This is the biggest house sale loss – but worse is to come as interest rates rise (New Zealand F*cked Borrowers who bought into the central bank’s insane housing bubble while also electing a WEF puppet regime are getting what they voted for, good & hard)

via MSN:

Today’s Reserve Bank rates decision is heralded by economists as its most important since Covid. An anticipated OCR hike will put new pressure on mortgaged homeowners in election year. 

Real estate agents Steve Williams and Caroline Yau got a five-star review – for selling a four-bedroom house for $760,000 less than what the owner paid for it at the housing market’s peak.

It’s the biggest loss on a house sale anywhere in the country, CoreLogic data reveals. No home owner has lost more money in the housing downturn than the vendor, Auckland banker Stuart Howard. Yet he’s philosophical – he knows about finance, and knows that you buy and sell in the same market.

He needed to sell, because he’d just bought a bigger house in Epsom that he plans to renovate, to make a home for his three children.

“Steve and Caroline handled every aspect of the sales and marketing process with a professionalism and persistence that was impressive and – most important for me – delivered the result I needed on time,” he writes in an online review. “What made this outcome all the more impressive was that they did it at the lowest point of the most difficult real estate market in 35 years.”

 

h/t Simian_Stacker