Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-03-2022, 03:48 PM
 
2,347 posts, read 976,278 times
Reputation: 1430

Advertisements

Quote:
Originally Posted by Wolverine607 View Post
We are not only in a housing bubble, but an everything bubble due to ZIRP and stupid crappy money lending little to no downpayment and QE policies.

Can't count the number of times I have seen Rocket Mortgage commercials about people looking for money in their house and taking about turning equity into cash. LMAO. Was anything learned from 2008?? Heck no!!! Lenders still encouraging people to use their homes as piggy banks!! Degusting!! I swear at the TV whenever I see such commercials when watching the NBA and NHL Playoffs!! The only way to realize money in your home should be to sell it for crying out loud!! Otherwise there is no money in your home!!

I do think in general we are in a bit of a housing bubble, but unfortunately, I do not think a crash like 2008-2009 bad will happen, rather a correction back to 2019 prices when the FED does QT and keeps raising rates. But 2019 prices were still insanely too high!!

But you know what and I say this as a home owner of 9 years who has no mortgage, I hope we have a crash worse than 2008 and a flat line of prices at the bottom after the crash for a long long long time afterwards like e very thing thought we would in 2011 though unfortunately they were wrong. I am sick of punishing our grand children and punishing savers who want to pay cash for a home because prices rise too fast because of lackluster down payments and dirt cheap interest rates and entitled people using their homes as piggy banks.

I hope it all blows up much worse than 2008. Nit just homes. But deflation in prices of automobiles and everything else and cash is king and gains lots of purchasing power!! I seriously hope and will be cheerleading if that happens!!

For anyone that says careful what you wish for, I have no mortgage nor any other forms of debt and $73K of cash in checking and savings account combined. So even if I lose my job, I will be ok as I can look for another and get by on a low wage job as I have no debt. And maybe my wish of being able to work with my friends again before my old company were beyond cruel to us in July 2017 during such a deflationary reset as in fact my 2 friends started there in October 2008 during last crash before I cam onboard in April 2012. As for my brother and his wife, his wife is a teacher and teacher jobs are generally safe through most conditions, so they will be fine. And my parents are retiring and have gotten conservative so stock market if it tanked in such situation will not hurt them much.

But enough is enough. For too long we have had a society in a everything bubble with outrageous inflation in some things especially now in more than just housing and education that I welcome a deflationary spiral and reset!!

And I have little money in stocks anyways except 401K, so I do not care if stocks take 25 years to recover as I am young and ways from retirement.

But like C2BP said it is time for everything bubble to deflate big time!!

Maybe then all the people who refuse to work will actually take jobs as all the white collar jobs at zombie companies disappear and make restaurants and oil refineries more productive. My god gas prices are beyond insane because refineries have worker shortages like almost everywhere else and cannot produce enough. Yes oil prices too are high, but they are not that high that gasoline should not be beyond record levels at $4.59 and rising despite oil being flat at $109 to $111 a barrel for 1 month now. Gasoline last time oil was this high was like $3.85 to $4.00


We're in a everything bubble alright but default risks should be lower than 2008.
It was much more difficult to get a mortgage for the last 2 homes I purchased recently, when compared to the ones I purchased in 2006-2008, which anyone with a pulse would qualify for a home loan many multiples their annual salary.
Reply With Quote Quick reply to this message

 
Old 06-03-2022, 11:40 PM
 
Location: Flyover part of Virginia
4,254 posts, read 2,480,060 times
Reputation: 5090
Housing prices will never come down (in terms of dollars). Fed-Gov will legitimately nationalize the entire economy Soviet style before letting any of the markets crash.
Reply With Quote Quick reply to this message
 
Old 07-04-2022, 03:13 PM
 
6 posts, read 3,960 times
Reputation: 15
Quote:
Originally Posted by bluesclues5 View Post
We're in a everything bubble alright but default risks should be lower than 2008.
It was much more difficult to get a mortgage for the last 2 homes I purchased recently, when compared to the ones I purchased in 2006-2008, which anyone with a pulse would qualify for a home loan many multiples their annual salary.
You can still get approved for many multiples of your annual salary. I got approved for almost 6x. If you're loading poor people up with too much debt or middle class people with too much debt, the result is the same.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top