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Anyone read this site? The moderator/owner has been wrong for about 10 years now. Maybe he'll be right in year 11?
http://housingbubble.blog/?p=5875&source=patrick.net#comment-188909
Anyone read this site? The moderator/owner has been wrong for about 10 years now. Maybe he'll be right in year 11?I've been reading that blog for years since the Great Recession.
http://housingbubble.blog/?p=5875&source=patrick.net#comment-188909
WineHorror1 saysAnyone read this site? The moderator/owner has been wrong for about 10 years now. Maybe he'll be right in year 11?
http://housingbubble.blog/?p=5875&source=patrick.net#comment-188909
That's actually a good site. The owner/author of it called the last peak, and he purchased himself in AZ around 2012 ish and called bottom pretty accurately.
Seems he thinks RE has peaked again, and by all indicators, it has.
I remember that site. Seems like a good guy. I thanked him for quoting me.
https://patrick.net/post/1282720/2015-07-11-ten-reasons-it-s-a-terrible-time-to-buy-an-expensive-house
I dont think I have met anyone in my life who told me, oh gosh we really regret buying a home.
Bitcoin saysI dont think I have met anyone in my life who told me, oh gosh we really regret buying a home.
You don't live in the Bay Area, I assume.
I have indeed met people who pretty much ruined their lives by vastly overpaying for a house.
Overpaying for a house in the Bay Area still means you can sell the house for a huge profit a couple years later, no?
People are fucking stupid all over the country and buy what they are "qualified to borrow" instead of what they actually need and or can afford to maintain, heat/cool and otherwise take care of comfortably.
I remember that site. Seems like a good guy. I thanked him for quoting me.
https://patrick.net/post/1282720/2015-07-11-ten-reasons-it-s-a-terrible-time-to-buy-an-expensive-house
Agreed. I know many people who lost their shirts buying homes right before the Great Recession. My parents almost foreclosed on the house they bought in 1990 when they had to move in 1993. Some people just live with blinders on or are too young to know tough times.
Bitcoin saysI dont think I have met anyone in my life who told me, oh gosh we really regret buying a home.
You don't live in the Bay Area, I assume.
I have indeed met people who pretty much ruined their lives by vastly overpaying for a house.
I know many people who lost their shirts buying homes right before the Great Recession.
I personally know a couple that overpaid in Palo Alto, went bankrupt, and had to sell at a loss.
but most of the loan value that defaulted were prime loans
porkchopexpress saysbut most of the loan value that defaulted were prime loans
you had nowhere near the regulations back then compared to now. I closed this year on my investment property in AZ. Every penny gets sourced and you have to have 6 months of reserves. The prime loan in 2005-2006 was not what it is today and ARM's was a big thing which it isnt today.
We keep talking about the great recession. the market today is nothing like it was back then. People have great recession PTSD and they think that housing is just a continuous cycle of boom and bust. You might see something like the RE crash in 2008 only ones in your lifetime....
when his belief in his home equity depends upon his not understanding it.
Primary residence? You can BK and keep the house 90% of the time unless it was mortgage fraud or a 2nd home/vacation home.
It is difficult to get a man to understand something when his belief in his home equity depends upon his not understanding it.
My friends who are owners are generally glad, until something happens like a forest fire burns it down, a neighbor parks an RV nearby and illegally rents it out, homeless invaders come in the yard at night, etc.
http://housingbubble.blog/?p=5875&source=patrick.net#comment-188909