Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
 [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 07-15-2021, 05:47 AM
 
197 posts, read 166,736 times
Reputation: 178

Advertisements

Quote:
Originally Posted by Burakkupawaa View Post
Not yet. I live in the sticks and small homes are still getting high prices.
I've heard biden is looking to do the same thing as clinton, in demanding banks accepthome loans
they wouldn't normally allow. If that happens, it will crash again. So... there's always that
source? seriously need a source on that... we can't be that stupid of a country?
Reply With Quote Quick reply to this message

 
Old 07-15-2021, 08:56 AM
 
12,022 posts, read 11,589,360 times
Reputation: 11136
Quote:
Originally Posted by Burakkupawaa View Post
Not yet. I live in the sticks and small homes are still getting high prices.
I've heard biden is looking to do the same thing as clinton, in demanding banks accepthome loans
they wouldn't normally allow. If that happens, it will crash again. So... there's always that
That already happened well before this. The FICO scores accepted by government programs are similar to that allowed by private lenders in the last bubble. The only difference now is that stated loans require a large down payment (maybe someone has more up-to-day information). It doesn't predict a crash just because of FICO scores. A big part of the problem was people were able to pull out equity without income verification and eventually ran out of cash after housing prices peaked.

Last edited by lchoro; 07-15-2021 at 09:05 AM..
Reply With Quote Quick reply to this message
 
Old 07-16-2021, 05:50 AM
 
57 posts, read 47,236 times
Reputation: 78
Quote:
Originally Posted by gtownguy View Post
Looking housing market is cooling off a bit now. These crazy home prices won’t last long anyway right ? Whatever went up must come down ?
Cool off is a relative term. I don’t think prices will come down (unless some idiot bought a house at 20% over value and wanted to sell immediately). Prices will not crash. I think hot markets like Nova/Metro DC will continue at different paces during the next decade (also different segments of the market will grow at a different pace, eg condos are not growing much now relative to SFHs and freehold townhomes). Metro DC will do much better than most because of other factors such as economic shift of the local economy but it is not alone. The US is experiencing what other developed countries have experienced for decades when they go to the ultra low interest rate route (Canada, UK, Australia, Germany, New Zealand etc). Housing is cheap in the US compared to these countries and they are all doing fine. I don’t buy into the comparisons to the 2000s because the loan conditions are not the same and interest rates will remain very low for years to come.
Reply With Quote Quick reply to this message
 
Old 07-16-2021, 01:59 PM
 
12,022 posts, read 11,589,360 times
Reputation: 11136
Closed door meeting this evening between Treasury and Federal Reserve to discuss whether hot housing market poses systemic risk

[url=https://www.bloomberg.com/news/articles/2021-07-14/yellen-powell-to-discuss-financial-risks-of-hot-housing-market'behind paywall[/url]

expects inflation for several months longer before moderating
Reply With Quote Quick reply to this message
 
Old 07-17-2021, 06:09 PM
 
Location: Town of Herndon/DC Metro
2,825 posts, read 6,898,155 times
Reputation: 1767
Quote:
Originally Posted by lchoro View Post
That already happened well before this. The FICO scores accepted by government programs are similar to that allowed by private lenders in the last bubble. The only difference now is that stated loans require a large down payment (maybe someone has more up-to-day information). It doesn't predict a crash just because of FICO scores. A big part of the problem was people were able to pull out equity without income verification and eventually ran out of cash after housing prices peaked.
The "Hot Housing Market" is not being driven by individuals but investment corps. See Blackrock [url]https://arbor.com/research/q1-2021-single-family-rental-investment-trends-report/[/url]
Reply With Quote Quick reply to this message
 
Old 07-22-2021, 05:25 AM
 
197 posts, read 166,736 times
Reputation: 178
Quote:
Originally Posted by DMVonian View Post
Cool off is a relative term. I don’t think prices will come down (unless some idiot bought a house at 20% over value and wanted to sell immediately). Prices will not crash. I think hot markets like Nova/Metro DC will continue at different paces during the next decade (also different segments of the market will grow at a different pace, eg condos are not growing much now relative to SFHs and freehold townhomes). Metro DC will do much better than most because of other factors such as economic shift of the local economy but it is not alone. The US is experiencing what other developed countries have experienced for decades when they go to the ultra low interest rate route (Canada, UK, Australia, Germany, New Zealand etc). Housing is cheap in the US compared to these countries and they are all doing fine. I don’t buy into the comparisons to the 2000s because the loan conditions are not the same and interest rates will remain very low for years to come.
they are finally showing some signs of cracking....

noticed the overpriced townhomes first... started dropping in my are (loudoun) by 30-70k.... now the SFH are dropping by 5-10k... need to monitor the prices of the new SFH's to see if this pattern expands. of course non new sellers will get cold feet and drop... its the time of the year where you make or break a sale...

noted in my old area.. (pwc/woodbridge) SFH's are dropping prices now...

how much it drops will be the ?? as the urgency wears off to purchase... once all these new homes builders rushed to start building sit a bit...will prices drop ? we shall see soon....
Reply With Quote Quick reply to this message
 
Old 08-01-2021, 04:13 PM
 
12,022 posts, read 11,589,360 times
Reputation: 11136
Quote:
Originally Posted by lchoro View Post
June's report came out today. I would suggest reading the second file.

https://www.nvar.com/realtors/news/m...tics-june-2021

Commentary: https://www.nvar.com/docs/default-so...rsn=84638b0d_2

The state realtors association report is here. Wait a few more days for June to appear in this file.

https://virginiarealtors.org/research/
This is the MLS report showing market still strongly favors sellers.

https://www.brightmls.com/article/12040

The aberration in 2021 is the spring buying activity is a mirror edge of 2020's suppressed activity with many buyers held over from 2020. It's now returning to the recent normal.
Reply With Quote Quick reply to this message
 
Old 08-01-2021, 04:32 PM
 
1,751 posts, read 2,407,089 times
Reputation: 3604
I see your current CD status is ABSENT Ichoro. Where did you go? Hope you are ok!

I enjoy your posts, whether I agree with them or not.
Reply With Quote Quick reply to this message
 
Old 08-02-2021, 08:04 PM
 
57 posts, read 47,236 times
Reputation: 78
Quote:
Originally Posted by lchoro View Post
This is the MLS report showing market still strongly favors sellers.

https://www.brightmls.com/article/12040

The aberration in 2021 is the spring buying activity is a mirror edge of 2020's suppressed activity with many buyers held over from 2020. It's now returning to the recent normal.
Yes, but smart buyers need to be forward looking. What will today’s activity result in 2022 and 2023. I’m starting to think we may be at the peak and for those who missed 2020 it’s best to wait this frenzy out.
Reply With Quote Quick reply to this message
 
Old 08-03-2021, 09:48 AM
 
110 posts, read 123,515 times
Reputation: 130
Quote:
Originally Posted by DMVonian View Post
Yes, but smart buyers need to be forward looking. What will today’s activity result in 2022 and 2023. I’m starting to think we may be at the peak and for those who missed 2020 it’s best to wait this frenzy out.
No doubt you may end up being right, but people have been saying to wait the market out for 5-10 years in anticipation of a downturn like in 2009. Current purchases are being made by highly qualified buyers so a similar downturn to last time is not likely. Yes you could wait a year or two and possibly save 10% but at the same time you have spent that much in rent.
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:


Settings
X
Data:
Loading data...
Based on 2000-2022 data
Loading data...

123
Hide US histogram


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 > U.S. Forums > Virginia > Northern Virginia

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