Major housing crash coming this winter or sooner

[Walrus]

People are starting to catch up.

"Former Washington Mutual CEO sees another housing bubble forming — and blames the Fed"

https://www.marketwatch.com/story/the-f ... 1621287287

[jfish26]

People are starting to catch up.

"Former Washington Mutual CEO sees another housing bubble forming — and blames the Fed"

https://www.marketwatch.com/story/the-f ... 1621287287

You never fail to find the most perfect sources.

[Walrus]

All the more reason to trust him, since he was a big part of the last bubble. But then again, the bubble has been obvious for years now.

[MICHHAWK]

i own my home. i will not be selling or buying any time soon. if ever again. so let the bubble explode. or burst. or whatever it is going to do. i don't care.

[jfish26]

i own my home. i will not be selling or buying any time soon. if ever again. so let the bubble explode. or burst. or whatever it is going to do. i don't care.

Displaying characteristic depth here.

[jfish26]

All the more reason to trust him, since he was a big part of the last bubble. But then again, the bubble has been obvious for years now.

You should be able to write something this charitable off for tax purposes.

[japhy]

Seems like housing prices have to crash soon, or soonish, or someday if this is the case.

https://www.businessinsider.com/housing ... chs-2021-5

[Overlander]

My next door neighbor listed his house, for $380k, on Saturday. A year ago, homes in our neighborhood were just cresting 300k.

He sold it Tuesday for $420. Cash

[defixione]

My next door neighbor listed his house, for $380k, on Saturday. A year ago, homes in our neighborhood were just cresting 300k.

He sold it Tuesday for $420. Cash

Biggest fucking rip off ever. Did he even sweep the floor before he left?

[Overlander]

My next door neighbor listed his house, for $380k, on Saturday. A year ago, homes in our neighborhood were just cresting 300k.

He sold it Tuesday for $420. Cash

Biggest fucking rip off ever. Did he even sweep the floor before he left?

Don't tell Lobster, but he bought the house 3 years ago for $277k. Spent about 60k on remodeling.

Fucking savage.

[TDub]

60k on renovations? Place mustve been trashed when he moved in....thats a lot on renovations unless he put a big shop or barn on it

[TDub]

I shoukd clarify....60k is a lot for a 277k house. Renos that are 20+ % of the purchase price are usually significant enough that the house was trashed. Flippers usually try to spend 20-30% of purchase price before resale. Difference is they are doing that in 3 months and not relying on the market to make them money.

[Walrus]

Nothing he said is true (about me). Not sure who was referring to.

[Overlander]

60k on renovations? Place mustve been trashed when he moved in....thats a lot on renovations unless he put a big shop or barn on it

It is all market specific, and subject to the pressures of available resources...labor, raw materials, etc.

We just tore down to studs and concrete, a 250 sq ft bathroom. Final, complete rehab cost was 29k.

We did a 3 br, 2 ba condo in Palm Springs...to the floor and studs (including 2 slightly smaller bathrooms) for 55k, all in.

He did kitchen, including appliances, 3 bedrooms and 2 of the 3 bedrooms.

I realize, after owning around 50 properties in 15 years, that costs vary....especially depending on demand. In Plano, demand is super high right now.

[Overlander]

Nothing about me is true.
Everyone here should no by now...I am completely full of shit.

[TDub]

60k on renovations? Place mustve been trashed when he moved in....thats a lot on renovations unless he put a big shop or barn on it

It is all market specific, and subject to the pressures of available resources...labor, raw materials, etc.

We just tore down to studs and concrete, a 250 sq ft bathroom. Final, complete rehab cost was 29k.

We did a 3 br, 2 ba condo in Palm Springs...to the floor and studs (including 2 slightly smaller bathrooms) for 55k, all in.

He did kitchen, including appliances, 3 bedrooms and 2 of the 3 bedrooms.

I realize, after owning around 50 properties in 15 years, that costs vary....especially depending on demand. In Plano, demand is super high right now.

Well anythings expensive right now the way material prices are.....

Im also skewed a bit because other than materials my costs are nil. Ill either do the work or trade the work with other guys i know. Trading a shop structure rehab for a bunch of rewiring work right now. That ends up saving a bunch. I stand by 20% of purchase price is high for a standard remodel

[japhy]

Nothing he said is true (about me). Not sure who was referring to.

Don't worry squirt, no one thought he was referring to you when he said someone put together $337K in capital for a real estate transaction.

We knew that couldn't be you.

[twocoach]

Man, this place gets weird sometimes.

[TDub]

I do happen to believe we are going to see a sustained drop in the housing market when these mortgage forgiveness programs are not renewed. Its not a forgiveness plan, its a delayed payment plan. People are going to fail on their notes and/or the interest rate will be driven up by a huge crush of refinancing requests.

[Deleted User 89]

i hope you’re right, for personal selfish reasons

i kinda thought it woulda already started happening