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SFH is king.
I don’t see any new ones going up
BayArea says
SFH is king.
I don’t see any new ones going up
That is good for you, but remember, ANY of your neighbors can subdivide by right (due to SB9) and build another house on their lot. They're literally making more land in California...
How much will prices decline?
What could go wrong?
Something different about this housing bubble is that rents are skyrocketing, which didn’t happen in the last one. So when I did my rent vs buy analysis before purchasing our home in TN, it still made sense to buy. Historically, I believe it’s rare or nonexistent to see rents drop significantly at a systemic level. Ultimately, everyone needs a place to live, so the demand for either renting or buying will always be there.
Any thoughts on this?
Ultimately, everyone needs a place to live, so the demand for either renting or buying will always be there.
Yes, as long as population grows and banks don't do fucked up financing to unqualified buyers. Don't think we'll see a housing crash
there fewer NINJA loans out there, the morgatge industry hasn't pushed ARMs in over a decade,
Another way of looking at it is that since those types of buyers no longer exist there's fewer potential buyers to prop up demand.
WTF does the quality of current mortgages have to do with that? NOTHING.
HunterTits says
WTF does the quality of current mortgages have to do with that? NOTHING.
A lot, actually. Poor quality of mortgages was instrumental in driving up property prices in the prior cycle, and then mortgage defaults contributed to the snowball effect on the way down. That's not what's happening today. Prices climbed even higher, but this time it happened without drawing in poor schmucks who couldn't afford the place to begin with. So, when prices initially go down (which they probably will), it shouldn't cause that same chain reaction.
While some markets are marked by speculation and flipping, nationwide the evidence for flipping is low.
I would encourage you to watch the "Big Short"
WTF does the quality of current mortgages have to do with that? NOTHING.
depend on appreciation and follow-up refinancing to continue paying the bills
But then again, may be it's there and it's just that I don't go out and talk to people as much as I used to.
It's just nice to see prices dropping while you have some cash in the bank.
There's a time to cast away stones and there's time to gather stones together.
It's just nice to see prices dropping while you have some cash in the bank.
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.