1 in 7 Home buyers backed out in July

[Fernando]

View attachment 103602...

I can't even put a new roof for that amount.

 

[djd09]

Condo Prices Dropped by 12%-27% in these 25 Bigger Cities through August: Condo Bust Update​

Condo prices in Killeen, TX, a little over an hour north of Austin, have collapsed by 40% since the peak in mid-2022 and have given up the entire 52% spike from mid-2020 to mid-2022, plus some. The spike had been driven by FOMO-madness and the Fed’s Free Money policies. This is one of the fastest-growing cities around; its population has surged by 35% in the past 15 years to 160,000 in 2024.

But Killeen and other cities like this with condo markets in free-fall don’t qualify for our list here because they’re too small.

Several additional cities made it onto this list because the August price drop brought the total price drop from the peak to 12%, including Phoenix, AZ, and Orlando, FL.

Some of the markets on this list peaked in 2022, others peaked later. Arlington, TX, peaked in June 2024, and condo prices have since then dropped 14%, including another 0.7% in August.

1. Oakland, CA: -27%
2. Cape Coral, FL: -27%
3. Austin, TX: -25%
4. St. Petersburg, FL: -24%
5. Fort Myers, FL: -21%
6. Sarasota, FL: -20%
7. San Francisco, CA: -16%
8. Jacksonville, FL: -16%
9. Denver, CO: -15%
10. Naples, FL: -15%
11. Tampa, FL: -15%
12. Boise, ID: -14%
13. Detroit, MI: -14%
14. Arlington, TX: -14%
15. Seattle: -14%
16. New Orleans, LA: -13%
17. Reno, NV: -13%
18. Portland, OR: -13%
19. Aurora, CO: -13%
20. Mesa, AZ: -12%
21. Scottsdale, AZ: -13%.
22. New York City: -12%
23. Phoenix, AZ: -12%
24. Orlando, FL: -12%
25. Garland, TX: -12%

But from the beginning of 2020 through mid-2022 condo prices had exploded in many of these cities by 50%, 60%, or more than 70%, in just two-and-a-half years, forming fantastic condo bubbles, and now these bubbles are deflating, visualized in the charts below.

What caused those bubbles was the astounding buying behavior of FOMO and investor-mania born out of the Free-Money era. When money is free, prices don’t matter. And mania rules. But money is no longer free.

The price explosion in 2020-2022 came on top of years of price surges, and combined, they blew all fuses: In the 10 years to the peak, prices exploded by 200% (Jacksonville, Tampa), by 260% (Arlington, TX), 300% (Detroit, Aurora, CO), or even 350% (Phoenix, Mesa, AZ).

Condo Prices Dropped by 12%-27% in these 25 Bigger Cities through August: Condo Bust Update | Wolf Street

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[Fernando]

I'm working on this condo appraisal and I was surprised prices haven't increased over past 5 years.
I guess I should be happy that prices are stable for my subject (really, after taking inflation into account?).

 

[Elliott]

I pulled the plug on my refi- today. Just tired of getting smaller and smaller net cash outs and higher and higher aprs. I can only fondly remember $2K refi-s instead of $10K and $15K 'closing costs." I hope the GSE's get their act together. I'm all in for block chain refi's.