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Economy The Housing market is in trouble

VivaRevolution

VivaRevolution

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Homeownership across America is on the decline for the first time since 2017, and millennials are partially to blame

https://www.google.com/amp/s/amp.bu...-buying-homes-us-homeownership-decline-2019-4

5 Signs Your Local Real Estate Market Is A Bubble

https://www.google.com/amp/s/www.fo...our-local-real-estate-market-is-a-bubble/amp/

Housing Market Crisis 2.0: The Jury Is In For 2018-2019

https://www.google.com/amp/s/seekin...housing-market-crisis-2_0-jury-2018minus-2019

_______________________________________


So, I don't think this will be like 2008, but the housing recovery has priced people out of many markets, which will eventually result in a surplus of housing, and it's value to crash in those markets.

I make about 90k a year without OT. I want to buy a home, but I won't pull the trigger when a small house is going for 300k in my market, and a 2000 square foot home is going for 500-600k.

I believe a housing market bubble is coming as educated customers refuse to buy.

All the dumb shits will buy these for gone upsidedown mortgages, but for people with any sense, this is a bad investment.

The real worry for our economy, is what is known as a contagion, where many local housing markets collapsing could result in the everything bubble bursting.

Discuss...........
 
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It's okay. We'll just continue to allow property management companies and Chinese investors to buy up the remaining residential real estate so that us, our children, and our grand children can never have the opportunity to own property. Nothing wrong with owning zero wealth. It worked out well for the peasants and serfs.
 
xcvbn said:
It's okay. We'll just continue to allow property management companies and Chinese investors to buy up the remaining residential real estate so that us, our children, and our grand children can never have the opportunity to own property. Nothing wrong with owning zero wealth. It worked out well for the peasants and serfs.
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Maybe that's happening where you live, but not here. It's all high end condos, townhouses, and homes around here.
 
Im in Orange County and prices won't drop much probably and won't stay down long. In 2008 the houses here bounce back pretty quick and didn't drop much compared to other places in SoCal.
 
Headkicktoleg said:
Maybe that's happening where you live, but not here. It's all high end condos, townhouses, and homes around here.
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It's happening everywhere from the bay area to LA to British Columbia. Hell, Warren Buffet is even buying mobile home parks. Meanwhile, the Chinese have invested over $2T in residential RE the past decade. They buy houses over asking price in cash then rent them out.

We're quickly becoming a nation of renters.
 
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The elderly lady across the street moved to a retirement home at the end of 2016. Her kids decided to rent out her place and become landlords instead of selling the place because the value has skyrocketed. They spend the 5 hours driving from New Jersey, where they live, to deal with it.

Can't really imagine most people my age being able to find a place to own around here. Most of my friends growing up are riddled in debt and the ones who have bought places. My friends at work bought bought a place for $1.4m, and while the place is nice, seems almost imaginary to spend that much on a 6 bed room house.
 
Cuzcatlan said:
Im in Orange County and prices won't drop much probably and won't stay down long. In 2008 the houses here bounce back pretty quick and didn't drop much compared to other places in SoCal.
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All that pot money buying Mcmansions.
 
xcvbn said:
It's happening everywhere from the bay area to LA to British Columbia. Hell, Warren Buffet is even buying mobile home parks. Meanwhile, the Chinese have invested over $2T in residential RE the past decade. They buy houses over asking price in cash then rent them out.

We're quickly becoming a nation of renters.
Click to expand...

In Toronto the Chinese have decimated the home market and so have people from India. Both of these countries buy homes they don’t even live in. They either rent them for exuberant prices or they leave them vacant for long periods of time as a means of storing their wealth someplace other than back home.
 
Some of these articles are almost comical.

"Millennials are partially to blame" for not wanting to buy incredibly overpriced houses from baby boomers who think they are sitting on a gold mine, because many Millennials are also paying off astronomical student debt due to the failures of that same generation to ever make moves towards affordable college tuition. If you let college tuitions grow completely out of control for half a century, you can't turn around and blame young people for not taking out another loan to buy an overpriced house. The young people learned from your mistakes.

I think history is going to reflect pretty negatively on a lot of the mistakes of the baby boomers and generation x. Lots of people from those generations seem desperate to find some way to blame Millennials for all kinds of things that they actually caused themselves. Then they seem to get mad that Millennials have proven to be too smart and too creative to fall into the same traps. Millennials do not owe baby boomers a million dollars for their dated 4 bedroom houses. Some people would rather spend their income on traveling and accumulating experiences rather than a barely affordable 30-year mortgage.
 
