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Turn on the flow capacitor, climb to your delaorean board and get ready to travel back to 2008, as the latest headlines related to the real estate market disaster seem very familiar.
The main differences between today’s impulse and 17 years ago impulse markets were that ’08 Bad mortgage and too much bloated housing price was a problem. Today, the main problems are high interest rates, increasing insurance costs, economic fears and stubborn inflation. However, the results are quite similar – many in the US become a buyer market, according to the latest Redfin (Nasdaq: RDFN) report.
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The numbers are shocking. April 56,000 home purchase contracts have been canceled – slightly more than 14% of all waiting operations, Redfin reports. Not since the early Pandemic Day has had so many transactions, it was unable to get to the finish line.
“We see that many transactions have collapsed, especially in major markets such as Las Vegas and Phoenix,” Joel Efosa, CEO of Fire Cash, told The Daily Mail. ” The market collapses in front of our eyes. ”
The Zillow Home Value Index shows that prices per year from April to April to the same time a year. Most of the downs took place in Sunbelt states such as Arizona, Texas, Florida and Louisiana, which followed a similar model until 2008.
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However, Zillow reports that northeast does not yet enter the buyer market, where sellers still have the highest hand in cities like Buffalo, New York; Boston; Hartford, Connecticut; And Providence, Rhode Island. These markets contain at least 10 home buyers for each home.
The ongoing tariff discussions and increasing concerns about higher food, furniture, construction, cars and even more prices support potential buyers aside.