'Massive' housing bubble about to burst in this US region, warns a real estate expert -- see where

The American South is teetering on the edge of a housing market crisis, according to real estate analyst Nick Gerli.

“A massive housing bubble has developed and is about to pop in the South,” Gerli, CEO of Reventure Consulting,. “The number of new homes for sale in the Southern Region has spiked up to nearly 300,000. This is the highest level of all time. Even higher than the previous bubble peak in August 2006. Before the massive crash.”“I know this sounds very bearish on Southern real estate. But ultimately it’s pretty simple.

“In our data, it is clear that the southern markets are the most normalized in Austin and San Antonio, for example, there are more homes now for sale than there were before the pandemic,” Danielle Hale, chief economist at Realtor.com, told the outlet. “So there is greater availability in the South and we are seeing that affect pricing.”For instance, in Austin, Texas, the median sale price is now down 3% compared to last year.

Meanwhile, Gerli acknowledged that the Northeast and Midwest would not face a similar crash due to low inventory of homes.

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