Good time to buy?

From Fox Business:

Redfin predicts sharpest turn in housing market since 2008 crash

If you’re looking to buy a home soon, you’re in luck. After two years of record high sales, data shows the housing market is starting to cool down, but there is a catch. 

For the first time since March 2021, the average home is selling for less than its list price, but high mortgage rates are still impacting what people can afford. 

Mortgage rates are the highest they’ve been in 14 years, reaching nearly 6%, according to the real estate company Redfin. 

“This is the sharpest turn in the housing market since the housing market crash in 2008,” said Daryl Fairweather, Redfin’s Chief Economist. 

While home prices are still higher than a year ago, with the average home now selling for just under $370,000, inflation and high interest rates are slowing down the market. 

“We haven’t seen interest rates this high since 2008, 2007, so it is a big change from the housing market we’ve all gotten used to,” Fairweather said. 

With these higher interest rates, mortgages are up about 40% from a year ago. 

“Buyers just don’t have the 40% extra money to put towards housing every month,” Fairweather said. “A lot of homebuyers had to drop out and go to the rental market instead or choose not to buy that second home or investment property.” 

This entry was posted in Economics, Housing Bubble, Mortgages, National Real Estate. Bookmark the permalink.

42 Responses to Good time to buy?

  1. grim says:

    So many reusable bags floating around here it’s silly. I’ve thrown out a large garbage bag packed full of them already. You’d think we’d have learned by now, and we’ve got at least a dozen of them stuffed in the back of each car, so no real excuse for not having one handy. What kills me is none of them fold back up in any way that makes any god damn sense at all. No easy way to store them other than in a messy pile.

    We are still permitted to use bags at the distillery, we have these very well made Kraft paper bags with black cloth handles that people absolutely love (and actually reuse). Not sure why liquor got a pass, but it did. Guess there is still some kind of stigma they are trying to protect against.

  2. Crushednjmillenial says:

    A non-partisan update from El Paso is linked below.

    My take on the data emerging from the southern border:

    It seems likely that the NYC metro will end up with at least a 200,000+ person Venezuelan community when all is said and done (so, 1% or metro NYC population). It’s both Gov. Abbot and the muni gov of El Paso sending buses here. There has been a pre-existing Venezuelan community here for the last several years (I.e., pre-existing to the current surge), so certainly some of the new arrivals at the border have family or a friend here AND even if they arrive with no contacts, NYC is obviously well-known enough that many might opt for the bus ride to here.

    Over 6M of Venezuela’s pre-crisis population of 30M have fled the country already, primarily to Colombia but also throughout the rest of South America. From what I understand, the only way to survive inside Venezuela is to have a relative outside who sends you USD.

    I met a guy in Miami in 2010 or so that worked for a finance firm that specialized in getting assets to the US from wealthier Venezuelans so they would have wealth outside of the reach of the Venezuelan government. I suppose they were preparing correctly for what came shortly thereafter. . Smart firm, smart customers.

    Finally, I remain perplexed that it continues to be mostly Venezuelans. There are tens of millions of people who live in Guatamela, El Salvador and Honduras. I’m surprised that aren’t showing up to the border big-time. Further, Haiti’s government continues to not have a monopoly on organized violence and news dispatches say it’s getting worse over time. Millions of Syrians haven’t gone home yet. Hundreds of thousand of Rohingya fled Burma and remain in squalid conditions in Bangladesh. Ethiopia is at war right now, and so is Yemen. Afghanistan, Eritrea, Congo, Somalia. I’m surprised huge numbers are not showing up from all these places. Is a $1,000 plane ticket to Mexico City or Monterrey really too expensive? Is it really such a cost barrier that not even a few tens of thousands are showing up from the tens of millions of legitimate refugees from the problems noted above?

  3. Chicago says:

    If you think about the long term implications of dem policies and actions, I would posit that they lack any humanity too. It is easy to talk a big game about wanting to help people and trying to take the moral high ground. But look at all this shit happening.

    I am no Republican, but there is something to be said for being a selfish prick and being open and honest about it. Versus being the same and cloaking yourself as a humanitarian.

    Ex says:
    September 18, 2022 at 6:02 am
    . There is nothing stopping anyone from voting their conscience. The GOP has their narrative as does the DEM side. Neither are compelling. But the GOP seems to lack any real humanity.

