House prices have always been over inflated .....mostly due to stupidity .......greed idiocy ....lying .....govt .......economy .....lying .......and real estate fuckers ........ selling over priced shit to make commisions .....fudging numbers ......economy .......lying ......and govt and fucking job markets.......no house is worth half a million which is the cost of an average house ......in a decent town USA ,,,,,,and stuyggling bastard couples are paying to fulfill the america dream ....which used to be reachable .....but no more ........one paycheck....... and you are fucked ....yes........ most families are one paycheck away from being fucked .....proper fucked an all .....i know many ....many people ....who have two incomes......... and are as broke as fuck .....which........ i simply cannot understand ....... at all.....but throw fucking kids in the mix.......they bastards will suck you dry......school /clothing/food/day care/toys and all kid related shit .........and the money goes.....not too mention........ xmas and suchlike bollocks .....but hey !!!!........ this is what the govt wants ........you trapped financially .....cars /rent/bills ......etc.....etc ......and trying to save to buy a house ......good fucking luck chuck!!!!!!.....and then you have tax season ......owning a home is a nightmare ..........then you have to customize it for you .........another scam .....buying more shit ........ to upshit your house ....... to make it your shit ......you know ...man cave /kitchen/bathroom /shitter/paint.......etc....etc ...and you know the bathroom towels ....and all the stupid shit women fill a house with pillows etc ........etc .......just to show other struggling couples .....how fucked you are ....... ....do you ever get your money back !!!!!!!!.....sure when you retire ............and old as fuck .....and pissing in a bag........... and you get rid of the fucking kids ........nice dream that is ......unless you are from money.....you are fucked ....proper fucked ........and just remember ............ you do not own the house .......... till your last payment and you get the deeds from the bank .......a mortgage is just like rent ......and they can still take it....... whenever they want !!!!!!!.......it is called reposession ......or foreclosure .........enjoy your 30 pillows on the bed
The US housing market is slowly thawing, but 91% of homes are still overvalued, Fitch says
Homes in 91% of US metro areas were overvalued in the third quarter, Fitch Ratings reported.
Home prices are 11.1% overvalued, an uptick from prior quarters, as wage growth lagged.
December notched the highest annual price gain since 2022, S&P Global found.
The US housing market is seeing some signs of loosening amid an uptick in sales and inventory, but last year's price growth has only intensified the overvaluation in the market, Fitch Ratings highlighted on Friday.
Homes were 11.1% overvalued as of the third quarter, a trend extending to 91% of US metro areas. Given that prices kept rising into the fourth quarter, Fitch expects overvaluation to have continued through the end of last year.
"There are signs of a gradual thawing in the U.S. housing market, as indicated by slight improvements in new home sales and inventory," the rating agency said. "Challenges such as high mortgage rates and elevated home prices, which aggravate the affordability issue, continue to moderate the pace of this normalization."
According to S&P Global, December recorded the highest annual gain in home prices since 2022, with a 5.5% year-over-year increase.
"Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years," Brian Luke, S&P Dow Jones Indices' head of commodities, real and digital assets, said in the report.
In this environment, lagging wage growth has meant that homebuyers now need to earn around 80% more than they did pre-pandemic, Zillow recently found.
Further headwinds to housing affordability come from rising mortgage rates, with the median payment rising from $2,055 to $2,134 in December, the Mortgage Bankers Association reported. Rates have continued climbing in February and may prove to be a damper on spring buying.
For 2024, Fitch expects nominal national price growth to slow to 0%-3%, as tight home supply is likely to sustain current high prices. However, S&P noted that existing home sales were up 3.1% month-over-month in January, highlighting a potential boost to supply.
Read the original article on Business Insider
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