In May, there were relatively elevated shares of delisted homes in metro areas including Miami–Fort Lauderdale–West Palm Beach in Florida, Phoenix-Mesa-Chandler in Arizona, and Houston–Pasadena–The Woodlands in Texas
They blame oversupply, but have you considered, in order: too many hurricanes, too fucking hot, and too fucking Texas?
True. Not many want to live in Florida or Texas, short of white Republican’s lol
As a born-and-raised Texan, I don’t just want out of this state, I want out of this country. However, due to the circumstances of my birth (white, well-off, but not well-off enough to afford college or any kind of trade school) I’m basically fucked.
My sincere condolences. It’s really sad it’s like this, but reality is that it’s likely intentional from the top. Right now it’s reminiscent of when I was a kid and heard of trickle down economics. The government wants everyone to bite their pillow; but the current administration is just going in dry.
My dad lived in Pasadena, TX. The one time I visited him there, it was 95-105 at all times, humidity never dropped below 90%, you could set your watch by the daily thunderstorm (between 11am and 1pm), and it flooded every few months because that part of Pasadena is technically at an elevation of like 7 feet above sea level. Pretty sure king tide put the lawn underwater.
My point is there are plenty of reasons to hate Pasadena besides being in Texas.
This isn’t a problem at all. The problem is that builders are still giving 4.5% interest rates and incentives to build new. Existing homes on the market can’t compete.
I built in a brand new community a few years ago. The community is full of homes needing to sell, including mine, but we can’t. The new builds are being sold left and right due to those incentives. My home was on the market since November. I only had 4 showings in that time. I took almost 60k off my original asking price, which was already well under my purchase price. I’ve had to make a deal with the mortgage company just to get out of the property. Properties foreclosing all of the area while new ones are built constantly. This is in Texas.
Homes aren’t selling because they aren’t affordable. High interest rates are a big part of the lack of affordability, given the federal government’s large budget deficit and it’s impact on the long end of the yield curve, I don’t see that changing anytime soon and it will likely worsen. Pulling your home off the market because you won’t cut your price isn’t a great move unless you want to continue holding on to your home for many years to come.
This is exactly right. People have become fixated on their home being an investment and retirement fund. They can’t imagine that it is NOT worth $2M for a 3 bedroom 2 bath with 2 car garage. Also, the last 10 years of mortgage interest rates being lower than the rate of price growth allowed people to guarantee profit. Now that interest rates are higher than growth rates, it’s the opposite.
Some of them have been in those houses for a long time and have decided that they don’t need to sell, so might as well just stay there until the market recovers and they can make a bunch of money again. And if it doesn’t, they are still fine. If this is their primary home that isn’t sitting empty, then I’m fine with these people.
Some of them are just being stubborn and falling into the sunk cost fallacy. They bought the house recently, hoping to flip it. Now they can’t without taking a huge loss, so they will bleed themselves dry hoping the market changes. These people piss me off.
People aren’t snapping up houses in notoriously red states that also happen to be in the hottest parts of the country, one with major infrastructure problems, and another that’s regularly hit by hurricanes? Gee, what a mystery. Don’t people at least know that they can rely on FEMA? Oh wait…
In May, there were relatively elevated shares of delisted homes in metro areas including Miami–Fort Lauderdale–West Palm Beach in Florida, Phoenix-Mesa-Chandler in Arizona, and Houston–Pasadena–The Woodlands in Texas
When Trump was threatening to annex Canada, as well as having his goon squads kidnap people off the streets, there were a lot of Canadians who decided not to vacation in the States and more. And there were a bunch who owned summer homes in Florida and Arizona who decided to sell.
The economic uncertainty provoked by the massive layoffs, the tariff threats and the cratering value of the dollar, is also making people less secure, making them less likely to make big-dollar purchases.
