Builders Report MASSIVE Cancellations (68% DROP in Homebuyers)
The 2023 Housing Crash is getting even WORSE. That's because Home Builders are now reporting massive contract cancellations.
KB Homes, the 6th largest home builder in America, reported that 68% of Homebuyers cancelled their contract to purchase a home in Q4 2022. That contract cancellation rate is even higher than what builders reported in 2008.
The result of homebuyers backing out of their contracts is a big surge in home builder inventory. Data from Zonda shows that "Quick Move-In Inventory", representing houses that are completed or will be completed in 90 days, is up 200% YoY. And up 50% from pre-pandemic levels.
The build up in inventory, combined with the contract cancellations and a decline in buyer demand, indicate that Home Prices will continue to go down in 2023 - especially in metros such as Austin, Phoenix, Salt Lake City, and San Francisco. Prices in these markets are already down 10-15%.
States that can expect to see even more inventory and price declines in the 2023 Housing Market include Texas, Florida, Tennessee, Utah, and Colorado. These are the states with the most homes being built. So big contract cancellations will impact them the most.
Watch out in the next couple weeks as more home builders report earnings. Particularly large ones like DR Horton and Lennar.
---
JOIN as a Reventure CHANNEL MEMBER:
https://www.youtube.com/channel/UCVTQunGrE3p7Oq8Owao5y_Q/join
INSTAGRAM: https://www.instagram.com/reventure_consulting/
TWITTER: https://twitter.com/nickgerli1
CONACT US: https://reventureconsulting.com/contacts/
DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Neither Reventure Consulting or Nicholas Gerli are registered financial advisors. Your use of Reventure Consulting's YouTube channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, YouTube, E-Mail, and Instagram) for communications with Reventure Consulting does not establish a formal business relationship.
Image(s) and/or Footage used under license from Shutterstock.com. https://www.shutterstock.com/
Additional stock footage provided by Videvo. http://www.videvo.net/
#HousingCrash
Видео Builders Report MASSIVE Cancellations (68% DROP in Homebuyers) канала Reventure Consulting
KB Homes, the 6th largest home builder in America, reported that 68% of Homebuyers cancelled their contract to purchase a home in Q4 2022. That contract cancellation rate is even higher than what builders reported in 2008.
The result of homebuyers backing out of their contracts is a big surge in home builder inventory. Data from Zonda shows that "Quick Move-In Inventory", representing houses that are completed or will be completed in 90 days, is up 200% YoY. And up 50% from pre-pandemic levels.
The build up in inventory, combined with the contract cancellations and a decline in buyer demand, indicate that Home Prices will continue to go down in 2023 - especially in metros such as Austin, Phoenix, Salt Lake City, and San Francisco. Prices in these markets are already down 10-15%.
States that can expect to see even more inventory and price declines in the 2023 Housing Market include Texas, Florida, Tennessee, Utah, and Colorado. These are the states with the most homes being built. So big contract cancellations will impact them the most.
Watch out in the next couple weeks as more home builders report earnings. Particularly large ones like DR Horton and Lennar.
---
JOIN as a Reventure CHANNEL MEMBER:
https://www.youtube.com/channel/UCVTQunGrE3p7Oq8Owao5y_Q/join
INSTAGRAM: https://www.instagram.com/reventure_consulting/
TWITTER: https://twitter.com/nickgerli1
CONACT US: https://reventureconsulting.com/contacts/
DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Neither Reventure Consulting or Nicholas Gerli are registered financial advisors. Your use of Reventure Consulting's YouTube channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, YouTube, E-Mail, and Instagram) for communications with Reventure Consulting does not establish a formal business relationship.
Image(s) and/or Footage used under license from Shutterstock.com. https://www.shutterstock.com/
Additional stock footage provided by Videvo. http://www.videvo.net/
#HousingCrash
Видео Builders Report MASSIVE Cancellations (68% DROP in Homebuyers) канала Reventure Consulting
Показать
Комментарии отсутствуют
Информация о видео
Другие видео канала
The Coastal Recession: America's Job Losses Concentrated in Five CitiesWashington DC Real Estate: BUY or SELL in 2021?!TAMPA Florida Real Estate: 2021 Housing Bubble WORSE than 2007?Columbus Real Estate: The Best Places to Buy!DR Hortons reports 40% CRASH in Earnings (Home Builder Stock Bubble)Bank of America just reported a big DROP in Consumer SpendingRALEIGH / DURHAM Real Estate: Housing BOOM or BUST in 2021?2023 Recession just hit REALTORSBuilders Dumping All Their Inventory Before 2023 (Big Price Reductions)2023 Recession just hit HOME DEPOTLennar doing huge price cuts on houses. Values already crashed by 24% in Texas.Stockpile CASH. Buying Opportunities in 2022. (Real Estate, Stocks & Bitcoin)How the Fed destroyed the Housing MarketFed just issued a dire WARNING: "Financial Conditions are Getting Much Worse"Apartment Builders Are CRASHING the Rental Market in AmericaNew Home Prices DROPPING FAST (Home Builders Preparing for Housing Crash)Homebuilder WARNING: "Projects are Cancelled. No More Buyers"Home Prices to Keep Declining in 2023?Banking Crisis just got WORSE. Fed reporting $400 BILLION in Losses.Home Prices about to Drop by A LOT