The Implosion of the California Housing Market is Here

[@gabrielmiramontes5879]

I'm done following housing videos. With 200k down on a 520,000 dollar house and still having a 3k mortgage. I can't listen to it anymore as I don't see it changing in the next 6 months at the least. I'm out for now. I was hopeful for a minute, but I can't be clickbaited anymore. Just tired.

[@Needglory23]

😂 clickbaited

[@JasonWalter1]

Sorry to hear this, Gabriel. It's certainly been a very volatile market since last Spring/Summer making it very challenging to report on the latest trends (and especially since demand seems to be fluctuating with the large swings in mortgage rates this year).

[@Al_Sayid_Sanad]

3k mortgage ? How ? What’s your rate and term ?

[@gabrielmiramontes5879]

@@JasonWalter1 Thanks for the response Jason. I truly do appreciate the time and effort you put into these videos. I myself live in your area furthering the intrigue I have for your channel. However, everyone falls victim to the catchy title that lets them believe for a moment things are getting better (which I truly believe they are) but I don't believe it's anytime soon. Rather than stress, I'll just tune out all the noise for a while until something truly BIG does happen. Until then, I'll stay subscribed and definitely come here for the feedback to that said news when it does come 😂.

[@gabrielmiramontes5879]

@@Al_Sayid_Sanad at 6.7 on a 525,000 39yr conventional That's what it is about right now.

[@xjumpmaster82]

Yup! Seeing lots more listings in Riverside County and much lower than they were a year ago. It will go down much more.

[@JasonWalter1]

Good news for buyers.

[@Georgex2]

@@JasonWalter1 Good news for young people 😄

[@saramovsesian7497]

No one wants to go to Riverside, Woodland Hills , Encino, Sherman Oaks; Burbank don’t drop

[@xjumpmaster82]

@@saramovsesian7497 who's no one? It has a population of over 2.5 million people.

[@rocketj7449]

It wouldn't surprise me if consumer confidence is at an all time low. High cost of living, food, gas, and the threat of job loss. It shocks me that anyone would buy a house in this market. The super bubble stock market has already popped, the housing market is next. 🙏

[@JasonWalter1]

Meanwhile this makes it harder for people to save for a down payment.

[@rocketj7449]

@@JasonWalter1 Jason, can you give an honest evaluation of the new calhfa 20% down program?

[@marciamakoviecki3295]

People want to own a home and if it's $3000/month to rent a house and $4000/month to buy one, most people would rather own than rent if they can swing the payment. There are many benefits to home ownership beyond the monthly payment.

[@rocketj7449]

@Marcia Makoviecki that's true, but can they afford that 4k a month? Heck, even regional managers for Starbucks making 80k a year can't afford a 4k mortgage. Absolutely ridiculous

[@marciamakoviecki3295]

@@rocketj7449 my 23 year old son is a computer engineer and bought a $500k home, well within his means. My area is lots of tech jobs in AZ, and even the young guys are making large salaries... lots of young couples making $150k++, too. And, there were hardly any homes to choose from because inventory is very low. Areas that have average homes of $400k+ still have plenty of well employed people wanting to buy, rather than paying $2500/month for a tiny apartment.

[@lasaventurasdeeddie]

I been watching Jason for a long time. I have actually participated in his live stream with questions 😂. I was looking to buy a property for my parents and unfortunately my neighbor hood is priced out and looked in Sacramento and No luck . This was last year in November 2022 . I found a listing in olivehurst ca, I seen it and love it . I made an offer 2 days after listing and around this time home prices we’re unsteady . I offer way , way less than asking price but gave them a 1 day window to respond . Maybe lucky but I was able to get a great deal in this property. No mortgage payment for us so it’s a blessing . I believe that if you have a good down payment or cash this is a good time to buy. Not the less as Dave Ramsey would say … buy when your financially ready . Good luck for all but i still enjoy watching Jason’s video 🎉

[@JasonWalter1]

Thank you for supporting the channel!

[@JasonWalter1]

Compilation of Housing Market Forecast videos kzbin.info/aero/PLiQQpOejscIcBF1Jw2zG6Uvg7qDav_oGi Get Connected To a GREAT Real Estate Agent in Your Area: homeandmoney.com/jason/ Please SUBSCRIBE HERE bit.ly/31kAR73 Products I use and like: #ad Tubebuddy www.tubebuddy.com/jason808 Virtual Assistants (video editing): bit.ly/3lYRujQ

[@Remixt]

I was trying to enter the market, but after the rising interest rates I just can't afford a home anymore. I was trying to do a VA loan for very little down for up to $650k, but the interest rates made the project mortgage over 5k after taxes and fees. I make 200k a year, but I'm not willing to invest half of my monthly income into a mortgage.

