LOL: Ironically, My friend in realestateforums do not vote for fundamentals when comes to stocks and they completely ignore them ! 
They are allegic with the word âFUNDAMENTALSâ
When top tech stocks (AAPL,GOOGL, FB, TSLA, NVDA, NFLXâŚetc) are fine,not bankrupt, there are no fundamental change of structural nature.
https://www.zillow.com/homedetails/632-Hollingsworth-Dr-Los-Altos-CA-94022/19525173_zpid/
After 2 price cuts, the agent is now telling everyone that owner is willing to sell for under 5M now.
A smaller and equal quality home next door sold for 6.5 at the peak in May.
https://www.zillow.com/homedetails/676-Hollingsworth-Dr-Los-Altos-CA-94022/19525178_zpid/
I wonder how that FOMO buyer is feeling.
In any case thatâs 25% price decline within 6 months. Another 25% to go in next one year. I wonder what kind of fools are still buying knowing well that everyone including Fed is telling that housing is in bubble and will soon be forced to correct violently.
632 Holligsworth has a non-desirable floor plan â basement with windowless rooms, style of the house is confused. People at this price point will be picky and that is what is holding back this home. Hard to understand all the finer details without touring. That being said, on a bull market all the houses even with bad floor-plans went for a premium and that is not happening now. Quality homes still goes fast and âyeah butâ homes / fixer uppers are stagnating & there are some deals to be made on those if you have $$.
I have seen both homes. Basement is actually very bright because of skylights. And it is actually nice floorplan but yes it is not very open floorplan that is popular these days. In some ways its better than the home sold for 6.5.
Not really in Bay Area in these zip codes. In PA and LA zip codes, dark, old, unlivable dungeons were selling for more than 5M during summer.
In premium BA zip codes, house prices are somewhat arbitrary at the moment because inventory is still very low, I am seeing some homes selling for even higher prices than in summer, after all each home needs just one willing buyer with cash and there are still many people with cash. And then there are some good homes sitting with price cuts after price cuts. This is what happens in a shrinking housing market, with fewer sellers and fewer buyers. It definitely does not look good for the future and house of cards can easily fall.
Address?
Interesting. 632 caters to a particular taste and probably need a buyer with that taste to offer. Unfortunately for these type of home that filters pool of buyers, it is hard in this market.
True. During the peak unlivable homes were selling for a premium.
Exactly true.
Austin 
I am waiting for great (good is not good enough) deal. So far, only good deals available.
Bear in mindâŚ
Medium term, still not enough houses for every (yet to form) new families. ST, many have put on hold forming a family. That is, I think RE is still a good long term investment.
I think Graham is thinking ST. Too troublesome for me to buy and sell, donât like to do this kind of transactions. I like minimum actions 
I am a lazy person.
Lumber prices have dramatically dropped since the March highs.
Article is Mr Obvious. I am surprise is not 100% underwater though. So from my perspective, thing looks better than expected.
Rent has softened in Austin too. Author said is not the usual seasonal decline⌠weâll see.
For sure is not the time to buy yet. However, experienced investors who are ok to make disrespectful bid (e.g. 20-30% below asking) and negotiate for owner-financing are buying. I am not in this category.
Most people are putting 20% down, so itâd take a 20%+ drop to be underwater. Itâs a bigger risk for smaller down payment amounts.
Cash rich locations/homes, appx above 1.5M range, higher than 20% down payment given.
Last 3 years, lower down payers 5% to 10% are common in 750k or below range. My old friends from ex-company bought Manteca homes with 5% and 10% loans. Some of them soon underwater.
Three of my friends and one relative also bought homes (<750k) with 5% to 10% as they kept cash to pay PITI in case of job loss. So far, none of them ready to walk away or sell or even disturbed, most of them bought new home from builders.
LINK =>
Former US Treasury Secretary Lawrence Summers says, âwhen you see prominent financial institutions telling people they canât take their money out, thatâs never a happy thing.â
Wow. I get why they wouldnât want to sell RE assets in this market though. ETFs should hold highly liquid assets, since itâs so easy to trade an ETF.
Below is the price index of property in Singapore. Notice after a burst of 7x increase in price, it takes 15 years to recover. Not that I think RE in USA would be similar, provide for info in case some think just because RE will always go up in the long term, one could struggle short term (15 years ). Take note that RE peaks in 1996/7 and take 2-3 years to bottom, buying at bottom is 
Take note that RE in USA has peaked in May-Jul 2021, now is only Dec 
⌠hard to believe it has bottomed.
