RH CEO: 'The housing market is collapsing' at a 2008-like level
Yahoo Finance
Brian Sozzi·Anchor, Editor-at-Large
Fri, December 9, 2022 at 8:36 AM

RH (RH) CEO Gary Friedman has never been known to hold back his blunt views on business and life on earnings calls, and his latest matter-of-fact commentary directly involves the U.S. housing market.

"It's just a lot of uncertainty right now," Friedman told analysts on the company's latest earnings call. "But one thing I'm certain of: The housing market is collapsing at a level I haven't seen since 2008. I haven't seen this kind of drop since 2008."

https://finance.yahoo.com/news/rh-ce...133624128.html

270,000 homebuyers who bought in 2022 are underwater on their mortgage
Gabriella Cruz-Martinez
Tue, December 6, 2022 at 3:37 PM
Yahoo Finance

About 270,000 homebuyers who bought during the red-hot housing market this year already owe more than their house is worth, a new analysis found.

Among the 450,000 underwater borrowers in the third quarter, nearly 60% had mortgages originated in the first nine months of 2022, Black Knight found. That's about 1 in 12 homes purchased in 2022 with a mortgage, or 8%. Nearly 40% of homes bought this year have less than 10% of equity left to tap.

https://money.yahoo.com/homebuyers-u...203707947.html

put another W in the hobo column

I honestly can't comprehend how people thought housing could go up and up and up and up forever - the very concept presumes that the average pleb will always have steady employment, responsible credit card usage, and reasonable spending habits..... which anyone with common sense knows is NOT the case with most Americans.

Hobos stay winning

Lol just lol if you aren’t hobomaxxing in 2023 and beyond

I’m pretty sure they’re invincible and would survive a nuclear blast semisrs

Friedman

Say the words goldenbull !

time to vanmaxx

i wish. ill liquidate and put literally everything i have in commercial real estate. ded srs.

Another little hat tribe member fear moggering so that he can scoop up some cheap real estate loool.
Contractors are still building the ones that build during peak material prices aren't making as much.
Mofos still have to live somewhere and will do anything to.keep their house, especially families with kids.

Keep dreaming about a crash lol

I remember I called this 2 (TWO) years ago. all y'all laughed at me.
all you had to do with post this speculation 2 years ago on here and they would have told you how.

FL is whole other beast, homes prices in Orlando are not budging

Lmao remember when rentcucks still clung to hope of a housing market collapse

Pepperidge farm remembers

Reserve your pod before the jews take that from you.

So is Gordo really Oliver Heldens...JFL

Daily reminder money and the rules that govern it are imaginary, and that whatever happens in the economy was specifically planned to. It doesn’t happen on accident.

Uh except banks didn’t go ham on MBS

So this affects literally no one except dumbasses who bought more than they could afford at a very specific time frame.

The risk right now is derivative bubble but you retards have no real idea what creates or causes economic collapse.

This. People who overpaid for their properties because they had FOMO and were desperate to get into the market are idiots with their money.

At least in the US you don't have to renew mortgages. There's a lot of people in Canada screaming for interest rates to go down (and they are fine right where they are) because when they have to pay another 4% on their mortgage they are pooched.

Strong understanding of how mortgage work

Did we collapse yet?

Oops... nope


https://www.redfin.com/us-housing-market

Two more weeks ****

How much have people leveraged their homes' value during this time? If values drop, will they stay in the home or short sell?

EVERYONE has 100k trucks right now, even in lower middle-class neighborhoods.

Real eatate is local: ive no doubt blue state property is eating **** as rats leave the ship of high crime and trannies

Permits in fl are still running 3 months before you can break ground. We good homie. We good

That article is from 2022

However, we were in a bit of a bubble back in 2018 and prices were in decline.

Feels good being right. I'm happy to share my wisdom with the misc boyos.

Locally I am seeing more 1 mill homes being in pre-foreclosure and others in foreclosure.


Guess the 30k millionaires overestimated on how much they take home.

In SoCal, it's actually insurance, HOA and property taxes that's killing the fake "rich" people. Just cause a couple can barely meet the minimum requirements to get a loan doesn't mean they can afford the house.

Insurance, HOA and property taxes are comparable to a poker tournament, for those that play in poker tournaments, you'll know that each round the antes and blinds increase. And eventually they increase so much that some players are forced ALL IN before the cards are even dealt.


We're seeing the same thing now with so many foreclosures happening.


Feels good being right.

BTW, you know what else is tanking? the car market.


Inventories have been piling up, especially non-Tesla EVs and dealerships are now desperate to unload their EV inventory. They're also desperate to unload their ICE vehicles as well since high interest rates have prevented people from buying.

The car market is correcting just as expected.

Ya, I know that. I know several people who talk about just making monthly payments but forget about the other "hidden" costs they seem to glaze over.

It seems right now it is at a stalemate where it is now in full view, but as years go by, more and more vacant homes will be seen.

There is tons of commercial buildings for years around me that are vacant. It's going to get bad...like....really bad.

Yeah it's really doing horrible in the Campbell/San Jose area of California.

Imagine being a younger person trying to start a family and having to pay $1.5 to 2 million for a regular tract home.

Lord have mercy that the median sales price in the US is $400,000 whereas in Los Gatos, CA it's $1.8 million.

No wonder so many people are leaving this area. Now my friends are spread around the country

I should cash out and just buy a house in cash somewhere else. This is silly. Our mortgage is only $200K so if we sell at $2 million that would be around I'd say $800K each with real estate cost and upgrades.

But here I'd have to buy a condo at $1 million and then get a $200K mortgage with high interest rates.

Fuarrrkkkk and I have my parents and daughter here. This sucks. I know my aunt and uncle would fight to keep my parents here.

Katya (I really miss her on here) did a lot of research for me and showed that nursing homes are significantly less in Florida.