House Bubble 2.0?

Things haven’t slowed down one bit here (Clearwater FL) it took my wife and I 6 months to find a house. 6 offers on 6 different houses and we got outbid or beat making an offer. We finally found one two weeks ago. Was on the market 1 hour and we went and made an above ask offer. House needs remodeling inside and a roof. Fortunately we flip condos so the remodel part is what we were looking for. 4 bed 2 bath 2 car garage with a pool.


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Jobs market here is still tight, more people with more money and the housing just keeps going up. Apartments and low income housing are getting scarce as downtown development moves into poorer neighborhoods. They even turned our strip clup into apartments and some guy built a castle apartment building.

Housing here is severely depressed, I see some that have reduced their list price by more then 100k and still sitting on market. Mine is currently listed and priced lower then realtor told us to list it for, no showings. Rough here.

It’s slowed way down here in Texasfornia. Could of been due to lack of materials as all resources were exhausted on Beto signs I believe.

I'm hoping so. Sitting on alot of cash to buy one myself

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I’m done buying for awhile. I’ll sell a house in ‘20 to avoid capital gains. Then the proceeds go to mad money shopping spree. Unfortunately, the Wench nixed the hookers and blow idea.....

Mpoitrast87 said:

Market is ridiculous where I am. Houses are selling for 100-120k over what they are actually worth. Which makes it impossible for people like me to buy a house as a first time home buyer. I'm waiting for the market to collapse.

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I'm sorry man. We're being ****ed over by the a big collusion scam that they just blame the "market."

It's a collection of investors, landlords, real estate agents-mainly brokers, contractors, builders, material suppliers, and the main beneficiaries-lenders, banks, and governments.

They're all in it to charge you more so they get rich, or take your house and "widow's houses" when you finally can't pay.

Think that if investors/landlords put their houses up for sale at over retail beginning in the Spring/Summer when families buy. Their buddies buy the houses, or the realtors mark them sold. This will cause people to panic, and force them to bid on overpriced houses on irrational feelings.

A 500,000 house with a mortgage of 30 years at 4.5 % will cost 412,000 just in mortgage interest. More mortgage, more interest.

The rich win, and families lose. Those that missed out on the scam will have to pay landlords and fund their investments.

MG0h3 said:

Glad I'm sitting on a lot of cash to buy investments with. Where I'm at in TX seems a bit more stable than other areas though.

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Texas weathered the storm better than most the last time, but we didn’t really have a bubble. I fear though it will be worse this time for us, there has been a lot of new construction, demand. Home prices seem higher than they really should be, not crazy like elsewhere, but still high.

I put an offer on a townhome in 2012 sold to another buyer for $160k. It just sold a few months ago for $490k. A house two blocks away sold for $180k 8 months ago, underwent a minor remodel (new kitchen, floors, and paint) and is back in the market for $470.

If you don't think this is a bubble you're blind. The same people that told me a housing market wasn't a bubble in 2008 are telling me nothing is wrong now despite the fact that Arizona is WELL above the 2008 prices.

I saw the bubble coming the first time and started hoarding money. I bought a business instead. In 2012 I saved up again and made the mistake io getting married and we bought a house together. This crash nothing is stopping me from taking advantage.

The problem is that every time it crashes here the flippers, investors, and contractor swoop in and rape the market which makes it nearly impossible for normal people to buy

I don't believe the coastal property values are sustainable. I don't want to experience what's going to show that to be the case, because it'll be UGLY, whatever it is.

The cards are not laid out the same as they were in 2007-2008, where inflated housing prices were fueled by easy credit, which fueled inflated housing prices, until some genius got the idea of packaging all the debt into purchasable funds, and one too many people defaulted on their loans, and the house of cards collapsed.

Except...you know what's being packaged into purchaseable funds? Auto loans. The average of which is over 80 months long now. Car/truck sales are flattening out, people are upside down on their purchases for 5+ years, and shit's gonna hit the fan IMO.

MFE said:

I don't believe the coastal property values are sustainable. I don't want to experience what's going to show that to be the case, because it'll be UGLY, whatever it is.

