“The mortgage market has more risk than previously acknowledged.”
Expensive markets face a new reality: lenders get skittish about jumbo loans.
“Nobody has any taste for risk anymore. All of those exotic loan programs have ceased. All investors buying that paper are gone”: mortgage broker.
And it’s just the first inkling of what’s in store for home sales.
The eeriness of the whole situation may leave permanent marks on consumers and business-decision makers.
Low Tier Skyrockets. Super-Luxury in Trouble. Condo, High-Tier House Prices Have Gone Nowhere since mid-2018.
Prices in San Francisco Bay Area, Seattle, Chicago, New York at early-2018 levels. But Phoenix, Tampa, Charlotte show surging house-price inflation.
It’s not only Chinese tourists, business travelers, and property buyers who’re not showing up, but also travelers from all over the world who’ve gotten second thoughts about sitting on a plane.
Banks are trying, but demand just isn’t there.
Prices in New York City condo market, San Francisco Bay Area, Seattle down to early 2018 levels. Chicago nearly flat from year ago. Other markets rise. Phoenix, Tampa, Charlotte surge.