Housing Crash Phase 2
A huge wave of evictions is starting across the US Housing Market. This is the start of Phase 2 of the US Housing Crash.
Zillow data shows that rents in America have increased by 24% over the last 18 Months. Meanwhile data from the BLS shows that Wages have only increased by 8% in that same period – 3x Lower.
Housing Crash Phase 2
This rent to wage differential means that Americans cannot afford the prevailing Rental Rates. As a result, tenants in metros like Phoenix, Orlando, and Dallas are getting evicted at near record rates.
The US Government’s historic intervention in the Housing Market during the pandemic included an Eviction Moratorium as well as $50 Billion in direct Rental Market Stimulus. The combined effect of these programs helped cause rents in America to surge by 24%. Now that these programs have expired, evictions are surging.
Also, demand for new apartment leases in America is collapsing according to data from Real Page. This is happening at the same time that mortgage demand in America is also plummeting. This would seem to suggest that the US Recession is here and worse than anticipated.
Also, new apartment construction has also hit record levels. RealPage shows that metros like Denver, Atlanta, and Austin have a huge pipeline of apartments under construction that will help facilitate a rental crash in those markets.
Always keep in mind, that purchasing or selling a home is a major lifestyle decision, and as such, should not be rushed into. So, by all means, if you’re considering purchasing or selling real estate in today’s market, do your own homework and draw your own conclusions! But, also consult with your legal & financial advisors prior to making your moves.
My opinions here are just that, opinions! The fact that I’ve been in the residential real estate market for over three decades, does not mean that my opinions are going to be any more accurate then your mother-in-law’s opinion, though I sure hope they are!
Real Estate Home Sales COLLAPSE
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Brokerforyou.com is for SALE
Just like most major businesses, the easiest way, and the fastest way to expand your business and influence in your particular market is through strategic acquisition. Just look at Google, they are the number one search engine in the world! Google bought Youtube in November 2006 for US$1.65 billion! YouTube now operates as one of Google’s subsidiaries.
www.brokerforyou.com is for sale and is offered with a very popular San Diego residential real estate channel with 1.16K subscribers and 114 videos!!
What’s the approximately monthly cost to host a website? With shared hosting, you’re hosting fee can break down to about 10 to $15 per month. To keep your url registered (that’s your site address), this is usually paid on a five to 10-year basis, which averages out to about just a dollar per month! Naturally, if you add direct hook-up to a MLS database, that provides lead capturing, this costs can vary greatly from provider-to-provider.
Interested, call Bob Schwartz (619) 286-5604 for additional information
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