patrick.net

I smell a realtor. :)

@bubblesitter

If you believe that hyperinflation is coming, it would be in your best interest to buy a house NOW.

Believe me, you will be priced out again once our money becomes worthless.

FaithInHim says

@bubblesitter

If you believe that hyperinflation is coming, it would be in your best interest to buy a house NOW.

Believe me, you will be priced out again once our money becomes worthless.

If/when that happens, buying a house to "nest" in is going to be at the bottom of everyone's list of priorities. Food & water will be all that matters if the economy completely implodes and money is largely worthless. RE is something people waste time worrying about when the economy is good enough that they don't need to worry at all about the basics (shelter is a basic & can be covered many ways; buying property is an unnecessary luxury).

FaithInHim says

@bubblesitter

If you believe that hyperinflation is coming, it would be in your best interest to buy a house NOW.

Believe me, you will be priced out again once our money becomes worthless.

rofl, Phoenix.

Realtor and religious ignorance all wrapped in one. Where do I sign?

@ bmwman91

I give your ideology an epic fail.

Shelter is a priority, just like food and water. Why wouldnt shelter go up in price as well?

You really think bankers are going to let you repay your loans with worthless dollars?

Really?

lol

@ crazyman

Your in CA, and that is definately a buyers market. There are some smoking bargains in CA. You need to buy up now.

Buy, buy, buy!

CrazyMan says

You really think bankers are going to let you repay your loans with worthless dollars?

Really?

lol

Well, I guess if they change the contract terms, they could reject US dollars.But they may not change the terms. If by chance they dont, you could probably pay off your home in no time.

bubblesitter says

I smell a realtor. :)

Article states median house price in metro Phoenix is $124k. Then it could well be true that prices have bottomed.

Just because something comes from NAR does not mean it is automatically false. In order to be useless you must actually be right sometimes.

This statement is obviously a falsehood, since it is common knowledge that you can't tell a bottom, until the bottom has passed. The statement made by the "wishful thinker" who started this blog, is akin to saying that today is the end of the world.

Also, I wish state colleges would stick to their charter of educating our youths in real subjects, so that they can be competitive with the rest of the world, instead of catering to the NAR mafia, and other special-interest groups.

FaithInHim says

There are some smoking bargains in CA. You need to buy up now.

Show me one bargain in the bay area which is not in the getto.

FaithInHim says

Why wouldnt shelter go up in price as well?

Because, I need a loan to buy a shelter. When shelter is as cheap as air, water and food, where I don't require a loan to get it, then, we can talk.

FaithInHim says

@ bmwman91

I give your ideology an epic fail.

Shelter is a priority, just like food and water. Why wouldnt shelter go up in price as well?

Take a look at the Great Depression and see how much the average person cared about purchasing real estate during that time. People's concerns were in feeding themselves & their families because the cost of food rose far faster than wages.

Are you suggesting that one must BUY shelter for it to count? Yeah, rents went up during the great depression, but renting also afforded people the mobility that they needed to move & start lives elsewhere. I get that people that buy in today's dollars can pay the house off in a week with hyper-inflated dollars of the future. The thing is that another great depression will change everything for everyone, and they may well just walk away from the house to greener pastures. The point is not that they can save money by buying now: the point is, if your hyperinflation idea is true, that homeownership won't matter because putting food in your mouth & subsisting will be a daily struggle.

You aren't a very good realtor shill, by the way. We have had a lot of them, far more clever than you, come through here.

dunnross says

This statement is obviously a falsehood, since it is common knowledge that you can't tell a bottom, until the bottom has passed. The statement made by the "wishful thinker" who started this blog, is akin to saying that today is the end of the world.

Wishful?? Are you kidding me. Let me guess, you're one of those folks that sold your 401K in 2008, missing the buying opportunity.

Im trying to tell you that now is the time to buy. Dont wait because the prices will be rising quickly going forth. Prices increase or decrease depending on supply and demand. The stock market is rising off the roof. Food prices are skyrocketing. The fed funds rate is still at 0%. These are all signs of inflation.

