Feeling like 2006... (for sale, foreclosure, renting)

[Electrician4you]

Originally Posted by payutenyodagimas

am not giving him too much credit. as ive said, economic cycle. and if the downturns occurs in your watch, you know what happens. happens to carter, Bush, W Bush although it happens late in his watch.

It just read as if you were giving him all the credit for the "good" economy. It's good because the interest rates are low due to the Fed and Obama pretty much going on a shopping spree.

Wanna curtail housing and debt? Start raising rates. Banks are still gonna make money

Originally Posted by BlueRacer

Consumer debt pushing to record levels is something to keep an eye on, at least that's what I keep reading. When home prices were getting close to the peak of 2006-2007, I remember new home buyers, coworkers of mine, saying real estate prices are just going to keep going up. Their advice was "Buy Buy Buy! Hurry!" Well we saw how that turned out. The catalyst for a drop will be different this time, but something tells me we're going to see one before too long, even if it won't be as much as before. That consumer debt is probably going to be a part of the puzzle.

There is no doubt that there will be a adjustment. When? How Big? Who knows. Could be 5-10 years from now could be two. Could be 2% could be 30%. The only thing I can do is just what I did the last time. And that was to simply be prepared and have a emergency plan in play. Basically don't do what others are doing and living it up buying stuff going in debt. You can weather a lot of financial issues by not trying to keep up to the Jones.

It's really unfair and misleading for people to keep comparing the 06-07 housing market to today's market. Back then they were building like crazy, and everyone was doing the Jeffersons. But it was all on liar loans. There is no argument that banks, lenders, loan officers, agents and buyers were all partying like crazy.
Everyone just kept saying the house will pay for it all. We all know how that turned out now.

Today's market is NOTHING like that 06-07 market. I know a lot of people want to believe it will crash again. Some due to envy some hoping they can get on the boat. Lending is different. I bought last year and I have the means. Not bragging. But I had to go through and explain and put up a good amount of money to get a loan. Not to mention took a long time to find the house that fit my needs. I wasn't about to settle or buy something just to buy. (try buying a house on a liar loan or NINJA). Also the supply is low. Some homeowners just aren't selling.
A post from a realtor said come on people sell make some money. I asked then what. No real answer. If I sold what would I do? Go buy another house for more, rent or move out of state? What if none of those options are needed or Wanted? Plenty of people who bought and are now just living life. They dont need to sell. So their houses are not on the market. Some people have rental properties that cash flow positive. Why would they sell?

What people don't/won't take in account is we had 4-5 years of very little building of houses. Demand was still there. And all those kids that were 12-20 are now 22-30 and starting their own families. They need shelter also. Housing hasn't multiplied like people have. That adds to the already high demand from investors and all others that demand housing.
Why do you think multiuse buildings are popping up all over the place?

[CaliRestoration]

The demand side would be even more fiery hot if millennials weren't such underachievers. If these people had any work ethic at all, and actually got real degrees (not basket weaving, or gender studies), they would have the income to actually purchase a home.

So in way, a lot of people are benefiting from the laziness of the millennials. Generation "Z" is quite different though. Gen Z is going to be one of the most conservative generations in over 70 years. They actually are serious about education, learning trades, and celebrating capitalism. Once they are old enough to hit the housing market, I'll more than likely be completely retired, and ready to sell some of my properties over to them.

[SportyandMisty]

Originally Posted by payutenyodagimas

mind to share what high school?

Not in OC. In Silicon Valley.

[payutenyodagimas]

Originally Posted by Electrician4you

It just read as if you were giving him all the credit for the "good" economy.

I am not a fan of the previous prez. but come on, we all made money during his term

[Electrician4you]

Originally Posted by CaliRestoration

The demand side would be even more fiery hot if millennials weren't such underachievers. If these people had any work ethic at all, and actually got real degrees (not basket weaving, or gender studies), they would have the income to actually purchase a home.

