Economy The great housing market crash of 2022

[HockeyBjj]

Gonna buy me another house...

Landlords buying single family homes to rent out are contributing to the housing crisis everywhere

 

[MeatheadMike]

Landlords buying single family homes to rent out are contributing to the housing crisis everywhere

What's ironic about this is I've noticed multi-family houses in my area have been sitting on the market for months, and are the ones that end up usually selling for discounts under asking... even during peak home buying insanity earlier this year. It almost feels like investors completely abandoned them in favor of single family, to mess with people.

 

[TeTe]

Tell me, how will any of this stop record inflation? How will inflation stop at this point? I see some left leaning people on sherdog including @TeTe and others saying this is welcomed as a sign of change.

but for reference, who is dictating all these institutions? The democrat uniparty who you likely identify with are the real racist bad guys. Just accept it and you won’t look as stupid going forward,

Lmao... Talking about me looking stupid and you claim that I'm "left leaning" and that I identify with democrats. You might want to get your facts straight before lambasting my positions.

 

[TeTe]

Weren't there a bunch of posters in here saying there was no way housing was gonna take a dump?

You could get rich doing the opposite of what the WR does.

I expected the market to correct, in some areas worse than others. Here in San Diego I still don't expect it to go back to anywhere near pre COVID levels. I just don't see it crashing like 2008 ever again anywhere.

I bought my house in October 2020 for $655k... Now estimated value is $900k. Do I think that'll sustain? Not at all. But I don't see the value going below $800k again. Still much higher than pre COVID levels.

Back then banks were going bankrupt and needed government bailouts. I don't see that happening now. The lending process is still tighter than it was back then. We don't have that black swan event.

 

[TeTe]

What's ironic about this is I've noticed multi-family houses in my area have been sitting on the market for months, and are the ones that end up usually selling for discounts under asking... even during peak home buying insanity earlier this year. It almost feels like investors completely abandoned them in favor of single family, to mess with people.

Investors have been backing away from everything in San Diego. Even they don't want to deal with trying to turn a profit on overpriced properties now. They aren't getting the rent that they need to make money anymore.

 

[WhiteMousse]

I hope it's coming soon. I'd really like to buy a house

 

[AWilder]

Landlords buying single family homes to rent out are contributing to the housing crisis everywhere

We rent to our friends and they don't even cover the mortgage and our other home we do short term leases to cover the gap. I sleep just fine at night.

 

[cottagecheesefan]

Was a bit drunk over the weekend, sorry if i offended anyone. But just some more recent numbers.

First, the data already shows a massive dip in housing prices, even more so than 2008/09, so I think this was a pretty good thread topic to bring attention too.

But also keep in mind what I have been saying, which is jobs are not as good as biden admin says, and inflation is crushing people being able to spend on good.



But now the economy is catching up as recent profits have been crippling. These are all people that have been battling inflation, now they lost their jobs, and wont be making rent payments, which includes Air BnB investments, people wanting to buy to rent out, etc. It is crumbling.

Walmart had some terrible headlines a couple weeks ago, and now their big tech counterpart is having to lay of 100k. Damn.



Job cuts are across the board too, especially in tech, who are over paid people inflating the market.

 

[BIKES!]

Landlords buying single family homes to rent out are contributing to the housing crisis everywhere

It amazes me that this issue is never addressed by either party in supply challenged states and areas. Perhaps a limit on investment properties for individuals and businesses.

 

[chardog]

Landlords buying single family homes to rent out are contributing to the housing crisis everywhere

SFU in many areas is not very profitable

a duplex is more like it, but I can see branching out in california with the ADU laws that passed a few years back... I might be able to invest in my own state again

 

[chardog]

I expected the market to correct, in some areas worse than others. Here in San Diego I still don't expect it to go back to anywhere near pre COVID levels. I just don't see it crashing like 2008 ever again anywhere.

I bought my house in October 2020 for $655k... Now estimated value is $900k. Do I think that'll sustain? Not at all. But I don't see the value going below $800k again. Still much higher than pre COVID levels.

Back then banks were going bankrupt and needed government bailouts. I don't see that happening now. The lending process is still tighter than it was back then. We don't have that black swan event.

I got in 2012, 450K, next door sold in 2020, I was offered premarket 750K, I thought too much, sold for ~900K, now estimated 1.2M like my home.....

prices are insane and these are not investment home prices...... I expect to pay 400K in a crappy neighborhood duplex or fourplex...... as soon as the crash comes.