The cards are not laid out the same as they were in 2007-2008, where inflated housing prices were fueled by easy credit, which fueled inflated housing prices, until some genius got the idea of packaging all the debt into purchasable funds, and one too many people defaulted on their loans, and the house of cards collapsed.

Except...you know what's being packaged into purchaseable funds? Auto loans. The average of which is over 80 months long now. Car/truck sales are flattening out, people are upside down on their purchases for 5+ years, and shit's gonna hit the fan IMO.

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This, I foresee an auto loan or college debt crisis before another housing collapse.

MFE said:

I don't believe the coastal property values are sustainable. I don't want to experience what's going to show that to be the case, because it'll be UGLY, whatever it is.

The cards are not laid out the same as they were in 2007-2008, where inflated housing prices were fueled by easy credit, which fueled inflated housing prices, until some genius got the idea of packaging all the debt into purchasable funds, and one too many people defaulted on their loans, and the house of cards collapsed.

Except...you know what's being packaged into purchaseable funds? Auto loans. The average of which is over 80 months long now. Car/truck sales are flattening out, people are upside down on their purchases for 5+ years, and shit's gonna hit the fan IMO.

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Average auto loan is 69.5 months, but I agree something will have to give.

Sinister04L said:

Average auto loan is 69.5 months, but I agree something will have to give.

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Prices on vehicles are way too much money these days and forcing the majority into longer term loans.

Most of the vehicles aren't worth their invoice prices and then depreciate the second you drive them off the lot.

This and the student loans crisis could make things very unstable very soon.

Screw-Rice said:

This, I foresee an auto loan or college debt crisis before another housing collapse.

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This.

There is no ‘housing crisis’ bubble on the horizon due to the lack of subprime loans.

That will eventually change due to them recently being offered again, but screw is right with the college/car loans in the immediate future.

NIXDSG said:

Housing here is severely depressed, I see some that have reduced their list price by more then 100k and still sitting on market. Mine is currently listed and priced lower then realtor told us to list it for, no showings. Rough here.

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Whoa, what city are you in/around? Being in Madison, WI, I could be reasonably close to you. Things are nuts here, my wife and i bought 3.5 years ago and our house is worth at least 25% more than what we paid for it. Also got a 3.5% interest rate so that helps on the monthly payments

rborden said:

Prices on vehicles are way too much money these days and forcing the majority into longer term loans.

Most of the vehicles aren't worth their invoice prices and then depreciate the second you drive them off the lot.

This and the student loans crisis could make things very unstable very soon.

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If you've ever dealt with the student loan finance companies, you'd understand when I say I hope they go bankrupt. Idiot kids taking out idiotic loans for useless degrees aside, the financiers are crooks and deserve to go bankrupt. Taking advantage of kids who don't know any better.

Luckily I didn't do that to myself, but it's evident to me that student loans and auto loans are the two bubbles to burst. Depreciation on both sides with crappy rates. Spells disaster

03Sssnake said:

Texas weathered the storm better than most the last time, but we didn’t really have a bubble. I fear though it will be worse this time for us, there has been a lot of new construction, demand. Home prices seem higher than they really should be, not crazy like elsewhere, but still high.

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Not sure where you are in Texas but in DFW prices grew really fast from 2013 to 2017. Enough to build a 200k house in 2013 and sell it for 300k in 2017.

I thought that was insane. Houston grew pretty fast as well.

We used our acreage as our down payment during our custom build, so we had more than 20% down which was nice. We appraised at $740k in 2016, not sure what it would be now.

The ranch behind us sold for $750k back in 2015. They now have it on the market for $975k. Pretty good profit for 3 years if it sells.

People buying above their means...go figure.

bglf83 said:

Not sure where you are in Texas but in DFW prices grew really fast from 2013 to 2017. Enough to build a 200k house in 2013 and sell it for 300k in 2017.

I thought that was insane. Houston grew pretty fast as well.

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I am in Cypress, just NW of Houston and it's been pretty crazy here. Moved back here in 09 and scooped our current home, nearly 3000 sq ft on a 19,000 sq ft lot. Just going by comps, we could very nearly double our money if we sold now. Though I have no intention of doing that and have had to shut my wife down on that matter several times. She thinks the windfall from a sale would suddenly allow us to get a bigger home, lol, it really won't at the moment.