Major housing crash coming this winter or sooner

[Deleted User 289]

My hope is, once people see their purchasing power disappear in smoke, that they will come to realize that we have far more serious problems than gender pronouns, white privilege and whatever fantasies the left invents. Then again, coronavirus did not wake people up -- it made them dumber.

Yep, white privilege is a fantasy that the left invented. As Plano would say - JFC!
You really have Donald Trump Jr. disease.
You live in the LA area - right? Are you willing to have a respectful conversation in person with a former KU Football player who can (and will) tell you his feelings in regards to your beliefs? If so, I'll try and arrange it for the both of you.

[Deleted User 89]

why doesn’t lobs care about the purchasing power of those earning minimum wage?

[PhDhawk]

why doesn’t lobs care about the purchasing power of those earning minimum wage?

If those people had listened to lobser, they wouldn't be making minimum wage, they'd have made a killing hoarding N95 masks during the start of the pandemic and then price gauging their Chinese relatives.

Too many people want >$300 refrigerators rather than being willing to profit off a pandemic.

[Deleted User 289]

I'm wondering why our daily update man Lobby/Wally hasn't been posting about "the market" the past few days.
I figured he would have told us yesterday that the Dow was up over 400 points - and if I am not mistaken, has been up about 800 points for the week.
Maybe he has Trump disease? Which is only commenting when the market does something that he feels makes him look smart - and he likes to take credit for.
Now that I may have jinxed "the market" (see what I did there?), perhaps he'll post about it soon.

[Cascadia]

I get a monthly newsletter from my real estate agent.

The Median Home Price jumped up quite a bit in February, to to $479,100 - a new record high for the Metro Area. This represents a 17.7% over February of last year, which is the largest year-over-year increase in Median Price for a single month in over eight years. Continued low inventory is pushing prices up. Inventory in February was just 1.0 month, which is just over half the inventory we had last February. New listings and pending sales were both down compared to last year as well. With how low inventory is, the drop in pending sales compared to last year (15%) is not unexpected. Unfortunately, the drop in new listings paired with the increase in closed sales means we'll likely see inventory continue to be low and prices continue to rise as we head into what is typically the busiest time of year for real estate.

What the housing market really needs right now is more inventory. More homes are needed in the market to absorb the existing buyers and hopefully ease the upward trajectory of prices that we've seen in the last few months.

[PhDhawk]

c'mon cascadia you know that predicting something to happen in the '19-'20 winter or sooner just means in perpetuity.

[jfish26]

I get a monthly newsletter from my real estate agent.

The Median Home Price jumped up quite a bit in February, to to $479,100 - a new record high for the Metro Area. This represents a 17.7% over February of last year, which is the largest year-over-year increase in Median Price for a single month in over eight years. Continued low inventory is pushing prices up. Inventory in February was just 1.0 month, which is just over half the inventory we had last February. New listings and pending sales were both down compared to last year as well. With how low inventory is, the drop in pending sales compared to last year (15%) is not unexpected. Unfortunately, the drop in new listings paired with the increase in closed sales means we'll likely see inventory continue to be low and prices continue to rise as we head into what is typically the busiest time of year for real estate.

What the housing market really needs right now is more inventory. More homes are needed in the market to absorb the existing buyers and hopefully ease the upward trajectory of prices that we've seen in the last few months.

I know this isn't really a place for nuance, but yes an eventual pullback in the market is inevitable, normal and good. Certainly the current trajectory is unsustainable.

There are already significant long-term issues in Florida, New Orleans and Houston, where we're reaching a point that rising sea levels could make homes unlivable during the period of new 30-year mortgages.

Good job, good effort, everyone.

[defixione]

I think now is the time to sell our house in KC. To do that I'd have to evict my son. I wonder what he would say to that.

[Deleted User 89]

I get a monthly newsletter from my real estate agent.

