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| Economy |
| Another sign the Housing demand bust is on the way |
| 2022-06-18 |
| [JustTheNews] Redfin CEO Glenn Kelman sent an email to all Redfin employees about the layoffs on June 14. He said the decreasing demand for homes has forced the company to release hundreds of employees... The company expected that total revenue for the second quarter would be between "$613 million and $650 million, representing a year-over-year growth between 30% and 38% compared to the second quarter of 2021." However, 40 days later Kelman says demand is over 15% below expectations, a sign that the housing market is going south at an unprecedented rate. Kelman also cited the increasing mortgage rates for why the market is cooling. Mortgage rates rose from 3.29% in January to 6.28% as of today, per Mortgage News Daily. |
| Posted by:Lord Garth |
| #5 lot of times it's a cash sale. |
| Posted by: Deacon Blues 2022-06-18 18:20 |
| #4 Just had district wide reappraisal, tax rise to follow, bankruptcies to follow, insider distressed sales purchases to follow, rent escalation to follow. All part of the plan. You will own nothing and be happy. |
| Posted by: Glenmore 2022-06-18 16:59 |
| #3 Been watching a job site down the street, not much activity because of the heat, and I'm really surprised there hasn't been lumber pilferage there. |
| Posted by: M. Murcek 2022-06-18 14:23 |
| #2 I would say the the sign was when 8' studs started selling for $8/each. |
| Posted by: Chris 2022-06-18 14:18 |
| #1 Been monitoring prices for possible more rural Re-Location. Some idiots were even trying to sell 20+ year old Mobile-Homes on 1/4 ac for $95K. But that boom has busted in many GA. locations also. |
| Posted by: NN2N1 2022-06-18 07:44 |