Read full text: https://rubino.substack.com/p/recession-watch-cratering-condos?publication_id=1166121&utm_campaign=email-post-title&r=y7h5a&utm_medium=email
Most of the following charts are from Wolf Street or the Kobeissi letter. Definitely follow those guys.
Cratering Condos
There’s no way to overstate how crazy US home prices have become. To take just one metric, the median US household income is $79,200, but it takes an annual income of $124,200 to buy the average American house. That’s a gap of $45,000, up from -$4,000 in 2020.
So it should come as no surprise that parts of the housing market — like condos — are rolling over.
Obviously, prices have to fall way more than this to get back to “affordable.” So the carnage is just beginning.
