Housing Bubble 2: Return of the Ugly

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A community for discussing and documenting the second great housing bubble.

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SeattleRain

California has the second-highest number of empty homes out of all 50 states (www.foxla.com)

submitted 1 week ago by SeattleRain to c/housing_bubble_2

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[–] [email protected] 1 points 5 days ago

Only just now got a notification of your reply, but it shows as posted 5 days ago - weird.

Why do you think the housing market is “hot?” I haven’t seen anyone saying that the housing market is currently hot - rather the opposite, with buyers not buying due to interest rates and sellers not wanting to lower prices below where they were in 2022. Prices have finally dropped from where they were last year, but that’s not indicative of a hot market.

Zillow thinks that San Francisco is expected to have the second lowest growing home values in 2025 (second only to New Orleans), and Sacramento and San Jose are both in the top 10 as well, so I don’t think CA is performing any better than the best of the country. And in the rest of the country, according to realtor.com, last month was the slowest November since 2019; the number of houses for sale has grown for 13 straight months and is now the highest it’s been since December 2019.