Another Housing Market Crash Looming?

[SAJ-99]

Poor millennials!

Nearly two-thirds of millennials have homebuyer regrets, new survey says

A recent Bankrate survey found that 64% of millennials are facing regrets after buying a home, with the main factors being financial and physical

www.usatoday.com

They freak out the first time something breaks and they can’t call the landlord to fix it. I’m sure Parents will still come though.

 

[Deleted member 28227]

They freak out the first time something breaks and they can’t call the landlord to fix it. I’m sure Parents will still come though.

I feel personally attacked.

 

[Dsnow9]

They freak out the first time something breaks and they can’t call the landlord to fix it. I’m sure Parents will still come though.

That is a select group, the type that would answer a survey on home ownership….

 

[LuketheDog]

Poor millennials!

Nearly two-thirds of millennials have homebuyer regrets, new survey says

A recent Bankrate survey found that 64% of millennials are facing regrets after buying a home, with the main factors being financial and physical

www.usatoday.com

"younger homebuyers are more likely to rush into a purchase which can lead them to settle for properties that might not be to their liking."

""There's at least some people who don't do sufficient homework"

"Admittedly getting and comparing rates across lenders is burdensome and time-consuming"


...I feel TERRIBLE for them, all that work you have to do to make a wise purchase, so exhausting!

 

[ida homer]

$3.1M gets you a nice sweat equity opportunity. Nice outbuildings though My job is beyond f’d up right now.

6847 Willis Rd, Star, ID 83669 | Zillow

6847 Willis Rd, Star ID, is a Single Family home that contains 4586 sq ft and was built in 2004.It contains 4 bedrooms and 4 bathrooms. The Zestimate for this Single Family is $1,645,600, which has decreased by $48,813 in the last 30 days.The Rent Zestimate for this Single Family is $3,994/mo...

www.zillow.com

 

[Deleted member 28227]

That is a select group, the type that would answer a survey on home ownership….

I mean… boomers literally crashed the economy with shitty home purchases so… this whole turn of the thread seems a bit ironic.

 

[SAJ-99]

I feel personally attacked.

At least the group is important enough to be attacked and have stuff written about you. Wear it as a badge of honor. Gen X’ers are treated like they don’t exist.

 

[Deleted member 28227]

At least the group is important enough to be attacked and have stuff written about you. Wear it as a badge of honor. Gen X’ers are treated like they don’t exist.

… well… self imposed

 

[noharleyyet]

Commercial ‘correction’ coming also. 100% and rising steel prices with 3-4 month lead, guaranteed quotes being cancelled. Owner, investors, and contractors about to holler enough. We have been thru one of these cycles, plenty of shared misery.

And GTFO with that boomer chit.

 

[Deleted member 28227]

Commercial ‘correction’ coming also. 100% and rising steel prices with 3-4 month lead, guaranteed quotes being cancelled. Owner, investors, and contractors about to holler enough. We have been thru one of these cycles, plenty of shared misery.

And GTFO with that boomer chit.

"I blame ..... generation"

Because

 

[AlaskaHunter]

Commercial ‘correction’ coming also. 100% and rising steel prices with 3-4 month lead, guaranteed quotes being cancelled. Owner, investors, and contractors about to holler enough. We have been thru one of these cycles, plenty of shared misery.

And GTFO with that boomer chit.

With the rising cost of steel, copper, lumber, most construction materials, seems like if a builder is going to build and profit,
it will be McMansions instead of starter homes....

 

[BigHornRam]

Commercial ‘correction’ coming also. 100% and rising steel prices with 3-4 month lead, guaranteed quotes being cancelled. Owner, investors, and contractors about to holler enough. We have been thru one of these cycles, plenty of shared misery.

And GTFO with that boomer chit.

Owner of Southgate Mall files for Chapter 11 bankruptcy

Washington Prime Group (WPG) -- the country’s largest mall operator -- announced the “voluntary” Chapter 11 bankruptcy filing on Sunday.

www.kpax.com

More and more talk of turning malls into housing. Probably make good boomer encampments!

