John Wake @JohnWake Twitter profile

Pinned Tweet

John Wake

@JohnWake

1 month

76 Secrets of U.S. Home Ownership - 3 Solutions

1

5

19

Last Seen Profiles

@ro0o003

@icedsweetee

@roo_757

@Jana_Laverne70

@xox_im_

@robhardy25

@Halimeulgucelik

@CopleFri

@tipgenelmerkez

@moguiai

@r73jCVB643ckt85

@CashMastersRT

@VladimirVivien

@pippiyell

@YountsJani47664

@KUNyogibear

@kyleguy

@whatweignore

@AntoineSung1

@tomtominc1

@MArasadesu5944

@ibonnetb

@oduwe_ugo

@Henrietta6918

@buttybachtoo

@wissam_ia

@SLCComms

@SammarcRosea

@Now_D1

@liucw273417

@flowen84

@GFUniteMankind

@Ranks_Atm

@TARSRel0aded

@Mert15324068

@yusha_pamo

John Wake

@JohnWake

2 years

The U.S. is a mortgage-ownership society, not a home-ownership society. The U.S. has the 3rd lowest free-and-clear home ownership rate of these 28 countries, according to the OECD.

207

904

3K

John Wake

@JohnWake

1 year

"Why Airbnb owners are about to Sell" Revenue per available listing in Phoenix DOWN 48% in May compared to May last year.

131

331

2K

John Wake

@JohnWake

4 months

Most new single-family houses for sale since 2008.

51

182

873

John Wake

@JohnWake

2 years

Real estate attorney says about half his phone calls these days are disputes about buyers canceling contracts.

25

85

665

John Wake

@JohnWake

2 years

Supply Myth Although the number of single-family units under construction is only 78% of the peak in 2006, the number of multi-family units under construction is DOUBLE the peak in 2008. Total units under construction is 20% above the 2006 peak.

44

108

619

John Wake

@JohnWake

1 month

New 15,516 square foot home on 5 acres in Paradise Valley sold last week for $32,388,888.

245

30

541

John Wake

@JohnWake

8 months

AirbnBusted Heard a story about a landlord buying a house & turning it into a short-term rental. A neighbor somehow found out the mortgage was for a primary residence = mortgage occupancy fraud. Neighbor told lender. House soon put up for sale again. @texasrunnerDFW

80

35

431

John Wake

@JohnWake

1 year

Interesting take. "If I knew how, I'd short the real estate market. Right now. Because it's pretty clear that home prices across the country will be falling for years."

90

39

407

John Wake

@JohnWake

1 year

".... about her decision to purchase a house in Palm Springs, California, with her sister and list it as a short-term rental. In 2022, the rental brought in $81,861 but cost $94,967 to run, including a property-management fee."

I bought a $775,000 Palm Springs house to rent on Airbnb when I was 25. It's not as profitable as I...

Shelby Church, 28, bought a home near the Coachella festival to rent on Airbnb. She said it wouldn't be worth it if she didn't vacation there.

www.businessinsider.com

57

39

398

John Wake

@JohnWake

9 months

"Bank of England finally admits high house prices are determined by finance, not supply and demand" "Houses are assets not goods" "They suggest that lower interest rates, which have been pushed onto a downward trajectory by the Bank of England since the early 1990s, account

29

109

362

John Wake

@JohnWake

1 year

It looks like the U.S. mortgage financing system is largely nationalized. 87.5% of mortgages are purchased by govt entities that resell them as MBS, and the Fed has bought ~1/3 of all the MBS they've created?

28

92

350

John Wake

@JohnWake

9 months

"Phoenix is experiencing an unprecedented increase in apartments, with over 17,100 units delivered in the past year. Around 51,000 more units are under construction, bringing the total new apartment supply to more than 67,000 units. This development is concentrated in Buckeye and

59

72

358

John Wake

@JohnWake

3 months

Secret #56 – About 80% of House Price Appreciation from 1990 through 2020 was Due to Falling Mortgage Interest Rates U.S. house prices tripled from 1990 through 2020. On average, a house worth $100,000 in January 1990 would have been worth about $300,000 in December 2020.

31

76

351

John Wake

@JohnWake

2 months

"the average retail price of a new in-ground swimming pool in the US has gone up from $43K in 2019 to $74K last year — a massive 72% increase."