The Median Home Price jumped up quite a bit in February, to to $479,100 - a new record high for the Metro Area. This represents a 17.7% over February of last year, which is the largest year-over-year increase in Median Price for a single month in over eight years. Continued low inventory is pushing prices up. Inventory in February was just 1.0 month, which is just over half the inventory we had last February. New listings and pending sales were both down compared to last year as well. With how low inventory is, the drop in pending sales compared to last year (15%) is not unexpected. Unfortunately, the drop in new listings paired with the increase in closed sales means we'll likely see inventory continue to be low and prices continue to rise as we head into what is typically the busiest time of year for real estate.

What the housing market really needs right now is more inventory. More homes are needed in the market to absorb the existing buyers and hopefully ease the upward trajectory of prices that we've seen in the last few months.

I know this isn't really a place for nuance, but yes an eventual pullback in the market is inevitable, normal and good. Certainly the current trajectory is unsustainable.

There are already significant long-term issues in Florida, New Orleans and Houston, where we're reaching a point that rising sea levels could make homes unlivable during the period of new 30-year mortgages.

Good job, good effort, everyone.

sounds like you’re talking about economic growth and the stock market...

[Walrus]

I know this isn't really a place for nuance, but yes an eventual pullback in the market is inevitable, normal and good. Certainly the current trajectory is unsustainable.

Ah, some sanity reaches this thread (other than myself). It's going to be much more than a pullback though. We're about to see the biggest increase in homelessness that you've ever known, at least in the bubble cities. All this in a time where Biden wants to increase taxes (what an idiot).

[ousdahl]

I wonder how many institutionalized psych ward patients sat in their rooms smearing poop on the walls reciting, “(other than myself)...”

[Sparko]

Biden wants to increase taxes on incomes over 400K. The folks who largely rampaged through the economy with little tax burden.

[ousdahl]

Biden wants to increase taxes on incomes over 400K. The folks who largely rampaged through the economy with little tax burden.

And somehow, no one is more freaked out about a tax increase on $400k+, than dudes on Facebook who make $30 grand a year.

[Walrus]

A lot of those 400K people create jobs for those who make less than 70K.

[ousdahl]

I bet you can already feel the trickle.

[PhDhawk]

A lot of those 400K people create jobs for those who make less than 70K.

So we should reward them with low taxes? they're not creating jobs with their income, it may be their wealth, but not their income.

And to me, that argument only works, if you reinvest All of your money beyond the basic necessities.

Jeff Bezos creates a shitload of jobs, and that's great. But when you find out he's basically paid 0 income taxes for the past 20 years, that's bullshit. And the argument is, he doesn't take a huge salary, and that money is in stock, etc....only Bezos ain't living in an $800 a month apartment and driving a 2004 honda civic because he puts all his money back into creation of jobs. Dude is living large, so I think it's fair he pays more income tax than say a tow truck driver or refrigerator sales person.

Hell, you probably wouldn't need to raise taxes if you just got rid of all the loopholes.

[ousdahl]

Tax cuts don’t create jobs, consumer demand does.

[PhDhawk]

It's amazing to me how much credit we give rich people for stimulating the economy for shit like investing their money in the stock market.

Yet we never give regular people any credit for buying pizzas, shampoo, staying in hotels, and investing in mutual funds.

I mean, go ask my local pizzeria which is better for their business, Jeff Bezos keeping all his money, or me having enough disposable income to buy pizza twice a month.

[jfish26]

A lot of those 400K people create jobs for those who make less than 70K.

This is like 8th grade debate camp stuff. It's just a dumb, conclusory statement that somehow presumes that people will stop wanting to be millionaires and billionaires because, I guess, they would pay marginally higher taxes?

[Walrus]

This forum is like a 1st grade playground -- not even close to a middle school debate.

What do you think happens to millionaires when they are taxed higher? They find ways around it or they leave the country to places like Singapore or Puerto Rico. Or they keep most of their money outside of the USA (like Apple).