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sdrealtor
sdrealtor
17 days ago

Agree with every single part of that. The data is showing what I’ve been talking about for months. The only solution is continued albeit slower inflation and passage of time

sdrealtor
sdrealtor
17 days ago

Wait until the May and June data comes out. Inventory y-o-y is about to go deeply negative

gzz
gzz
16 days ago

“ This is despite the fact that inflation-adjusted monthly payments are actually higher than they were at the bubble peak! ”

Combine the fact that real incomes increased by about 30%, and the strong secular trend of WFH increasing residential demand, and the secular trend of increased real construction costs…

I think our fundamentals are a lot stronger than 2006.

I was helping someone look for a 2 bedroom to rent in suburban east county recently.

Lots of Zillow listings of places around $2000 now that were 1200-1400 in 2019-2020. The average listing age was also short, there were tons of contacts on them, and landlords almost all said up front how picky they are. Good credit, no pets, verified income.

Just one example:
8551 Graham Ter APT 6, Santee, CA 92071

Listed at 1400 in 2019, 2000 in a new listing today, 9 contacts and 1 application already.

I hear people in their 20s and 30s who rent talk about the specifics of the 10% annual rent increase law a lot too. There’s an expectation of regular large increases. They want to buy to avoid them.