California home loses half its value in one month
California home loses half its value in one month
www.newsweek.com
California home loses half its value in one month
7 comments
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They buried the lede until halfway though the article:
But as mortgage rates are still hovering around the 7 percent mark and prices remain near their pandemic peaks, buyers are staying to the sidelines.
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That house was also vastly overpriced at $1.35 million. It's a small tract home in a not so desirable area. Makes me wonder if there wasn't something else going on with the changes in ownership.
That said, the market is really slowing down. One big reason is Canadians and other snowbirds make a good portion of the buyers in Palm Springs and Trump's BS has them walking away. (Canadians alone owned > 7% of the homes in 2021.) Many say they won't be back as long as the dotard is in office and maybe not even after he's gone.
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That house was also vastly overpriced at $1.35 million. It’s a small tract home in a not so desirable area.
Doesn't that describe most housing in California? (lets not talk about Bakersfield though)
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Between this, inflation due to his tariffs and the amazingly dismal jobs report it’s clear the Trump recession has begun. In only 6 months he's turned a strong economy on its head and IMO we'll be lucky to avoid a depression.
Maga will blame Biden, Obama, and Hillary.
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So just a bit less than it sold in 2022. Yeah if realestate prices double in a few years it aint real.
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We can do better than that, come on now
7 comments
I can’t pretend to be mad at the housing market correcting itself.