Is the Housing Market Still Hot or Not?
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 25 November 2022
⏱️ 6 minutes
🧾️ Download transcript
Summary
Discover if the housing market is still hot or not.
Are you on track for financial freedom...or not?
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If you invested well for the long-term, what a difference it would make because the difference between investing $100k and earning 5 percent or 10 percent on your money over 30 years, is the difference between it growing to $432,194 or $1,744,940, an increase of over $1.3 million dollars.
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Transcript
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| 0:00.0 | Be wealthy and smart, episode 1,120. If y'all know what I mean put your hands up and declare with me |
| 0:13.8 | Yeah, I'm full of pay hey I'm |
| 0:18.3 | I'm gonna live the good life |
| 0:21.3 | and beautiful and financial freedom without budgets, boredom or bosses on |
| 0:31.5 | be wealthy and Smart. And now here's your host, Linda P. Jones. |
| 0:37.0 | Welcome to Be Wealthy and Smart. I'm Linda P Jones, America's Wealth Mentor, |
| 0:41.8 | Empowering Women and Men Worldwide to Financial Freedom. |
| 0:44.8 | On today's show, we're going to talk about the real estate market because we're hearing all kinds of |
| 0:49.3 | different things, but the numbers really bear out what is truly happening and it's a little bit surprising |
| 0:55.6 | because while you might be hearing that this market's crashing or that market's crashing |
| 0:59.9 | the reality is the market is still very very hot in the fourth quarter. |
| 1:04.6 | Now there were fewer buyers that bought homes existing home sales dropped 5.9% from September |
| 1:11.2 | to a seasonally adjusted annual rate of 4.43 million in October, |
| 1:16.7 | according to Redfinn, and that means they were down 28.4% year over year. |
| 1:22.2 | That's the largest ever year over year drop in existing home |
| 1:26.4 | sales since 2007. And generally that's because of higher mortgages and higher mortgage rates and the difficulty of people |
| 1:35.6 | getting squeezed out qualifying for a mortgage in October. |
| 1:39.2 | Also the number of first-time homebuyers stood aside and in October they were just 28% of all |
| 1:45.6 | purchases which is close to an all-time low again somewhere priced out due to |
| 1:50.7 | higher mortgage rates or not having enough of a down payment because of |
| 1:56.2 | affordability issues. But there's still a shortage of houses and that continues to be |
| 2:01.2 | the most challenging issue for the housing industry. |
... |
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