30

69

343

John Wake

@JohnWake

8 months

Crash in Phoenix single-family home sales. Down 40% from 2021. It's safe to say we're in a real estate sales recession.

59

77

325

John Wake

@JohnWake

11 months

Mortgage rate buydowns are price cuts that don't show up in the price.

36

28

313

John Wake

@JohnWake

2 years

Active Listings Moonshot Continues At current rates, in 3 weeks we'll have the highest number of single-family houses listed for sale in the metro Phoenix MLS that we've seen in 3 years.

28

51

281

John Wake

@JohnWake

2 years

“All of the real, inflation-adjusted U.S. home price appreciation from 1990 to 2021 was due to falling interest rates, at least according to this simple analysis. U.S. mortgage rates may never go lower than they were last year [2021] so the multi-decade

23

63

280

John Wake

@JohnWake

3 years

"It's a Wonderful Life" and The Weird History of Building & Loans A little bit of the evolution of the current U.S. mortgage system.

0

39

216

John Wake

@JohnWake

1 year

Stumbled on this. Did very many Airbnb landlords get mortgages based on their Airbnb business income, not on the value of the property? If it was common, that would add a lot of downside risk to residential real estate in a recession.

Residential Appraisals and AirBnb Income?

Residential Appraisals and AirBnb Income? Not a residential appraisal. Both the business (going concern) and the real estate must be appraised.

appraisaltoday.com

36

227

John Wake

@JohnWake

2 years

Something weird is going on in Tempe. Median sale price, single-family, non-distressed July = $585,000 (73 sales) November = $475,000 (53 sales)

44

24

225

John Wake

@JohnWake

1 year

U.S. home prices are disconnected from rents... again. This rent index may continue to increase but what a huge gap!

17

40

219

John Wake

@JohnWake

9 months

"In Jacksonville, Florida, real estate agent Heather Kruayai said that roughly 25% of buyers who signed contracts for her sales listings backed out after receiving insurance estimates."

Insure Me This!

Meet the silent troublemaker for Florida's real estate market

highest-and-best.beehiiv.com

17

59

217

John Wake

@JohnWake

2 years

YIKES! Check your home's Zestimate value. Mine is down 18% since May! Rent Zestimate is down $500/month since June. (I wonder why I haven't seen this mentioned in any Zillow press releases. 😉)

45

18

210

John Wake

@JohnWake

11 months

"A $1.8 billion earthquake just hit the real estate industry" Best discussion of the implications of NAR losing that lawsuit. "If the typical total commissions for a real-estate sale were to fall to between 3% and 4%, instead of the customary 5% to 6% today... savings for

30

21

211

John Wake

@JohnWake

2 years

Real estate industrial complex. Prices are up X%. It's a great time to be a buyer! Prices are down X%. It's a great time to be a buyer!

18

24

202

John Wake

@JohnWake

3 years

@PEWilliams_ Here are 6 landlord tax breaks that hurt; 1) home ownership, 2) economic growth, 3) economic equality, and 4) stable family wealth creation.

Conclusion

Part 18 of... "6 Tax Breaks Landlords Get that Hurt the Economy and You"

johnwake.substack.com

1

8

187

John Wake

@JohnWake

7 years

Just watched this again. It's surprisingly good! And still getting nearly 50 views a day, a year later.

16

44

183

John Wake

@JohnWake

2 years

In March 8% of Phoenix single-family MLS listings failed to sell. The listings were canceled or expired without a sale. In September, 32% failed to sell. October will likely have the highest listing failure rate since 2011.

13

29

180

John Wake

@JohnWake

2 years

"From their May 2022 peak, home prices will need to plunge 40%. In other words, a $1 million home in mid-2022 will be a $600,000 home by 2026."

36

39

181

John Wake

@JohnWake

2 years

Supply Myth U.S. Population Per Housing Unit We probably have the fewest number of people per housing unit in American history.

40

46

180

John Wake

@JohnWake

2 years

Scary. Number of single-family houses listed for sale in the metro Phoenix MLS should match 2018 and 2019 levels in a week or two.

25

27

179

John Wake

@JohnWake

1 year

"Homeownership is now $1,000+ per month more expensive than renting."

8

50

163

John Wake

@JohnWake

3 years

Did you know the typical mortgage in France is 15 years? In Switzerland, it's 15-20 years. The financial sector must hate that. If you borrowed $400K today in U.S.; - over 30 years at 2.9% you'd pay $200K in interest. - over 15 years at 2.2% you'd pay $70K in interest.