Sketch said:
In Toronto the Chinese have decimated the home market and so have people from India. Both of these countries buy homes they don’t even live in. They either rent them for exuberant prices or they leave them vacant for long periods of time as a means of storing their wealth someplace other than back home.
Click to expand...

They do that because there is nothing to invest in, in China. It is safer to get your money out of the country and invest it. Their money can make them more money in places like the US and Canada.
 
I'm trying to sell a home.

This does not make me happy.
 
Al Gorithm said:
https://idx.richmondvamls.net/idx/details/listing/d127/1906356/1906356-3817-Cotley-Court-Henrico-VA

Maybe You should move TS . My ( what is it supposed to be.... a paltry 74 cents to the dollar? ) wife will make about 160k this year and this is an example of what 500k will get you around here , " here " being the west end of Richmond VA.

Edit : actually don't move........here anyway. We're full of fleeing Northerners as it is.
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I would say at least half of the people I went to school with moved down south. My buddy is an educated engineer. Got a nice house and life in South Carolina. I asked him if he would ever consider moving back to NY. He started laughing. Then kept on laughing. lol. Never coming back. He can live like a king there. And you know what, New York spends all this money producing these people only for them to leave and contribute to another state.
 
nac386 said:
Some of these articles are almost comical.

"Millennials are partially to blame" for not wanting to buy incredibly overpriced houses from baby boomers who think they are sitting on a gold mine, because many Millennials are also paying off astronomical student debt due to the failures of that same generation to ever make moves towards affordable college tuition. If you let college tuitions grow completely out of control for half a century, you can't turn around and blame young people for not taking out another loan to buy an overpriced house. The young people learned from your mistakes.

I think history is going to reflect pretty negatively on a lot of the mistakes of the baby boomers and generation x. Lots of people from those generations seem desperate to find some way to blame Millennials for all kinds of things that they actually caused themselves. Then they seem to get mad that Millennials have proven to be too smart and too creative to fall into the same traps. Millennials do not owe baby boomers a million dollars for their dated 4 bedroom houses. Some people would rather spend their income on traveling and accumulating experiences rather than a barely affordable 30-year mortgage.
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" Would rather " or don't really have an option? I'm 39.....so gen x I guess , and own 2 homes with about 400k in equity between the 2 . I rent 1 out and the other houses my family . Of course I have IRA's and a 401 , but remind me again why whatever value I have in real estate is gonna seem stupid and inconsequential in 20 years?

"Experiences " are great , won't dispute that. But Selling my rental to buy a 100 acres in the blue Ridge mountains is gonna be pretty swell too.
 
Yorkist said:
'Millenials are to blame.'

Lmao.

Nope. Baby Boomers are to blame. They treat houses as their retirement nest egg and not a home.

https://globalnews.ca/news/4257118/home-prices-canada/

Fuck the baby boomers. They fucked literally everything up and now blame millenials.
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I laughed at that title as well. I meant my op to address that, in pointing out that yes millennials are to blame for understanding it is a shit investment in many markets today, and that the idea of buying a home being a safe investment has been debunked.
 
JonesBones said:
I would say at least half of the people I went to school with moved down south. My buddy is an educated engineer. Got a nice house and life in South Carolina. I asked him if he would ever consider moving back to NY. He started laughing. Then kept on laughing. lol. Never coming back. He can live like a king there. And you know what, New York spends all this money producing these people only for them to leave and contribute to another state.
Click to expand...

My wife is from NJ. Her parents still live there in a dated as shit 2000sq ft tri-level worth( ie taxed at ) about 700k. Poor fuckers pay about 15k a year in property taxes.
 
Yorkist said:
'Millenials are to blame.'

Lmao.

Nope. Baby Boomers are to blame. They treat houses as their retirement nest egg and not a home.

https://globalnews.ca/news/4257118/home-prices-canada/

Fuck the baby boomers. They fucked literally everything up and now blame millenials.
Click to expand...

A house is a bad investment. lol. The idea of owning a home was a narrative created by the banks. The American Dream. Own your own home. The banks need people to lend money to. They need a product that one needs that they can loan them money for. Here comes owning your own house and the American Dream.
 
300k is nothing lol for a middle class guy.
 
JonesBones said:
They do that because there is nothing to invest in, in China. It is safer to get your money out of the country and invest it. Their money can make them more money in places like the US and Canada.
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It's up to the politics of the country being bought up to do something about it. Can't really blame foreign buyers for taking advantage of any opportunity they have to make money. They have no real interest in the local politics except for turning profits really.

Unfortunately I suspect turning profit is also partly why this is being allowed to happen on both ends, regardless of long term outcomes.

Some nations put in tight restrictions of foreign buyers because of problems it can create.
 
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