[ARCHIVED THREAD] - The housing boom is ending... (Page 2 of 5)
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The US economy runs on reasonably priced gasoline. If gas spikes to like $6/gal+ (nationwide not just CA) the housing bubble will burst. Again. Ol drooling Joe is thinking about it with all their pipeline shutdowns, selling down the federal oil reserves to pay for social spending and global warming idiocy. They WANT expensive gasoline. |
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Quoted: I understand what I owe. Why would I default on my loan of the “value” dropped $200k? Is the housing market dropping indicative of an overall decline in the economy, therefore it drops even more and over and over? I don’t understand the “omg the housing market is slowing everyone will lose their houses” concept. If my “zestimate” drops to $200k I’ll still pay the loan I took out when I bought the house. People paying on a mortgage for a $400k house get really pissed off when the value tanks to $200k and the house they're living in can be bought for half of what they're currently paying. A lot of them try to seek a remedy, bankruptcy is one thing that many will go through to get out of their overpriced mortgages. |
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Quoted: Boise, believe it or not, is the town that everyone watches as being the hottest market in America. Now that markets are stabilizing, and homes are staying on the market longer and longer, what's next? Lots of people will be stuck in houses that will be worth substantially less than they paid for them. Balloon goes *pop*. So you going off a forecast of a company that's a stone's throw from Seattle, to forecast the market in Boise ?? It's literally 500 miles away. Personally....I hope that liberals that bought over-priced properties in big dem cities like Seattle...Portland.....Denver....Chicago....etc lose everything. Schadenfreude comes in many forms. |
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Quoted: 2008 crash was before I was in the housing market. I understand they were giving loans that people could not afford. Did the defaults on those loans cause the crash? I don’t see the loans as the issue this time around, what does the value of your home matter compared to your ability to repay? I owe $300k if my house is worth 500 or 900, right? Or is it a snowball of housing crashes, jobs decline, income declines and it compounds? I kew a guy who walked away from his house because it wasn’t worth what he paid for it. I told him it would fluctuate and head back up. He didn’t think so. This was around the last crash. |
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Quoted: Available houses are still in short supply around here. Steady stream of left coast invaders buying up houses left and right. Houses around here are stagnating but the ones I am looking at are ones many wouldn’t want to tackle. Nov. is the end of the year for businesses (or at least builders). Still busy on the jobsite. |
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I understand a lot of you who claimed "this is another 2008 bubble and it's going to pop soon" want your "I told you so" moment but seasonal slowdowns are normal, especially in places with harsher winters. Zillow claims my house went up another $41k in the last 30 days but that's not exactly what I would call an accurate metric. I do know any reasonably-priced house in this area is still selling incredibly fast. |
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Quoted: Well when I stop getting letters and texts about buying my modest home then I’ll know its over. Good point. I'm getting those on vacant land I own up in the mountains (no it's NOT for sale). When those stop I figure the market will have turned the corner. |
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I think we are seeing a slow down in the Houston area too, especially around Conroe. However Dallas most certainly is not, its crazy busy with the out of staters moving in. Lots of inventory in Conroe for the first time in 2 years. I have heard rumblings the investors in Houston are all moving to cash and holding on tight right now. I just dont see how things do not crash if big companies fire 20% of the work force over the BS mandate, WTF are they thinking. |
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Quoted: I guess it will be time to start looking for some cheap rentals when people begin to default on their mortgages because they don't want to pay $200k for a house worth $120K. Those short sales are a steal if you can get a good one. |
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Is this the company that sold a bunch of houses at a loss because they believed their own prices? |
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Quoted: 2008 crash was before I was in the housing market. I understand they were giving loans that people could not afford. Did the defaults on those loans cause the crash? I don’t see the loans as the issue this time around, what does the value of your home matter compared to your ability to repay? I owe $300k if my house is worth 500 or 900, right? Or is it a snowball of housing crashes, jobs decline, income declines and it compounds? They did the same thing to Tacogrande |
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Quoted: Boise, believe it or not, is the town that everyone watches as being the hottest market in America. Now that markets are stabilizing, and homes are staying on the market longer and longer, what's next? Lots of people will be stuck in houses that will be worth substantially less than they paid for them. Balloon goes *pop*. If it’s worth less than I bought it, but the mortgage I’m paying is less than buying it in three years is it really a bubble pop? Sounds like the smart investors got in and the rest of the folks weren’t allowed to play until everyone else had a chance with your mom. |
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Quoted: I guess it will be time to start looking for some cheap rentals when people begin to default on their mortgages because they don't want to pay $200k for a house worth $120K. Those short sales are a steal if you can get a good one. Uncle fed won't let that happen. Like last time the banks will trickle them out a few at a time so the prices don't crash. I looked from 08 till 2011 and couldn't find any deals. |
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It's sad people care so much one way or the other. Unless your property is income-producing and you happen to also have a house on it, your biggest asset should be your investment account, not your house. Or if you're just starting out in the workforce you should at least be working towards the day when your home equity is just a small percentage of your net worth. |
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Quoted: There was a two story on a 2 acre lot that took 3 months to sell, and it’s on a heavily traveled road. The one next to it, in spring sold in 4 days. So many variables could impact these two sales you mentioning it doesn’t make me believe the market is cooling off. |
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Quoted: Ol drooling Joe is thinking about it with all their pipeline shutdowns, selling down the federal oil reserves to pay for social spending and global warming idiocy. They WANT expensive gasoline. Yes they do. They want other things too ... they want you to own nothing and be happy which brings me to my conspiracy (not really) theory ... at some point they are going to implode the economy, dollar, stock market, everything. And then the banks are going to call in those house loans. Presto change-o, now you don't own anything. |
