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Started By
Message
If/when there is a major correction and/or housing crash
Posted on 9/25/23 at 8:57 pm
Posted on 9/25/23 at 8:57 pm
Will you consider this a good thing or a bad thing? I see a lot of bitching (and rightfully so) about how expensive it is to live. So would you view a massive housing correction as good or bad?
18
Posted on 9/25/23 at 8:58 pm to Powerman
It needs to happen.
Posted on 9/25/23 at 8:58 pm to Powerman
How do you think we should feel that many may lose their homes? Or at the very least are upside down on their homes
Posted on 9/25/23 at 9:00 pm to idlewatcher
quote:
How do you think we should feel that many may lose their homes? Or at the very least are upside down on their homes
I wouldn't feel good for them but I think most people know an over inflated market when they see it. The correction is definitely coming. Dumb fricks should have rented if they needed a place.
Posted on 9/25/23 at 9:01 pm to stout
quote:
It needs to happen.
Agreed btw I like your housing market threads on the OT
Posted on 9/25/23 at 9:01 pm to idlewatcher
A correction doesn't have to lead to foreclosures
I am sure it will but if you saw what I do all the time you would be numb to it.
Very few people lose their homes through no fault of their own like job loss, medical, etc.
The majority are people who manage money poorly and keep up with the Joneses.
I am sure it will but if you saw what I do all the time you would be numb to it.
Very few people lose their homes through no fault of their own like job loss, medical, etc.
The majority are people who manage money poorly and keep up with the Joneses.
Posted on 9/25/23 at 9:01 pm to Powerman
I don't see how it happens with 8% rates. Nobody can afford to move unless they can pay cash. Until supply comes online(10 years) we are stuck.
Posted on 9/25/23 at 9:02 pm to Powerman
quote:
btw I like your housing market threads on the OT
Thanks
Some people don't. I find the data interesting, especially after going through 2008.
Posted on 9/25/23 at 9:03 pm to Powerman
When is a correction not positive? What is the purpose of the correction if not for something positive?
What needs to be corrected is the consistent criminal behavior that leads to the need for the corrections. Until that behavior is stopped, cycles will be a constant.
What needs to be corrected is the consistent criminal behavior that leads to the need for the corrections. Until that behavior is stopped, cycles will be a constant.
Posted on 9/25/23 at 9:03 pm to Powerman
How will the housing market crash when there’s a strong need for more housing?
I see a lot of unsecured credit defaults happening but not a housing crash.
I see a lot of unsecured credit defaults happening but not a housing crash.
Posted on 9/25/23 at 9:05 pm to j1897
quote:
I don't see how it happens with 8% rates. Nobody can afford to move unless they can pay cash. Until supply comes online(10 years) we are stuck.
If no one can afford to move that means no one can afford to buy
Which translates to prices being depressed for those that have no choice but to move
And why do people act like renting is such a bad option?
"I know this house is overpriced by 120K but it beats renting"
Posted on 9/25/23 at 9:05 pm to Timeoday
quote:
What needs to be corrected is the consistent criminal behavior that leads to the need for the corrections. Until that behavior is stopped, cycles will be a constant.
And if the solution to that was regulating the lending industry you'd be ok with that?
Posted on 9/25/23 at 9:06 pm to LSUwag
quote:
I see a lot of unsecured credit defaults happening but not a housing crash.
There is already an uptick in foreclosure activity over the past several months. Overall it is still down or at par with precovid levels but a correction has to start somewhere. It's a snowball at the top of the hill right now.
I am not sure that it will be a full-on correction but the fact is activity has picked up.
Posted on 9/25/23 at 9:07 pm to LSUwag
quote:
How will the housing market crash when there’s a strong need for more housing?
A strong need for something that people can't afford would suggest that the prices and ability to buy things will eventually hit equilibrium
Posted on 9/25/23 at 9:08 pm to Powerman
Long term good
Short term bad
Short term bad
Posted on 9/25/23 at 9:13 pm to Powerman
quote:
And if the solution to that was regulating the lending industry you'd be ok with that?
Remember 2008? The regulated industry of finance was in an extremely over-leveraged position caused by criminal activity.
Only one person went to jail. The regulations were and are in place. Like politicians, the money changers do not ever see prison.
Posted on 9/25/23 at 9:17 pm to stout
quote:Oh please. WTF makes you such an expert on home foreclosures?
A correction doesn't have to lead to foreclosures
I am sure it will but if you saw what I do all the time you would be numb to it.
Very few people lose their homes through no fault of their own like job loss, medical, etc.
The majority are people who manage money poorly and keep up with the Joneses.
Posted on 9/25/23 at 9:18 pm to Powerman
Very good.
Posted on 9/25/23 at 9:19 pm to bhtigerfan
quote:
Oh please. WTF makes you such an expert on home foreclosures?
Sarcasm?
Posted on 9/25/23 at 9:19 pm to Powerman
Isn't the market already being corrected by inflation?
The devaluation of the dollar implicitly lowers these value of the homes over time so there may not be a hard correction.
Honestly I haven't seen a ton of overpriced homes near me, but definitely not seeing the unicorns much lately.
Usually this affects the coasts more though.
The devaluation of the dollar implicitly lowers these value of the homes over time so there may not be a hard correction.
Honestly I haven't seen a ton of overpriced homes near me, but definitely not seeing the unicorns much lately.
Usually this affects the coasts more though.
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