patrick.net

Noooooooo!

Meanwhile, the most recent S&P Case Shiller Home Price Index shows an all new high for Ess Eff and environs. Is this end my friend...

Even the suburbs won't be safe though they will care much better. I knew the top was in when I ran into some womynx by chance who was so excited about her recent shoebox "steal" of a studio she just "snagged" for 660k. The place is barely 500 sqft and you have to duck at times. It's for sale after unsuccessful attempts to rent it out for well over 3k and dumping hard and fast now and one may almost feel bad.

mell says

Pair this with shit leftoid governance and I wouldn't be surprised as house prices crashing close to what they did in 2008 before the Fed stepped in, so around 40%.

Where is Logan to tell you how wrong you are?

mell says

It's for sale after unsuccessful attempts to rent it out for well over 3k and dumping hard and fast now

These marginal Spec-U-Vestors drove the market on the way up. The pandemic rent strike is shaking out the weak hands. I imagine the S&P Case Shiller Home Price Index turns in November or December....

WineHorror1 says

mell says

Pair this with shit leftoid governance and I wouldn't be surprised as house prices crashing close to what they did in 2008 before the Fed stepped in, so around 40%.

Where is Logan to tell you how wrong you are?

lol well he was right for as long as we had the Trump economy fueled by low rates - we all know Trump likes to spend as well and keep rates low, but he also had the best job market going for him and an economy that was on fire. Now that the leftoids have fraud back not much will escape the leftoid marxist choke of economic death. At least the air in SF will be fresher to breathe and maybe we'll upgrade before the CALexit. Breed and Newsom and the toxic leftist culture have successfully destroyed a once vibrant economic hub full of novel ideas and unafraid of breaking the rules of political correctness. On the plus side, many douches and dunces gone as well, less pretentious and you can now bid 50% of asking on any property or rental you like and say you'll be back in a few weeks if they decline. Bring it on!

The suburbs look to be hitting record levels.

South San Jose, tri-Valley... bidding wars and new highs.

BayArea says

The suburbs look to be hitting record levels.

South San Jose, tri-Valley... bidding wars and new highs.

The burbs top out later, probably around now. Also the median was higher in 2018 and though it was a great comeback, it looks to be fading, esp. if you adjust for inflation. Many companies are moving and the moratorium is just ending. Lower priced dwellings may still catch good bids due to downsizing.

I cannot fathom folks who need to work for a living signing up for the property tax bills at the current prices.

It exceeds the mortgage payment for many sane places.

Unlike a mortgage loan, you cannot pay it off.

B.A.C.A.H. says

I cannot fathom folks who need to work for a living signing up for the property tax bills at the current prices.

It exceeds the mortgage payment for many sane places.

Unlike a mortgage loan, you cannot pay it off.

It’s offset by the insane equity upside you get here.

BayArea says

equity upside you get here.

That's silly, Homie. Keep telling yourself that.

Property tax payments and mortgage loan interest are sunk cost. Poof!

Unless you're a flipper like "E-man", where equity upside is actually cashed in on the flip when selling to the Greater Fool of a Tax Donkey.

Otherwise, it's "sunk cost". You cannot spend that equity upside. Not for car repairs, not for home improvements or maintenance. Not for childcare or tuition or vacations or toys. Not for investing, not for retirement saving/investing.

You cannot spend that upside, unless (in the face of insane taxes and loan payments) you wanna borrow against that upside and go deeper into debt.

B.A.C.A.H. says

I cannot fathom folks who need to work for a living signing up for the property tax bills at the current prices.

It exceeds the mortgage payment for many sane places.

Unlike a mortgage loan, you cannot pay it off.

10-15k property taxes annually is not that much when you pull in 250k+ household income. We just came back from our vacation in AZ. Loved it there (nice people, beautiful trails/lakes, low cost of living) but driving back we agreed that paying the sunshine tax is worth it (to us).

A certain duck must be losing a lot of money right now.

G36 says

10-15k property taxes annually is not that much

That's good since you cannot write it all off from your federal income tax like back in the day.

B.A.C.A.H. says

That's good since you cannot write it all off from your federal income tax like back in the day.

... unless Pedo Joe and BLM squad cheat their way into Senate majority and overturn the Trump tax reform. On the second thought even in this case your deduction most likely will be eaten by the fucking AMT.

BayArea says

The suburbs look to be hitting record levels.

South San Jose, tri-Valley... bidding wars and new highs.

The city center implodes and the imploding continues radially outward reaching the suburbs and finally the outer suburbs.

And it does not help that major companies like Oracle and Tesla are moving out. Who wants to work from home (WFH) from a sinking ship or high-tax, corrupt, 3rd world shit hole state (California) ?

They can move to Arizona, Nevada (i.e., Reno) or Texas.

Eventually the demand for California suburb housing will drop as more exit the state. Maybe it is a good idea that counties in California have been so hesitant to approve new housing for a long time to keep the inventory down. They knew eventually California will prove that its chief export is Democrat votes to Red states.

....

.

Rent is down 35% from November 2019 to November 2020 in San Francisco.

https://therealdeal.com/national/2020/12/13/san-francisco-rent-prices-are-falling/

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ad says

Who wants to work from home (WFH) from a sinking ship or high-tax, corrupt, 3rd world shit hole state (California) ?

They can move to Arizona, Nevada (i.e., Reno) or Texas.

Wolf Richter, himself a "Valley Fever" hipster, today referred to it as the "Techsodus".

B.A.C.A.H. says

Wolf Richter, himself a "Valley Fever" hipster, today referred to it as the "Techsodus".

Yes, Wolf Richter of WolfStreet.com, the proverbial cheerleader of San Fran, will be eating a lot of crow as he sees his beloved San Fran Bay Area imploding and never fully recovering.

It will be interesting to see California's debt and debt rating as well as the financial health of its major counties over the next 12 to 24 months.

Maybe that is why Nancy Pelosi is hiding her motive about the stimulus since it is really about bailing out states like California.

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It's that whistling sound of Big Tech parachuting out the hatch. Pacific Heights RichFucks and their wineries, with psychos, deputized criminals, and homeless left, a true Banana Republic two tier society.

Low interest rates pushes house prices to record high.