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The Housing Bubble is turning into a Crash. Buyers are dropping out of the market and inventory (aka homes for sale) is surging. This is likely to get worse in the future because Mortgage Purchase Applications – a forward looking indicator of Housing Demand – keep declining.
Two states where this is happening most include Texas and Florida. In Texas the biggest Homebuyer Boycott is occurring in Austin, where inventory is up nearly 100% YoY. There is also a big surge in homes for Sale coming in Dallas (especially in Frisco / Plano).
Florida’s western Coast is seeing a big surge in Inventory – particularly across Housing Markets like Tampa, Sarasota, and Naples. Interestingly – Homes for Sale in Miami and Fort Lauderdale are still declining. Indicator the Buyer Boycott hasn’t hit Southeast Florida yet.
Other states with massive surges in Homes for Sale include Idaho, Utah, and Arizona. In particular – Boise, ID’s Real Estate Market appears on the verge of a crash with inventory up over 100% from the previous year.
The Underlying Source of the Inventory Data comes from Realtor.com. Check out their data archives at the following link: https://www.realtor.com/research/data/
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