[@fosiko123]

good idea !!! I'm in the same boat; just waiting ; 115K per year but won't spend 50% of my income on housing with the current market prices ; just wait a little bit; maybe another 12-18 months things may be a bit better, in terms of falling home prices

[@kdvwusm]

Why don’t you put 20 down?

[@Remixt]

@@kdvwusm part of the point of the VA loan is not needing to put much down without having to pay mortgage insurance.

[@Theyluvjen32]

Get a Duplex or 4 plex and split your mortgage. VA is good 4 plex or duplexes ask a realtor. I have one that can help and has done this in this market for Veterans

[@kdvwusm]

@@Remixt yea but…. Wouldn’t your mortgage be insanely high. Unless with a VA you put nothing down and you get a really good rate. If that’s the case then that’s amazing.

[@TheMosinCrate]

Legend has it, if you mention pricing going down in 99.9% of the country, that one person in the 0.01% will chime in to say "not here in blah blah blah, houses are selling like hotcakes."

[@jaydeeare285]

Legend has it, if a KZbin "expert" says values are going down in Boise, Austin, las vegas or Phoenix, that they will extrapolate those four areas to the entire country.

[@myrealtorcarlosortega7559]

Selling like hotcakes here too!

[@alexkrin6249]

Price only came down a little bit but not much in my area!

[@JasonWalter1]

Where abouts?

[@ocgirlocgirl7360]

Yep, we finally started to see it here in Orange County

[@JasonWalter1]

Thank you for sharing your insights there.

[@HowardxDuck]

I’m seeing a tiny drop but prices are still highly elevated. It’s crazy to look back in 2019 and see the market just starting to level off and reverse to the downside. But then COVID hit and to the moon it went. Hoping for more than just a correction in the next 1-2 years

[@guzzitwin]

Overall numbers moving in the right direction, thanks for the info Jason! Looking at local socal markets doesnt seem that way but this report gives better overall macro picture.

[@albertopena80]

I live in San Diego, I got out bide this month by +15k asking. I am going to keep trying to buy a home here in Oceanside or Carlsbad area.

[@christopheryoung2874]

San Diego is the best area of CA that's why its stronger than the rest

[@lukem3067]

Jason, this is going to be about education, buyers need to be educated on the situation. If you’re over a certain DTI you should not buy, also be willing to let your down payment go if need be. If this was realized, we would have a lot less buyers right now which will help this inevitable correction occur.

[@MCspeedy22]

I'm in Sac metro, and I really don't understand how pendings have ticked up and prices are no longer softening. Where are all these buyers finding money?

[@TitoGrande03]

I’m feelin the beard. That’s one thing that’s appreciating in value.

[@minorthreat5276]

2% socal, 20% bay area. Socal has long way to go

[@JasonWalter1]

Wild to see how much SF Bay Area has dropped huh?!

[@realnapster1522]

Even this drop is not enough for Bay Area buyers.

[@HowardxDuck]

Praying SoCal actually drops 20%… not sure if it actually will but fingers crossed. It makes sense that the Bay Area is dropping so much since all the tech jobs are taking a haircut. I think there’s more support in OC and SD

[@Ryan-xo4dv]

I was wondering if you could comment on the average price per sq year over year as I’ve head that the luxury market has tanked more than other segments, and wonder if the median sales price is skewed by this.

[@marciamakoviecki3295]

Ryan, yes you're right, high end home price reductions are skewing the averages. Mid priced homes are actually ticking UP in price in Phoenix, for example!

[@tctctctctc-x7c]

Seller in Weed, CA (far north), accepted my offer to purchase a nice 3bd/2bath for $180,000 March 2020. My interest rate was under 3%. Seller backed out at the last minute due to covid issues (she said). Have continued to look. Prices nearly doubled after 2020 and of course we all know what happened with interest rates. Recently, prices have only slightly decreased.

[@JasonWalter1]

So sorry to hear this!

