If true, this is catastrophic, esp. if you consider that 70% of buyers have adjustable rate mortgages.
If even half of those people end up having to sell, that would increase our inventory from 22,000 to 90,000 or more. Let’s see, at current sales levels, that’s about 28 months supply. Yikes!
Where’d you get the data? (No way to edit a topic after posting, other than asking Rich to do it for you)
There is actually a lot of pent up demand, according to my realtor friend. I see it too. Look at all the people on piggington who are either priced out, or purposely waiting for prices to drop. Look at all the people going to Open Houses and auctions. Lots of demand out there, but not enough transactions at current prices.
