A Shocking 37% Of Real Estate Agents Couldn’t Afford October Office Rent The Federal Reserve has hiked 375bps in just six meetings this year.
The figure could worsen as the housing market rapidly cools via the Fed-induced demand side crunch. Such rapid heating of the housing market during the pandemic era brought in an influx of new agents.
The National Association of Realtors said membership hit an all-time high of 1.56 million in 2021 (pandemic boom year) — up from 1.49 million the year before. While we don’t expect a similar 2008-09 housing crash, the Federal Reserve Bank of Dallas warned last week that home prices could plunge 20% next year due to affordability woes. In October, existing home sales tumbled to 28.4% – its worst since 2008. Absent the nadir of the COVID lockdowns, this is the lowest existing home sales SAAR since Dec 2011.
The absolute drop in the growth rate of 2.62 percentage points is the largest ever.
Mounting financial hardships and slumping deal flow, with the inability to service office rent, could result in many leaving the industry, perhaps, returning to their old bartending jobs. Tyler Durden Mon, 11/21/2022 – 19:20.
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