  4. Hold my beer says:

    Saw George Thorogood and Sammy Hagar last night. Was a great show. did not know Hagar’s bass player was the bass player from Van Halen and his drummer was Led Zepplin’s drummers son. Went really to see Thorogood and wound up enjoying Hagar even more than Thorogood. Hagar is very energetic. Can’t believe he’s turning 75 next month.

  5. Ex says:

    10:05 It’s a feeding trough of ignorance & deceit.
    I’m all for good ol’ capitalism, but let’s use some
    common sense.

  6. 3b says:

    Chgo: That has been my point, the Dems hypocrisy. Where was the humanity in Martha’s Vineyard this past week. 50 migrants and the island was in an upper, and they were removed in less than 24 hours.

  7. Ex says:

    Yeah man, Hagar has emerged as a very cool dude.
    He and Michael Anthony remained close after
    Van Hagar.

  8. Ex says:

    3B not sure of your point here.

  9. leftwing says:

    “Quite frankly, I don’t mind open borders.”

    You know, I have a few bottles of something that would impress even Ex…But I don’t pop them every evening….Gator really has to take that bottle of blue pills from the vanity shelf and hide them somewhere…

    So, 6m people pouring in, a third at least of whom we can’t even identify and have no background check….2% of the population of our country annually…

    So, no problem with the ‘free’ ER healthcare these people will receive?…may want to ask Phoenix about that…

    So, no problem with some English as a second language students (at best) in your kid’s classroom?…may want to ask the teachers here how a handful of non-communicative kids with no background in the materials affect the learning experience of everyone else….

    Do I need to go through every social service?

    Not getting in your face but there is certainly an air of the Martha’s Vineyard discussion from yesterday…liberals all in favor until it hits close to home then, of course, well we just don’t have the resources so we’ll ship them elsewhere…

    You have a bedroom open with a college student departing…could easily take in a couple kids. Enroll them in GR. Let them splash around in the Intex. As someone who likes

    When they moving in since it’s no big deal?

    And, actually, having just typed the hypothetical regarding GR I will get up in your grill a bit, though I need to be careful here…

    My business partner and I are part of the ‘deplorables’, we are of the MAGA ‘enemy of the State’ crowd…those horrible, unfeeling people. How did someone put it yesterday?

    Oh, yes….we “lack any real humanity”.

    Between us we housed a minority young man (over majority age) for nearly two years who was an employee of ours who was born into indescribable conditions…no family…father incarcerated then shot dead, mother missing found dead somewhere down South of an overdose…siblings, he doesn’t even know…lived with an ‘uncle’ who was some relation (or not) of his drug dealer, and our employee used (while on the job) and even dealt himself.

    Everything said to toss him to the curb, hard…recall, he was an employee we just inherited. He was an issue at work to say the least and candidly a huge potential liability.

    My partner took him into his home for most of that time (I contributed). His house is literally a 20 minute walk from your house.

    I have never experienced such raw, unfettered racism and downright hate in a community as when this young man moved into my partner’s basement…

    So, yeah, Lib/Ex and others who want to talk large on taking in people in distress…who want to speak badly of and judge those looking at the picture from a different perspective….how about shutting the fuck up until you put the fuck up.

    Both of you have open rooms in your house. Who you taking in?

    I’m not kidding.

  10. Ex says:

    That’s a heartwarming story Left’maga.
    Doesn’t really move me though. We’re split
    down the middle at my house. All of my working
    hours go toward working in what some would call
    a public service job. The other side is dedicated to corporate
    life. My years of “service” include places filled with
    folks like the young man you described & the open borders
    crowd. It’s a problem that takes a lot of resources
    and yields some wins but is mostly a warehouse for those folks.

  11. Ex says:

    Here’s the latest Red Herring:

    GUILFORD, CT —A federal lawsuit filed against Guilford schools by failed Republican Board of Education candidates alleges schools’ have discriminated against their families and school-age children “after the parents opposed the implementation of critical race theory.”

    Named in the U.S. District Court suit funded by We The Patriots USA through donation requests, Guilford Public Schools Superintendent Dr. Paul Freeman said the district “categorically rejects the false assertions and personal attacks set forth in the complaint against the teachers, administrators, and Board members who serve the Guilford education community.”

