A report from CNBC. “A Federal Reserve economist says the current housing backdrop is similar to recent economic slumps, with several metrics ‘consistent with the possibility of a late 2019 or early 2020 recession. ‘Data on single-family home sales through May 2019 confirm that housing markets in all regions of the country are weakening,’ the St. Louis Fed’s William R. Emmons said. ‘The severity of the housing downturn appears comparable across regions—in all cases, it’s much less severe than the experience leading to the Great Recession but similar to the periods before the 1990-91 and 2001 recessions.'” From Miami Agent Magazine. “Home price growth in some of the biggest markets in the U.S., including Miami, has increased at a continually slower annual rate. That has put the brakes on historic levels of price appreciation across the U.S. In a July 2 report, Kate Seabaugh, senior researcher at John Burns Real Estate Consulting, called this recent trend “The Great Price Deceleration.” That’s because year-over-year price appreciation had suddenly reversed in many metros where home prices had been skyrocketing only a year ago.” “For example, between June 2018 and June 2019, price appreciation in San Jose went from a 20 percent average annual increase to a 6 percent average annual decrease — a 26 percent decrease in the rate of change, in other words.” #housingbubble #benjones http://housingbubble.blog/?p=1998
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