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Housing Recession

Zam-Zam

Senator
The post you responded to was this:

Most renters saw rents increase, wages stay the same

Most renters saw rents increase, wages stay the same – The Hill

(Circa Aug. 15, 2022)

Tough times for homeowners/buyers:

How high could mortgage rates go? As inflation keeps rising, we look at what a 3%, 5% or 7% base rate would mean for homeowners and buyers

How high could mortgage rates go? As inflation keeps rising, we look at what a 3%, 5% or 7% base rate would mean for homeowners and buyers (msn.com)

(Circa Aug, 16, 2022)


August 15 and 16 of 2022 seems fairly recent, no? The data is current, not historical.

And factual, not opinion.


Facts > opinion.


Thanks for playing.
 

Mina Park

Council Member
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.

:)
I'm not convinced the problem of soaring home prices is behind us. Median home sales prices in 2nd quarter 2022 were almost 1.7% higher than in first quarter, which is an annualized increase of about 6.8%. Even with the robust current rate of wage growth (hourly earnings up at an annualized 4.4% rate last quarter), and mortgage rates remaining fairly low (5.22% for the 30-year), that still means homes are becoming less affordable. Maybe that'll change and we'll get the relief of falling home prices for a while, but I'll believe it when I see it.
 

Zam-Zam

Senator
I'm not convinced the problem of soaring home prices is behind us. Median home sales prices in 2nd quarter 2022 were almost 1.7% higher than in first quarter, which is an annualized increase of about 6.8%. Even with the robust current rate of wage growth (hourly earnings up at an annualized 4.4% rate last quarter), and mortgage rates remaining fairly low (5.22% for the 30-year), that still means homes are becoming less affordable. Maybe that'll change and we'll get the relief of falling home prices for a while, but I'll believe it when I see it.
Things will get better eventually...They always do.

And when they do, the politicians will take all the credit for it. Until they do, they simply blame someone/something else.

Shame on them for that. Shame on us for letting them get away with it.
 

Mina Park

Council Member
Things will get better eventually...They always do.
I think that, overall, they already are getting better. Real GDP per capita is currently higher than at any point before the Biden presidency, and the Fed's forecast for Q3 suggests GDP will again outpace inflation this quarter. We also have a falling deficit, which is nice for a change, and we've recently hit a new all-time high for jobs and unemployment is 3.5% -- it hasn't been lower for over half a century. The stock market has been a roller coaster, but it's up over 12% since Biden took office, so I can't complain too much. It's not yet the across-the-board improvement we saw under Clinton and Obama, but it's certainly looking more like that than like the kind of stagnation or deterioration we generally see when the GOP is occupying the Oval Office.

And when they do, the politicians will take all the credit for it.
I wouldn't give all the credit to any particular politician, nor to all of them together. But there is a pretty consistent pattern of things going well for this nation with Democratic presidents, and that pattern has been clear enough and around for long enough that it doesn't look like a coincidence. Policy choices have consequences, and since late January of 2021, we've been back to seeing mostly smart policy choices.
 

LeilaniMP

Empress
Read what I said again. You’re hopelessly confused, as always. Better yet, try to focus on the topics.

Just try.
Brandon is an abysmal failure in the LESS THAN TWO YEARS since he's been installed as resident.
You're claiming he's been there for a whole two years, which is wrong. You claim all of 2021 and 2022, which is impossible.
Try to focus on reality.
I know that's difficult in your world.
 
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.

:)
They have not redefined this yet? I expect the White House in the coming months to put an emphasis on the advantage of tent cities and the like......
 

Bugsy McGurk

President
Brandon is an abysmal failure in the LESS THAN TWO YEARS since he's been installed as resident.
You're claiming he's been there for a whole two years, which is wrong. You claim all of 2021 and 2022, which is impossible.
Try to focus on reality.
I know that's difficult in your world.
Who’s Brandon?

And when are you going to take your reading lessons?
 

Zam-Zam

Senator
Many going to have some cheap homes on the market and lose a lot of money

Portland families forced to sell their homes as concerns mount over homeless camps (msn.com)

Oh well, people get what they vote for
From your link:

Residents of North Portland said at least three families on one street have left in recent days due to the homeless camps, and KGW8 reported seeing for sale signs up and down streets.

"I would say the migration to the suburbs, I’ve seen quite a bit in the last two years," real estate broker Lauren Iaquinta said. "Most people don’t want to have to worry about if they can leave their car parked in their driveway overnight without maybe having it broken into. It’s a pretty testy subject."



America's cities are becoming an increasingly undesirable place to live for many. This will eventually be a problem for those who preside over them, but for now, it appears they are largely oblivious.

Rotting from the inside out.
 

Zam-Zam

Senator
Portland
From your link:

Residents of North Portland said at least three families on one street have left in recent days due to the homeless camps, and KGW8 reported seeing for sale signs up and down streets.

"I would say the migration to the suburbs, I’ve seen quite a bit in the last two years," real estate broker Lauren Iaquinta said. "Most people don’t want to have to worry about if they can leave their car parked in their driveway overnight without maybe having it broken into. It’s a pretty testy subject."



America's cities are becoming an increasingly undesirable place to live for many. This will eventually be a problem for those who preside over them, but for now, it appears they are largely oblivious.

Rotting from the inside out.
Portland Update:

Downtown Portland office vacancy rate at 26% as exodus continues

Downtown Portland office vacancy rate hits 26% - Portland Business Journal (bizjournals.com)
 
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