Jason Lewris
@jasonlewris
Monitoring the housing situation @parcllabs | Ex @microsoft data science
603 Following 20.3K Followers
If this is the pregame, we have a problem NYC.
UPDATE: As of this morning, there are now 4 states where more than 1 in 10 home sellers are willing to accept less than what they originally paid for the unit.
Colorado leads the country with 12.4% of all home sellers willing to walk away with a loss.
Hawaii: 11.4%
Florida: 11.1%
Arizona: 10.1%
Nationally, this rate is 7%
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UPDATE: As of last night, Texas continues to lead the country on accidental landlords and this rate is accelerating.
13% of every single family home for rent in Texas right now is coming from people who tried to sell their home first and couldn't.
Just 4 weeks ago this was 11%.
There is so much supply in Texas people are trying all avenues to generate cash flow on their properties.
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The double dippers are coming out full swing as they try to find cash flow for their homes. These are single family home owners who have their home listed for sale and for rent at the exact same time.
Nationally, this rate is 1% of all single family homes listed for sale.
In Texas: 2.89%
Nevada: 2.19%
Florida: 1.64%
Relatively bearish on this strategy as the process for finding a tenant vs. a buyer is very different. It's effectively spray and pray and hope for the best.
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UPDATE: As of this morning, 41.9% of all homes for sale in the United States are undergoing price cuts. This is up 72 basis points week on week.
There are many locations across the country this morning where over 50% of inventory is undertaking price cuts.
These include but is not limited to:
Colorado Springs: 56%
San Antonio: 54.7%
Austin: 54.5%
Denver: 52.4%
Tampa: 51.3%
On the other end:
Atlantic City: 19.5%
Rochester: 17.2%
Lincoln: 22.7%
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JUST IN: As of tonight, 1 in 4 homes for sale in America are in Texas and Florida - two states that hold just 17% of the nation's homes.
Of the two, Texas is the bigger concern.
48.3% of all Texas listings are cutting prices:
San Antonio: 54.7%
Austin: 54.3%
Dallas: 53.3%
Part of the pressure is homebuilder competition - builders account for 28.4% of everything listed in Texas today.
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