Major housing crash coming this winter or sooner

[Qusdahl]

https://twitter.com/lyta_gold/status/14 ... 89858?s=21

[japhy]

https://www.nbcnews.com/news/us-news/lo ... -rcna17970

[ousdahl]

Homes Earned More for Owners Than Their Jobs Last Year


https://www.wsj.com/amp/articles/homes- ... 1647518400

[KUTradition]

two utah counties are apparently top 10 nationally for least affordable homes

davis co. at 6 and salt lake co. at 9

avg home price in salt lake co. is $425K lol…fucking joke

[TDub]

rates going up again. it will level out the market a little bit for non cash buyers. Corporate buyers will likely gobble up any dip though, so, little relief for average buyers.


Canada just banned foreigners from buying property for 2 years to help lessen the onslaught.

[ousdahl]

interesting move, Canada.

Would that ever fly in the US? Some ban on foreign real estate buyers.

isn't much of the real estate in major US cities owned by wealthy overseas types?

and man, corporate buyers.

[Deleted User 863]

interesting move, Canada.

Would that ever fly in the US? Some ban on foreign real estate buyers.

isn't much of the real estate in major US cities owned by wealthy overseas types?

No it wouldn't fly in the USA. Nor should it.

And yes overseas investors own RE in the USA.

How you deal with that issue on a local level is having zoning that only allows for owner occupied properties.

For instance a popular smaller town near where I live, has had a bunch of nice condos/townhomes constructed recently. To avoid large investors buying them all up and then leasing them for ridiculous rents, they have made them owner occupied only. Can't rent them. Can't air bnb them. Personal primary residence only. That keeps everyone (local) happy.

[ousdahl]

would that zoning fly in the US?

Does it?

[Deleted User 863]

would that zoning fly in the US?

Does it?

I edited my above post to provide a local example.

But yes, it does fly here. But only in areas where people want it to fly and the elected leaders do what their constituents desire.

[Deleted User 863]

would that zoning fly in the US?

Does it?

It's something that in your area, if your leaders cared about keeping locals happy more than they cared about increasing tax base revenue, would be a great idea on new construction or even rezoning existing construction (although rezoning can get a little dicey/costly if there are financial "damages" to existing owners due to the rezoning).

[ousdahl]

thanks for the example.

I wonder how many areas would let that zoning fly.

It seems there could be arguments about how there's already too many regulations and we should let the free market do whatever it wants. "We're the owners, we should be able to do with it as we please, as long as we're paying our taxes then why should you care" kinda mentality.

and regarding "investors buying them all up and then leasing them for ridiculous rents," why does this popular small town hate landlords?

[MICHHAWK]

are you buying or selling or both, in the near future?

[TDub]

im not so sure we couldn't get something passed similar to Canadas no foreigner purchase policy. Maybe not a full ban, but perhaps a limit on quantity. I think people are frustrated enough with the market they might see that as a potential avenue for limited relief.

[ousdahl]

yeah, at least the no foreigner purchase policy can appeal to some sort of patriotism or whatever.

[ousdahl]

are you buying or selling or both, in the near future?

yea, hopefully.

but the housing discussion should be viewed as more than simply transactional. Most of us are just trying to not freeze to death.

[MICHHAWK]

but the housing discussion should be viewed as more than simply transactional. Most of us are just trying to not freeze to death.

care to bloviate on that? assume i don't know what you mean.

[Deleted User 863]

thanks for the example.

I wonder how many areas would let that zoning fly.

It seems there could be arguments about how there's already too many regulations and we should let the free market do whatever it wants. "We're the owners, we should be able to do with it as we please, as long as we're paying our taxes then why should you care" kinda mentality.

and regarding "investors buying them all up and then leasing them for ridiculous rents," why does this popular small town hate landlords?

areas that would let it fly are areas that are predominantly owner occupied / permanent residence type areas, and not tourist towns, where 2nd homes, vacation rental property investors, etc. are more prevalent.

It's not a "small town" in the rural sense. It is more of a rapidly growing "suburb" with good schools/new school facilities. "They" don't hate landlords, in fact there are plenty of places available to rent (both houses and apartments). But these are nicer areas that are predominantly owner occupied residential properties surrounding it, so part of the deal with the new development was that the locals wanted it to be owner occupied zoning.

Developers probably would have preferred otherwise so they could charge higher price to big city out of town investors, but there are a lot less developers than there are regular working folks so the local leaders did what the community seemed to want.

[ousdahl]

but the housing discussion should be viewed as more than simply transactional. Most of us are just trying to not freeze to death.

care to bloviate on that? assume i don't know what you mean.

why would I assume anything but?

sorry mich, couldn't resist, lol.

but yeah, generally speaking, adequate housing makes the risk of freezing to death very unlikely. Without adequate housing, that risk goes up considerably.

Some communities and countries view housing more as some right to ensure to its citizens, and adopt housing policies intended to make adequate housing more available and affordable. Some communities and countries would prefer to keep housing more as a transactional thing, and let the free market sort it out, even if it means an increased likelihood of their own citizens freezing to death.

[MICHHAWK]

but you currently have adequate housing. yes?

[Deleted User 863]

but the housing discussion should be viewed as more than simply transactional. Most of us are just trying to not freeze to death.

care to bloviate on that? assume i don't know what you mean.

why would I assume anything but?

sorry mich, couldn't resist, lol.

but yeah, generally speaking, adequate housing makes the risk of freezing to death very unlikely. Without adequate housing, that risk goes up considerably.

Some communities and countries view housing more as some right to ensure to its citizens, and adopt housing policies intended to make adequate housing more available and affordable. Some communities and countries would prefer to keep housing more as a transactional thing, and let the free market sort it out, even if it means an increased likelihood of their own citizens freezing to death.

We have section 8 housing assistance available to help prevent our citizens from freezing to death.