2023 Housing Bust
It now hard to deny that the current housing bubble popped in 2022, as mortgage rates more than doubled.
On August 22nd, 2006 home prices in the United States peaked at a record high. Looking back at this infamous month the housing bubble had already imploded, yet at the time, it was eerily quiet on wall street, nobody was aware of what was coming.
What happened next would come to be known as The Great Recession, the worst economic downturn the world had seen since 1929. From that date forward, home values along with the entire worldwide economy began collapsing.
2023 Housing Bust
First slowly then all at once, back around 2006, the Case-Shiller index which tracked home prices would fall 32 months in a row. Five and a half years later it would eventually bottom out resulting in what was once believed to be impossible. The complete destruction of real estate in the United States. Now in 2023, many are predicting a crash of similar magnitude. One that could shake up the market and change everything we know about real estate forever.
Look at California home sales volume just during December 2022:
- 44% from a year earlier in Los Angeles;
- 41% from a year earlier in Orange County;
- 46% from a year earlier in Riverside;
- 44% from a year earlier in San Diego;
- 45% from a year earlier in San Jose; and
- 40% from a year earlier in San Francisco, according to Redfin.
People forget in 2006 how many flippers there were. They were the first to walk away. Not those with subprime mortgages. It was the house flipper!
Once the flippers folded and home prices dropped, then subprime folded. These new real estate types (‘investors’ & Wall Street home buying funds) are just another kind of flipper, but with more steps. The effect will be the same though. But this time with inflation, a vastly different demographic structure and the horrific amounts of debt that exist now it will be much much worse.
No, this housing downturn is going to hurt!
2023 Housing Bust
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