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[–] shawnfromnh69 ago 

It's because all the homes over the last few decades have prices way way past what they should be. Hell back in the 70's you could buy a decent house for like 25K and that is like a 3 bedroom with large bedroom. Now if you campare that with what they are askng now and see how much "way to much" that has surpassed inflation in percentage points you'll see that real estate speculation has already scammed so many suckers that everyone else is now wise to the bullshit of buy a house and then the bank will take it back in 15 years or you'll be paying a fortune in way overestimated property taxes. We just now sit and wait for people to smarten up and ask for the price the home should cost and not some real estate person telling us the price is guaranteed to rise which we know is not always the way now after so many recessions with people stuck with overpriced crappily built home or cheaply remodeled ones that start to fall apart like a used car a few years later. No it's not that people don't need housing it's that people would rather find that cheaply priced home that needs a few repairs like the one I live in for a killing on the asking price that is so low you wonder why it hasn't already sold. Real estate in California with the rising crime and taxes and super overpriced real estate is probably about to crash as people sick of high crime and high taxes make a move to a less stupid less liberal state governments that control crime and drugs and homelessness is taken care of by jails instead of paying for lazy peoples houses then the elderly and deserving homeless get shelter and there is low housing costs.

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[–] ScreaminMime 0 points 2 points (+2|-0) ago 

"This weakness is certainly due to the sharp home price gains along with the rise in mortgage rates,"

The explanation is right there in the article, fire the person who wrote the headline already!

[–] [deleted] 0 points 2 points (+2|-0) ago 

[Deleted]

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[–] shawnfromnh69 ago 

You can tell when all businesses raise base pay across the board soon after Trump took office without a minimum wage increase since he let the market set the rates. I can't remember an economy this good ever and I'm 54 so I've seen many recessions and businesses moving overseas and such and this Trump economy is unpresidented in any history besides right after WW2 because then we had solders with pockets full of cash wanting to buy up reasonably priced homes. So home prices aren't all that matter and the prices would come down substancially if the states and the mills would allow more lumber but they are keeping the inventory artificially low to keep prices way up on lumber that makes homes much more expensive.

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[–] Jay_Mac 0 points 3 points (+3|-0) ago 

We need to pump up the real estate market goy. I hear Africa is full of eager homebuyers.

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[–] SonOfRobin 0 points 4 points (+4|-0) ago 

OVerpriced while foreigners are being kicked out of the market. The Chinese especially.