Quote:
Originally Posted by rsmurano
Powell is out of touch. He was late raising rates during the 2022 recession and now he’s late lowering them while inflation is way down.
Housing prices go up and down because of supply and demand. Every new house that is built here in TV goes thru a lottery system with dozens/hundreds of people going for the same house. I have multiple friends that have lost out up to 7 different lotteries for a new Eastport lot/house.
There are many many people buying homes with cash. Actually I don’t know of any friends that have a mortgage.
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Demand is way down right now on any preowned home here in the villages. More go on the market than go pending and inventory is at the highest levels ever seen. Almost 60% of the homes sold are reduced from the original asking price and little over 40% are paid for in cash.