[@jimshoe402]

I bid on a 100 houses got 5 Great Deals SUCKs.. Learn all u can wait then PONCE be a Shark..😁😁😁😁

[@jonny_panic]

I'm in North San Diego county and prices have dropped a little, but with absolutely no inventory every house is receiving multiple offers over asking anyway. Without inventory I don't see prices coming down regardless of market conditions.

[@bradicalmusic]

Several condos I have been watching in Santa Monica have sold 200k over asking in the last few weeks. Phew!

[@ThisGuyRocksLikeCrazy]

Some of these stats are not accurate most likely because of low number of transactions. For instanc there's no way we had a 20% increase in month to month prices in Marin county. Most likely last month a few cheap houses were sold and this month only expensive ones were traded. I'm not too sure how much it would help with that, but it would be nice if you could share price changes based on square feet.

[@dolcefarniente2702]

Prices in riverside is down about 15% since may 22. In Yorba Linda area , prices are down about 15% as well since may 2022. Absolutely no inventory in market . No one is freaking selling ! I bought couple of properties but I still want market to go down so I can more !

[@mathaddict1985]

About dang time

[@JasonWalter1]

Thank you for watching the video and for commenting!

[@mattanderson6672]

Appreciate everything you do for us Jason, thank you

[@JasonWalter1]

You bet, Matt.

[@Sarah33Kaufman]

I am waiting for South South Cal prices to come down so I can buy a house! No lock yet!

[@tpolarbeart]

I live in Alameda county and look in this area and the rest of the trivalley. The Livermore area has almost 0 houses for rent or for sale. They aren't being sold much either it just seems stagnant. I feel and hope this is the tipping point.

[@realnapster1522]

It’s going to crash from here if tech keeps laying off people.

[@yonceydelatorre3802]

There still is a huge demand in housing and there still is COVID money to spend…..The end of year is when the pain will really start…. this will be a slow gushing wound for a while!

[@MOBSquadGaming]

Housing is soooooooo expensive. First time buyers like myself are struggling to afford these prices. I hope the market will come down to make it more affordable for first time buyers. Saving for down nowadays is nearly impossible with the amount of expensives out there.

[@Ruddysimo]

Jason thank you for all your work. Your data and videos is extremely valuable to the consumers waiting in the sidelines for the right time to pull the trigger. Would love to see you expand your research to other markets, I’m in Georgia, Atlanta metro, I’m Doing the same data crunching as you are but would love to hear your point of view.

[@JasonWalter1]

Thank you for the suggestion! I don't have the level of detail outside of CA except for national trends as I do in today's video. Happy to make an Atlanta video based on other sources as long as there's enough interest. Anyone else?

[@machtnichtsseimann]

"California" vs Bay Area? An acquaintance told me of a home in her Lafayette neighborhood that just sold, a 5-bedroom for over 3 million. 3 MILLION!? And fixer-uppers with a LOT of work to do in not-the-safest neighborhoods of Richmond or Antioch priced at close to 400K? Or a nice 2-and-1 in Antioch for 450K? Yes, there is still a lot of ridiculousness going on...

[@vitalsigns6403]

Jason - there still is not any existing home inventory. I just don’t see how we get a true price (comp price, not list) decrease of any real significance? Sure transactions and refis are way down, yet prices are still very high and inventory is anemic. 🤷🏻‍♂️

[@Gatiezalapin]

False

[@vitalsigns6403]

@@Gatiezalapin very true in my market in california. There are hardly any existing homes for sale🤷🏻‍♂️

[@JasonWalter1]

Yes, historically speaking low amount of inventory (pre-covid) but far higher compared to past couple of years.

[@vitalsigns6403]

@@JasonWalter1 true🤔

[@jaydeeare285]

Historical averages are 6 months. We are at half that and going down.

[@pinkyndebrain4578]

Shopping around and it really hits me that for SoCal still need to: Be watchful Be patient

[@rolandconnor575]

There is that word again "implosion". Just read a comment from your video yesterday about San Diego values still going up. It depends on where you live. Going to need newer descriptions soon.. implosion is worn out

[@leosotelo5119]

a house around my block was on the market for 960k last week. it’s already pending

[@omtelf5272]

I was going to sign the contract 800k with 160k down and I backed up last minute it’s crazy I thought about it so I have to wipe out my saving account and my mortgage will be almost 5k monthly and the house value pre-Covid was 560k and to rent similar house 3800 to 4000 so basically I don’t have to wipe out my saving account and rent will be cheaper

[@Needglory23]

“Home prices edged higher in Southern California last month, marking the first increase since the spring of last year, according to new data from the California Association of Realtors. The median sale price of existing homes in the region was $745,000 in February, a month-over-month increase of 0.9%. The increase can largely be attributed to higher prices in San Diego, San Bernardino and Riverside counties.”

