Minneapolis
The housing market has become an unexpected casualty of Minneapolis’s political turmoil.
Home sales in the city plunged nearly 20 percent in January - the sharpest drop of any major US metro outside the ultra-expensive Bay Area - as buyers and sellers alike pulled back amid mounting political unrest.
(ERJ notes: Markets freezing up before prices drops. Sellers are reluctant to drop prices while buyers stop looking. Oddly enough, some sellers RAISE their asking price so they can "offer the buyer a discount")
At the same time, home prices have fallen by more than $20,000 since summer, wiping out equity and raising fears that the city’s housing slowdown is only just beginning. Source
Portland
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| Twenty most expensive downtown properties. Source |
Rents are at the same rate as 2019 which represents at least a 23% decline when inflation is factored in.
There are rumblings of Amazon and Microsoft pulling their Headquarters out of Seattle. "Impossible!" you declare? Bezos yanked the rug out from the Washington Post after losing money too many years in a row. He may be a progressive, but a dollar is a dollar and Seattle sees Amazon as a tax-donkey.
Got to wonder if we will see Blackrock buying up the houses
ReplyDeleteTrumpstein tried an EO or something banning that. Was quite surprised when I read it, actually.
DeleteFirst person to suggest Blackrock and their ilk, divest from housing within 10 years, was a Rep from the Seattle area. She could not get any cosponsors to sign on. Spidey sense thinks Blackrock offered her, or a competitor, a lotta money. Good for Trump.
DeleteSome big names have bailed out of California because of taxes and other cost there, I'm not holding my breath over bail-outs from other high tax locations. Never say never.....
ReplyDeleteThe collapse we are entering will be multifaceted. Real estate will be but one casualty. It's going to get a lot worse before it gets better...IF it gets better. No guarantee there.
ReplyDelete