/biz/ - Business & Finance

Everyday, there is more evidence that home values are going down. Just this month, listing prices have dropped 6%.
How much will it drop next month?

>No one is buying
>Massive unemployment
>Brick and mortar retail and small businesses are going bankrupt.
>1/3 of rent is not being paid
>No one is using airbnb
>Flippers are sitting on empty properties.
>Illigal immigration has been halted from the virus.
>Interest rates are already near 0 and can't really go much lower.
>JPMorgan has bumped its loan requirements to 20% down and 700 credit score.
>The jumbo mortgage market is disappearing.
>list prices are already down 6% in april
California is about to be hit hard!
> the entire private label jumbo mortgage channel stopped
> Last year, Southern California borrowers took out more than 56,000 jumbo loans totaling more than $66 billion.
>As of February, 13-14% of this year’s mortgages in Los Angeles and Orange counties are jumbos.
> The Mortgage Bankers Association reported an eye-popping 17.9% decrease in loan application volume from one week earlier.

https://www.ocregister.com/home-values-may-fall-as-jumbo-loans-vanish