    Freeman said in a statement that once all the facts come to light in the case, he expects it to be dismissed.

  12. Ex says:

    “… I have never experienced such raw, unfettered racism and downright hate in a community as when this young man moved into my partner’s basement…”

    But critical race theory is an absolute abomination?

    You sound so conflicted my friend.

  13. Juice Box says:

    It’s a beautiful Sunday. Ribs are going in the smoker soon. My pool and hot tub are all heated up and ready for a nice afternoon of watching football and relaxing. My brother and his wife will be folding out the American flag at the Giants game today, they gave season ticket holders a chance to do it, they will be holding it by the blue stars on the 25 yard line today. My son has a soccer game against Colts Neck again, rematch from last year where there was an unprovoked fist fight and suspensions handed out by the league, it’s on our turf this time and should be a blow out our kids are extremely fit we trained all summer including soccer on the beach. Fun times, enjoy your days folks ones like these will be in short supply as we head into fall.

  14. 3b says:

    Ex: My point is Republicans don’t hide the fact that many do not want the migrants, and open borders. The Dems call them racists and say they are horrible, and they should all be welcome. De Santis sends 50 to Martha s Vineyard and the mask is removed revealing the hypocrisy, of sure let them in, just not in our areas.

    It’s the same thing with liberals and low income housing, yes build it, we support it, again just not in our towns. Again, the hypocrisy.

  15. Libturd says:


    There is a lot about Gator and me that you don’t know. Especially our volunteerism. Be careful getting up into our grill, for you will certainly get squashed like a bug. I am not going to brag about taking in a poor black kid. I prefer to be a little more humble about such things, but let’s just say, Gator has volunteered for CASA for a number of years and has spent countless hours representing those unfairly treated by our underfunded legal system which has probably had a significantly greater impact on poor black youth than just taking one in or helping pay for one. Plus there’s our nearly every Saturday morning volunteering with the Dare Devils to help kids who barely recognize their own names learn to skate and play ice hockey. And the list goes on and on. So be careful with your accusations. We are extremely charitable people. Especially with our time. We need not mention all of the help we provide for families who are about to go through or who are going through childhood cancer or who lost the battle. Trust me, we are an extremely charitable family. I’ll go one step further. Gator’s family was so charitable, they gave way more of their wealth away than they should have. So much so that when her father past and her mom was in a nursing home, there wasn’t enough money left to pay for her care and she died pretty young. It was a horrible thing to see. After helping so many people, no one remembered nor gave back. Heck barely anyone even visited.

    And the example of sending 50 desperate humans to Martha’s Vineyard? The true heartlessness of DeSantis went on full display. It was no more than a stunt. He intentionally picked a place where there clearly were no facilities to handle immigrants, regardless of the massive wealth. The truth being, if they knew they were coming, they would have been able to prepare for the influx. But in the hateful stunt (let’s not forget to mention that these Venezuelans were told they were headed to Boston where they would get working papers), DeSantis made sure to let Fox News know of it, but not the local government in Martha’s Vineyard. Quite honestly, DeSantis proudly performed what I would call a Busch League dick move. Again, the hatred on DeSantis part is clear as day as is that of his supporters. I don’t care if you house a million poor, disabled, minority members in your basement. You don’t lie to people, who probably spent the last 6 months hiking from South America to our southern border, about where they are going and then herald this decision as a brilliant ploy to show the blue states that immigration is a problem. This is not how government works. This is not how humans are supposed to behave. This is pure hatred on display to rile up the base of assholes who eat up this shit. You will not convince me otherwise, so don’t bother trying. This is the same kind of bullshit that started the Holocaust. If Trump was at a rally and told the crowd he plans to round up all of the immigrants and place them in work camps, the crowd would eat it up. Just stop and think about this. Be honest with yourself. Think about it.

    Again. The Red team and Blue team both suck balls. But if you want your country run in the fashion that DeSantis wants to run it, then you might as well prepare for civil war now, because he will certainly spark it if he decides to continue to treat fellow humans as pawns for his political gain. Perhaps this will help you understand those silly harmless signs people put on their lawns. “Love will trump hate.”

