The 2023 Housing Bubble ***Apocalypse***

[vuduchile 1,940]

We've seen it all before.  Record low interest rates and easy money send home prices through the roof.  Then interest rates skyrocket, and prices come down.  Nothing new.

[edjr 5,547]

54 minutes ago, vuduchile said:

We've seen it all before.  Record low interest rates and easy money send home prices through the roof.  Then interest rates skyrocket, and prices come down.  Nothing new.

SOOO many idiots bought the last year and were so desperate they did no inspection. People are such clueless knobs

[RLLD 3,455]

16 minutes ago, edjr said:

SOOO many idiots bought the last year and were so desperate they did no inspection. People are such clueless knobs

What I have noticed is that often the price of firewood predicts the housing crashes....just an observation.

[edjr 5,547]

3 minutes ago, RLLD said:

What I have noticed is that often the price of firewood predicts the housing crashes....just an observation.

Once it dries up, the west coast of florida will have all the free firewood you need. 

[RLLD 3,455]

3 minutes ago, edjr said:

Once it dries up, the west coast of florida will have all the free firewood you need. 

Yeah, you should not burn that stuff   

It's pretty true that a drop in price means they are cutting and clearing lots, a rise means they have stopped....and about six months later you can see the market starting to react. 

[edjr 5,547]

Just now, RLLD said:

Yeah, you should not burn that stuff   

Just have to detach the dead bodies

[easilyscan 553]

3 hours ago, edjr said:

BUY BUY BUY!!!

Moody’s again slashes its home price forecast: These 210 bubbly housing markets could crash 25% to 30%

https://fortune.com/2022/10/05/housing-markets-at-risk-of-25-to-30-percent-home-price-crash-moodys/

The silver lining is that property taxes will immediately drop by the same amount. 

 

[easilyscan 553]

2 hours ago, craftsman said:

I rent an apartment. It's awesome. Putting all that money towards retirement investments instead of buying and selling houses is killing it for me. 

How much is your rent ?

[craftsman 1,045]

1 minute ago, easilyscan said:

How much is your rent ?

$1700 total per month for the two of us. It's less than the property taxes alone for homes around us. 

[wiffleball 4,631]

You know what? I'm kind of sick of hearing about this so-called housing bubble. There was a time not too long ago when there were more f****** Realtors than they were houses. And housing prices are just absolutely insane. Hell, investment firms are buying up homes and even damn trailer parks.

 

It's not a bubble. It's a correction. And it's a much needed correction. It's f****** unsustainable. I remember laughing at the Japs in the '80s because they had multi-generational mortgages.  

[easilyscan 553]

8 minutes ago, wiffleball said:

I remember laughing at the Japs in the '80s because they had multi-generational mortgages.  

Japan started their move towards 0% interest rates back in the early 90s.

Interesting to note that the Nikkei average (the equivalent of our Dow Jones industrial average) peaked at 38,000 around that same time.

32 years later it's @ 27,000

[Gepetto 977]

1 hour ago, craftsman said:

$1700 total per month for the two of us. It's less than the property taxes alone for homes around us. 

That would be annual property tax of $20,000 or more.  What evaluated house value equals that much property tax?  And what state are you in?

[edjr 5,547]

I pay $1700 in RE taxes every quarter for 2 properties. 

[Hardcore troubadour 12,576]

1 minute ago, edjr said:

I pay $1700 in RE taxes every quarter for 2 properties. 

I pay more for one.  

[edjr 5,547]

1 minute ago, Hardcore troubadour said:

I pay more for one.  

Just read something like 15 minutes ago. Tyreek Hill picked Florida to play because no state income tax. Said he chose Dolphins over Jets to save 3 million. or whatever it was. Smart man

[Hardcore troubadour 12,576]

1 minute ago, edjr said:

Just read something like 15 minutes ago. Tyreek Hill picked Florida to play because no state income tax. Said he chose Dolphins over Jets to save 3 million. or whatever it was. Smart man

Yeah. You’re going to see a lot of that now considering how high the salaries are. There was a time you could make up the difference with endorsements. No way Hill was getting close to 3m in endorsements in NY. 

[edjr 5,547]

Just now, Hardcore troubadour said:

Yeah. You’re going to see a lot of that now considering how high the salaries are. There was a time you could make up the difference with endorsements. No way Hill was getting close to 3m in endorsements in NY. 

I think it is officially NJ, but the point is the same and less of a chance

[craftsman 1,045]

57 minutes ago, Gepetto said:

That would be annual property tax of $20,000 or more.  What evaluated house value equals that much property tax?  And what state are you in?

Yes. The property taxes around me are around $22,000 to $30,000 or so.

Generally in the small city I live in and next door to me where I live the homes that are up for sale are anywhere from $650.000 to $4+M all within about 1-2 miles in each direction. If you find anything in the $500,000 dollar range it needs serious work or is tiny on a bad lot. In some of the not so great areas a few miles away that I would never move to I don't know their values.

