Late Cycle Capitalism

[SuburbanFarmer]

The sky is falling because property values recovered back to where they were ten years ago.

Oh, the humanity.

"recovered" LMFAO

[Speaker to Animals]

The sky is falling because property values recovered back to where they were ten years ago.

Oh, the humanity.

[Kath]

Here’s a fun one. Home prices at 2008 levels. Unaffordable, thanks to massive investment.

https://www.zerohedge.com/news/2018-06- ... level-2008

So glad we bought 2 1/2 years ago. We wouldn't be able to afford this house today, it's estimated almost 50K more than we paid for it. Not great news for us, because it only means higher property taxes. We have no plans to sell; I'm going to die here, unless there's a drastic change in circumstances.

[Speaker to Animals]

Here’s a fun one. Home prices at 2008 levels. Unaffordable, thanks to massive investment.

https://www.zerohedge.com/news/2018-06- ... level-2008

So glad we bought 2 1/2 years ago. We wouldn't be able to afford this house today, it's estimated almost 50K more than we paid for it. Not great news for us, because it only means higher property taxes. We have no plans to sell; I'm going to die here, unless there's a drastic change in circumstances.

Same here. But rural land further up in the mountains is still pretty stable. Meanwhile, everything around me is getting built up all of the sudden. Housing prices are booming here. I am hoping to sell in a few years to be able to afford some land. Then I can just get another mortgage to pay for a small house built on it and be paying roughly what I am paying now each month.

My understanding is that GCF has two houses, one in the country where he practices farming, and another in the "city" of Cleveland. I am not sure what he is upset about here. He could probably sell both and do exactly what he wants right now.

[SuburbanFarmer]

Here’s a fun one. Home prices at 2008 levels. Unaffordable, thanks to massive investment.

https://www.zerohedge.com/news/2018-06- ... level-2008

So glad we bought 2 1/2 years ago. We wouldn't be able to afford this house today, it's estimated almost 50K more than we paid for it. Not great news for us, because it only means higher property taxes. We have no plans to sell; I'm going to die here, unless there's a drastic change in circumstances.

Same here. But rural land further up in the mountains is still pretty stable. Meanwhile, everything around me is getting built up all of the sudden. Housing prices are booming here. I am hoping to sell in a few years to be able to afford some land. Then I can just get another mortgage to pay for a small house built on it and be paying roughly what I am paying now each month.

My understanding is that GCF has two houses, one in the country where he practices farming, and another in the "city" of Cleveland. I am not sure what he is upset about here. He could probably sell both and do exactly what he wants right now.

Nope, just one in a little town on the lake. It's at least an hour to Cleveland. I practice my farming on a vacant lot that I own behind the house.

I've actually been thinking of a way to sell the place now, and find somewhere to put the family for a few months until the market crashes. Unfortunately, my 'partner' is very against it. So yeah, as usual, the opportunity is there, but I can't pursue it.

[Speaker to Animals]

The market won't crash. It's totally engineered at this point. They will just open up the doors for foreigners to buy property if it comes to that.

[PartyOf5]

Here’s a fun one. Home prices at 2008 levels. Unaffordable, thanks to massive investment.

https://www.zerohedge.com/news/2018-06- ... level-2008

People were so much better off when prices were dropping so fast millions of homeowners were underwater and preferred abandoning their homes to paying their mortgage. Ah, the good old days.

Sounds like you wish the government would set the price of housing for us.

[SuburbanFarmer]

Here’s a fun one. Home prices at 2008 levels. Unaffordable, thanks to massive investment.

https://www.zerohedge.com/news/2018-06- ... level-2008

People were so much better off when prices were dropping so fast millions of homeowners were underwater and preferred abandoning their homes to paying their mortgage. Ah, the good old days.

Sounds like you wish the government would set the price of housing for us.

The opposite, actually. I’d love for them to stop goosing the market into bubbles, that wipe people out.

[Ph64]

Here’s a fun one. Home prices at 2008 levels. Unaffordable, thanks to massive investment.

https://www.zerohedge.com/news/2018-06- ... level-2008

So glad we bought 2 1/2 years ago. We wouldn't be able to afford this house today, it's estimated almost 50K more than we paid for it. Not great news for us, because it only means higher property taxes. We have no plans to sell; I'm going to die here, unless there's a drastic change in circumstances.

Timing is everything. I bought my house in 1991 for $170k. In 1985, out of college and first full time job, similar houses in the area were around $145k... By 1988, when I finally had enough savings for maybe a downpayment , they were $225k. I waited, seeing the market already cracking, and saved $50k (and if I'd waited a year they maybe hit $165k before moving up again, but it was excellent location and $5k is peanuts in the long run so I timed it well). (Also 3 more years increased my down payment savings)

In 2007 I saw the cracks growing, told several people I knew looking to buy to hold off. None, or course, listened - all but one spent most of the past decade underwater (the one who didn't bought a total gut/fixer-upper foreclosure for a song and a dance, did most of the work himself so came out quite well).

Zillow showed my house as "worth" $399k in early 2007... I laughed at the absurdity, but also considered selling to get the $250k exemption and renting until things crashed. Of course I like where I am and moving is a royal pain, it wasn't about the money for me so I stayed. Haven't looked recently but I'm guessing it'd be around $265k now based on a couple new neighbors the past 3 years costs.

When everyone is saying "housing only goes up, it's a sure thing" it's probably time to hold off (or sell and rent a few years if that's an option for you).

It's still frothy, NYC has dropped a bit lately, SF area still sky high... But I could see a good collapse/correction coming sometime in the next few years. What else comes with it (2008 GFC) is what worries me. My house is paid off, just taxes and bills, but when the govt loses revenue you can bet they'll take their blood from you (like the 12% property tax increase I got in 2010).

[SuburbanFarmer]

Elon Musk on suicide watch. It's all coming apart, now.

https://www.zerohedge.com/news/2018-06- ... s-9-states

Musk Shutters 'SolarCity Facilities' Across 9 States