Georgia Howe

Joining us to discuss what he's calling the weirdest housing bubble ever is financial analyst and five-time author John Rubino. John, thanks so much for coming on.

Joining us to discuss what he's calling the weirdest housing bubble ever is financial analyst and five-time author John Rubino. John, thanks so much for coming on.

Nice to meet you, too. So you had a recent Substack where you said that we are living through the weirdest housing bubble ever, and you outline a few reasons for that. Particularly, you point to the age of first-time homebuyers. Can you unpack why this is such a unique time for homebuyers?

Nice to meet you, too. So you had a recent Substack where you said that we are living through the weirdest housing bubble ever, and you outline a few reasons for that. Particularly, you point to the age of first-time homebuyers. Can you unpack why this is such a unique time for homebuyers?

And what are the reasons for that? One thing that comes to mind is there's sort of some consolidation among older people buying multiple homes and younger people buying none.

And what are the reasons for that? One thing that comes to mind is there's sort of some consolidation among older people buying multiple homes and younger people buying none.

And are we seeing delisting rates climb? Is that where that comes in?

And are we seeing delisting rates climb? Is that where that comes in?

Now, you and the Wall Street Journal highlighted that there are some very significant regional differences in the real estate market. For example, Florida and Texas have an overabundance of supply, whereas other places have a persistent shortage. What's causing that?

Now, you and the Wall Street Journal highlighted that there are some very significant regional differences in the real estate market. For example, Florida and Texas have an overabundance of supply, whereas other places have a persistent shortage. What's causing that?

Now, is the migration of people moving to those states slowing?

Now, is the migration of people moving to those states slowing?

Newsweek put out an article calling Austin, Texas ground zero for the market downturn. First off, can you explain what you've seen there? And also, do you think other hot cities are going to follow? And how long will that take?

Newsweek put out an article calling Austin, Texas ground zero for the market downturn. First off, can you explain what you've seen there? And also, do you think other hot cities are going to follow? And how long will that take?

Now, you argue that the traditional boom-bust resolutions aren't going to suffice this time around, in part because other costs are going up. What's unique about this bubble?

Now, you argue that the traditional boom-bust resolutions aren't going to suffice this time around, in part because other costs are going up. What's unique about this bubble?

Now, I know that in the past few years, I had read that companies like BlackRock are buying up a lot of housing, and I imagine that's different from past generations. How widespread is corporate ownership of things like single-family homes, and is that a big factor?

Now, I know that in the past few years, I had read that companies like BlackRock are buying up a lot of housing, and I imagine that's different from past generations. How widespread is corporate ownership of things like single-family homes, and is that a big factor?

seems to be you know reaching kind of peak complexity right now where home prices are starting to roll over and the next year the story is going to be instead of high house prices it's going to be all the discounts you can get wow now do you think there are going to be some areas that are insulated from price drops i know for example in 2008 some places the price is leveled out and other places it totally cratered where do you think is going to be relatively stable

seems to be you know reaching kind of peak complexity right now where home prices are starting to roll over and the next year the story is going to be instead of high house prices it's going to be all the discounts you can get wow now do you think there are going to be some areas that are insulated from price drops i know for example in 2008 some places the price is leveled out and other places it totally cratered where do you think is going to be relatively stable