patrick.net

ad says

SunnyvaleCA says

There are over a billion people who, given the chance, would move to California for all the free stuff. So, supply of housing will never outstrip demand. Demand will slow when living here is worse than living in other parts of the world from which people are coming. That basically means the quality of life in California has to fall a very very very long way to make supply and demand balance. Open borders have consequences.

Something has to give. It can't be sustained. E

I think the billion he's referring to are mostly in China and India. The rich kids are the ones who buy their way here with foreign student visa-H1 route or other pathways accessible to the rich families over there. To them, the Bay Area is as uncongested as a Wide Open Prairie. And as expensive as it is for the rest of us, what they get for what they pay, at Bargain Prices.

Onvacation says

Why real estate is never too expensive.

But then there is this:



https://fred.stlouisfed.org/series/QJPN628BIS?source=patrick.net

Al_Sharpton_for_President says

Onvacation says

Why real estate is never too expensive.

But then there is this:



https://fred.stlouisfed.org/series/QJPN628BIS?source=patrick.net

Nobody cares about RE in Japan

Bitcoin says

good luck with the housing crash theory .....inventory is historic low....

There is a bubble as far as housing prices relative to household income just like in 2004 to 2007. However, I agree, as the conditions are different such as with subprime mortgages and inventory.

Back in 2007 there were a lot of subprime mortgages being issued, but that is not the case now. And there was a relative over supply of housing.

I see a correction, and possibly over correction, but not a crash like what started around 2007 and ended about 2012.

The same goes for the S&P 500. Look at its P/E ratio. Its far from over valued compared to 2000.

Any speculative assets like stocks will over-correct to an extreme undervaluation level as part of market psychology.

Just look at stocks like Facebook which have gotten decimated.

.

https://www.bizjournals.com/sanfrancisco/news/2022/04/25/wells-fargo-layoffs-hit-mortgage-operations.html?source=patrick.net

Wells Fargo layoffs hit mortgage operations

ad says

I see a correction, and possibly over correction, but not a crash like what started around 2007 and ended about 2012.

The same goes for the S&P 500. Look at its P/E ratio. Its far from over valued compared to 2000.

Any speculative assets like stocks will over-correct to an extreme undervaluation level as part of market psychology.

I agree and it screams buying opportunity to me :)

zzyzzx says

https://www.bizjournals.com/sanfrancisco/news/2022/04/25/wells-fargo-layoffs-hit-mortgage-operations.html?source=patrick.net

Wells Fargo layoffs hit mortgage operations

This type of business is very much dependent on rates. The Refi business is basically dead right now and will pick up as soon as rates come down again. Everyone who recently closed on home purchases is waiting to refi.

ad says

This article came out recently in the Florida panhandle. Its the local media stating that Florida panhandle real estate is in demand.

It's insane. St. George Island/Appalachicola (closer to the armpit, but still panhandle) is insane from when we first went there about 7 years ago. We stopped going there because prices for rentals got fucking insane and so did the prices of a home.

We'd rent a bay side house in the Plantation for $2,200/wk. Similar (or lesser) houses are renting for $4-5k/wk now.

My mom is dumping her houses in Milton and Navarre as we speak. She's almost out of the market and she's making solid money after holding some properties through the last housing crash. Love the panhandle and would like to get vacation property there around Pensacola or PCB ( because of the airport), but it's getting a bit crazy again. Probably will just go big/risky and get a 2 bed condo in St. Thomas. The whole hurricane thing freaks me out in either location.

The Virgin Islands are amazing though. Do the snowbird thing end of December till March and then rent the place out the rest of the year to cover costs. Only issue is the cost of goods, food, booze, etc. is massive down there. Puerto Rico is also intriguing for the tax benefits, but I have some trust issues with Puerto Ricans. Infrastructure is crap based on my visits and obvious news stories after hurricanes. Also, packaged beer I'm pretty sure is all 10oz. Draft at a bar is bigger, but it's a joke. I don't even know if they sell individual tall boys there. It's a weird country.

porkchopexpress says

Bitcoin says

richwicks says

@Bitcoin - this is a valid criticism

In a few month I am getting my next booster. Every 9 month I believe in order to remain fully vaxxed. I travel a lot and so far I never had covid. Maybe I had it and had mild symptoms. This isnt a covid-conspiracy thread. This is about housing. Stick with the topic pls :) I personally dont care if someone is vaxxed, an anti vaxxer or gay. Your body, your choice.

This is about your inability to process information objectively, which discounts the validity of your posts. I see a concerning pattern.

@Bitcoin, I'm seriously curious if you're still alive. Your last post was on May 4, 1:28pm, 2022.

But bitcoin has crashed, so maybe that's why you're not online.

You said you had an adverse reaction to the vaccine though, and you insisted on taking more of it. Hope you're OK.