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More real estate doom and gloom

Westy

the teste
Nov 22, 2002
54,241
20,025
Sleazattle
If I am to believe Zillow, the value of my house has gone up 18% since I bought it a year ago. Another year of this shit and it becomes time to consider selling out, moving back to VA and living with no mortgage.
 

stevew

resident influencer
Sep 21, 2001
40,496
9,528
If I am to believe Zillow, the value of my house has gone up 18% since I bought it a year ago. Another year of this shit and it becomes time to consider selling out, moving back to VA and living with no mortgage.
do you still have your house in virginia?
 

Nick

My name is Nick
Sep 21, 2001
23,929
14,454
where the trails are
keeping in mind I bought my house WAY below market value and the insane market around here, estimates are about + $150k since I bought it last year. tax assessed value + $119k over purchase. I dun good.
 

ALEXIS_DH

Tirelessly Awesome
Jan 30, 2003
6,147
796
Lima, Peru, Peru
The Zestimate for this house is $137,405, which has decreased by $2,361 in the last 30 days. The Rent Zestimate for this home is $1,750/mo, which has decreased by $97/mo in the last 30 days. The tax assessment in 2016 was $370,900, an increase of 9,900% over the previous year.
thats a price to earning of 6.
wtf?
 

StiHacka

Compensating for something
Jan 4, 2013
21,560
12,504
In hell. Welcome!
The tax assessment climbed up 50% since I bought my house 7 years ago. My taxes have been growing even faster because so many overrides. :banghead:

We don't live in a sustainable situation, this is going to crash soon again and it will be 10x worse than 2008, IMHO.
 

Adventurous

Starshine Bro
Mar 19, 2014
10,262
8,772
Crawlorado
Well, our house is going on the market next week. Bought in 2014 and listing at 58% more than the purchase price. Real estate lady thought we'd get even more than that too...
 

Westy

the teste
Nov 22, 2002
54,241
20,025
Sleazattle
The tax assessment climbed up 50% since I bought my house 7 years ago. My taxes have been growing even faster because so many overrides. :banghead:

We don't live in a sustainable situation, this is going to crash soon again and it will be 10x worse than 2008, IMHO.
I don't think the real estate market will crash the economy, but the economy can certainly crash real estate.
 

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
40,945
13,138
Portland, OR
The wife and I are looking at 5 acres away from everything but the river on Sunday. I would like to sell our place before said crash and build my compound with my own backyard waterfall.
 

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
40,146
16,543
Riding the baggage carousel.
The tax assessment climbed up 50% since I bought my house 7 years ago. My taxes have been growing even faster because so many overrides. :banghead:

We don't live in a sustainable situation, this is going to crash soon again and it will be 10x worse than 2008, IMHO.
We are waiting for the next crash to buy more.
Bingo. I'm all in with the wife on selling this shit box and moving downtown, but I just don't think that smart people should be buying anything in this market. It can't possibly last. Was talking to a coworker the other day. They had a no look cash offer within 30 minutes of putting there place on the market, and 7 buyers come through the same day. They signed paperwork to sell 7 hours after putting the place up and got 18k over asking.
 

Adventurous

Starshine Bro
Mar 19, 2014
10,262
8,772
Crawlorado
Bingo. I'm all in with the wife on selling this shit box and moving downtown, but I just don't think that smart people should be buying anything in this market. It can't possibly last. Was talking to a coworker the other day. They had a no look cash offer within 30 minutes of putting there place on the market, and 7 buyers come through the same day. They signed paperwork to sell 7 hours after putting the place up and got 18k over asking.
I asked our agent about the market in the Denver area, she said that it's definitely softening for houses north of $400K+, which, as I'm sure you know is pretty much all they are building these days. There are only so many people who can or want to buy in that range. The demand is still pretty strong south of that (my house) because of the huge shortage of cheaper starter homes. There are only so many McMansions they can build on the old Rocky Flats land.
 

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
40,146
16,543
Riding the baggage carousel.
they can build on old Rocky Flats land
I will never, not be surprised by this.

Right before the last bubble popped, a development started on teh west side called "Gold Hill Mesa". The "hill" in question is the leftovers from when there was a gold smelter on the site back in Ye Olde Timey gold rush days. It's so fucking polluted with arsenic, lead, and whatever other gold smelting nastiness that when they build a brand spanking new home there, a pit is dug, the pit is lined with plastic, and clean fill dirt from somewhere else is brought in to fill the hole. Homes are selling there again.

 

stevew

resident influencer
Sep 21, 2001
40,496
9,528
my grandmother just sold her house for near 185k....built in the 40's......900 square feet...1 bathroom....no AC.....outside of philly.

would not be surprised if it gets torn down and they start over.
 

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
40,146
16,543
Riding the baggage carousel.

Westy

the teste
Nov 22, 2002
54,241
20,025
Sleazattle
A coworker just bought his first home. $737K for a 750 sq ft house that they don't plan on moving into for at least a year because it needs too much work. Hard to say what "too much work" means. Pictures show a maintained house with horrible early 70s wallpaper/paneling/pink shitter and bathtub. There may be some real structural issues but this is the kind of person who would call in sick if his hair looked bad. Anyway, spending that much on a house that needs extensive work for whatever reason is mind boggling. It is a post war house built without a single extraneous bit of wood will be hard to update.
 

stoney

Part of the unwashed, middle-American horde
Jul 26, 2006
21,521
7,074
Colorado
News flash - because the mortgage securitization secondary market is dead, 99% of all mortgages in the us are owned by the federal government.
Not owned. If you own a bond mutual fund, you probably own those mortgages because those mutual funds buy securitized mortgages (Freddie Mac, Ginnie Mae, Fannie Mae, FHLBC, etc). The govt doesn't own shit when it comes to mortgages. Even then, only some of the underwriters are backed by the full faith and credit of the US govt, though some are implied. To get your mortgage Freddie or Fannie approved though, you need to jump through some fucking serious hoops. Unless you are poor or a minority, because. Some of the loans that get pushed through because of the laws congewss put in place, just to get people into houses, are fucked beyond recognition. They set up for failure when the sample size of people eligible becomes too small, but there are still minimums of people they are trying to get into home ownership.

The CDS and swap market is gone. The time of taking options on mortgages is over.