7

47

171

John Wake

@JohnWake

2 years

My first piece in Barron's came out this morning! "This Housing Market Won’t Be Like Last Time. History Still Has Lessons." No paywall. Click on the X to remove that ad.

Commentary: Why This Housing Market Won't Be Like Last Time

What the last three housing busts can tell us about today's market, by real estate analyst John Wake.

www.barrons.com

19

24

165

John Wake

@JohnWake

3 months

Number of Phoenix homes for is sale now above this week in 2017 (and 2018 and 2019). AND it's increasing at a time of year when the number of homes for sale usually falls.

20

31

164

John Wake

@JohnWake

2 years

@texasrunnerDFW AirbnBust 👍

4

0

152

John Wake

@JohnWake

2 years

The Zillow Zestimate on my house is down $125,000 since May. How about yours?

107

16

154

John Wake

@JohnWake

2 years

I love this interactive graphic from the New York Fed on house price appreciation from 2003 through last December.

10

33

154

John Wake

@JohnWake

1 year

"NYC Airbnb reckoning: New restrictions will make life more difficult for hosts, and some may find their listings banned altogether"

NYC Airbnb reckoning: New restrictions will make life more difficult for hosts, and some may find...

Next week, New York City will begin enforcing a 2022 law that will recast the short-term rentals. Operators both big and small are left scrambling.

www.businessinsider.com

17

51

156

John Wake

@JohnWake

10 months

I'm the luckiest dad in the world! My son is 12 years sober today. 🙏

7

1

154

John Wake

@JohnWake

4 months

"BBG is considered to be one of the 'Big Five' national commercial real estate valuation firms and has 4,500 clients and 50 offices"

Piker Capital

@PikerCapital

4 months

Freddie Mac halted new loans from appraiser BBG pending an investigation into mortgage fraud. 👀

5

41

142

9

28

145

John Wake

@JohnWake

2 years

"updating the development code to clarify that short-term rentals are a commercial use that doesn’t belong — and should no longer be allowed — in residential areas." "In 2021, nearly half of all home purchases in Dallas County went to investors."

Dallas must end Airbnb nightmare

Dallas’ housing market and our residential neighborhoods are being destroyed right in front of us. International booking platforms like Airbnb and VRBO have...

www.dallasnews.com

14

26

141

John Wake

@JohnWake

1 year

66% of Americans say they want extended European-style vacation policies at work

66% of Americans want European-style vacation policies, like being OOO for the entire month of...

The average American is lucky to get 11 vacation days from their employer each year.

www.cnbc.com

32

20

140

John Wake

@JohnWake

2 months

Old industry narrative. "Home sales are low because interest rates are high." Next industry narrative? "Home sales are low because interest rates are falling." They can't say prices are high. That's against the real estate agents' code because it's always a great time to buy.

20

14

149

John Wake

@JohnWake

1 year

What do YIMBYs say about this? The way to high rates of home ownership isn't to get rid of zoning, it's to tax the heck out of non-owner-occupied home purchases. Seems to work. Singapore's home ownership rate is almost 90%.

Aaron Layman

@dfwaaronlayman

1 year

Singapore gets it. 20% land transfer tax on a second home, 30% on the third. 60% duty on foreign investment, 65% on entities and trustees. If you want to encourage home ownership, you have to regulate/curb the financialization of the housing stock.

39

262

619

34

19

138

John Wake

@JohnWake

2 years

2 different real estate markets in metro Phoenix. Single-family houses < 2,000 square feet. 7% MORE houses for sale than same week in 2019. Single-family houses 4,000-6,000 square feet. 55% FEWER houses for sale than same week in 2019. What's going on?

30

6

137

John Wake

@JohnWake

2 years

I agree with Bill. Right now, this looks like the most likely scenario. "I think the most likely scenario now is nominal house prices declining 10% or more from the peak, and real house prices declining 25% or so over the next 5 to 7 years."

House Prices: 7 Years in Purgatory

10%+ Nominal Price Declines Now Seem Likely

calculatedrisk.substack.com

12

31

136

John Wake

@JohnWake

2 years

Phoenix median house price down 4% in 1 month to $452,000. Down $63,000 in 6 months! Metro Phoenix median single-family non-distressed house sold price is the same as a year ago ($452,000 vs $450,000 a year ago).

