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I'm not kidding when I say I think this is the next Detroit.
richwicks saysI'm not kidding when I say I think this is the next Detroit.
That's hilarious.
I'll take my chances.
That doesn't seem to be the case here in my part of silicon valley. SFSs ("Single Family Shacks") have skyrocketed in price and rents have barely budged.
I think the burbs will be okay in SoCal and NorCal.
Parts of SF already look like Detroit, same with LA.
Parts of SF already look like Detroit
richwicks saysI'm not kidding when I say I think this is the next Detroit.
PeopleUnited saysThey keep building more and more apartments (giant 200 unit buildings) everywhere I go. I don’t see housing costs dropping anytime soon.
Didn't you just contradict yourself?
They keep building more and more apartments (giant 200 unit buildings) everywhere I go. I don’t see housing costs dropping anytime soon.
I like how people say prices won't drop because this time is different. It's the same shit every time. House-humpers can convince themselves of anything.
I like how people say prices won't drop because this time is different. It's the same shit every time. House-humpers can convince themselves of anything.
PeopleUnited saysThey keep building more and more apartments (giant 200 unit buildings) everywhere I go. I don’t see housing costs dropping anytime soon.
They did this all over Florida in mid-late 2000s also. Then the prices collapsed within weeks and stayed down for almost a decade.
I like how people say prices won't drop because this time is different. It's the same shit every time. House-humpers can convince themselves of anything.
Tesla has moved its headquarters to Texas.
You've never seen a city that depended on a single industry when the industry goes away.
https://fortune.com/2022/04/19/housing-prices-mortgage-rates-homeowners-dont-want-to-sell/?source=patrick.net
richwicks saysYou've never seen a city that depended on a single industry when the industry goes away.
That's right, because I only lived in this region. I did not come here in Gold Rush fashion and then bemoan when the industry I came here for downsized.
This focus of the Gold Rushers that their particular industry is the single most important industry upon which the whole economic fate of the region depends is an aspect of the Bay Area Smugness and Self-Importance. In a sense they are correct, as they elbow out locals (and one another) competing for and overpaying for housing. The crisis will not be downsizing in the latest Gold Rush industry. The crisis is already here, it is the overcrowding and high cost of living the current Gold Rush wave created.
I agree with many who comment here that SF has become a sh*thole. This is more a consequence of its politics, many communities around the Bay are more sensible, though miserable from the Gold Rush- overpricing.
All it takes is a job-loss recession. The market forces at play are much larger than the impact on housing. Raising interest rates will contract the entire economy, which will cause companies to lay people off. It is then that you'll see a spike in inventory and prices drop.
dude we are in inflation thats close to 10% and probably higher. few years of this will make housing much more expensive
So, no downside to high inflation?No, because as folks incomes get drained by the increasing prices of goods and services, as wages do not keep up with inflation, and as mortgage payments increase due to increasing interest rates, home prices will continue to rise.
WineHorror1 saysSo, no downside to high inflation?No, because as folks incomes get drained by the increasing prices of goods and services, as wages do not keep up with inflation, and as mortgage payments increase due to increasing interest rates, home prices will continue to rise.
WineHorror1 saysSo, no downside to high inflation?No, because as folks incomes get drained by the increasing prices of goods and services, as wages do not keep up with inflation, and as mortgage payments increase due to increasing interest rates, home prices will continue to rise.
The theory that existing low interest mortgage in a high interest environment would lock people in and prevent selling to buy another house therefore help hold house price up doesn't make much sense
Reality saysThe theory that existing low interest mortgage in a high interest environment would lock people in and prevent selling to buy another house therefore help hold house price up doesn't make much sense
Since we have been in this situation before, why are people even speculating? What happened last time when interest rates rose?
I think the inflation is going to stop here soon.
porkchopexpress saysTrue but I don’t care about right now. I care about six months from now.All it takes is a job-loss recession. The market forces at play are much larger than the impact on housing. Raising interest rates will contract the entire economy, which will cause companies to lay people off. It is then that you'll see a spike in inventory and prices drop.
right now most places are just struggling to hire people they need.
They'll blame Trump for the inflation and they stopped it. They'll say they stopped Covid. They protected you with masks and take ownership of the vaccine and how it saved millions of lives. Memories are short, they'll claim victory in Afghanistan. They'll blame Russia and say we need to be united against them in this moment with Ukraine. The script is as obvious as the sun rising. They're already doing it.
Al_Sharpton_for_President saysWineHorror1 saysSo, no downside to high inflation?No, because as folks incomes get drained by the increasing prices of goods and services, as wages do not keep up with inflation, and as mortgage payments increase due to increasing interest rates, home prices will continue to rise.
This HAS to be sarcasm or my mind doesn't work anything like yours does.
I think we're headed for Mises "crack up boom" - and that just might result in revolution. Certainly a reordering of society of some sort and it might not be good at all.
When Netflix loses as many subscribers as they did, it's not just because of SJW antics and people cancelling over that. It's because a $65 gas refuel is now $105.
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Let the games begin!