So in way, a lot of people are benefiting from the laziness of the millennials. Generation "Z" is quite different though. Gen Z is going to be one of the most conservative generations in over 70 years. They actually are serious about education, learning trades, and celebrating capitalism. Once they are old enough to hit the housing market, I'll more than likely be completely retired, and ready to sell some of my properties over to them.

Actually most millennial I meet are no different than I was when I was young. Most want to work and learn. Lots of people tend to dismiss them as lazy shiftless and that's not true. It's simply painting with a wide brush. Sure there are a certain percentage that are lazy but that's just people. They may have different values or think differently. But they all want families and a place to live.

Originally Posted by payutenyodagimas

I am not a fan of the previous prez. but come on, we all made money during his term

Not saying I didn't make money. Of course I'm going to capitalize and make money. All I was saying is he didn't do anything extraordinary. He basically spent us into a "better" economy.

[payutenyodagimas]

Originally Posted by Electrician4you

Not saying I didn't make money. Of course I'm going to capitalize and make money. All I was saying is he didn't do anything extraordinary. He basically spent us into a "better" economy.

all economists were in agreement that the only way to save the economy was to pump lots of money. in fact, W Bush was still in office when the Treas Secretary started bailing out Wall Street.

[expatCA]

Originally Posted by CaliRestoration

The demand side would be even more fiery hot if millennials weren't such underachievers. If these people had any work ethic at all, and actually got real degrees (not basket weaving, or gender studies), they would have the income to actually purchase a home.

So in way, a lot of people are benefiting from the laziness of the millennials. Generation "Z" is quite different though. Gen Z is going to be one of the most conservative generations in over 70 years. They actually are serious about education, learning trades, and celebrating capitalism. Once they are old enough to hit the housing market, I'll more than likely be completely retired, and ready to sell some of my properties over to them.

Too broad. Some Millennials are underachievers just as a lot of kids I went to school with in the 60's were.

Some are lazy and some not. The biggest difference I see is that now they want it all and right now. My friends and I worked for everything we bought and never expected a new car from mom or dad, rather the cheapest rust bucket we could afford. Didn't bother with name brands that some how (and it doesn't) they think makes them look special. Then when they do get a job their focus is on their texting, email and when they will get a vacation, not the work at hand. Not all, but a lot of them. Where I live now you only see that with the College students. Those who are in this rural area work hard for what they have.

[CaliRestoration]

Originally Posted by Electrician4you

Actually most millennial I meet are no different than I was when I was young. Most want to work and learn. Lots of people tend to dismiss them as lazy shiftless and that's not true. It's simply painting with a wide brush. Sure there are a certain percentage that are lazy but that's just people. They may have different values or think differently. But they all want families and a place to live.

Millennials have the highest unemployment rate of any previous Generation all the way to the boomers. They are living at home after the age of 25 at a higher rate than previous generations, and they are making the least amount of money in their first 3 years out of college.

Sure some of that is "the economy" but a lot of it is underachieving.

[Electrician4you]

Originally Posted by CaliRestoration

Millennials have the highest unemployment rate of any previous Generation all the way to the boomers. They are living at home after the age of 25 at a higher rate than previous generations, and they are making the least amount of money in their first 3 years out of college.

Sure some of that is "the economy" but a lot of it is underachieving.

Maybe it's regional. The millennials at my work seem to be about 70% willing to work. The ones I come in contact outside of work seem to run about the same ratio.
Most of the kids in our extended family are all working and trying to make it. A few moved back home but that was to save money for a future home purchase. But they all work. I think there are two that seem to be a bit of the type you describe but hopefully they straighten out.

[asdfer]

Originally Posted by CaliRestoration

Millennials have the highest unemployment rate of any previous Generation all the way to the boomers. They are living at home after the age of 25 at a higher rate than previous generations, and they are making the least amount of money in their first 3 years out of college.

Sure some of that is "the economy" but a lot of it is underachieving.

And what percentage of it is bad parenting?

Takes two to tango.