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Old 04-18-2016, 11:25 AM
 
Location: Philadelphia
33 posts, read 21,931 times
Reputation: 25

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Are we in a housing bubble?
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Old 04-18-2016, 11:44 AM
 
Location: Midwest
1,283 posts, read 1,881,190 times
Reputation: 970
Home prices are getting pretty close to what they were at the height of the last bubble, if that means anything.

The main thing about it is that it's nationwide, and not a Philadelphia-centric thing.

Possibly anecdotal: But as I can finally see the light at the end of the tunnel of student loans (we graduated with 80k+ 7 years ago and have been paying well ahead on them) I'm finally starting to sniff around at houses. Now we're far from rich, in the grand scheme of things. Yet together we make above the median average income for the city, the state, or the country. And when we look around and houses, it's just so unappealing to re-enter into that kind of debt burden, even if you are building equity in the meantime. Unless something changes significantly in the coming two or three years, when we're ready to buy the big metro areas aren't going to be anywhere near our radar.


Quote:
Originally Posted by BrettCBP View Post
Philly has so much new construction going on in lower income areas which are raising the prices of that neighborhood. "
*ding ding ding*
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Old 04-18-2016, 11:46 AM
 
Location: Philadelphia
33 posts, read 21,931 times
Reputation: 25
This feels the same as when I was purchasing my first house in 2005.
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Old 04-18-2016, 11:46 AM
 
Location: Dude...., I'm right here
1,243 posts, read 799,046 times
Reputation: 736
Are house prices over priced? Yes and No.
Compared to historical pre-housing bubble market, Yes. Compared to other countries, No.

Is housing affordable? No. Mainly because of stagnating incomes and strict underwriting standards.

At the moment, home ownership is on the decline. Personally, I think this is a good thing because what the housing bubble taught us is that not everyone should own a house. It's those who treat their house as an ATM that put the housing market and other home owners at a risk.


Quote:
Originally Posted by Trimatty471 View Post
Are we in a housing bubble?
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Old 04-18-2016, 11:51 AM
 
883 posts, read 530,206 times
Reputation: 1223
Quote:
Originally Posted by 1ondoner View Post
Are house prices over priced? Yes and No.
Compared to historical pre-housing bubble market, Yes. Compared to other countries, No.

Is housing affordable? No. Mainly because of stagnating incomes and strict underwriting standards.

At the moment, home ownership is on the decline. Personally, I think this is a good thing because what the housing bubble taught us is that not everyone should own a house. It's those who treat their house as an ATM that put the housing market and other home owners at a risk.

Agree 100%.
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