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Debunking the Southern Housing Market Meltdown | 1-Minute Market Update w/ Martin Perdomo
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Is the southern housing market on the brink of another meltdown? This week, we tackle this pressing question with none other than Nick Gurley, CEO of RE Venture Consulting. As mortgage applications show a slight uptick from last week but remain significantly lower than last year, we dissect the surge in home searches and what it means for potential buyers and sellers. The median home price has reached an unprecedented $397,582, with new listings up by 7.3% from last year. Despite these numbers, homes are sitting on the market longer and fewer contracts are being signed, signaling a notable shift from the pandemic-era frenzy.
Nick Gurley warns of a possible housing bubble, comparing current conditions in states like Tennessee, Georgia, and Florida to those before the 2008 crash. However, not everyone is sounding the alarm. Mark Fleming from First American Financial Corporation and David Linger from REMAX provide a counterpoint, arguing that the supply-demand imbalance and potential demand surge when mortgage rates drop make a significant price dip unlikely. We also explore the broader economic implications for the southern states, particularly those reliant on construction and tourism. This episode is packed with critical insights and expert opinions you won't want to miss.
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