daedalus said:This thread and the other "coming soon" thread got me curious so I looked at what has sold recently around me. The first house I clicked on was a small 2/1 100 year old bungalow, on an average sized lot. I remember seeing the listing with my wife behind my shoulder when it first went up, and we giggled at the asking price, which was near double what we paid for our much-bigger-everything house less than 10 years ago. It closed this past week for $150k over asking.
Maybe this isn't a housing bubble. But this is absolutely an asset price bubble. And while most of us on this board are probably beneficiaries of it, I fear it's not a good thing overall. It's not yet widely accepted but everywhere I look I see inflation. We have asterisked unfavorable economic measures with a COVID caveat, but I think the inflation will remain long after COVID is no longer a front page news item, and income disparity will get worse. Not the stuff of healthy and stable societies.
daedalus said:Maybe this isn't a housing bubble. But this is absolutely an asset price bubble. And while most of us on this board are probably beneficiaries of it, I fear it's not a good thing overall. It's not yet widely accepted but everywhere I look I see inflation. We have asterisked unfavorable economic measures with a COVID caveat, but I think the inflation will remain long after COVID is no longer a front page news item, and income disparity will get worse. Not the stuff of healthy and stable societies.
Liar Loan said:2007 ~ "There is no housing bubble." -Everybody
2021 ~ "There is no housing bubble." -Everybody
tic, tic, tic....
Liar Loan said:2007 ~ "There is no housing bubble." -Everybody
2021 ~ "There is no housing bubble." -Everybody
tic, tic, tic....
USCTrojanCPA said:Liar Loan said:2007 ~ "There is no housing bubble." -Everybody
2021 ~ "There is no housing bubble." -Everybody
tic, tic, tic....
No bubble and I've provided you reasons as to why there isn't. If rates don't increase materially, if the virus comes back strong, if we don't get significantly more homes listed, and/or we get an economic setback where people lose their jobs prices will continue to increase for the rest of this year.
Cornflakes said:Liar Loan said:2007 ~ "There is no housing bubble." -Everybody
2021 ~ "There is no housing bubble." -Everybody
tic, tic, tic....
2007 ~ my gardener was flipping houses with income $20/hour that I and others were paying him
2021 ~ banks are still giving me runaround for 60+ days to fund a refi loan (not new debt) with my perfect credit, w2 income, the steady corporate job for years
2005ish - interest rates were 6-7% and people were still bidding up as there was speculation
2021 - Rates are sub 3s yet minimal speculative flips happening
Mety said:Home prices and offers are pretty crazy these days, but if what Kenkoko says is true of all other things he said above, shouldn?t we be more worried about the bubbles for those other things before speculating the housing one?