  16. Ex says:

    It’s hard to generalize though. Lots of people all persuasions identify with the GOP because quite frankly they’ve got theirs. I’m with you on the border thing. Seriously.
    We don’t need porous borders but I’m sure my conservative mega-farm owning neighbors which numbers hundreds of farms up and down the central coast would be mighty hamstrung come harvest season.

  17. Ex says:

    I can tell you one thing.
    Trump is really acting strangely.
    Concerning? Oh no, rights!?
    We’ve got DeSantis now.
    Imagine these two preening lads
    on the podium CA vs FL …. Yeah let’s
    Political life more combative. Great for ratings.

  18. Juice Box says:

    Lib – re: ” clearly were no facilities”

    That is simply not true. There are plenty of empty hotel rooms on the island right now. I can guarantee it. NOBODY even considered putting them up in one for even a single night, like is done in all of the cities.

    Don’t believe me or choose not to? Go look at the fights the residents were having on Facebook, many angry messages from residents because nobody wanted to house them even with a housing voucher. They would rather have the hotel rooms empty all winter than have some immigrants living there. They were put in a church overnight and then shipped off on buses the next morning.

    Where do you think they are putting them now in NYC? Expensive Hotel Rooms. The truth is they wanted them off the island, there was no effort to house them even for a few days, because they did not want them. That is the truth.


  19. 3b says:

    Juice: That is exactly true. If those that are Dems , or lean left, or just care, to not recognize that this is hypocrisy on the part of Dem elites, is shocking to me. I can’t believe people are torturing themselves trying to rationalize or explain what happened in Martha’s Vineyard away. As for these migrants being lied to, the Fed government has been shipping migrants to various spots around the country for months and they still are. Those migrants are not getting to choose where they want to be dropped off. Yet the Dems and the media remain silent on this.

  20. Hold my beer says:


    Definitely want to see Hagar again when he comes through our area in a year or 2.

  21. Hold my beer says:


    I disagree about the lack of facilities. It’s the off season on MV. There are thousands of empty hotel and motel rooms. The bottom Line is the migrants were not wanted by the locals, even for one night. Typical left wing hypocrisy. Both sides are racist, at least the right doesn’t try to hide it. I’m surprised no motel owner volunteered to take them in a for a night 2 for free. Could have gotten tons of publicity with the left tourists and I would think a nice tax deduction from
    Writing off the rooms.

  22. Libturd says:

    It was a stunt. When you call FoxNews before you tell the mayor, it was a stunt. Hotels, schmotels. And I know that homeless/immigrants are often housed in hotels. They did it in NYC all throughout the lockdown. This was a calculated stunt with absolute no concern or care for the immigrants. Busch League at best. If that’s what floats your boat, go break into the Capitol Building again.

    It’s one thing to be frustrated by the other parties policies. It’s another to treat fellow humans inhumanely. Sorry, if you don’t see this.

    Again, not arguing that one partie’s policies are better than the other. Just pointing out the meanness that frequently underlines the populist agenda. This is no different than the scapegoating.

  23. Libturd says:

    Trump trusted Steve Bannon to manage his campaign strategy. He was just indicted for conspiracy and money laundering. Nearly every single person in Trump’s inner circle ends up in jail. Bannon’s disgusting lies, like those made of his counterpart Alex Jones and so many other right wing broadcasters continue to fuel this human indecency. It’s like giving someone the finger is the calling card of these hoodlums. They are all yours. You own them and their cockamamie conspiracies. If this is what you want America to be, you are fucked. It’s one thing to argue policy. It’s another to behave like an asshole.

  24. Libturd says:


    And you are wrong about immigrants who are disbursed. They must volunteer and many do. To lie to them about where they are going is inhumane and indecent. This can not be debated.

    Believe me, the blue cities will take equal or better care of their immigrants than the red cities do. It was no less than a dirty indecent stunt. The tax dollars used to perform this stunt could have much better been used to help them rather than screw them. Again, taking a one-off situation, an ill-prepared playground of the rich, not warning them of the incoming stunt and then claiming all blue states are hypocrites is simply shallow, unproven and is no more than a stunt. Keep denying the truth. It’s required to be a fan of populism. I didn’t know they were killing all of those Jews. We thought they were being housed and fed.

