Bank are already gearing up with mortgage operations layoffs. Fake news? https://wolfstreet.com/2018/11/16/housing-downturn-arrives-in-silicon-valley-san-francisco/ www.sfchronicle.com/business/networth/amp/Well-this-is-new-Price-cuts-on-Bay-Area-homes-13400672.php https://www.nationalmortgagenews.com/news/wells-fargo-layoffs-begins-with-1-000-mortgage-tech-jobs
@slurpsurp still angry they missed out on real estate growth. If (s)he actually believed this nonsense (s)he wouldn’t publicize it so broadly. The smart play would be shorting the market silently to reap all the gains. Instead this looks like a classic psychological internet trolling induced by FOMO. Avg home prices go down when interest rates rise. About $100k in buying power lost per 15bpts. Guess what has happened to interest rates?
Monthly obligations remains same or higher due to increased interest rates, lower house price brings relief but not as much as one would think thinks if you calculate purely by your monthly obligation. Tax reforms were not favorable on SALT, all things go up and down just your usual cycle.
It’s good for conservative people who have cash stockpiled but think RE is a rip-off at current prices.
It'll get worse when people realize how their taxes go up with re deductions capped at $750K
We have a centrally planned economy where an unelected cabal of bankers effectively set interest rates and control the price of assets. They have decided they want prices to go down, so prices will go down. Move to cash.
Definitely a slowdown right now, prices down at least 10% in South Bay
Are the rents in bay area/San Francisco likely to decrease in 2019?
Anyone have access to the full article? https://www.bizjournals.com/sanfrancisco/news/2018/11/19/real-estate-residential-housing-economy-recession.html
This tuned out to be fake in retrospect
Good thing I moonlight as a real estate agent. Buy, sell, whatever, just do a transaction and I get paid suckers.
so much hate for your clients😂