We'll still be doing a lot of this content. It just won't be in a stand-alone show.
In some parts of the country, affordability has fallen to levels we have not seen in 20 years.
There's no sign that investor demand has softened at all. The things that would have caused a slower housing market, such as higher mortgage rates, simply aren't present, and we're now almost halfway through the year.
It's possible the condo market could see a very big drop.
We don't have enough data to know how big a problem this will be.
We obviously track the mortgage activity and understand that overall share, but we don't focus on how many homes are being purchased by investors without a mortgage. That could be a more interesting part of the housing picture.
We can't find a period when the investor share of home sales has been higher than in the last year. In the fourth quarter, it looked like investors were starting to step back.
At some point in the future, California probably will have another big housing recession. It is possible at that point that prices will fall meaningfully, as in the past they have done. That is clearly a negative for people who own homes. But for those who don't own homes, that will . . . give them a pretty good chance to buy in the next up-cycle.
We expect housing activity to drop about 8 percent this year -- it's primarily because of the investors' slowing purchases.
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