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Record Price Drops In The Phoenix Real Estate Market!

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  1. The Arizona video:

    Jun 17, 2022 12:27

    Sellers are cutting their prices in the Phoenix Metro area. What does this mean if you are buying or selling a home? And what does it say about the overall housing market? Is the housing market going to crash? How deep are home sellers cutting their prices?

    Learn all this and more as we take a deep dive into the Phoenix Metro real estate market. We will talk about the East Valley cities like Chandler, Tempe, Gilbert and Mesa. We will show you the real data where we are seeing growing inventory and price cuts.

    The second:

    ‘Distressed Deals’ Piling Up in Canada’s Real Estate Market

    Jun 18, 2022 6 minutes.

    Canada’s Real Estate market is seeing ‘Distressed Deals’ pile up as buyers look to back out of purchase agreements with home values falling. In one case in Toronto, the buyers saw the value fall by $180,000 in a little over two months, with the appraisal values coming lower and lower over the period.

    As Canada’s housing market continues to plunge lawyers are seeing a major uptick in the amount of buyers and sellers wanting to know what happens when a deal falls apart. Toronto Lawyer Greg Weedon sees buyers in breech becoming his main practice area for the foreseeable future.

    Both buyers and sellers may need to think about re-evaluating how they purchase homes in the current market, with buyers almost needing to have an appraisal condition, and sellers not being able to rely on selling their home quickly in order to fund the purchase of their next home.

  2. Looks like disinflation is really coming , which I don’t understand at all….So much $$$ was recently slooshing around , and now the buyers of all that furniture and desirable stuff , will just disappear …….Wonder if farmland, which is all way overpriced, will come down too?
    Gas prices are starting to reduce here in SC , which is good , think they will drop a dollar in the next month ….

    1. Washington Post — Americans are starting to pull back on travel and restaurants (6/18/2022):

      “More Americans are beginning to hold off on booking flights, getting haircuts, building backyard pools and replacing old leaky roofs — in some of the new signs that the consumer engine of U.S. economic growth could be losing steam.

      Over the past several weeks, households had already cut back on big-ticket purchases because of soaring prices, but in a worrisome twist, data suggests consumers are also beginning to tap the brakes on dining out, vacation plans and even routine services like manicures, hair cuts and home-cleaning appointments. Business owners around the country say rising prices, dwindling savings and concerns of a souring economy are taking a toll on household spending decisions.”

      “This sucker could go down” — George W. Bush

    2. “Looks like disinflation is really coming , which I don’t understand at all….So much $$$ was recently slooshing around , and now the buyers of all that furniture and desirable stuff , will just disappear”

      What’s not to understand? All that money that was “sloshing around” that pushed up asset prices was borrowed into existence and this borrowing was done when the cost of borrowing was cheap.

      Now that the borrowing costs are rising the borrowing will cease and hence asset prices will fall and much of the money that was borrowed into existence will go poof.

      1. Biden bucks are cr8tering, have lost 99% of their purchasing power since inception, flee from them like your life depends on it, because it does.

        492 times the bankers said bitcoin was dead and were wrong! Inigo Montoya said “i dont think that word means what you think it means”

  3. $5.49 a pound for chicken breasts at Safeway.

    “This sucker could go down” — George W. Bush

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