Housing Affordability is now worse than it was during the early stages of the 2008 housing bubble

Housing Affordability is now worse than it was during the early stages of the 2008 housing bubble pic.twitter.com/L4ZxRb8jN6

— Barchart (@Barchart) March 29, 2023

Home Price Decline by City (% Change from High):

1. San Francisco: -17%
2. Seattle: -16%
3. San Diego: -12%
4. Phoenix: -11%
5. Las Vegas: -10%
6. Denver: -10%
7. Portland: -9%
8. Dallas: -9%
9. LA: -8%
10. Boston -6%
11. Minneapolis: -5%
12. DC: -5%
13. Chicago: -4%
14. Miami:…

— The Kobeissi Letter (@KobeissiLetter) March 28, 2023

√ Although US construction activity has shown the 1st signs of the stabilization in the last 3 months, house prices have fallen further and will fall further given the one-year lag in prices on activity pic.twitter.com/8pWWiIq43Z

— Patrick Zweifel (@PkZweifel) March 29, 2023

Companies mentioning ''job cuts'' more often than ''labor shortage'' in recent earnings calls. pic.twitter.com/mxyoGpuDWd

— Alf (@MacroAlf) March 28, 2023

Meanwhile in Europe:

The European real estate crash 2.0:

Bond yields of some property companies are beginning to look like those of Chinese developers (and, yes, some are probably as fraudulent) pic.twitter.com/g5b0QA1zfJ

— Marco Pabst (@marcopabst) March 28, 2023