House prices down $265,000 from peak, down $60,000 from year ago. America’s most majestic housing bubble begins to deflate.
Homebuilder Toll Brothers just said it out loud.
The underlying dynamics changed in August and have worsened since. And this is still the tech boom.
The inflection point: sellers got the memo and cut prices.
“101 new listings, 101 price reductions.”
It’s not fun anymore.
In 9 charts. Red indicates the moves since the inflection point in June.
The inflection point was in June. This is how inflection points show up at the subcutaneous level in all housing markets.
High housing costs & taxes lead to this: “Once we decided we had to get our employees out of California, we went about our search systematically.”
Throughout the scandals, Facebook was clad in Teflon and nothing mattered. But today, it mattered.