(The Epoch Times)—The median sales price of homes in the United States hit a record high of $396,500 for the four weeks ending June 15, with buyers now in a favorable position to negotiate prices, real estate brokerage Redfin said in a June 20 statement.
“While the median sale price is at an all-time high, it’s roughly $26,000 lower than the median asking price of $422,238,” a 6 percent discount, the company said.
Homes are fetching less than the asking price since the housing market currently has more sellers than buyers, which gives buyers the ability to negotiate down prices, according to the brokerage. Total listings of homes for sale are up 14.5 percent year-over-year.
Redfin expects the mismatch between supply and demand to result in a drop in home sale prices nationwide by the end of this year. At $396,500, the median sales price is 1 percent higher on an annual basis.
Home prices are at record highs even though the spring housing market has been “fairly cool.” This is because prices are not reflecting the true imbalance between sellers and buyers in the market, the brokerage said.
- Read More: theepochtimes.com
You know what’s not being reflected in the housing market? Honest price discovery. That’s why nobody is buying, they can’t afford to pay inflated home prices. Courtesy of GSE fraud. Please allow me to explain.
Historical reference; EappraiseIT settlement leading to the HVCC Home Valuation Code of Conduct. Which basically strangled independent checks and balances in mortgage backed securities. Which has led to the current contrived ‘housing crisis and affordability crisis’ we have today. Fed keeps stacking mbs’s on the balance sheet at a record pace and according to FRED data, institutional investors have commandeered roughly 25% of all affordable housing in this country over the past five years to hold as REITS. Much of which was procured through mortgage fraud at sweetheart rates as they pretended to be single family buyers rather than pay investment rates.
Due to the lingering effects of the HVCC, and predatory appraisal management companies that lenders put on the scene to follow, independent appraisers are now effectively banned from stopping mortgage fraud of this manner. Not coincidentally the investment fraud correlated almost exactly with the gse’s departure from using independent appraisers under the guise of an ‘appraisal modernization campaign’. Now the investors will drain what’s left of the middle class and impoverished citizens absolutely bone dry.
Most people don’t have a clue what’s really happening behind the scenes as fundamental shifts in regulatory oversight and operational structures allowed financial predators, both local and international, to sidestep basically all previously enacted oversight. But all you’re supposed to care about is the statistical data which forms as a result from corrupt policy flowing down from the fed, investment class, and managerial class.
We’re already tied into a social credit scoring in mortgage lending origination and loan handling. Patent reference US8775300B2.