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I do a bit of work for a broker. He seems like a very sharp guy. He said he made his first million with REOs during the last downturn. He is 100% sure we will have another downturn soon that will be worse than the last one.
This is just crazy. Housing is going gangbusters. Because?
Not a chance. No subprime lending crisis, no real estate meltdown.
WineHorror1 saysI do a bit of work for a broker. He seems like a very sharp guy. He said he made his first million with REOs during the last downturn. He is 100% sure we will have another downturn soon that will be worse than the last one.
Not a chance. No subprime lending crisis, no real estate meltdown.
There’s too much money on the sidelines, off the sidelines, everywhere. For 20yrs I’ve heard from the perma-bears about how housing is going to crash,
Sure the broken clock has been right once in 20yrs, but housing is not crashing. I’ve seen it do exactly the opposite over and over and over.
I do a bit of work for a broker. He seems like a very sharp guy. He said he made his first million with REOs during the last downturn. He is 100% sure we will have another downturn soon that will be worse than the last one.
I think we're going to see some major cities need either bailouts or BK like Detroit and completely restructure the mess.
What happens when a city declares bankruptcy? Obviously it means cuts to services and increased taxes. Which causes people to leave. Which causes property values to go down.
Over the past couple of months, housing has been on fire.
our economy was slowed down for years.The stock market wouldn't return to equivalent 1929 levels until 1954. So if you had been 40 in 1929 and lost everything, you'd be 65 if you survived the Depression at all. Of course, at 51 the build-up for World War II would have helped you. My parents were born in 1898 and 1902, but were never unemployed during the Depression, my mother being a teacher. They would talk about it from the perspective of a gallon of milk cost five cents in the 30's, which seemed unbelievable in the 50's, and then add but nobody had that nickel. The jazz and short skirts were fun while they lasted, but they really paid for all the fun.
There’s too much money on the sidelines, off the sidelines, everywhere.
My parents were born in 1898 and 1902, but were never unemployed during the Depression, my mother being a teacher. They would talk about it from the perspective of a gallon of milk cost five cents in the 30's
Governments are incentivized to do anything they can to boost home prices.
I think she just thought a mortgage was a ball and chain.
I just can't wrap my head around someone committing to a large mortgage payment and a huge tax bill at the same time.
My parents were born in 1898 and 1902, but were never unemployed during the Depression, my mother being a teacher. They would talk about it from the perspective of a gallon of milk cost five cents in the 30's
Bay Area Home Price Index hit an all time high
He's still around. Commented Aug 14: https://patrick.net/post/1334449?offset=0#comment-1694010
Hey, @EMan you here?
There was a someone who identified as a resident of SJ with handle "E-man".
He shared a lot on Partick.net about his prowess as a Bay Area real estate investor and landlord. Seems like recently he fell off the face of the earth, or at least got erased or self erased from this blog.
That's too bad.
It'd be interesting to read what he would chime in on this topic.
Rents appear to be in free fall over here (or at least until the students come back...)
The dismal market has forced property managers to get creative. Sorokin convinced one landlord in a new building downtown to slash rents from $4,000 to $2,000, expecting a flood of prospective tenants at the gates. That hasn’t exactly happened. “We’re literally getting two or three groups each week even at those prices,” he says. “It’s a bizarro world – there’s just literally a lack of any interest whatsoever in apartments right now.”
B.A.C.A.H. -- are you swimming in the Bay much these days? For some reason the open water seems to be beckoning me. Not sure how polluted this side of the bay is, though.
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Buy or not buy?