An ugly red flag for all of California goes up.
Even the Fed put commercial real estate on its financial-stability worry list.
There are 67,507 new apartment units in the pipeline.
And transactions in the apartment sector plunge.
Home prices are “weighing on affordability and constraining sales.”
Commercial and residential real estate bubbles choke the economy. The upper bounds of hype and craziness have been reached.
It’s a Great Time to Sell and a Bad Time to Buy, they think.
But condos have issues: “Foreign buyers have played a significant role; it is possible this demand has declined due to political issues here and in China.”
Honolulu rents plunge 19%. Landlords scramble. Check the 100 most expensive markets.
Here are some visual aids to help the Fed spot the housing bubble.