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re: Wall Street: Housing market to see 2nd biggest home price decline since Great Depression
Posted on 10/4/22 at 9:31 am to stout
Posted on 10/4/22 at 9:31 am to stout
Im in a weird position. I have a lot to build on but just dont want to get into a $2-3000+ house note every month. Not only that, deal with the headache of building a house and the work I have seen in new houses has been shite. At the same time I fell houses are still way overpriced in South LA. Hoping things start dropping so I can try and lowball someone and get a great deal. At this point I am not sure if I shouldnt have built a couple of years ago, maybe I missed on this.
I make alot more than most people and just dont see how people do it with expensive houses and new vehicles. I probably play more than most but my mindset has changed to funding retirement and having fun experiences over material shite.
here is a great example of what I feel is a very overpriced house:
LINK /
I just pulled up a random house but in what fricking world is this a 400k house? tiny arse yard, shitty portable building. the outside still looks like 1950, and the inside is hideous. I feel like this house should be no more than $100 sqft.
I make alot more than most people and just dont see how people do it with expensive houses and new vehicles. I probably play more than most but my mindset has changed to funding retirement and having fun experiences over material shite.
here is a great example of what I feel is a very overpriced house:
LINK /
I just pulled up a random house but in what fricking world is this a 400k house? tiny arse yard, shitty portable building. the outside still looks like 1950, and the inside is hideous. I feel like this house should be no more than $100 sqft.
5
Posted on 10/4/22 at 9:31 am to athenslife101
these people also have to live somewhere. Good for them on buying a house with 3% loan. That is still better longterm hedge against inflation than anything other asset
Posted on 10/4/22 at 9:31 am to Bdiddy
quote:
Your histrionics are just a bit premature.
I already addressed this in my OP:
quote:
The year-over-year comparison is unfair considering the shutdowns and mass forbearance programs. Even comparing current data to 2019 is unfair because of the 2-year interruption we had. The real concern is looking at the month-to-month data and it is showing an upward trend.
Posted on 10/4/22 at 9:32 am to stout
I’m about to buy a lot of houses.
Posted on 10/4/22 at 9:33 am to stout
So I’ve a question for those smarter than me: I’m looking to buy. In the next 2 - 6 months. Interest rate increases have, to this point, knocked about 20-30k off my budget to keep my mortgage where I want it to be. I have 20% to put down, maybe more.
Should I wait a bit longer to see housing prices come down in response to interest hikes, or will more interest hikes negate any savings on the cost of the home?
TL;DR - I want to buy a house, buying now or waiting: which way fricks me less?
Should I wait a bit longer to see housing prices come down in response to interest hikes, or will more interest hikes negate any savings on the cost of the home?
TL;DR - I want to buy a house, buying now or waiting: which way fricks me less?
Posted on 10/4/22 at 9:33 am to Abstract Queso Dip
quote:
Good for them on buying a house with 3% loan. That is still better longterm hedge against inflation than anything other asset
Yes the low rates will be the saving grace for many of them. It still doesn't address the negative equity many will have if they have a life event that forces them to move.
Posted on 10/4/22 at 9:34 am to diat150
ETA: nevermind I was wrong about location. But I totally agree with that house not being worth $400K.
This post was edited on 10/4/22 at 9:36 am
Posted on 10/4/22 at 9:34 am to fallguy_1978
quote:
I've seen some analysts predict 20-25% declines in some markets.
San Mateo county would still be insanely expensive.
Posted on 10/4/22 at 9:35 am to ibldprplgld
quote:
Should I wait a bit longer to see housing prices come down in response to interest hikes, or will more interest hikes negate any savings on the cost of the home?
No one can predict that but the FED has said they are stopping inflation by any means necessary including more rate hikes and less time in between those hikes too.
This post was edited on 10/4/22 at 9:36 am
Posted on 10/4/22 at 9:37 am to stout
quote:
“The positive takeaway—which we think puts the magnitude of this [7% forecasted home price] drop into perspective—is that this decrease would only bring home prices back to where they were in January 2022. That is still 32% above where home prices were in March 2020.”
Plenty of people will have lots of equity. There will be foreclosures, but this won’t be a 2008 level apocalypse.
Posted on 10/4/22 at 9:37 am to Abstract Queso Dip
quote:
Good for them on buying a house with 3% loan.
If they bought in a market where prices were somewhat stable and not grossly inflated, they are in damn good shape. Assuming they don’t lose their income in a recession.
Posted on 10/4/22 at 9:37 am to stout
Sect 8 coming to your suburb….soon.
Posted on 10/4/22 at 9:39 am to stout
Here’s why this is a good thing.
-CNN
-CNN
Posted on 10/4/22 at 9:39 am to stout
Build
Back
Mo
Betta
Back
Mo
Betta
Posted on 10/4/22 at 9:39 am to RealityTiger
quote:
ETA: nevermind I was wrong about location. But I totally agree with that house not being worth $400K.
its not a bad location. just an old neighborhood.
this wallpaper should not be in a remodeled house for sale for 400k
This post was edited on 10/4/22 at 9:41 am
Posted on 10/4/22 at 9:40 am to stout
maybe not buying a house in 2021 wasn't the mistake of a lifetime, as i've been told so many times
Posted on 10/4/22 at 9:41 am to stout
quote:
Where are all the guys that said there wont be mass foreclosures because people have built up tons of equity?
People have built up tons of equity. Housing prices could crash and they would still be way higher than they were just a couple of years ago.
Your own link predicts prices will only fall to levels we saw at the beginning of this year lol.
Posted on 10/4/22 at 9:42 am to The Third Leg
quote:
The positive takeaway—which we think puts the magnitude of this [7% forecasted home price] drop into perspective—is that this decrease would only bring home prices back to where they were in January 2022. That is still 32% above where home prices were in March 2020.”
so not much then. In these markets with almost zero inventory, home prices aren’t dropping very far that fast without a lot of foreclosure activity. That is definitely in the cards for some areas, but that also tends to lag the recession a bit. That’s a painful way to have a needed correction.
Unless a lot of people are still in forbearance from Covid, this rash of foreclosures are probably 6-12 months away.
Posted on 10/4/22 at 9:42 am to GreatLakesTiger24
quote:
maybe not buying a house in 2021 wasn't the mistake of a lifetime, as i've been told so many times
We’ve been looking casually, but the extreme home price surge scared us. I’m thinking 2023 may be a better time to buy if the market corrects… but what I don’t know is a lot. Lol
Posted on 10/4/22 at 9:43 am to ibldprplgld
lock in your interest rate if you can
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