In a game of Jenga, everything seems fine until the last piece is pulled. “However, in those cases where debt is fueling the asset value increase, a correction could trigger financial instability, because banks might take huge losses and potentially fail.” — Neil Kashkari. Gord, been considering buying in North County San Diego for the last couple years but really fear these out of control prices could come back to bite this first time buyer. A foreclosure crisis in Dallas wouldn’t necessarily impact the market in Seattle. Markets crash quickly then interest rates are quickly lowered. Check the state of the US housing market forecast. In many of California’s real estate markets, there is currently a shortage of inventory relative to the demand from buyers. You may find out next week. Screen capture courtesy of foreignpolicy.com. We’d have to agree there has been significant housing development, but never quite enough. The wider gray bar to the right represents the Great Recession. Or is just the end of a bull run in the stock market? The situation in San Francisco and New York shows this clearly where people are selling and leaving those states in droves while record numbers move to the streets to live. Real estate listing agents in California have modified their procedures for showing homes. The health and wellbeing of the general populace is paramount. Prolonged stimulus will be needed to keep the markets from collapsing. The California housing market kicked off 2019 with a weak start, but it’s been improving throughout the year according to the California Association of Realtors (C.A.R).And with mortgage interest rates trending downward, the California housing market predictions for the rest of 2019 are brighter than what most had initially anticipated. We’ll see if the economy, stock market, and housing market will stand strong and free as the drivers of the boom are removed and prices retract from their astonishing all time price highs. In a bid to pump the market, Fannie Mae resorted to loose lending requirements so that customers with a weak credit score or low savings could buy a house. The lack of discussion on this impending threat is frightening. How California Became America’s Housing Market Nightmare. With prices stable, economy strong, and demand persistent, why would so many feel the market could crash? Housing Market Crash 2021: The housing reports are comprehensive assessments and predictions of US Housing markets drawing insight from NAR, CAR, Corelogic, Wall Street Journal, Freddie Mac, tradingeconomics, statista, and more industry sources. Hi Gordon, great article. The mortgage industry appears to be adapting as well. Is buyer and seller pessimism enough to launch a sudden collapse? Phoenix Housing Forecast for 2021: Above-Average Price Growth Ahead? With the notable exception of Silicon Valley, most cities in the state have experienced steady home-price growth over the past few years. Good finding a place you can afford. Gavin Newsom and California lawmakers were in the throes of tackling the twin issues voters considered the state’s most urgent concerns: the more than 150,000 Californians without a home and the state’s sky-high housing costs.. Even with a crash, it would still be tough for buyers. But as voters ready to vote, Trump will warn them about capital flight, international supply chain dangers, dangers of foreign dependence, government spending pullbacks, lost jobs, lower wages, and foreclosures. This possibility darkens the 6 month and 1 year projections considerably. Prices are incredibly high here. The rise in unemployment means there are fewer qualified home buyers. The entire state of California has been ordered to “shelter-in-place,” which means residents are limited to essential activities like obtaining food, getting gas, etc. Hi Skylar, I can’t offer advice unfortunately. Still, home sales volume won’t begin a consistent recovery until well after the pandemic response has ended. They’re so obsessed with discrediting the Donald Trump than they’re eyes aren’t on the road anymore. I'm updating this article as we enter 2021 and beyond. On Tuesday, November 3, 2020, the last piece will be pulled. Previously I stated that too much demand existed for the market to crash, but the Covid 19 situation doesn’t seem to have an end.
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