US Housing Market Sees Surge in Inventory, Echoing 2008 Bubble

The recent flood of new inventory in the U.S. housing market has brought the number of homes sitting vacant and waiting for a buyer close to levels seen only during the 2008 bubble, the real estate analyst Nick Gerli said.Gerli, the CEO of the real estate data platform Reventure App, wrote on X, formerly Twitter, that for-sale speculative, or 'spec,' homes—new houses built under the assumption that builders will be able to sell them easily for a profit—'just hit the second highest level ever.

''Builders are doing their part to inundate the housing market with supply,' Gerli wrote on X. 'Only other time there has been more builder spec inventory was 2008 bubble.'Newsweek contacted Gerli for comment by email on Tuesday outside normal working hours. According to Gerli, the explosion of inventory in certain markets of the country is 'quite the rebound from the shortage experienced from 2012-22.'The country has long struggled with a housing shortage that has inflated prices and pushed the property ladder a little further from many Americans' reach.New inventory is good news for the housing market, but not if a slowdown of home appreciation isn't matched by a rise in demand from buyers. At the moment, with stubbornly high mortgage rates and still rising home prices, sales remain relatively low despite pent-up demand in the market. Housing inventory dipped dramatically at the national level between 2008 and 2022, when the country underbuilt compared to general demand, causing an ongoing shortage that has squeezed many aspiring first-time homebuyers out of the market.This trend is now slowly turning. As Gerli's data showed, the number of spec homes on the market this year reached 124,000—the highest level in at least the past decade, though it remains lower than in 2008, when it was about 199,000.Many of the new homes for sale on the U.S. markets remain unsold because their prices are still higher than many can affor

Indonesia Berita Terbaru, Indonesia Berita utama

Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.

Insurance Crisis Could Spark Housing Market Crash Worse Than 2008: ReportA nationwide crisis of the home insurance market in the US, sparked by climate change, could lead to a housing crash worse than in 2008, a new report warns.
Sumber: Newsweek - 🏆 468. / 52 Baca lebih lajut »

Crypto market sees slight losses as South Korean market plunges following emergency martial law declarationBitcoin (BTC) and the cryptocurrency market experienced minor declines on Tuesday, primarily due to political issues in South Korea, which introduced fear, uncertainty and doubt (FUD) among investors.
Sumber: FXStreetNews - 🏆 14. / 72 Baca lebih lajut »