Always a lively indicator to watch when the financial system is teetering, which it definitely is now that the Bond market has collapsed. Mortgage rates remain astronomical and sales are slumping.
The headline loser of this story took a 50% loss on a $20M SF palace purchased only a couple of years earlier. This person has to be in real financial trouble to sell it off at that price. Margin call somewhere else in his portfolio perhaps. If the economy goes into recession, which currently looks likely to me by the 2nd quarter of 2024, mortgage defaults could start rolling in like 2008. If that happens, Houston, we've got a problem.
https://www.newsweek.com/san-francisco-home-sale-10-million-loss-housing-market-collapse-1849859
San Francisco Home Price Drops $10 Million as Housing Market Collapses
RE
Real Estate REgurgitations
Started by RE Dec 06, 2023, 03:38 AM
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