FaithInHim says

Im trying to tell you that now is the time to buy. Dont wait because the prices will be rising quickly going forth.

lol. Maybe they will. That would be indicative of far bigger problems down the road, and buying houses would be a dumb idea for more reasons than it is right now.

FaithInHim says

The stock market is rising off the roof. Food prices are skyrocketing. The fed funds rate is still at 0%. These are all signs of inflation.

No, these are all signs of a diseased economy in its death throes.

FaithInHim says

The fed funds rate is still at 0%. These are all signs of inflation.

Maybe you should go back to your Econ 101 class. How is Fed funds rate at 0% a sign of inflation?

bmwman91 says

Take a look at the Great Depression and see how much the average person cared about purchasing real estate during that time.

You're comparing apples to oranges.

In a depression enrivonment, the dollar still has value and you still have a manufacturing base. In depression, there is a shortage of dollars. In this type of environment, you want to hold as much cash as possible.

In a inflationary enrivorment, the dollar loses value and you have no manufacturing base. During inflation, there is a influx of dollars. You dont want to save in this kind of environment. You want to purchase as much as possible in today's dollars.

So during a depression, buying a house would not be essential as it would take up too much cash needed for other things. In inflation, buying a house is essential to do now before you are priced out.

dunnross says

FaithInHim says

The fed funds rate is still at 0%. These are all signs of inflation.

Maybe you should go back to your Econ 101 class. How is Fed funds rate at 0% a sign of inflation?

because your flooding too much money in the system.

FaithInHim says

because your flooding too much money in the system.

Then you should go back to your Logic 101 class. Remember:

"Correlation does not imply causation"

If hyperinflation happened in America, the lower class would just rise up and take what they wanted. Owning a home wouldn't matter unless it had a defense system and power generator.

@dunnrose

You're talking crazy talk.

The signs are all around you!

Food prices went up
Gas went up
Housing will go up
Gold went up
Dollar value went down

Everything's worth is measured in US Dollars. If the value of the dollar goes down, everything else will go up.

StoutFiles says

If hyperinflation happened in America, the lower class would just rise up and take what they wanted. Owning a home wouldn't matter unless it had a defense system and power generator.

Yup. If you are convinced of hyperinflation, you would be stockpiling guns, ammo and non-perishable food. If it happens, I fully intend to TAKE what I need, because there aren't going to be any police or other enforcers of the law (they will also be out taking what they need for their families). It scares the hell out of me, thinking about the millions & millions of people in America that can't provide for themselves without welfare, and what they will do once the free lunch goes away. I'll barricade myself in whatever shelter I am in at the time & take as many of them down as I can as they try to get at my stores. This sounds an awful lot like a zombie movie.....

We still have very clear deflation in house prices. It would be foolish to buy anytime soon.

The Fed would like to inflate housing, but they are not all-powerful. They are limited by the fears of the bond market.

If bond buyers get spooked, they will demand higher interest rates, and housing will continue to fall anyway, because people won't be able to borrow as much at higher rates.

We do have inflation in energy, food, and especially in medical care, but we have deflation in housing at the same time because there is still WAY too much mortgage debt out there, and it continues to default at a good clip.

The real inflation to watch is wage inflation. If wages were spiraling upward, then housing could follow. But I don't see wage inflation at all.

dunnross says

FaithInHim says

There are some smoking bargains in CA. You need to buy up now.

Show me one bargain in the bay area which is not in the getto.

@dunnross

here are several properties

editing...realized you said bay area

FaithInHim says

dunnross says

FaithInHim says

There are some smoking bargains in CA. You need to buy up now.

Show me one bargain in the bay area which is not in the getto.

@dunnross

here are several properties

editing...realized you said bay area

Yes, preferably in the fortress, because everything else is sh*t. In fact, even the fortress is sh*t, but it doesn't smell as bad as the other sh*t.