New Jersey.  

[TimHauck 1,790]

4 hours ago, edjr said:

SOOO many idiots bought the last year and were so desperate they did no inspection. People are such clueless knobs

Hopefully they didn’t take your advice to not buy between about April-December 2020 though 

[TimHauck 1,790]

2 hours ago, craftsman said:

Yes. The property taxes around me are around $22,000 to $30,000 or so.

Generally in the small city I live in and next door to me where I live the homes that are up for sale are anywhere from $650.000 to $4+M all within about 1-2 miles in each direction. If you find anything in the $500,000 dollar range it needs serious work or is tiny on a bad lot. In some of the not so great areas a few miles away that I would never move to I don't know their values.

New Jersey.  

What would where you actually live be worth, not “houses around you”?

[Shooter McGavin 589]

2 hours ago, craftsman said:

Yes. The property taxes around me are around $22,000 to $30,000 or so.

Generally in the small city I live in and next door to me where I live the homes that are up for sale are anywhere from $650.000 to $4+M all within about 1-2 miles in each direction. If you find anything in the $500,000 dollar range it needs serious work or is tiny on a bad lot. In some of the not so great areas a few miles away that I would never move to I don't know their values.

New Jersey.  

You don't live in NJ, shut up.

[craftsman 1,045]

59 minutes ago, TimHauck said:

What would where you actually live be worth, not “houses around you”?

What would where? Actually live be worth? 

Drunk much? 

[TimHauck 1,790]

1 minute ago, craftsman said:

What would where? Actually live be worth? 

Drunk much? 

The house/apartment/mobile home that you live in. I see it often where people try to compare the rent they pay for a 2 bedroom apartment to what it would cost to buy a 4 bedroom house.

[Hardcore troubadour 12,576]

Just now, TimHauck said:

The house/apartment/mobile home that you live in. I see it often where people try to compare the rent they pay for a 2 bedroom apartment to what it would cost to buy a 4 bedroom house.

No you don’t. 

[craftsman 1,045]

6 minutes ago, TimHauck said:

The house/apartment/mobile home that you live in. I see it often where people try to compare the rent they pay for a 2 bedroom apartment to what it would cost to buy a 4 bedroom house.

I live in an apartment. That is what I posted. How is that hard to understand?

[TimHauck 1,790]

12 minutes ago, Hardcore troubadour said:

No you don’t. 

Utilit for one…

[TimHauck 1,790]

6 minutes ago, craftsman said:

I live in an apartment. That is what I posted. How is that hard to understand?

What would it sell for if it was a condo?

[craftsman 1,045]

6 minutes ago, TimHauck said:

What would it sell for if it was a condo?

It's not a condo. I rent an apartment. And I'm not a realtor. Why do you focking care?

[TimHauck 1,790]

15 minutes ago, craftsman said:

It's not a condo. I rent an apartment. And I'm not a realtor. Why do you focking care?

Because you’re not making a fair comparison by comparing your rent for an apartment to what it costs to buy a house.

[Hardcore troubadour 12,576]

3 minutes ago, TimHauck said:

Because you’re not making a fair comparison by comparing your rent for an apartment to what it costs to buy a house.

When did he do that? 

[MDC 5,875]

Liar Pilot wants links now.  

[craftsman 1,045]

11 hours ago, TimHauck said:

Because you’re not making a fair comparison by comparing your rent for an apartment to what it costs to buy a house.

Ok. I don't care about your opinion on something you know nothing about.

I don't know what else to tell your obsession.

[TimHauck 1,790]

2 hours ago, Hardcore troubadour said:

When did he do that? 

 

8 hours ago, craftsman said:

$1700 total per month for the two of us. It's less than the property taxes alone for homes around us. 

 

[craftsman 1,045]

7 hours ago, TimHauck said:

 

 

What's with your obsession?

[avoiding injuries 1,220]

16 hours ago, easilyscan said:

The silver lining is that property taxes will immediately drop by the same amount. 

 

And my home owners insurance will issue me a refund

[Shooter McGavin 589]

16 hours ago, easilyscan said:

The silver lining is that property taxes will immediately drop by the same amount. 

 

This is a joke, right?

[TimHauck 1,790]

30 minutes ago, craftsman said:

What's with your obsession?

An obsession with actually answering questions that people ask me?

[craftsman 1,045]

31 minutes ago, TimHauck said:

An obsession with actually answering questions that people ask me?

So I live in an apartment. Why do you care?

[TimHauck 1,790]

15 minutes ago, craftsman said:

So I live in an apartment. Why do you care?

Simply pointing out that it’s not really relevant to compare the cost of renting an apartment to the cost of buying a house.  If you were to compare to the cost of buying a similar sized condo, that might make some sense.  That is all.

[Sean Mooney 1,184]

The average property tax in New Jersey is 8400. So craftsman says he lives in an area that is paying 22000-30000 in property taxes.

I mean- not likely