Housing Meltdown

1,300-square-foot San Jose home sold for $2.6 million

half a million over its original listing price of $2.198 million

https://www.msn.com/en-us/money/realestate/photos-this-1-300…

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That was three weeks ago. My how things have changed.

snippet

This 1,335-square-foot house, which has three bedrooms and two bathrooms, sold for $2.61 million in late June — nearly a half a million over its original listing price of $2.198 million.

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That was three weeks ago.

Wow

https://www.redfin.com/CA/Redwood-City/835-Seventh-Ave-94063…

835 7th Ave
REDWOOD CITY, CA 94063
$1,424,500 Sold Price
2Beds 2bath
1420 sq ft
July 13 2022

Housing prices in the Dallas TX area are up 29% in the last year.

t.

But with rising mortgage rates can this continue? Was that $2.6mm an all cash deal?

Who would write a $2mm mortgage?

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Who would write a $2mm mortgage?

Foreign money flowing through Canada (#1 source of Foreign real estate investment) increased 115% in 2021.
Mortgage? No.
Foreign money secured in the safe haven of US real estate? Yes.

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But with rising mortgage rates can this continue? Was that $2.6mm an all cash deal?

Who would write a $2mm mortgage?

I know someone who wrote a check ($2.5M) for a house while standing on the doorstep having convinced the desperate to sell homeowner that he and his agent were over pricing it. Of course she had recently sold her paid off home in West Vancouver for twice that.

Strange world we live in these days?

Just saw a clip of a temperature sign that said 122F … perhaps if you guys used C it wouldn’t be so miserable @ 50C?

18C right now in Halifax … still early.

Tim

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18C right now in Halifax … still early.

Keep saying that and you‘ll reap an influx of sweaty Europeans and USians lol.

Wait, you might be a little close to the sea…

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Thank you for recommending this post to our Best of feature.

18C right now in Halifax … still early.

Keep saying that and you‘ll reap an influx of sweaty Europeans and USians lol.

Wait, you might be a little close to the sea…

We prefer to call it the Atlantic Ocean. You know “Atlantic Canada”? We also encourage people to move here. Chatting with a young couple with four little ones last night at Costco, they have been here less than five years and all of the little ones were born here in Halifax. Canada also has generous benefits for families with children, these people hit the jackpot. }};-D

Halifax is booming with a large influx of Canadians from central (Ontario and Quebec) came for the lifestyle and relatively affordable housing.

Nova Scotia is steadily growing, and we want to encourage those living across the country and around the world to build a life in our beautiful province. With a growing population comes increased opportunities. Newcomers fuel our economy, fill labour gaps and enrich our communities.

https://novascotia.ca/news/release/?id=20211216003#:~:text=N….

News release
Nova Scotia Reaches One Million Population Milestone
Premier’s Office
December 16, 2021 - 12:55 PM
Nova Scotia marks a major population milestone as the province surpasses one million people, following record growth since July 2021.

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The house across the street from us went on sale 3 weeks ago at $750,00. After two price cuts it is now $725,000. I expect more price cuts honestly. Things have REALLY slowed down around here. (just north of Austin)

2600 square feet, 3BR/2BA, with in-ground pool, in great shape.

…two price cuts it is now $725,000

It should be noted that Austin’s existing home inventory shot up by 220% over the last six months.
https://fortune.com/2022/07/20/housing-market-enters-into-re….

As Jerry Konter pointed out this month before House Ways and Means Committee Hearing on the Housing Crisis.
“The housing affordability crisis is driven by one factor: as a nation, we have failed to produce enough housing to keep up with demand."

Austin, along with cities on a construction spree of new homes will see a decline in housing prices; places like Denver, St. George, Las Vegas, Boise.

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