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Quoted: Boise, believe it or not, is the town that everyone watches as being the hottest market in America. Now that markets are stabilizing, and homes are staying on the market longer and longer, what's next? Lots of people will be stuck in houses that will be worth substantially less than they paid for them. Balloon goes *pop*. Wife and I sold our house in Tallahassee for close to $100k above value recently. But we gambled with the market. Prior to even listing the house, close to a year before actually. We locked a new construction in Central Florida. 1900sqft home with four bedrooms, two bathrooms, two car garage on a 1/4 acre in a non HOA neighborhood that is 12 minutes from the beach, all for $225k. Right now, pre-construction, our same new housenisn$300k. But we locked the price down a while back. We're moving into this new home mortgage free. Just like we moved into our Tallahassee home mortgage free. As for the ballon, the markets in Florida are crazy. Sure, the values in Polk County are inflated. But places like Miami, Coral Gables,, Tampa, etc are holding their value and will not take a loss. |
| Here in rural north Georgia there is definitely some easing of pricing going on. Have 2 friends that listed homes about 6 weeks ago. Both have just dropped the price. Both had priced at the upper limit. Demand is still there, but people are being more price conscious. Lot of fear. But, as Warren Buffet says, when others are being fearful, be greedy!! |
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Here where I live, 2 hrs west of Seattle in "Taxington" state, housing and rentals continue to bring crazy money. This just sold on my street for $ 600k. 1500 sq ft rambler on a 100'x100' house lot w detached garage. Absolutely nutz..... !  https://www.zillow.com/homedetails/62-N-Lyter-Ave-Port-Townsend-WA-98368/112557136_zpid/ |
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Quoted: Your house is not an asset. Stop looking at it like a stock you hold. Outright owning a home is a major source of financial independence. Having your own roof over one's head provides financial freedom and flexibility. You can make substantially less when you outright own your home and still do things since you don't have the imajor drain of one's income that is rent/mortgage. |
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Quoted: I just looked up the zillow value on my house. It's 300k more than when I bought it in 2017. I'd sell if I could find a place to go. Same as cars. I saw a local ad for my truck- same year, same mileage- that was $3k more than my sticker price. I could sell it, but what would I drive? |
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Quoted: People paying on a mortgage for a $400k house get really pissed off when the value tanks to $200k and the house they're living in can be bought for half of what they're currently paying. A lot of them try to seek a remedy, bankruptcy is one thing that many will go through to get out of their overpriced mortgages. Quoted: Quoted: I understand what I owe. Why would I default on my loan of the “value” dropped $200k? Is the housing market dropping indicative of an overall decline in the economy, therefore it drops even more and over and over? I don’t understand the “omg the housing market is slowing everyone will lose their houses” concept. If my “zestimate” drops to $200k I’ll still pay the loan I took out when I bought the house. People paying on a mortgage for a $400k house get really pissed off when the value tanks to $200k and the house they're living in can be bought for half of what they're currently paying. A lot of them try to seek a remedy, bankruptcy is one thing that many will go through to get out of their overpriced mortgages. Nobody financially healthy declares bankruptcy because they're pissed off. |
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Quoted: So many variables could impact these two sales you mentioning it doesn’t make me believe the market is cooling off. Moms friend is a broker. Late last year he told me, the trends are showing a slow down. Believe it or not I do see it. I’m in the building industry, before all these shortages started we werent as busy as quote normal. Like you said many many variables, I’m just glad it did slow down and now with shortages.. holy cow it’s difficult to get jobs completed on time, Your window from start to finish is all over the place. |
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Quoted: Bought a modest house in 2003 for 105K. The county assessed the value at 235K this year. Arfcom don't think the tax man be like he is, but he do. I'd park 70s camaros on blocks in the front yard and not mow it, and proceed to laugh at everyone else as they bitch about their taxes going to clown shoes... |
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If you are in a house for the rest of your life why care what it's valued at? Like owning a stock it's value isn't really that important until you sell it. If it's value goes down temporarily as long as you don't sell you aren't out anything. This only really matters if you are flipping houses. I don't see any big bubble bursting on housing prices though. Some specific areas of the country you could see that, but with overall inflation, materials costs, labor costs, supply issues, etc there is strong support for housing prices to not see dramatic value drops in the near future. |
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Quoted: Arfcom don't think the tax man be like he is, but he do. I'd park 70s camaros on blocks in the front yard and not mow it, and proceed to laugh at everyone else as they bitch about their taxes going to clown shoes... |
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Northern NY must have missed the memo. 2 examples within 5 miles of me. 1. Decent small house. Maybe 1100 sq. ft. appraised at 99. They were asking 139. My sister looked at it and realtor told her they had two offers over asking already. Sold the next week. 2. 2bd 1.5 bath modular. like 30 years old but nice. On .86 of an acre with a right of way for a driveway. Accessed at 176. They asked 240 and it sold in 2 weeks. |
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Quoted: Sure am glad I’m not in the housing as an investment game. Built our dream home a decade ago, I’m leaving this one on my back in a pine box. Investors don’t care about a down market. A down housing market is usually accompanied by increased demand for rentals of both single family and multi family residences. |
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Looks like the market is still on fire in plenty of areas Attached File Maybe Hunter Biden is upgrading his former crack and painting supply garage ?? Attached File |
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Quoted: Your house is not an asset. Stop looking at it like a stock you hold. My house gives me rapid cheap access to a high income in a major metro, with convenient access to transit It is absolutely an asset. If you live in the exurbs, and commute the same major metro as me in the face of rising fuel costs and congestion? Your house is a liability. |
[ARCHIVED THREAD] - The housing boom is ending... (Page 2 of 5)
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