I don't know what that is, but I hope not. Family #7 had 3 young kids.
More real estate doom and gloom
- Thread starter Toshi
- Start date
https://www.bloomberg.com/news/articles/2018-04-02/rising-rates-sounding-alarm-bells-for-debt-laden-u-s-consumers
FWIW:The aforementioned house sold for 305k, 16k over asking.I don't know what that is, but I hope not. Family #7 had 3 young kids.
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.
According to Zillow, we have more than doubled our value since 2013.
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.
do you still have your house in virginia?
Negative
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.
thats a price to earning of 6.
wtf?
Zillow can get a bit... retarded for rural properties...
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. 
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 don't live in a sustainable situation, this is going to crash soon again and it will be 10x worse than 2008, IMHO.
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...
I don't think the real estate market will crash the economy, but the economy can certainly crash real estate.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.
We don't live in a sustainable situation, this is going to crash soon again and it will be 10x worse than 2008, IMHO.
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.
We are waiting for the next crash to buy more.
Going away beers on @Adventurous!
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.
We don't live in a sustainable situation, this is going to crash soon again and it will be 10x worse than 2008, IMHO.
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.
Just wait until those Republican tax cuts kick in!I wish my salary followed the same rapid growth trend.
they are sure as shit gunna try and saturate it.
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.
My folks old place is now up for $500k. They paid $250k about 20 years ago, it sold after dad passed for $350k about 5 years ago. They did a ton of work and the place looks amazing.
But $500k in Turlock, CA?
<edit> and it's sold, wow.
https://www.zillow.com/homedetails/1438-Sycamore-St-Turlock-CA-95380/16034610_zpid/
But $500k in Turlock, CA?
<edit> and it's sold, wow.
https://www.zillow.com/homedetails/1438-Sycamore-St-Turlock-CA-95380/16034610_zpid/
My folks bought a place, brand new, west of the airport in 1998 (99?). In 2007 it had picked up just under 100k in value, only for it to be worth less than they paid for it two years later. According to zillow, it's now worth just shy of double what they paid.
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.
Scraper.
Three most important things in real estate is location location location. His place is right next to a vape shop and a midas muffler.
Shades of The Big Short
Hey @stoney can we pool some monkey funds together on this round? Trickle down to me, dammit.
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.
I just looked at two properties, one up by @6thElement and one in Evergreen. Small homes on nice sized lots. Surprising good buys of you can live in +/- 1,400 sq.ft. (which i certainly can)