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In reading your various posts, one could say the same about you. Many of your responses are very condescending. Why is that?
Well, it's probably not because this thread was put into the Economics forum rather than into some Real Estate or West Coast locality forum. Housing markets exist everywhere. Markets everywhere go up and down. None of this is at all remarkable. There are other places that have higher incomes and other places that are very desirable places to live. West Coasters should cut back a little on being so impressed and pre-occupied with themselves and their nothing special situations.
I could say the same thing about East Coasters and pretty much any big city in the US. Have you actually lived on the west coast for longer than a year or are you another came out for a week or never actually been here but knows everything about us?
Well. my family is all in San Diego, San Francisco, and Seattle, so I have connections and do get by from time to time. But you all tell me all I need to know right here in your volumes of self-absorbed "all about us" posts. Thinking that anyone else would or should actually be interested in your little local plights is the problem that I'm pointing out. There are state and topical forums and subforums that were created especially for you. Why are you hanging your laundry over here instead?
Well, it's probably not because this thread was put into the Economics forum rather than into some Real Estate or West Coast locality forum. Housing markets exist everywhere. Markets everywhere go up and down. None of this is at all remarkable. There are other places that have higher incomes and other places that are very desirable places to live. West Coasters should cut back a little on being so impressed and pre-occupied with themselves and their nothing special situations.
I don't think you fully understood my post. I was referring to what seems to be a condescending tone in many of your posts (not specifically this topic).
I fully understand that many people resent being made to look foolish on any account. People should simply take more steps to keep from exposing themselves to that sort of risk.
And local West Coast issues are still of little if any concern to a broader population.
I fully understand that many people resent being made to look foolish on any account. People should simply take more steps to keep from exposing themselves to that sort of risk.
And local West Coast issues are still of little if any concern to a broader population.
If Vegas and South Florida made the entire country pop then what would a west coast collapse do? Something eventually will have to give.
My personal experience is that it's the fringe areas in the high cost of living places that get slammed. The high end suburbs with the gold plated school systems don't correct all that much. It's the working class town next to it with the marginal school system where the foreclosures happen and the bottom drops out. Even in a down market, there isn't that big a supply of housing stock in those high end towns.
Yes, absolutely. The people that can afford the $5M+ homes won't lose a dime, the ones who stretched to buy a $700k condo, or a $900k starter home in the east bay are going to get killed. The high end of the market always seems to hold up, the low end is where the bottom falls out.
Also, neighborhoods that are "up and coming" and houses that are in sub-optimal locations (busy road, behind Walmart, etc) get hammered in a downturn as well.
Just curious about the current state of the market. Are we thinking bubble or new normal?
absolutely we are in a massive bubble of everything.
i stand to lose a lot, so it is not wishful thinking, it is simply common sense. Stocks are way up, Housing is way up. There is far too much money chasing too few opportunities.
I believe strongly that the wise investor is holding a nice bit of cash and is taking some profits. RE is too pricey to add in any location where jobs are good. I am not yet selling RE, but i am NOT buying in the USA.
I am looking to add a little in the EU but having trouble with pricing where i would like to buy.
Have a US friend selling a home there now. For 15 days they show the house, then there is one day where offers are accepted. So everyone has to offer their 'best price' or could lose out. No second chances. Great for sellers, bad for buyers.
Similar in parts of the SF Bay Area... sometimes even worse in that all those that submitted a bonafide offer are invited to submit again... this is what happened to the last home I put in my offer... left a bad taste because all of us making offers were led to believe offers would be opened after 10 days on the market and 14 came in... I dropped out when asked to submit a second "Best Price" but it worked well for the sellers.
A fundamental issue with bubbles is they cannot be forecasted. There are no set of criteria you can use to predict them.
Moreover, you cannot tell when you are in them.
You can only tell in hindsight after they have popped -- and even then it is difficult to say they really were a bubble, as at that point in time asset prices reflect all information available at that time.
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