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So long as you see mortgage adds on TV touting "Your Home is your BANK!), and offering 100% mortgages to those who really cannot afford it (Like the Veterans mortgage Adds). You KNOW there will be something going down at some point.
I think most people are head over heels in debt and housing is insanely expensive compared to wages. The average person is a few missed paychecks from joining the homeless.
I think most people are head over heels in debt and housing is insanely expensive compared to wages. The average person is a few missed paychecks from joining the homeless.
I don't think it's fair they offer section 8 in large cities where housing is expensive.. there's lot of people like me who would like to live in Denver but don't want to pay $350,000 for a house that would cost $150,000 in other parts of the country.. why should natives get to pay $50/month while the government gives out these huge rent subsidies? Sometimes I wonder how people afford to pay this much... if they're anything like the people where I work they simply rely on 2 incomes and overtime.
The market today is nothing like the last bubble. Unless we have some huge event that causes massive layoffs, the market will behave like any other market. It will peak, cool down, slow or maybe even go a little negative and then eventually keep going up for another cycle.
It is funny how we have a once in a life time bubble pop and people now think real estate always does this as a routine.
I don't think it's fair they offer section 8 in large cities where housing is expensive.. there's lot of people like me who would like to live in Denver but don't want to pay $350,000 for a house that would cost $150,000 in other parts of the country.. why should natives get to pay $50/month while the government gives out these huge rent subsidies? Sometimes I wonder how people afford to pay this much... if they're anything like the people where I work they simply rely on 2 incomes and overtime.
$350,000 sounds low for a house in Denver these days .
Regarding Section 8 a lot of landlords in nicer areas won’t take it . The wait list I heard is like 10 years too . At least I know it’s that way in L.
L.A does have rent control so there are a lot of people paying about half of market rents. Sometimes these people actually make high incomes since rent control is not based on income .
No doubt if you got rid of rent control you’d have lower market rents . This would help newcomers to a city but also younger people too .
Section 8 is different since it’s income based and also I believe you usually need to have kids or disability or elderly to qualify .
The market today is nothing like the last bubble. Unless we have some huge event that causes massive layoffs, the market will behave like any other market. It will peak, cool down, slow or maybe even go a little negative and then eventually keep going up for another cycle.
It is funny how we have a once in a life time bubble pop and people now think real estate always does this as a routine.
It wasn’t a once in a lifetime thing for the L.A area .
In about 1990 prices went down and didn’t recover until about 2000 .
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