applications during the week ending April 14 declined 10% from a week earlier, seasonally adjusted. Purchase applications were down 36% from a year earlier.
The seasonally adjusted Redfin Homebuyer Demand Index–a measure of request for home tours and other homebuying services from Redfin agents–hit its highest level in nearly a year during the week ending April 16. It was down 7% from a year earlier.
Google searches for “homes for sale” were up about 43% from the trough they hit in November during the week ending April 15, but down about 17% from a year earlier.
Touring activity as of April 18 was up about 31% from the start of the year, compared with a 5% increase at the same time last year, according to home tour technology company ShowingTime.

[mud]

Good article on the LLPA costs.
https://www.mortgagenewsdaily.com/ma...rates-04212023

[Dantheman]

Latest report on RE market.

Cinci and Milwaukee? WTF?

[mud]

Cincinnati is the new Ogden.

[Ted Striker]

It is pretty high on the Ogden Scale

[Supermoon]

Milwaukee I get, cause it's pretty rad, but Cincy and Ft Lauderdale, no fuckin' way.

[dan_pdx]

I was talking to an older gentleman in ADX years ago, bitching and moaning about how Portland had gotten too trendy and saying how I was going to move. He asked me where I would move to and I said something along the lines of "I don't know, but someplace that will never get popular." Without missing a beat he looked at me and said "Then allow me to recommend Cincinnati." Ha! Guess he was wrong though.

[Kevo]

I used to do business trips to Cincinnati to visit P&G. It's a really friendly place culturally split between the midwest, the south with a little bit of appalachia influence. People are generally pretty happy, it's inexpensive, there are a surprising number of places to get late night food if you get in on a late flight and it felt pretty safe even being downtown late at night. For being a not huge city it still has an MLB and NFL team along with a pretty decently sized university. It also has Skyline Chili, which isn't terrible as far as regional specialty foods go.

I wouldn't want to live there since there aren't many outdoor activities, but I don't hate it.

[Danno]

It also has Skyline Chili, which isn't terrible as far as regional specialty foods go.

[skaredshtles]

[mud]

What's wrong w/ Ft Lauderdale?

[teleee]

What's wrong w/ Ft Lauderdale?

Yea given my choice between Milwaukee and that ^ Im taking Fort Lauderdale every day.


Sent from my iPhone using TGR Forums

[Supermoon]

Yea given my choice between Milwaukee and that ^ Im taking Fort Lauderdale every day.


Sent from my iPhone using TGR Forums

Have you BEEN to Florida?

This.

[Percy Rideout]

I used to do business trips to Cincinnati to visit P&G. It's a really friendly place culturally split between the midwest, the south with a little bit of appalachia influence. People are generally pretty happy, it's inexpensive, there are a surprising number of places to get late night food if you get in on a late flight and it felt pretty safe even being downtown late at night. For being a not huge city it still has an MLB and NFL team along with a pretty decently sized university. It also has Skyline Chili, which isn't terrible as far as regional specialty foods go.

I wouldn't want to live there since there aren't many outdoor activities, but I don't hate it.

Got to spend the better part of a decade in the area. Cincinnati is in the South with a capital S.

Your average Cincinnatian still wears Ecko and has a pencil thin chinstrap beard, in 2023.

Skyline is trash.

[skaredshtles]

Have you BEEN to Florida?

Srsly - fuck that place.

[teleee]

Have you BEEN to Florida?



This.

Yea it’s horrible


Sent from my iPhone using TGR Forums

[east or bust]

Why anyone would choose to be landlocked in the middle of Ohio instead of somewhere with ocean access is beyond me.

[Danno]

Yeah, I hate Florida and I'm not a big water recreation person, but even I would choose Florida in a heartbeat over fucking Ohio.

[east or bust]

Haven't checked too far outside my locale, but anyone else notice that zillow has way more listings without a "zestimate" than a few months ago? Obviously this market is tricky to read... The few houses that do have a zestimate # around here show they are listed for about 20% over.

[skaredshtles]

Yeah, I hate Florida and I'm not a big water recreation person, but even I would choose Florida in a heartbeat over fucking Ohio.

For sure. Fortunately, at least for me, "neither" is an option.

[Kevo]

Haven't checked too far outside my locale, but anyone else notice that zillow has way more listings without a "zestimate" than a few months ago? Obviously this market is tricky to read... The few houses that do have a zestimate # around here show they are listed for about 20% over.

They seem to have been quietly doing away with Zestimates and Zestimate histories in their UI. It's become really sporadic.

It also used to be that the Zestimate was whatever the listing price of the house when it went on the market. No more.

[shroom]

obfuscation is king

don’t worry the masses

[54-46]

Oakland is down about 10%? Maybe from the high.

Right next door in Alameda my GF went to an open house for a little 1100 sq ft 2/2 SFM. Asking $1.1M. 50 people went through open house in 4 hours.

Marin: Entry level townhome with choppy architecture around the corner lists for $895,000

https://www.compass.com/listing/165-...0479412226689/


Sent from my iPhone using TGR Forums

[altasnob]

Washington joins the no single family housing zoning club (passed legislature, still needs governor to sign). Cities over 75k population are rezoned to 4 units per lot, and 6 if affordable or near transit. 25-75k population 2 units per lot and 4 for affordable or transit. Another law awaiting gov signature allows ADUs in any city over 20k or county over 125k.

Montana was kicking around a similar law. Any updates? What happened in CO? I need to know where to go next after I build my ADU here?

https://app.leg.wa.gov/billsummary?B...itiative=false

https://app.leg.wa.gov/billsummary?B...itiative=false

[Ted Striker]

I worked in Miami for a while. I'd quit a job that made me move to Cincinnati.