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Real estate market a warning sign: We need change, now

California’s real estate market could be about to fall off a cliff.

As The California Post reported, California’s home sales are down 31% relative to the last 18 years. 

Normally, that would be good for buyers. But high interest rates are keeping them at bay.

Buyers are having trouble finding affordable financing. And sellers don’t want to swap their existing mortgages, which they took out at record-low interest rates, for new mortgages at much higher rates.

But the Fed is not solely to blame.

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California’s slowdown is much worse than the national falloff of 6% over the same period of time.

That points to unique problems.

One is the insurance market. California has made it almost impossible for insurance companies to operate, thanks to restrictions on premium........

© New York Post