New stock highs for new builders, insatiable demand even at high mortgage %
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This is big news on the CNN.com front page but it won’t affect us since our house is already being built but should affect values , prob. going up due to inventory shortage
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What’s gonna happen to values when there’s a water shortage? 
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Good q. This does not impact existing developments that have a 100 year supply. It does impact NEW inventory
After a 100 yrs… we’re all dead 
So this rapidly disappearing groundwater is still good enough for 100 years?
so they say. We have Colorado river water too and monsoons have been great past few years . Snowpack allowed skiing till this weekend!
They’re banning Saudis from pumping more in rural areas Why Saudi Arabia bought 14,000 acres of US farm land - CSMonitor.com
I don’t think you have dibs on that Colorado river water – California (which I think just means Los Angeles) does.
I’m unsure if LA has dibs, but believe everyone along the river has to share it, unless some agreement was made decades ago between the affected states.
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Exactly.
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And that explains it. That compact was made before the Indian/Native/Aboriginal/transgendered illegal immigrants (significant pop in AZ) and the BLGBQDTYDL%&*+ had any rights. Thus, it should be considered, at best, negotiable. 
:is there a sacrasm emoji?
ETA: Thanks @scripta for taking the time and effort to look up that racist, sexist, homophobic, tranphobic, anti-woke supposed “agreement”. … looking for the semi-sarcasm emoji. 
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Large Democrat-run cities are getting less desirable more affordable.
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Are you telling me that home prices drop when there are a few dozen homeless drug addicts camping on a neighborhood’s sidewalks? Impossible!
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Don’t be daft. The cities had the highest run-up in prices, so it only makes sense that they also have the steepest drops. Fortunately (for my point) / unfortunately (for affordability), prices have been moving up since January, as can be seen in the Redfin report on which the article is based.
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it’s not just me. Here’s a decent $3B hotel REIT (ticker PK) throwing in the towel on San Fran, defaulting on nearly $1B worth of commercial real estate there.
https://www.sec.gov/Archives/edgar/data/1617406/000095017023026229/pk-ex99_1.htm
“This past week we made the very difficult, but necessary decision to stop debt service payments on our San Francisco CMBS loan,” commented Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park. “After much thought and consideration, we believe it is in the best interest for Park’s stockholders to materially reduce our current exposure to the San Francisco market. Now more than ever, we believe San Francisco’s path to recovery remains clouded and elongated by major challenges – both old and new: record high office vacancy; concerns over street conditions; lower return to office than peer cities; and a weaker than expected citywide convention calendar through 2027 that will negatively impact business and leisure demand and will likely significantly reduce compression in the city for the foreseeable future. Unfortunately, the continued burden on our operating results and balance sheet is too significant to warrant continuing to subsidize and own these assets.
Its not that they don’t like making money, but they view it as throwing good money after bad under the circumstances to keeping paying on their mortgages there.
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This is commercial. The previous post was about residential.
Commercial is in a deep hole everywhere, but yes, probably deeper in SF than anywhere else.
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One can always hope, but you can’t fix [insert descriptor here]. When they run out of money, they’ll ask the state and the feds to help the poor people of San Francisco.
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I’m seeing a lot of sky is falling type posts on YT etc. 2008 again… I don’t see it in PHX yet, people aren’t over leveraged.
CLT is still a hot property market.
Maybe not in RE, but I’m shocked at the number of people without budgets (or any clue of what a budget is) who buy homes in the $750k range. When the reckoning comes, they better hope slow Joe a bailout aficionado is there to bail them out. I don’t look forward to the social media effect of a real recession.
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They better get an idea soon. 30 year mortgage interest rate is 8% and 15 year is 7.625%. Assuming they put 20% down, the interest on a $600K 30 year mortgage will be $48K per year.
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Key question is where rates will go next year. With a 20+trillion$ deficit I doubt that the fed will be “permitted” to raise rates much further. Q is will treasuries follow