/biz/ - Business & Finance

Real estate top signal is in. The market is about to drop off a cliff.
>Real estate brokerage giant predicts a 'tough' market for remainder of 2023
>Redfin CEO Glenn Kelman said the real estate market is at a 'standstill'
>U.S. home buyers and renters don’t have much optimism about the market right now
>The market is at a standstill," Redfin CEO Glenn Kelman said on "The Claman Countdown" Tuesday.
>"Sales volume is absolutely rock bottom.
>The people who need to sell won't do it because they don't want to give up their mortgage.
>Buyers and sellers are at a standoff," he continued, "and it means that the industry is just going to have a tough 2023."
>The combination of high home prices and mortgage rates puts "a real crimp" on the average homebuyer who typically moves into a bigger space.
>"We didn't feel the effect immediately through 2020 to 2022 because so many Americans have moved to less expensive cities. But now, as there is more return-to-the-office, we are seeing more people trying to afford a Seattle, a Denver, a Portland to Dallas, even, and struggling to do it," the CEO explained.
https://www.foxbusiness.com/real-estate/real-estate-brokerage-giant-predicts-tough-real-estate-market-remainder-2023

>>51659452
>NOOOOOO THIS CAN'T BE HAPPENING

>>51332887
>NOOOO MY ZESTIMATE IS GOING DOWN THIS CAN'T BE HAPPENING HOME VALUES ARE ONLY SUPPOSED TO GO UP

>>51298335
NO THIS CAN'T BE HAPPENING THE ZESTIMATE IS SUPPOSED TO GO UP 20% A YEAR WHY IS IT DROPPING?

>>51266304
>>51266325
>>51266310
ZESTI IS GONNA GET FUCKED

Rental Chads our time is coming. Hoomers are going underwater on their mortgages. And it's getting worse. Won't be long now till the real estate fire sale begins.
>The U.S. housing market downturn will be worse in 2023
>The U.S. has entered a housing downturn. And the worst still awaits.
>On Tuesday, researchers at Goldman Sachs released a paper titled “The Housing Downturn: Further to Fall.”
>The investment bank forecasts that activity in the U.S. housing market will end 2022 down across the board.
>The firm projects sharp declines this year in new home sales (22% drop), existing home sales (17% drop), and housing GDP (8.9% drop).
>For perspective, Russia’s souring economy is only expected to see its GDP fall 3% this year.
>And don’t expect relief in 2023.
>Goldman Sachs projects further declines next year in new home sales, existing home sales, and housing GDP.
https://fortune.com/2022/08/31/housing-market-recession-to-be-even-bigger-in-2023-forecast-goldman-sachs/
https://archive ph/1pS1E