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Housing Recession

Dawg

President
Supporting Member
From your link:

The slowdown in sales was most pronounced in the Western part of the country, home to some of the nation's most expensive housing markets. Sales in the region slumped 30% last month from a year ago, NAR said.


30%...That sounds like a lot.
it is, especially with streets full of tent cities
 

Zam-Zam

Senator
it is, especially with streets full of tent cities
Indeed:

Homeless numbers will rise to 20,000 in San Francisco, stunning report reveals




A new report suggests that the housing crisis in one of the US’s great cities remains dire.

According to an estimate in San Francisco’s Point-in-Time Count, as many as 20,000 residents will experience homelessness at some point in 2022 — an astonishing number in a city with just more than 800,000 residents. If that estimate is correct, nearly 2.5 percent of San Franciscans will be homeless at some point this year.


Homeless numbers will rise to 20,000 in San Francisco, stunning report reveals (yahoo.com)
 

LeilaniMP

Empress
In stark contrast to the happy talk coming out of the administration, reality:

US homebuilders say there's a 'housing recession'; sentiment falls for 8th month in a row

After a blistering months of increased prices, there's a strong consensus among U.S. homebuilders that there is a "housing recession."

In August, U.S. homebuilder sentiment (HMI) is seeing the market for single-family homes dip into negative territory a month after one of the most significant single-month drops in its 37-year history says the latest report from the National Association of Home Builders (NAHB) and Wells Fargo.

The index fell 6 points to 49 this month, the eighth straight month of low sentiment.



Complete text: US homebuilders believe the nation is now in a 'housing recession' (usatoday.com)


View attachment 71973


Now, back to the circus that our leaders have provided for your distraction.

It's all good.

:)
In today's news...
Home sales fell nearly 6% in July as housing market slides into a recession
 

protectionist

Governor
Ridiculous. Talk to people listing their houses. The bidding wars continue.

Sorry to disappoint you, but there isn’t a housing recession. There just isn’t.
There is a housing CRISIS, with millions of renters forced out of their homes due to 100-300% rent increases. At the same time, there are few if any vacancies for these people to move to. Most are moving in with relatives (a form of homelessness). Nothing much is being done about it.

Where I lived 8 months ago, my rent was $600/month for a 1 bdrm apartment. It's now $1200/mo, and the security deposit jumped from $350 to $1200. Lots of these ordinary 1 bdrm apartments are now renting for over $2,000/month.
 
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Zam-Zam

Senator
There is a housing CRISIS, with millions of renters forced out of their homes due to 100-300% rent increases. At the same time, there are few if any vacancies for these people to move to. Most are moving in with relatives (a form of homelessness). Nothing much is being done about it.

Where I lived 8 months ago, my rent was $600/month for a 1 bdrm apartment. It's now $1200/mo, and the security deposit jumped from $350 to $1200. Lots of these ordinary 1 bdrm apartments are now renting for over $2,000/month.
Is in indeed a crisis that is affection millions of ordinary Americans - both renters and homeowners.

The Human Shields can attempt to downplay this if they so choose, but like inflation this is going to prove very difficult to hide.
 

Bugsy McGurk

President
There is a housing CRISIS, with millions of renters forced out of their homes due to 100-300% rent increases. At the same time, there are few if any vacancies for these people to move to. Most are moving in with relatives (a form of homelessness). Nothing much is being done about it.

Where I lived 8 months ago, my rent was $600/month for a 1 bdrm apartment. It's now $1200/mo, and the security deposit jumped from $350 to $1200. Lots of these ordinary 1 bdrm apartments are now renting for over $2,000/month.
No doubt, rents continue to soar. A negative side effect of the booming housing market. Which carping wingers describe as a “housing recession.”
 

Dawg

President
Supporting Member

Zam-Zam

Senator

Interesting...and sad.

Also from Gallup:

Daily Stress and Worry Climb Higher Than One Year Ago

In addition to general life ratings, Gallup tracks whether Americans have recently experienced specific emotions in their daily lives, including stress and worry.

Americans' reports of experiencing stress have edged up to 48% from 43% in July 2021. They remain well below the 60% recorded in March 2020 at the start of the pandemic. Daily worry, at 42%, is also elevated in comparison to the 38% of one year ago, but still lower than the March 2020 reading of 59%.

The spikes Gallup measured in March 2020 were about four times greater than the increases seen in 2008 as a result of the Great Recession.



In U.S., Poor Life Ratings Reach Record High (gallup.com)
 

Dawg

President
Supporting Member
Interesting...and sad.

Also from Gallup:

Daily Stress and Worry Climb Higher Than One Year Ago

In addition to general life ratings, Gallup tracks whether Americans have recently experienced specific emotions in their daily lives, including stress and worry.

Americans' reports of experiencing stress have edged up to 48% from 43% in July 2021. They remain well below the 60% recorded in March 2020 at the start of the pandemic. Daily worry, at 42%, is also elevated in comparison to the 38% of one year ago, but still lower than the March 2020 reading of 59%.

The spikes Gallup measured in March 2020 were about four times greater than the increases seen in 2008 as a result of the Great Recession.



In U.S., Poor Life Ratings Reach Record High (gallup.com)
IMO it shall increase
 

protectionist

Governor
No doubt, rents continue to soar. A negative side effect of the booming housing market. Which carping wingers describe as a “housing recession.”
I don't care what anybody calls it. I just want to see the politicians DO something about it.....and QUICK. 2 years overdue already.
 
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