Home News Property prices have fallen by up to 10% in the US as nation faces up to Bidenflation

Property prices have fallen by up to 10% in the US as nation faces up to Bidenflation

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Real estate prices have fallen by up to 20 percent across the United States as buyers adapt to soaring prices. inflation Under the government of Joe Biden.

Some US homeowners have cut prices by as much as 10%, said David J. Steinbach, Global Chief Investment Officer at Hines, one of the world’s leading private real estate investors. Bloomberg..

His comment is Realtor.com This highlights 10 cities in the United States where median home prices fell by 18.7% in March.

Another report of real estate news Redfin Between April and May 22, we found that approximately one in five sellers lowered their home offer prices.

Although prices have fallen nationwide, New York has been able to counter this trend as real estate continues to rise as prices recover from Covid-19.

That’s because the Federal Reserve has raised more concerns this week as it was revealed that it had opened the door to an unexpected three-quarter percent rate hike.

Meanwhile, average gas prices continued to skyrocket as they exceeded $ 5 for the first time in history. Meanwhile, Biden continued to shift responsibility for the war in Ukraine.

Pittsburgh, PA: This 6-bedroom, 5-bathroom reduced $ 200,000 from the asking price between November and June. In Pittsburgh, the median asking price has fallen by 13.7%.

Pittsburgh, PA: This 6-bedroom, 5-bathroom reduced $ 200,000 from the asking price between November and June. In Pittsburgh, the median asking price has fallen by 13.7%.

Detroit, Michigan: A four-bedroom, two-bathroom, home built by the first owner of the Detroit Tigers reduced $ 875,000 from its asking price between May 2021 and June 2022.

Detroit, Michigan: A four-bedroom, two-bathroom, home built by the first owner of the Detroit Tigers reduced $ 875,000 from its asking price between May 2021 and June 2022.

“Inflation is definitely on the road to private real estate,” Steinbach told Bloomberg.

Real estate investors also said they expect this trend to continue in the coming months as the country continues to tackle inflation.

“The water will run out this year,” Steinbach told Bloomberg.

Steinbach explained that this trend is having an impact on the housing and office markets as well. This is because rising costs to do business hinder a company’s ability to raise funds and reassess its expansion.

“Some sponsors have funding issues and are reducing their bid pools on their own.”

Steinbach’s comments are supported by data compiled by Realtor.com in April. This data identifies 10 cities across the United States whose median home prices fell in March.

Among the cities highlighted in the report were Toledo, where house prices fell 18.7%, and Rochester, where house prices fell 17%.

Detroit prices fell 15.4%, Pittsburgh 13.7% and Los Angeles 5%.

Toledo, Ohio: This three-bedroom, two-bathroom, home lowered its listing price by $ 13,100 between April and June. In Toledo, the median suggested home price has fallen by 18.7%.

Toledo, Ohio: This three-bedroom, two-bathroom, home lowered its listing price by $ 13,100 between April and June. In Toledo, the median suggested home price has fallen by 18.7%.

Tulsa, Oklahoma: 4 bedrooms, 3 bathrooms, home with a $ 33,500 reduction in desired price between May and June.Median house prices in Tulsa fell 5%

Tulsa, Oklahoma: 4 bedrooms, 3 bathrooms, home with a $ 33,500 reduction in desired price between May and June.Median house prices in Tulsa fell 5%

Rochester, NY: A house with a waterfront, 4 bedrooms, 3 bathrooms and a pool, with $ 100,000 off prices between 2021 and 2022. In Rochester, prices have fallen 17%.

Rochester, NY: A house with a waterfront, 4 bedrooms, 3 bathrooms and a pool, with $ 100,000 off prices between 2021 and 2022. In Rochester, prices have fallen 17%.

According to a May survey by Redfin, about 19% of sellers lowered home prices in the four weeks from April to May. Outlets said the report marked the end of the country’s pandemic-era housing boom.

According to their report, Google’s “seller” searches fell 13% from the same period last year.

We also found that home tour requests were down 12% and mortgage applications were down 16% year-on-year.

According to the data, 19.1% of home sales prices fell between April and May, rising 13% from the previous month and rising 9.8% from last year.

President Joe Biden will speak with a reporter outside Air Force One on Saturday.He continued to blame the war in Russia and Ukraine for soaring U.S. gas prices

President Joe Biden will speak with a reporter outside Air Force One on Saturday.He continued to blame the war in Russia and Ukraine for soaring U.S. gas prices

New data show that US annual inflation rose to 8.6% last month.The report led Biden to admit that inflation remains a problem in the United States.

New data show that US annual inflation rose to 8.6% last month.The report led Biden to admit that inflation remains a problem in the United States.

This tendency is that the national average gasoline price Marking $ 5 for the first time in history over the weekend, President Biden once again diverted responsibility for rising prices to Russia.

The average cost of a gallon of gasoline in the United States has risen to $ 5.016, and groceries have seen the highest price increase in a year since 1979. 11.9%.

The Ministry of Labor report on Friday Consumer price index The rate of increase in May in May increased by 1% from the previous month and increased by 8.6% in 12 months. This is above the recent peak seen in March.

New numbers released on Friday suggest that the Federal Reserve can continue to raise rates rapidly to fight what’s called “bidenflation,” the market reacts swiftly, and the Dow falls by about 600 points. did.

After a bird flu outbreak in January killed about 6% of commercial chicken, egg prices rose 32% and poultry rose 16.6% from the beginning of the year.

Embargoes on Russia have also led to higher prices for grain-based foods, but fats and oils have risen 16.9% and milk has risen 15.9%.

As inflation raises production costs, producers and retailers are similarly forced to continue raising prices.

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