Quote:
Originally Posted by cabmando
How much of the reduction in closings do you think is due to normal cycle? What I mean is, when I was in real estate home sales slowed once school started, the same the closer we got to the holidays. If what I experienced is happening now along with a reduction due to higher rates, it would seem this is normal rather than an indicator of a slowing economy. From what I have read the market is switching back to a buyers market in that home prices are coming down due to the rate hikes slowing the pace. It's a good thing IMO that the housing market is slowing down because prices were going up way too fast.
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School started in August here, August was busy, Sept, was busy, then the Fed bumped it again and it was like everyone stopped and paused.
House prices are now falling, I think a good thing, except no one is buying.
So now there is a lot of inventory, the builders are too dumb to realize what is going on and are frantically building as many houses at they can as fast as they can.
I see 2006 all over again right now and I hope I am wrong.
I usually receive 6 orders a day for closings, I am averaging 1 a day to 1 every 2 days.
The only thing keeping me busy right now is my tract home builder and my 3 custom home builders. The tract home builder is starting up 50+ houses a month.
As I mentioned earlier, I am shell shocked from the 2008 crash, I was lucky and saw it coming in 2007, sold off RE, sold off toys, and got ready for 2 bad years, I never expected 6 bad years. In 2011 I was about to close my doors and go find a job somewhere doing something else.
Also as mention I read an article that said we will look back at Oct 2018 as the beginning of another housing crash, I really hope they are wrong.
I am heading out on several jobs today for closings, I let them build up over the last week. Then I am counting on the builders to keep me busy again.
I hooked up with the biggest pool company in town, they used to order a new pool job every day sometimes 2-3 a day. We are down to 1-3 a week if that.
I hope I am seeing this wrong. I think I am grabbing more gold this week.
Interesting article on National Debt. I typed out a long response to KC but he tapped out of this thread so I deleted it.
https://www.thebalance.com/interest-on-the-national-debt-4119024