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Are some markets 40% overvalued?? & Why are homes shrinking??
Manage episode 425768894 series 3067234
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Welcome to this week's episode of "This Week in Real Estate"! Today, we're diving into some of the hottest topics shaping the market. The DOJ's recent filing could give REX a second chance in its Zillow dispute, and a judge denies a stay order after plaintiffs argue against the NAR deal. Meanwhile, a DOJ inquiry delays the settlement-related document rollout at CAR, and a watchdog group targets California buyer rep agreements.
In a surprising move, ReColorado's MLS buyout by private equity raises significant concerns. We also cover the slide in existing home sales in May and discuss the dire state of housing affordability. Renters need to earn $66,120 to afford a typical U.S. apartment, but the typical renter falls $11,000 short of that mark.
Both mortgage rates and weekly mortgage demand are stagnant, indicating a slow summer housing market. The Bank of America suggests the market will remain 'stuck' until at least 2026, but Fannie Mae predicts that more listings and lower rates could boost sales by 2025. Additionally, the typical new home in the U.S. is shrinking, and we explore what that means for buyers. Despite home prices hitting new highs, buyers are gaining power as stale listings pile up and price drops become more common. Lastly, we examine how housing in pandemic boom towns is up to 40% overvalued, according to Reventure CEO Nick Gerli.
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