19

32

127

John Wake

@JohnWake

1 year

Dallas Bans Short-Term Rentals in Single-Family Neighborhoods

Dallas City Council bans short-term rentals from single-family areas

The council voted on the issue a little before midnight, after more than four hours of testimony from dozens of people on both sides of the emotional issue.

www.fox4news.com

2

22

128

John Wake

@JohnWake

2 years

This doesn't look good.

24

21

119

John Wake

@JohnWake

6 months

GREAT piece! "What Makes Housing So Expensive?"

14

29

122

John Wake

@JohnWake

1 year

"Landlords moved to evict more metro Phoenix renters in July than any month since the Great Recession."

catherinereagor

@catherinereagor

1 year

Here's how much income Arizonans need to afford rent and what leaders are doing about it via @azcentral

5

10

21

11

40

117

John Wake

@JohnWake

2 years

Just noticed an unusually high number of houses taken off the market unsold. About 1/3rd of houses taken off the Phoenix MLS were unsold. 2/3rds were because the homes sold. In recent years, about 10%-20% of houses taken off the MLS were unsold, that is, the listings expired.

14

15

120

John Wake

@JohnWake

2 years

Houston vs. San Francisco If getting rid of zoning is so good for housing supply and house prices, why have house prices increased more in Houston than in San Francisco since 2010? Has demand been more important than supply for house prices?

23

18

117

John Wake

@JohnWake

2 years

This is bad. Mike Orr of the Cromford Report on June 17. "I just heard today that one of these big players has cancelled every purchase they have in escrow, forfeiting their earnest money in order to not complete their purchases. This is ominous."

10

17

119

John Wake

@JohnWake

9 months

Short-term rental provider Frontdesk lays off entire staff, on the verge of shutting down "The startup’s business model, which is leasing apartments at market rental rates and furnishing them for short-term rentals in more than 30 markets"

Short-term rental provider Frontdesk lays off entire staff, on the verge of shutting down |...

Frontdesk has reportedly laid off its entire staff of about 200 people as its attempts to raise more capital failed.

techcrunch.com

7

39

118

John Wake

@JohnWake

3 years

Metro Phoenix median single-family house price up $100,000 from June 2020 to June 2021. $325,000 to $425,000 A 31% increase in 12 months. Or 5 to 10 years of "normal" appreciation in 1 year.

24

22

113

John Wake

@JohnWake

11 months

The key to NAR monopoly power isn't having sellers pay the buyers agent. It's requiring NAR real estate agents to list all of their houses for sale in the local NAR-affiliated MLS. Real estate agents can't put houses in the local MLS unless they are members of NAR. AND

22

20

115

John Wake

@JohnWake

2 years

Single-family, non-distressed, houses for sale in the Phoenix area MLS.

14

23

109

John Wake

@JohnWake

2 years

"In January, 7,031 eviction filings were recorded. According to court spokesperson Scott Davis, that number is the largest since September 2008, the time of the last housing crash."

9

34

107

John Wake

@JohnWake

3 years

Wow! After 2 days this piece has over 150,000 views and already has more views than anything else I've ever written for Forbes .com.

The Real Reason House Prices Are Skyrocketing: What The Real Estate Industry Won't Tell You

Almost everyone agrees the main culprit for our skyrocketing house prices in Phoenix and the United States is the extremely low number of houses for sale. What we don’t agree on is what’s causing the...

www.forbes.com

31

21

108

John Wake

@JohnWake

2 years

@don_esteban_cfa A lot of the countries with the highest home ownership rates were former communist countries that more or less just gave people the housing they were living in when communism fell.

4

11

108

John Wake

@JohnWake

3 years

@WashoeBasics @PEWilliams_ Open to the idea but the U.S. has had a terrible track record with public housing for whatever reason. I'm fascinated with community land trusts & coops. Also, Australian Capital Territory where govt didn't sell the land, they long-term leased it for houses. Keeps prices down.

3

0

101

John Wake

@JohnWake

14 days

Wow! The number of single-family homes for sale in metro Phoenix is increasing even fast! The number of homes for sale is in the "normal" range but the increase in the number of homes for sale is abnormally fast for this time of year.

9

21

110

John Wake

@JohnWake

1 year

"Nearly a quarter of homeowners say they are considering selling their home in the next three years or have their home currently listed for sale, a significant increase from a year ago."

