Evidence The Housing Bubble Is Bursting?: “Home Sellers Are Slashing Prices At The Highest Rate In At Least Eight Years”
Is history repeating itself?
A decade ago, the housing market showed that a recession was looming. The question is whether 2018 is providing the same clues.
After three years of soaring home prices, the heat is coming off the U.S. housing market. Home sellers are slashing prices at the highest rate in at least eight years, especially in the West, where the price gains were hottest.
The pace of the drop in price is astounding.
In the four weeks ended Sept. 16, more than one-quarter of the homes listed for sale had a price drop, according to Redfin, a real estate brokerage. That is the highest level since the company began tracking the metric in 2010. Redfin defines a price drop as a reduction in the list price of more than 1 percent and less than 50 percent.
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The problem is people have very short memories, the recession should always be a reminder that banks, and lending institutions are heartless in nature. The want sales even if its at the expense of the economy as a whole. People poor or rich are small components of the large economy. If the economy fails we all fail. Greed is alway lurking in the shadows. Americans should not over extend themselves to achieve the "American Dream" no matter how tantalizing the banks makes it seem.