  25. Ex says:

    “Mark my word, if and when these preachers get control of the [Republican] party, and they’re sure trying to do so, it’s going to be a terrible damn problem. Frankly, these people frighten me. Politics and governing demand compromise. But these Christians believe they are acting in the name of God, so they can’t and won’t compromise. I know, I’ve tried to deal with them.”
    Barry Goldwater

  26. Ex says:

    See? This whole them & us thing works great for the leaders
    and it pretty much ensures nothing will get done.

    Banning abortion, cutting taxes on the rich, & unleashing

  27. Ex says:

    It’ll be a bumpy ride watching large (but shrinking) numbers of white people grasp the last vestiges of supremacy from the unwashed masses.

  28. 3b says:

    Lib: I don’t know specifics, as to how the Fed drops migrants off, but I doubt they are polling migrants and saying where specifically do you want to go, and then booking flights according. Why too were they dropped off in the middle of the night, like the flight to Westchester Co, last winter?

    It’s not worth arguing about any more, but you continue to insist that Martha’s Vineyard was I’ll equipped to handle 50 migrants!! I’m one of the most affluent places in the world. Plenty of empty houses, lots of empty hotel rooms. It’s simply not true to insist they could not. As for inhumane, isn’t it inhumane that thousands are released into these border towns that are already poor, and expect them to be able to handle that, and in the same breath say Martha’s Vineyard could not help 50?! This was a political stunt, and I have said I don’t like people being herded around like cattle, it’s wrong. But it proved the point of Liberal hypocrisy, Martha’s Vineyard can’t handle 50, NYC , Chgo , and DC claim they are sanctuary cities and yet now claim to be in a state of emergency.

    The fact remains that the wealthy liberal suburbs, like your town, and mine and many others don’t want these people. If that’s not clear at this point, then nothing left to say.

  29. Fabius Maximus says:


    Lots of stupid in here on as usual. “Plenty of empty houses, lots of empty hotel rooms” and once the season is over, it is all winterized and shut down.

    So only Libs are wealthy in MV. That’s why Dershowitz is complaining they are shunning him. How about most of the wealthy homeowners, are not resident in the state. As they all register in Florida for the taxes.

    Your Hunter Laptop movie reviews are in. My favorite is:
    “Watching the entire movie felt like huffing paint while sniffing glue.”

  30. Fabius Maximus says:

    This ones funny/

    Lots of commentary on the attendance levels at Donnies rally yesterday. I have to ask, what dumbass would schedule a political rally in Ohio on the same day The Ohio State are playing? The whole state shuts down on game day

  31. 3b says:

    Fab: Don’t be obstinate, no one said there are no wealthy Republicans in MV , the point that was made over and over, it is the Dem elites who claim to care about the plight of the migrants, we know where the wealthy Republicans stand. And yes, plenty of hotel rooms and empty residences that could have been utilizing. Many of these vacation homes have groundskeepers and maintenance people that have access to these residences during the off season. 50 migrants and the residents got rid of them in 24 hours. Thousands in the border towns, and no one cares. It’s that simple.

  32. Fabius Maximus says:


    Ship them to Nebraska to work in the meat packers. Thats where they pay the coyotes to get them to anyway.

    I would also add that for all those that scream for “Legal Immigration” are also the loudest shouting about those that are here on H1Bs

  33. Fast Eddie says:

    So much for diversity, equity and inclusion! LOL! I wonder how long it’ll take the Oblama’s to build a wall around their Vineyard compound?

  34. Bystander says:

    Is it time to ask WWJD with the immigrants? Is left housing any 12o month old fetuses at his house because all unwanted babies will get a good home after all. The Rs said it. What an arrogant post and really one of most pathetic. “My business partner housed him but I helped”..sure you did. Really put himself into the fray. What a laugh calling others out.

  35. Libturd says:

    There’s only one truth. It’s going to get worse, much worse. Hope some of you watched the first part of Holocaust and the US tonight. The parallels between the formation of the Nazi Party and the Trump takeover of the Republican Party are hard to ignore. I just hope there are enough sane people around to keep it from going to far. Fanatics of any kind are very dangerous.

  36. Hughesrep says:

    The cruelty is the point.

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