Nearly a Quarter of Homeowners Intend To Sell Their Home in the Next Three Years

Nearly a quarter of homeowners say they are considering selling their home in the next three years or have their home currently listed for sale, a

www.zillow.com

18

19

105

John Wake

@JohnWake

2 months

My guess is that Fannie and Freddie will allow buyer agent commissions to be rolled into the mortgage. So, in a way, you'll be paying your buyers' agent's commission over the next 30 years. And Fannie and Freddie will say it's help lower-income people have the American Dream.

37

10

108

John Wake

@JohnWake

11 months

WSJ "Congrats, Your House Made You Rich. Now Sell It."

11

26

99

John Wake

@JohnWake

2 years

Supply Myth Total Housing Units Per Person has never been higher.

18

26

100

John Wake

@JohnWake

1 year

A lot of things about mortgages are a LOT safer now than last time but this risk factor is a LOT worse. The number of FHA purchase mortgages where the home buyer has a Debt-to-Income ratio of 50% or more was 9 times higher in 2022 than in 2005. 129 page PDF -

25

29

104

John Wake

@JohnWake

1 year

"The number of people 80 years of age or older is expected to more than double between 2022 and 2040, increasing from 13 million to 28 million. As the baby boomer generation ages into their 80s, starting slowly in the late 2020s and picking up speed in the 2030s, they will likely

16

13

95

John Wake

@JohnWake

11 months

Implications of NAR losing lawsuit? Will agent commissions become part of the negotiations between buyer and seller! If they do, the first thing buyers and sellers will agree on is to cut their agents' commissions.

24

14

102

John Wake

@JohnWake

2 years

Seems there's a lot of interest in comparing U.S. mortgages to mortgages in other countries! The U.S. industry NEVER mentions how mortgages are done elsewhere & how different they are. They want everyone to think the current U.S. mortgage system is the only way it can be done.

7

13

97

John Wake

@JohnWake

5 years

The 4 takeaways from every real estate industry press release ever. - Prices up. Buy before they go higher. - Price down. Buy before they go up. - Interest rates up. Buy before they go higher. - Interest rates down. Buy before they go up. In short, "Buy now!"

5

7

100

John Wake

@JohnWake

1 year

Airbnbs "'It's the most overheated market I've ever seen.'" "Then, her bookings began to drop. At its peak, her townhouse was bringing in $10,400 a month in 2017. In April 2023, bookings totaled just $2,000."

A 70-year-old Phoenix real-estate agent explains why she converted her 4 Airbnbs into long-term,...

Peggy Gascon said investors flooded Phoenix and short-term returns dried up. So now, year-long tenants live in her four former Airbnbs.

www.businessinsider.com

14

12

94

John Wake

@JohnWake

3 years

The standard industry pitch is, "The demographics for housing demand are very strong and will continue". Very few explain the whole story, "... until they peak in 3 or 4 years. After that the demographics will weaken demand for many years."

Logan Mohtashami

@LoganMohtashami

3 years

@hms1759 @ag_trader The years 2020-2024 have the most significant housing demographic patch ever. Once in a lifetime, that will never happen again.

5

6

21

14

16

99

John Wake

@JohnWake

1 year

"Texas is in trouble."

14

15

97

John Wake

@JohnWake

2 years

@Tegoventuri But does going from 20-year to 30-year mortgages just mean houses prices get bid up until they're as affordable/unaffordable as prices were with 20-year mortgages but with 10 more years of mortgage payments? When home ownership increased fastest in U.S., mortgages were 20 years.

6

8

89

John Wake

@JohnWake

7 months

We have the most homes for sale for this time of year for 4 years, since 2019. And the number of homes for sale is still slowlyg increasing which is unusual for this time of year and shows the market is slowly softening. @holden_bukowski

4

23

96

John Wake

@JohnWake

4 months

Home prices kept falling for 3 years after rates started falling in 2009.

9

17

96

John Wake

@JohnWake

5 months

Secret #2 – The Real Reason House Prices Skyrocketed After Covid What the Real Estate Industry Won’t Tell You 🔹Investors in Phoenix bought more than TWICE as many homes in 2021 than in 2019. 🔹Live-in home buyers in Phoenix actually bought FEWER homes in 2021 than in 2019.

19

26

94

John Wake

@JohnWake

1 year

July "The Stop Predatory Investing Act..., would restrict investors who purchase 50 or more single-family rentals from deducting interest or depreciation on those properties from their taxes."

