Real Estate Market Challenges: Loans, Prices, and Economic Impact

Homeowners face growing challenges as mortgage applications plummet and real estate market risks escalate.

### Challenges in the Real Estate Market
Homeowners are feeling lost as the deadline for September 5th approaches, with aging market buildings and local governments facing **budget shortages for necessary repairs**. Home mortgage applications have plummeted by **over 90%** due to increased lending regulations, raising concerns about **worsening household debt**. The situation is escalating, with banks raising interest rates and the Financial Supervisory Service emphasizing the need to **support genuine demand**, while the **balloon effect of the housing market** and the DSR (Debt Service Ratio) application raise fears of a **potential catastrophe**.

### Economic Challenges and Housing Market Struggles
The GDP has **decreased by 0.2%**, indicating negative growth, while domestic demand and net exports are also weak. The stock market in Seoul is **declining**, and rental prices are **rising** in Incheon, causing a **decrease in property availability** in Seoul. Acquiring significant funds for property purchases is challenging, with many struggling to come up with the **necessary amounts for deposits and contributions**.

### Confusion and Opinions on Property Investment
The author bought a property worth **1.3 billion won** with a **20% down payment** but is struggling to rent it out. There are mixed opinions on the property's future value, with some suggesting it should have already **surpassed 800 million won**. The author reflects on the **high cost of buying a home**, the trend of **taking out loans for property purchases**, and the significant portion of individual assets tied up in **real estate**.

### The Property Market Dynamics
A **50 million won investment** in a decent area is struggling, with **30-year-old high-rise apartments** preparing for reconstruction. The sales price is around **840 million won**, with a shared burden of **500 million won**, causing difficulties for residents. Despite the drop in prices, the transaction volume is increasing, but the overall trend shows **caution among buyers** and a **decrease in loan amounts**.

### Real Estate and Parking Concerns in Daegu
Buying a car in Daegu may be challenging due to the **concerning parking situation**, especially at World Mark with its **2,400 spaces**. The second phase of Wolbe has a **40-pyeong unit** priced at **720 million won**, which feels **expensive compared to other areas**. The real estate market shows similar pricing trends, with recent transactions for **500 million won** and **470 million won**, indicating a **slight increase in apartment prices**.

### The Current Real Estate Market Dynamics
The tail of the real estate market shows mixed percentages, indicating a **slight overall drop in average performance**. The trading volume is low, increasing the likelihood of a **double top formation** and leading to a **stagnant market**. The cycle of selling and moving into new properties is crucial, and without it, the market may experience **further stagnation and decreased transactions**.

### The Current State of the Real Estate Market: Challenges and Trends
* 🏠 Homeowners are feeling lost as September 5th approaches, with **aging market buildings** and local governments struggling with **budget shortages for necessary repairs**.
* 📉 Recently, home mortgage applications plummeted from 400 billion won to less than 40 billion won, indicating a **drastic decrease of over 90%** due to tightened lending regulations.
* 🏦 The Minister of Land, Infrastructure and Transport has become a **significant risk factor** in the real estate market, raising concerns about **worsening household debt** and banks simultaneously **increasing interest rates**.
* 📊 The GDP for the second quarter has **decreased by 0.2%**, highlighting negative growth, while domestic demand and net exports show weakness, raising questions about the country's **economic trajectory**.
* 🏘 In the Dunchon Jugong area, a **34-pyeong unit priced at 1.3 billion won** requires an additional **200 to 300 million won** on top of a capped loan of **900 million won**, making it **difficult for buyers to afford**.
* 💰 The burden of rising property prices, such as a **2 billion won house requiring 500 million won in contributions**, leaves many potential buyers **unable to meet financial demands**.
* 📉 The rental market in Seoul is also feeling the impact, with transaction volumes **decreasing significantly** as buyers hesitate amidst fluctuating prices and economic uncertainty.
* 🔍 As the real estate market faces stagnation, individuals are encouraged to **understand the current situation accurately** before making any investment decisions, as the likelihood of **further transaction declines looms**.

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