Real-Estate Bubble Popping?

[q6543]

Surveys defined it as net worth of 1.7M actually down from net worth of 2.2M pre pandemic iirc.

Somehow C19 and inflation made responders feel like they need less money now.

 

[Weather Man]

As home prices hover near historical highs and mortgage rates keep soaring, housing affordability in the U.S. is about to reach its lowest point since the 2007 Great Financial Crisis, according to a report by S&P Global Ratings released on July 20.

 

[Deceptive]

That guy was probably me. I have to report to CA (each year) that we still own the houses which we purchased using the proceeds from the sale in CA. That state wants it's taxes, and unless I sell the property acquired in CO (and don't re-invest for property of equal or greater value), we would indeed get jammed hard on capital gains tax. I sold a property here two years ago (non-1031, rental property) and paid $45K in capital gains taxes, and another $10K for "investment tax". Still cleared $200K, but damn that tax hit hurt.

California could get ****ed if it thought I’d pay taxes on property or anything I sold outside it’s border. I’d send a check with 0 written on it and a memo that states “Get ****ed Phaggits”.


If you buy an EV you won’t suffer through high gas prices. - Peter Buttplug

 

[MG0h3]

As home prices hover near historical highs and mortgage rates keep soaring, housing affordability in the U.S. is about to reach its lowest point since the 2007 Great Financial Crisis, according to a report by S&P Global Ratings released on July 20.

And there is only one outcome….


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[jpro]

As home prices hover near historical highs and mortgage rates keep soaring, housing affordability in the U.S. is about to reach its lowest point since the 2007 Great Financial Crisis, according to a report by S&P Global Ratings released on July 20.

Not sure rates are soaring unless you are talking strictly about their % increase.They’ve almost doubled, but they were at historic lows to begin with. Anyone who bought a house pre-2008 will recognize a 6%+ mortgage rate. I think the market needs to find its “happy place” (price + interest rate = affordability). A 6% rate isn’t bad except for the fact that prices are ridiculous.


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[Weather Man]

Not sure rates are soaring unless you are talking strictly about their % increase.They’ve almost doubled, but they were at historic lows to begin with. Anyone who bought a house pre-2008 will recognize a 6%+ mortgage rate. I think the market needs to find its “happy place” (price + interest rate = affordability). A 6% rate isn’t bad except for the fact that prices are ridiculous.


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It's the combination of record home prices and rising rates that is putting the whammy on buyers.

 

[tones_RS3]

If people are getting their vehicles repo'd left and right,....what's going to happen to the housing market?? It's happening already.

Rhetorical question, I already know.

 

[Tezz500]

If people are getting their vehicles repo'd left and right,....what's going to happen to the housing market?? It's happening already.

Rhetorical question, I already know.

Is there data suggesting that Repos are happening and mortgages are defaulting?

Legit question. I haven’t seen anything to suggest either at this time.

 

[tones_RS3]

Is there data suggesting that Repos are happening and mortgages are defaulting?

Legit question. I haven’t seen anything to suggest either at this time.

Oh yeahhhhhh,....they been on the rise. LOL
I'm talking about repos. I haven't researched on mortgages yet.

 

[Tezz500]

Oh yeahhhhhh,....they been on the rise. LOL
I'm talking about repos. I haven't researched on mortgages yet.

View attachment 1755612

This is gonna get goooood

 

[ford fanatic]

Didn't get a picture but I saw a pick up being repo'd by one of those hidden tow set ups they use on repo trucks. It wasn't even strapped down yet, he was slowly getting down the road away from the owners house.

 

[Deceptive]

This is what these retards get for buying boats and vehicles instead of paying rent and mortgages with Corona-Lisa money.


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[tones_RS3]

This is what these retards get for buying boats and vehicles instead of paying rent and mortgages with Corona-Lisa money.


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Plus, paying 10K to 20K over asking price for a vehicle. (I'm all for Capitalism, but I am not paying over what the manufacturer of said vehicle is asking for. lol "Maybe" within reason I may.)

If they have the cake for it, they have it, but if they don't have the cake for it and had to have the vehicle,.......bye byes!!!

 

[tistan]

Plus, paying 10K to 20K over asking price for a vehicle. (I'm all for Capitalism, but I am not paying over what the manufacturer of said vehicle is asking for. lol "Maybe" within reason I may.)

If they have the cake for it, they have it, but if they don't have the cake for it and had to have the vehicle,.......bye byes!!!

It isn't capitalism when you are competing for goods with money that the government takes from you and gives to people who didn't earn it.

 

[Blown 89]

If people are getting their vehicles repo'd left and right,....what's going to happen to the housing market?? It's happening already.

Rhetorical question, I already know.

Apparently this is happening with other debts too. Ben Shapiro detailed it on his podcast a month or so ago.

 

[tones_RS3]

It isn't capitalism when you are competing for goods with money that the government takes from you and gives to people who didn't earn it.

Are you talking about the "free" monies that the gubberment gave out during the ChYna Virus? I'm assuming so.
$600 on top of unemployment benefits = HUGE money weekly or biweekly.

Apparently this is happening with other debts too. Ben Shapiro detailed it on his podcast a month or so ago.

Wow. I haven't watched his channel, but I heard credit card debts are not being paid either.

 

[tistan]

Are you talking about the "free" monies that the gubberment gave out during the ChYna Virus? I'm assuming so.
$600 on top of unemployment benefits = HUGE money weekly or biweekly.



Wow. I haven't watched his channel, but I heard credit card debts are not being paid either.

Don't forget the free money for every child.

 

[q6543]

The child tax credit money was THE straw that broke the camels back.
I witnessed it first hand... alot of single mothers of 4 in my plant became too good to work... FMLA... all that shxt.

 

[Weather Man]

So many conflicting signals. Went to a restaurant on Sun, closed because staff didn't show up. 2nd restaurant had a buffet only, no menu due to kitchen staff shortage. Small business help wanted signs still up and warehouses still have driver bonus signs up. Drivers I can see because I know a couple independent guys getting out because of fuel and insurance hikes.

When does inflation drive labor force participation back up? Although, with what my daughter is going through with daycare, it really doesn't pay for a married mom to work, the costs are that bad.

 

[DriftwoodSVT]

I've had an opening on my Network Operations staff since 12/2021 and in my 16 years here, I've never had so few qualified candidates. Hiring is challenging.