patrick.net

https://thepricklypear.org/the-most-splendid-housing-bubbles-in-america-august-update-first-price-drops-appear-all-in-the-west/

The Case-Shiller index, which lags reality on the ground by 4-6 months, is starting to pick up the price drops in Seattle, San Francisco, San Diego, Los Angeles, Denver, and Portland.

BayArea says

What’s the source?

Source matters, but it's more about home ownership percentage for this stat. If people that can afford to buy are buying and can afford the mortgage, it's really not a big deal. If you cannot afford a price, you won't get a loan. I don't see 2006 happening. We're not back into the "if you have a pulse here's a loan" mode.

Something is happening, but not with housing in my opinion. It will influence housing, but not as dramatic. I personally cannot speculate what IT is though. No one is working or wants to work and employment numbers are still relatively decent and inflation doesn't happen without lots of money flowing around. It's strange.

https://www.bankingstrategist.com/housing-pricetoincome-ratios

GNL says

Eman says

ZipperTits says

Eman says

Can you share the link(s) where the bank called the loan due on Blackrock and Zillow?

Can you learn to read first?

Nah…, you keep speculating. Zillow started to liquidate their “flip” real estate portfolio late last year when 30-year fixed mortgage was sub 3%. Real estate prices didn’t collapse late last year for any bank/lender to call the loans due. That’s fine. Keep believing what you want to believe.

Maybe it's because they forecast higher rates were on the way?

Not according to my knowledge. J Powell was still pitching “inflation is transitory” late last year. Interest rates didn’t tick up until April of this year. I was in the midst of refinance a couple buildings in January. We locked 3.15% in January, but didn’t close until April. By then, rates were in the 4%ish….

We were also in the midst of flipping this property. Due to the higher interest rate, we feel the offers came in a little lighter than expected. Paid $1.075M. Sold for $1.75M. It should have hit the market in March if it wasn’t due to permit delay.

https://redf.in/H28A6Z

https://www.cnbc.com/2022/09/07/homeowners-lose-wealth-as-rising-interest-rates-weigh-on-home-values.html

Homeowners lose wealth as rising interest rates weigh on home values

Mise fiat equities are gefuckt!

https://www.cnbc.com/2022/09/06/us-bonds-treasury-yields-in-focus-amid-economic-data-auctions.html

The yield on the benchmark 10-year Treasury note hit a daily high of 3.353%, adding roughly 16 basis points before settling around 3.347% for its highest close since mid-June. The yield on the 30-year Treasury bond gained more than 14 basis points to 3.493%, hitting its highest close since 2014.

Check out these price cuts:

Booger says

Check out these price cuts:

Address? Oh, here it is...https://www.zillow.com/homedetails/890-Mountain-Home-Rd-Woodside-CA-94062/15597218_zpid/

Booger says

Check out these price cuts:

From $6M sold in 2018 to $48M asking today? Pie-in-the sky bullshit asking price.

Eric Holder says

Booger says

Check out these price cuts:

From $6M sold in 2018 to $48M asking today? Pie-in-the sky bullshit asking price.

I should squat there and own it :)

1337irr says

Eric Holder says

Booger says

Check out these price cuts:

From $6M sold in 2018 to $48M asking today? Pie-in-the sky bullshit asking price.

I should squat there and own it :)

The upkeep would be a bitch though.

Eric Holder says

Booger says

Check out these price cuts:

From $6M sold in 2018 to $48M asking today? Pie-in-the sky bullshit asking price.

It was either a 6 million dollar tear down or a vacant lot to begin with.

GNL says

Eric Holder says

Booger says

Check out these price cuts:

From $6M sold in 2018 to $48M asking today? Pie-in-the sky bullshit asking price.

It was either a 6 million dollar tear down or a vacant lot to begin with.

Really? Looks nice in the pics.

RWSGFY says

From $6M sold in 2018 to $48M asking today? Pie-in-the sky bullshit asking price.

It was either a 6 million dollar tear down or a vacant lot to begin with.

Really? Looks nice in the pics.