 

[noharleyyet]

Owner of Southgate Mall files for Chapter 11 bankruptcy

Washington Prime Group (WPG) -- the country’s largest mall operator -- announced the “voluntary” Chapter 11 bankruptcy filing on Sunday.

www.kpax.com

More and more talk of turning malls into housing. Probably make good boomer encampments!

Where do they stand in regard to too big to fail or collective bargaining prospectus?

...checks donor list.

 

[Potsie]

I mean… boomers literally crashed the economy with shitty home purchases so… this whole turn of the thread seems a bit ironic.

Was 2008 the boomers? I thought it was more my generation (Gen X) than boomers - had lots of idiot friends signing up for adjustable rate mortgages prior to '08. My folks are Boomers and they've been in the same house since 1980.

Granted. I have no actual data other than the anecdotal kind. Sometimes those boomers get a bad rap.

 

[Deleted member 28227]

Was 2008 the boomers? I thought it was more my generation (Gen X) than boomers - had lots of idiot friends signing up for adjustable rate mortgages prior to '08. My folks are Boomers and they've been in the same house since 1980.

Granted. I have no actual data other than the anecdotal kind. Sometimes those boomers get a bad rap.

In reality I bet it was due to the actions of a small number of individuals, who gambled and lobbied to allow their gambling.

 

[Potsie]

In reality I bet it was due to the actions of a small number of individuals cigar smokers, who gambled and lobbied to allow their gambling.

FIFY

 

[Deleted member 28227]

FIFY

Accurate

 

[Exhausted]

In reality I bet it was due to the actions of a small number of individuals, who gambled and lobbied to allow their gambling.

2008 was due to overconfidence.

Overconfidence on the part of the borrowers that thought they would make enough money in raises to pay their inflated mortgage payments when the rates changed, and that, "surely a bank wouldn't approve me for more than I can afford! They're looking out for my best interest, not selling a product." Overconfidence on the part of lenders that thought they could keep bundling and selling marginal loans on the secondary market, and that their underwriting teams were doing their due diligence. Overconfidence that the market would keep rising at the rate it had been.

Everyone trusted someone else to be the gate keeper. And when the secondary market realized they were being sold garbage assets and stopped buying, and banks realized they were over exposed to marginal borrowers, it crumbled rapidly.

That's why I don't think a real crash is coming. In my very humble opinion, I'd guess the average buyer/borrower is much more qualified now than in 2008. Sufficient underwriting/due diligence, and not simply trusting everyone else to be honest, stabilizes the whole system.

 

[BigHornRam]

2008 was due to overconfidence.

Overconfidence on the part of the borrowers that thought they would make enough money in raises to pay their inflated mortgage payments when the rates changed, and that, "surely a bank wouldn't approve me for more than I can afford! They're looking out for my best interest, not selling a product." Overconfidence on the part of lenders that thought they could keep bundling and selling marginal loans on the secondary market, and that their underwriting teams were doing their due diligence. Overconfidence that the market would keep rising at the rate it had been.

Everyone trusted someone else to be the gate keeper. And when the secondary market realized they were being sold garbage assets and stopped buying, and banks realized they were over exposed to marginal borrowers, it crumbled rapidly.

That's why I don't think a real crash is coming. In my very humble opinion, it's guess the average buyer/borrower is much more qualified now than in 2008. Sufficient underwriting/due diligence, and not simply trusting everyone else to be honest, stabilizes the whole system.

Pretty good summary. Time will tell where things go this time. Right now people are scrambling to convert the monopoly money into real assets. Right now the world economy is a house of cards. Won't take much to trigger another panic, and the herd will turn around and run in the opposite direction. Back to cash. Best thing anyone can do right now is get out of debt. Make smart financial decisions, and develope good and diverse job skills.

 

[Gerald Martin]

All I know is that something has to give. Framing lumber is 4-5x what it was last year at this time.
I am in the process of building a 12x16 garden shed. Total cost of materials should be @ 1200 in a normal year. Looking like it’s gonna cost @ 4K for materials alone.
I paid $16 for 5/8” OSB last July. I bought six sheets last night for $71.08 per sheet.