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Biden has staged trump for the worst housing market crash since 2008.
Property values will eventually fall—just like in 2008—sending household wealth tumbling. The United States would be looking at a systemic shock to the economy similar to the financial crisis of 2008—if not greater
https://www.newsweek.com/us-housing-market-mirroring-2008-bubble-real-estate-analyst-2005520
US Housing Market Is Mirroring 2008 Bubble—Real Estate Analyst
The recent flood of new inventory in the U.S. housing market has brought the number of homes sitting vacant and waiting for a buyer close to levels seen only during the 2008 bubble, the real estate analyst Nick Gerli said.
Gerli, the CEO of the real estate data platform Reventure App, wrote on X, formerly Twitter, that for-sale speculative, or "spec," homes—new houses built under the assumption that builders will be able to sell them easily for a profit—"just hit the second highest level ever."
"Builders are doing their part to inundate the housing market with supply," Gerli wrote on X. "Only other time there has been more builder spec inventory was [the] 2008 bubble."
Newsweek contacted Gerli for comment by email on Tuesday outside normal working hours.
According to Gerli, the explosion of inventory in certain markets of the country is "quite the rebound from the shortage experienced from 2012-22."
The country has long struggled with a housing shortage that has inflated prices and pushed the property ladder a little further from many Americans' reach.
New inventory is good news for the housing market, but not if a slowdown of home appreciation isn't matched by a rise in demand from buyers. At the moment, with stubbornly high mortgage rates and still rising home prices, sales remain relatively low despite pent-up demand in the market.
Many of the new homes for sale on the U.S. markets remain unsold because their prices are still higher than many can afford.
Property values will eventually fall—just like in 2008—sending household wealth tumbling. The United States would be looking at a systemic shock to the economy similar to the financial crisis of 2008—if not greater
https://www.newsweek.com/us-housing-market-mirroring-2008-bubble-real-estate-analyst-2005520
US Housing Market Is Mirroring 2008 Bubble—Real Estate Analyst
The recent flood of new inventory in the U.S. housing market has brought the number of homes sitting vacant and waiting for a buyer close to levels seen only during the 2008 bubble, the real estate analyst Nick Gerli said.
Gerli, the CEO of the real estate data platform Reventure App, wrote on X, formerly Twitter, that for-sale speculative, or "spec," homes—new houses built under the assumption that builders will be able to sell them easily for a profit—"just hit the second highest level ever."
"Builders are doing their part to inundate the housing market with supply," Gerli wrote on X. "Only other time there has been more builder spec inventory was [the] 2008 bubble."
Newsweek contacted Gerli for comment by email on Tuesday outside normal working hours.
According to Gerli, the explosion of inventory in certain markets of the country is "quite the rebound from the shortage experienced from 2012-22."
The country has long struggled with a housing shortage that has inflated prices and pushed the property ladder a little further from many Americans' reach.
New inventory is good news for the housing market, but not if a slowdown of home appreciation isn't matched by a rise in demand from buyers. At the moment, with stubbornly high mortgage rates and still rising home prices, sales remain relatively low despite pent-up demand in the market.
Many of the new homes for sale on the U.S. markets remain unsold because their prices are still higher than many can afford.
