re: Housing: WTF?

Posted on 3/17/23 at 8:28 am to SaintsTiger

Posted by ronricks

Member since Mar 2021

7190 posts

Posted on 3/17/23 at 8:28 am to SaintsTiger

quote:
You’re the one wish casting by claiming super short term data indicates everything is rosy.

You posted the wrong Austin to support your ideas. A 10% drop from all time valuations isn't a 'crash'. There is an inventory shortage in most major metros in this country. I can't speak for rural or poor areas in states like Mississippi or Louisiana. Lets pretend I bought in 2021 or 2022 (I didn't) rates were still low and if you are staying in your home for an extended period of time what does it matter if the market 'crashes'? Most people are locked into super low rates even those who bought in 2022. You sound like one of the people on here who have been predicting a 'crash' for 4 years now and are mad it hasn't happened. Those people have an awful track record even if the market 'crashes' tomorrow. Until the supply side gets shaken out either by more building inventory or by massive job losses/economy not much is going to change. Wishcasting on here with ridiculous claims of someone being a real estate agent or buying in 2021 or 2022 isn't going to change that. I am in my forever home that I purchased in 2018 and refi'd in December 2020 to a 2.6. I'm not going anywhere and guess what? There are millions of Americans in the same position I am in which is going to keep supply low barring the catastrophic events you keep wishing for.

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Posted by SaintsTiger

1,000,000 Posts

Member since Oct 2014

1126 posts

Posted on 3/17/23 at 8:57 am to ronricks

quote:
You posted the wrong Austin to support your ideas. A 10% drop from all time valuations isn't a 'crash'. There is an inventory shortage in most major metros in this country. I can't speak for rural or poor areas in states like Mississippi or Louisiana. Lets pretend I bought in 2021 or 2022 (I didn't) rates were still low and if you are staying in your home for an extended period of time what does it matter if the market 'crashes'? Most people are locked into super low rates even those who bought in 2022. You sound like one of the people on here who have been predicting a 'crash' for 4 years now and are mad it hasn't happened. Those people have an awful track record even if the market 'crashes' tomorrow. Until the supply side gets shaken out either by more building inventory or by massive job losses/economy not much is going to change. Wishcasting on here with ridiculous claims of someone being a real estate agent or buying in 2021 or 2022 isn't going to change that. I am in my forever home that I purchased in 2018 and refi'd in December 2020 to a 2.6. I'm not going anywhere and guess what? There are millions of Americans in the same position I am in which is going to keep supply low barring the catastrophic events you keep wishing for.

Dude if you think Lennar is doing fine and mortgage applications are skyrocketing, I don’t know what to tell you.

I said I “wouldn’t be surprised “ if you were an agent or recent buyer. Too many people out there are cheerleading toxic assets. Bad information like you’re spreading could really hurt people. Or at a minimum make them house slaves for the next 30 years.

Investor saturated markets like Vegas, Phoenix, etc. inventory may well pour into the market. When rental yields are less than Tbills, that’s a problem.

It was the wrong Austin. Initially. The correct data -over 1% year over year price declines- made my point even stronger.

Markets like California, Austin, Phoenix, and Vegas are seeing the most significant declines. Many more than 10%. Poor states won’t drop as much since the prices increased less. Higher floor.

This post was edited on 3/17/23 at 9:01 am

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