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A comment on Rocket Mortgage to trim 8% of workforce as home-loan market shrinks. Parent comment

Re:Rocket Mortgage to trim 8% of workforce as home-loan mark... by yurishimo on Thursday April 28, 2022 @06:21AM (#31190802)
It doesn’t need to be spread out to have an effect. If the investments are concentrated in cities, that raises the price of housing in the surrounding areas as there is more demand for rural properties from city residents trying to escape the higher prices.

Anecdotally, I’m seeing crazy numbers for “average” houses in the small towns surrounding the DFW metroplex. Hell, the house my parents built in 2006 for $140k is now selling for $350k. 1200 sqft mass produced trac home.

But it’s an hour drive to downtown Dallas (less if no traffic) so plenty of people are commuting but making city salaries. It’s the same in every city across America.

[ Parent | on HN ]
Re:Rocket Mortgage to trim 8% of workforce as home-loan mark... by cascom on Thursday April 28, 2022 @06:52AM (#31190989)
There are 950k homes for sale in the us today (down from 1.05m a year ago)…if I sold $50b of homes tomorrow @ $430k median price = 120k that would bring inventory levels back to where they were a year ago and represent 2% increase in annual home sales (on ~5.8m), by your logic national home prices would drop…I don’t think that’s a large enough number for that to happen… maybe if I sold $0.5T?
[ Parent | on HN ]