I am not sure but basing this on a few important observations. Apparently, all major lenders have suspended non confirming and super confirming loans. There are atleast 3 loan officers who confirmed this news. Borrowing money for the kind of home prices in Bay area will be mostly impossible. This is leading to a slowdown on demand. Coupled with uncertainties, furloughs, and layoffs, the demand will be even lower. Companies are finding working remote is fine and infact more effective (Twitter announcement to let employees work remote forever) will further questions why not live better elsewhere than in expensive but low quality homes in Bay. Houses here are anyway overpriced, so this could be a correction. Thoughts?
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Refinancings are up. People are borrowing against one house to buy another.
Let’s wait until we see a reduction in listing prices before claiming that houses are overpriced and headed for a crash.
FML