Homebuyer Demand has already crashed by 35% in some Cities. And Realtors are predicting that this Housing Demand Crash will get worse in Summer 2022.
The 2022 Housing Market is in a massive Bubble. This Bubble has gotten so large that it’s caused Homebuyer and Real Estate Investors to drop out of the Housing Market in droves due to a lack of affordability.
This has caused a big drop in home sales, as reported by the National Association of Realtors. The NAR is reporting that decreased buyer demand and sales will continue into the summer as Higher Mortgage Rates and record prices keep Housing out of reach. Even Jerome Powell and the Federal Reserve are now admitting that the US Housing Market is in a Bubble and needs a “reset” for buyers to be able to afford homes.
The biggest drops in homebuyers have occurred in expensive California Housing Markets like San Diego, Los Angeles, and San Jose. Meanwhile, hot sunbelt Housing Markets like Phoenix, Boise, and Las Vegas have also seen a crash in buyer demand.
In addition to regular homebuyers being priced out, investors are getting priced out of the market. Which is a big problem for metros like Phoenix, Atlanta, and Jacksonville, where a high percentage of home sales come from investors and home flippers.
ATTOM Home Flipping Report: https://www.attomdata.com/news/market-trends/flipping/attom-q1-2022-u-s-home-flipping-report/
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