Major housing crash coming this winter or sooner

[Walrus]

If people are not paying rent, it comes at a similar cost. Add the fact that millions of people have their mortgage in forbearance. Thousands of those people are not going to have their job in 2021. Most housing experts believe we will see more people lose their home in the next 3 years than the entire 2008-2012 crash. Lastly, that source I used was a Marxist professor -- I thought some of you might love him.

[Deleted User 62]

Is this the same guy that convinced you of the "massive crash" last winter?

Cause........

[Cascadia]

I love how lobster has fully converted to Trump Jr.

[Walrus]

My timing was a little off, but I knew it was coming, even without corona. How? When a massive bubble exists, it will eventually pop.

[TDub]

I think there is a massive bubble in your head.....

[Walrus]

For those who want to learn from some actual real estate investors (some of who multi-millionaires), here's what the situation is. Keep in mind that most of this is in regards to the cyclical markets (not the linear markets).

[twocoach]

For those who want to learn from some actual real estate investors (some of who multi-millionaires), here's what the situation is. Keep in mind that most of this is in regards to the cyclical markets (not the linear markets).

In other words, markets grow and shrink and are inherently risky and those who choose to take the risk at the bare minimum price point are the most vulnerable to fluctuations. Wow. Breaking news, thanks for the heads up.

[Walrus]

Not exactly. Housing prices were tied to the CPI for 100 years. It wasn't until 1997 when they started inflating into a bubble that was intended to drive up property taxes. It's just in the last 20 years that housing prices have become so detached from the free market.

[Deleted User 62]

JFC, you really should stop.

[Walrus]

http://www.bcnfin.com/Articles/Home%20P ... lation.pdf

You're welcome.

[Deleted User 62]

Saying it is a bubble and will eventually pop does nothing to support your prediction that this pop was for sure going to happen 8months ago.

Here is my safe prediction. A comet will strike the earth.



Shit, that WAS easy.

[Walrus]

I said home prices were tied to the CPI for 100 years and that they only recently became a huge asset bubble. You said, "you should stop now". I provided proof showing I was correct.

[Deleted User 62]

I said home prices were tied to the CPI for 100 years and that they only recently became a huge asset bubble. You said, "you should stop now". I provided proof showing I was correct.

No, you didn't.

Hey, you go ahead and huddle up crying and I will continue buying California real estate and flipping it into serious cash.

Deal?

[Walrus]

Oh, so that's why you're upset. It all makes sense now.

If someone is actually dumb enough to buy real estate in a cyclical market right now, they are going to be very fortunate if they find someone even dumber to sell to. Lots of people backed out of home offers and prices are coming down already. Anyone trying to flip a home right now is sweating bullets. They should have learned form 2006.

[Deleted User 62]

I close on a Palm Springs condo tomorrow.
97k in profit, owned it for 19 months and used it as a vacation home.

Counting air bnb and seasonal rental, that property netted me more than you make in a year.

[Walrus]

And you know what I do and how much I make? How? Not to brag, but I make more than that per year.

Got to give you some credit though -- you found someone even dumber to sell to. Vacation rentals are going to crash as few will be using them. If you didn't already know this, you would not have sold. If you really believed homes would keep going up, you would have held it.

[Walrus]

There was a line that was 2 miles long of people waiting in their cars just for free food in Palm Springs. It's not looking good for that area. However, please, please buy another condo in 2020 and try to flip it in 2021. . That would be hilarious to see.

[jfish26]

I agree this is a silly-ass time to buy a house.

[Deleted User 62]

I agree this is a silly-ass time to buy a house.

It really depends on where you buy, and for how much.

My grandfather taught me, it isn't what you sell for, it's mostly what you buy for.

[Deleted User 62]

There was a line that was 2 miles long of people waiting in their cars just for free food in Palm Springs. It's not looking good for that area. However, please, please buy another condo in 2020 and try to flip it in 2021. . That would be hilarious to see.

Already have another property contracted to buy on the Colorado River. While you scream the sky is falling, I will roll another 90k.