The description says new construction.

https://www.cnn.com/2022/09/08/homes/mortgage-rates-september-8/index.html

Mortgage rates reach highest level since 2008

Open door losing money again:

Booger says

Bank of Asmodeus is doing a great job recasting these with some "Equity" branding as "Loans for Minorities"

Booger says

Looking at the letter, it looks like the lender wants the buyer to have 25% down (max 75% LTV) plus reserves. Not sure how many months or years of reserve is require. Not a walk in the park to qualify like the old days, but definitely some loosening in lending standards. More power to both parties if they can make it work.

https://www.reddit.com/r/realestateinvesting/comments/xcn9zk/expenses_much_higher_than_i_expected/

Expenses much higher than I expected.

I bought my first triplex last year, and it’s fairly old (1881), so there were definitely things to go wrong and I thought I budgeted accordingly. Worst case there was a $1,200 delta between my PITI and my rent roll which I figured should suffice for any maintenance needs, and I had a $20k emergency fund.

Then I bought, and things started to get bad. In the last year I’ve had:

A hot water tank burn out

$2k of damage from a burst pipe

$5k of foundation work

$5k worth of damages from a tenant plus 2 months of vacancy

$3k of lawyer bills from the same tenant

$2k worth of exterminator work

In addition to all the standard maintenance, and my property taxes going up by 30%

I also have on the horizon:

Another hot water tank that’s on the fritz

$8k worth of electrical work

$10k more of foundation work

I’m not here to complain-I’m thankful to own the place, I’ve built up a sizable amount of equity, and I still have a decent amount of cash in an emergency fund. And since that one tenant left my tenant problems are near 0. But it would be great to get some guidance on what seems to be like a never ending stream of expenses. I’m getting to the point where my emergency fund is below what I find comfortable, and I’m already financing more items than I wanted to.

Is this normal early on? The last landlord was terrible so I was expecting plenty of deferred maintenance, but this is just ridiculous and I never expected to be this far off the mark. I’ve really only had two months in the last 12 where I was cash flow positive.

I’m young (24) and a little inexperienced, so definitely recognize the learning curve. But I’m trying to not get overwhelmed

Why would someone buy a house and then sell less than a month later for just a $9,900 gain? That would not even come close to covering the sales costs.

HeadSet says

Why would someone buy a house and then sell less than a month later for just a $9,900 gain? That would not even come close to covering the sales costs.

Money laundering? We don't know the down payment amount. I know certain amounts of cash need to be reported, but there's ways around that. Could be a corporate relocate as well. I'd likely guess that's the case. We need you here and fucked up and should have sent you elsewhere. Happened to my MIL's neighbor. Family moved in and then was shipped somewhere else 2 months later. Felt bad for the kids.

HeadSet says

Why would someone buy a house and then sell less than a month later for just a $9,900 gain? That would not even come close to covering the sales costs.

found out neighbor is gay

ZipperTits says

Mortgage demand from homebuyers falls 29% since last year, as interest rates surge past 6%

In other words about 2/3 looks still ok. Its time to look and lock RE if not stocks somewhere affordable across US where friends or family lives around. Once the interest rates go down, inflation affect can kick-in fast and rise the properties. RE could still go down but can not crash unless run into big recession. Chasing and picking at bottom is hard for many unless you know someone in gov, banks who knows good ones at great price.

Tell em @ZipperTits.

This one is going to be on the market for a long time:

How can that monstrosity have 4 beds and 4 baths and only be 1798 sqft?

I wonder if the garage is part of that square footage, it's gotta be 400 ft alone.

Tenpoundbass says

How can that monstrosity have 4 beds and 4 baths and only be 1798 sqft?

Because the picture contains their neighbor house as well. This is why I hate RE deception pictures. They are looking for tenant expecting $4K rent.

https://www.reddit.com/r/FirstTimeHomeBuyer/comments/xdbvg9/rushed_and_paid_for_it/

Condo in central Florida sold for 295 asking was 399:
https://www.zillow.com/homedetails/460-E-Jackson-St-UNIT-5-Orlando-FL-32801/71083794_zpid/