 

[Cool Hand Luke]

my colleagues son was fired at oracle

 

[deadon]

Landlords buying single family homes to rent out are contributing to the housing crisis everywhere

Are they? Isn't it a free market? If someone can't afford a home or has very bad credit should we rubber stamp the loan? Someone has to buy it right?
Its much like my sister that has rented her whole life. Has had cars repo'ed. Credit score from the age of 21 had been on the 400s. She's been kicked out of many homes for not paying rent. How she finds a home to rent still shocks me.
But we should give loans to these people to buy a home?

 

[BIKES!]

my colleagues son was fired at oracle

low level? Tech role?

Future is not looking good for those hired in the last couple of years and those replaceable with cheaper younger talent.

 

[Cool Hand Luke]

low level? Tech role?

Future is not looking good for those hired in the last couple of years and those replaceable with cheaper younger talent.

not entirely sure to be honest. but he's 24 only

 

[deadon]

Was a bit drunk over the weekend, sorry if i offended anyone. But just some more recent numbers.

First, the data already shows a massive dip in housing prices, even more so than 2008/09, so I think this was a pretty good thread topic to bring attention too.

But also keep in mind what I have been saying, which is jobs are not as good as biden admin says, and inflation is crushing people being able to spend on good.



But now the economy is catching up as recent profits have been crippling. These are all people that have been battling inflation, now they lost their jobs, and wont be making rent payments, which includes Air BnB investments, people wanting to buy to rent out, etc. It is crumbling.

Walmart had some terrible headlines a couple weeks ago, and now their big tech counterpart is having to lay of 100k. Damn.



Job cuts are across the board too, especially in tech, who are over paid people inflating the market.

Just to add.
https://mobile.twitter.com/GoldTelegraph_/status/1554485304924553217

Household debt tops $16 trillion for the first time, fueled by higher inflation and interest rates.
https://www.msn.com/en-us/money/rea...gher-inflation-and-interest-rates/ar-AA10eej0

 

[HockeyBjj]

Are they? Isn't it a free market? If someone can't afford a home or has very bad credit should we rubber stamp the loan? Someone has to buy it right?
Its much like my sister that has rented her whole life. Has had cars repo'ed. Credit score from the age of 21 had been on the 400s. She's been kicked out of many homes for not paying rent. How she finds a home to rent still shocks me.
But we should give loans to these people to buy a home?

That’s nowhere near what I’m talking about. I’m talking about the people paying $1400 a month to rent, and can’t find a home for a $1200 a month mortgage because they’re all being owned and leased out.

The person in your example should be renting an apartment or condo while they straighten out their life.

 

[deadon]

That’s nowhere near what I’m talking about. I’m talking about the people paying $1400 a month to rent, and can’t find a home for a $1200 a month mortgage because they’re all being owned and leased out.

The person in your example should be renting an apartment or condo while they straighten out their life.

Tough to do when you have 5 kids. Lol.

If you were to put a max on what a person cam own it will trickle into everything.
Think about those that owned rentals in 07. They took baths in them. There's ups and downs.

 

[Islam Imamate]

Landlords buying single family homes to rent out are contributing to the housing crisis everywhere

I feel as though onerous zoning regulations are the real reason for the housing crisis. People with capital are of course well poised to take advantage of this situation by being able to put down the capital for a mortgage only to rent the house itself but if there was sufficient stock that wouldn't matter much would it?

Cities need to end single family zoning and get rid of set backs and mandatory parking minimums to allow for more efficient land use and incentivize developers to build high and medium density housing in mixed use developments across the city and suburbs.

 

[HockeyBjj]

I feel as though onerous zoning regulations are the real reason for the housing crisis. People with capital are of course well poised to take advantage of this situation by being able to put down the capital for a mortgage only to rent the house itself but if there was sufficient stock that wouldn't matter much would it?

Cities need to end single family zoning and get rid of set backs and mandatory parking minimums to allow for more efficient land use and incentivize developers to build high and medium density housing in mixed use developments across the city and suburbs.

We both see the same problem, but I see the opposite solution.

They need to open up the single family zoning areas. So many places sit empty with commercially zoned “build to suit or lease!” Signs up on them. Towns need to be able to keep expanding. Empty land right on the outskirts of towns everywhere, just let people build some houses on them. Even weird splotches in towns that aren’t parks or anything, just 10-40 acres of empty grass.

building multi family cookie cutter condos only allows for more developers to get rich, while keeping people paying into renting without being able to own anything of their own to build that investment. And then it drives up the cost of actual houses as all that’s being built is units.

edit: also remove the square footage minimum from those zoning regs. We don’t need more 2800 square foot monster for double 100k income families. Let’s get some nice new 1200-1400 square foot homes back for average joes to be able to buy.