Senate Democrats take aim at investor home purchases

Democratic lawmakers introduced a bill Tuesday aimed at curtailing investor activity in the housing market that can drive up home prices. The Stop Predatory Investing Act, introduced by Sens. Sher…

thehill.com

11

9

95

John Wake

@JohnWake

20 days

Steepest increase of the year for the number of homes for sale in Phoenix. Lower mortgage rates have had no impact so far.

18

10

95

John Wake

@JohnWake

7 months

"Arizona’s top legal officer is accusing multiple apartment companies of conspiring to raise rents on hundreds of thousands of residents in the Phoenix and Tucson areas." This story seems to be gaining momentum.

Illegal rent scheme allegedly fed Arizona's affordable housing crisis

Arizona's attorney general filed a lawsuit accusing multiple companies of illegally conspiring to fix rent prices in Phoenix and Tucson.

ktar.com

15

21

93

John Wake

@JohnWake

2 years

They're saying skyrocketing Fed rates caused the demise of Silicon Valley Bank so the Fed is bailing out all SVB customers. But skyrocketing Fed rates also caused the median house price in Phoenix to fall by $75,000 since May. Will the Fed fail out all home owners, as well? No.

25

10

92

John Wake

@JohnWake

1 year

“Everybody was doing it.” Miami agent sentenced to prison for PPP fraud

The Miami agent who the federal government said misused hundreds of thousands of dollars in pandemic relief money to lease her white Bentley Bentayga, rent a luxury apartment, refinish her designer...

therealdeal.com

12

14

89

John Wake

@JohnWake

10 months

@AdvisorJohn @windgineering "... more recent mortgage originations revealing the same troubling behavior: Rather than live in the homes being purchased, dishonest borrowers treated them solely as investments. In doing so, they committed occupancy fraud"

From Deceit to Default: Dishonest Borrowers and Their Effect on Mortgage Markets

Research in Focus — By analyzing a broad segment of the U.S. mortgage market, three researchers show how fraudulent borrowers play a prominent role in driving up risk in housing markets.

www.philadelphiafed.org

11

22

93

John Wake

@JohnWake

2 months

Interactive version at the link.

9

25

93

John Wake

@JohnWake

11 months

Months of Supply has been skyrocketing the last 3 weeks in Phoenix. Have 30-year mortgage rates approaching 8% caused a market capitulation? Also remember, 3 months supply is a lot more today than last time. Well-priced houses sell a lot faster (internet, electronic sigs, etc)

9

18

89

John Wake

@JohnWake

6 months

Okay, this is old news but the number of homes for sale continues to increase at a time of year it usually falls. To go against seasonality shows a big underlying force despite the small increases. We could see big inventory increases this autumn when seasonality turns upward.

4

16

91

John Wake

@JohnWake

9 months

"Palm Springs home values in "free-fall" after city cracks down on Airbnb"

Palm Springs home values in "free-fall" after city cracks down on...

According to the L.A. Times, a wave of crackdowns on short-term rental permits has sent home prices into "free-fall" in the California desert community. As h...

www.youtube.com

11

23

88

John Wake

@JohnWake

4 months

"Between 1953 and 1997, US real median house prices grew by only 4% in total."

John Wake

@JohnWake

4 months

2

0

2

7

19

89

John Wake

@JohnWake

5 months

The number of homes for sale in Phoenix surpassed 2018 levels 3 weeks ago and should pass 2019 levels within 3 weeks. We could have more houses for sale than in 2017 by this summer.

8

17

89

John Wake

@JohnWake

5 months

Study finding South Florida homes are 35% overvalued sparks bubble worries: ‘This trend does concern me’

9

18

85

John Wake

@JohnWake

2 years

House a block from me. 12/30/2021. Owner sells to an online buyer for $475,000. New owner does zero repairs or updates. 3/1/2022. New owner sells it for $645,000. This flipper owner does MAJOR remodeling. 6/1/2022. Home listed for $849,000. 6/24/2022. Home listed for $749,900.

19

11

85

John Wake

@JohnWake

5 months

The Supply Bros aren't going to like this. Land is NOT the supply problem Fits perfectly into @DrCameronMurray 's idea that builders will NOT intentionally build so many homes that it drives down home prices and builder profits.

22

18

88

John Wake

@JohnWake

2 years

The number of houses listed for sale in the Phoenix MLS are still incredibly low but they're up 35% in 4 weeks during a time of year they don't normally increase.