California Housing Crisis Deepens | Irvine News

Presented by The Plant Daddies — rare specimen trees, living art, and hand-carved limestone vessels and fountains for extraordinary spaces. Showrooms in Los Angeles and Irvine. Listeners of Irvine News Today receive 10% off with code LANEWS10. theplantdaddies.com/lanews California’s housing market is in freefall, with home sales plummeting 26% below historic averages — a slump that’s dragged on for nearly four years and now rivals the depths of the Great Recession. Prices remain sky-high, but it’s the crushing drop in volume that signals a deeper crisis. The slowdown began in late 2022, right after the Fed tightened its grip on easy money — and it’s not just about rates. Job uncertainty and inflation are playing roles, but they’re the same pressures hitting big retailers like Walmart and McDonald’s, which are now slashing prices to attract buyers. California’s homebuilders and sellers need to follow suit — slashing prices, commissions, and fees — because the myth of housing as a guaranteed investment is crumbling. In many areas, homes are priced 35% too high, making homeownership a luxury. Even with a 20% down payment, monthly payments are brutal — and that’s before taxes, insurance, or upkeep. Back in 2019, far more households could afford a typical home with far less income. The time for wishful thinking is over — California’s housing market needs a reality check. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/1008023069b6274e