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Buyers Strike

OK it's the USA, but it does show how things change quickly when sentiment turns negative. Hence in IMHO for those who fear a correction will never happen, it is well worth the read.

Quote the article

Central Valley California

Action news is reporting the Central Valley housing boom is over.

The median price of an existing home in the Central Valley in January of this year was $347,000. That's a 13% jump from the same time last year, when the average price was $307,000.

Valley home prices have been going up so fast, your home is still worth more than it was a year ago.

But when Action News broke down the numbers, we found that in the past couple months, the bubble appears to be bursting. To realtors, it's a market adjustment. But to some analysts, it's a full-on correction.

Local housing prices have come tumbling down over the last two months, erasing months of drastic increases.

Just two months ago, the median sale price for homes in Clovis' 93611 zip code was $439,000. But in just 60 days, those homes plummeted $51,000, to $388,000...................................

Realtors say the adjustment is great news for buyers, who are all of the sudden paying a lot less for the same homes.

Great news for buyers huh?

Why is it there is "never a better time to buy"?

Here's more reality. Even though some prices are down dramatically over the last 6 months, affordability is still near all time lows. Rolling back the last 6 months of price increases will not cut it. We have 2-3 years of home price rises to roll back.

That might be the optimistic view.

I found this article via a link from THIS WEBSITE again well worth reading some of the articles, as it supports the view in the USA like in the UK things ain't what they seem regards the economy. Yes I know this implies our governments lie to us....heaven forbid

Edited by Catch22

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This is a good US VI website--a mixture of BS and solid reporting. Many crash reports from different parts of the country. Lessons can be drawn from the US market as we share similar boom and bust cycles together and for the same reasons (The US is a cultural colony of the UK).

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  • 317 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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