[@christopheryoung2874]

Bay Area getting fucked up though for real!

[@machtnichtsseimann]

@@christopheryoung2874 - A 5-bedroom nice, but nothing special home in Contra Costa went for over 3 million. That's the definition of F__k_d for middle-class people who just want a 3-and-2 decent home.

[@pizzamcgee5469]

Houses still selling like crazy...no crash coming...low inventory....Lotta people with low rates..why sell if u don't have too...

[@christopheryoung2874]

the pain is just getting started its going to be a brutal couple of years for the economy.

[@Needglory23]

👎

[@moatmo3752]

California housing crash is the best thing that can happen to California future.... this can stop migration and keep tax prayers here happy

[@JasonWalter1]

A further downturn would be healthy in the long term.

[@wednesdayschild3627]

Cali changed zoning to be pedestrian friendly, denser homes and build smaller homes. Boomer mansions are not in demand.

[@JasonWalter1]

Yes, they are allowing multi family properties in areas that are only zoned for SFHs for example. In my opinion, that is going to change nothing about affordability due to extremely high construction costs which should limit that amount of ADU's and duplex conversions.

[@fraserbailey6347]

This analysis only cover detached, family homes. What about apartments?

[@JasonWalter1]

Yes, it's only for existing SFH's, not rents. CAR doesn't cover rental data and it's challenging to find reputable data.

[@omtelf5272]

Renting is cheaper than buying

[@RP-le1fp]

The alleged professionals say my house went up 10k in the last month. They are all lying to us of course because truth is they don't know. As soon as the FDIC shuts down most of the banks so there are about six big banks left, we will see the rates drop. Then the housing market will return along with the higher prices. It's all good.

[@carnivalgods4573]

Great update Jason. The largest economy in the country is on crash alert. I'm sure all is fine.

[@JasonWalter1]

Thanks for watching!

[@nealweeks6632]

Man, our condos in Murrieta, Ca. are not decreasing. The 2-bedrooms are all listed over $400,000 still.

[@JasonWalter1]

Thank you for sharing, Neal.

[@HowardxDuck]

How are the jobs out there? I’ve been considering looking out there and Temecula but I’ve heard there aren’t a lot of opportunities

[@Matt-ii2qf]

Home prices is going up 99% this week

[@jasonhbush]

50-60% drop or you’re just clickbait

[@JasonWalter1]

SF Bay Area down 30%+ in the last 9 months = implosion.

[@jaydeeare285]

​@@JasonWalter1 Thr Bay areas problems are regjon specific, not representative of the state as a whole ans it is in fact skewing the whole state giving a misleading impression.

[@eddieloujones2673]

I'm going back to Cali, Cali, Cali I'm going back to Cali... hmm, I don't think so

[@JasonWalter1]

Good song

[@drmahidhar1876]

3rd-

[@JasonWalter1]

Good afternoon!

[@manju7520]

I can show cost increased proofs. From 10 days costs are increasing. Calfha and housing demand helping sellers in California. Fed up with far truth youtube analysis. 2022 costs increased sky high, 2023 jan, feb take small nap from March again increasing. Morning seen 1080000 house increased to 1150000

[@jessicah3782]

What I took away from this is housing is still too expensive for our family to be homeowners here. Build more homes. A million more now

[@durkadurka4107]

1st

[@JasonWalter1]

Nice! Good afternoon!

[@jaydeeare285]

2% decreases from all time historic highs do not constitute "implosions".

[@christopheryoung2874]

FED will be increasing rates for years to come. the housing market bloodshed is just getting started

[@Needglory23]

@@christopheryoung2874 Rates are falling…

[@christopheryoung2874]

@@Needglory23 because no one wants to buy a home now lack of demand is driving down rates

[@JasonWalter1]

You must have missed my other video from last week kzbin.info/www/bejne/iYHUlGxuptyqlbs

[@lazynow1]

The California Housing Market is going to burn like a Russian tank

[@theredpilllion5922]

You haven’t seen nothing yet. 😃👍 When there is blood in the streets, the smart money gets the treats! To all the credit card swiping, debt salves. Go buy a boat, and put it in the driveway.😂 The Sheeple will get slaughtered!