There is a Real Estate crash coming

[fett]

and here is why. CNBC just told us that the "Seattle Area" real estate market is "Booming" and if you have to come up here in to the corner of the US to find a bright spot we are in big trouble.

[SouthPlatteDemon]

LOL!!!!

I've sold and bought houses within the last 8 years and when you are buying it's a seller's market and when you are selling it's a buyer's market. And society wonders why I'm a nihilist.

[shobet]

Because you're from Nihlistica?

[fett]

"The times. They are a changin'" Just don't be the last rag hangimg on the clothesline.

[GodOfRhythm]

Might want to get that cash ready.

There's going to be hundreds of poor people after this, and a couple of smart ones who'll buy low and get filthy rich within this and five years.

[SouthPlatteDemon]

Fett, If we already own a house and paying the mortgage at a fixed interest rate, do we really need to worry?

[fett]

This is the chance of a lifetime for all you 30 year olds to watch all the downturn that will happen. Let all the shit fly and sit back and wait. Wanna buy a house? Wait a year. Wanna buy stocks? Sit back and wait. This is not about the solid dudes who ownes a house. This about all the poor souls that are going to get chrushed.

[MikeStrat]

Fett, If we already own a house and paying the mortgage at a fixed interest rate, do we really need to worry?

If you're in a 30 fixed and don't plan to sell in the near future, you will be fine. I just locked in on our new home a few months ago and they will have to carry me out of this house in a box. However, I do plan to scoop up what I can from those who are less fortunate.

[rjohnstone]

I bought my house in 98 in a depressed market on a 7.25% 30 year fixed loan.
It's now worth almost 4x what I paid for it in THIS market and I refinanced it a couple years back to a 5 1/8% 30 year fixed.

So I'm not worried about my current house, but if prices get any lower, I could use my equity to grab another at a stupid price.

Something for me to think about.

[thetroy]

That's too bad I won't be in the market to buy anything for another 5 or 7 years. Can the crash wait for me?

[FusionFarmer]

I got news for ya its here,, houses on the beach that brought 1.25 million a year and a half ago can't sell for 425.000, most of em have been mortgaged to the hilt and will end up in foreclosure before long.. of course these same houses were only bringing 500,000 4 years ago, the market just went nuts and now its actually overcompensating, fuggum,,,, my place is paid for, the cows are fat, got a truck load of calves to sell, and next winters hay is already put up,

[fett]

thetroy.Your timimg is right on.

[fett]

Oh. And there is up here. There are 500 units going up within my feeble walking distance.

[MikeStrat]

Oh. And there is up here. There are 500 units going up within my feeble walking distance.

That's the part I don't get. All I hear about are forclosures, mortgage lenders going out of business, builders don't have buyers. Yet, where I live, close to Baltimore and D.C. they are putting homes and businesses on every square foot of this place. Somebody has to be buying all this shit otherwise they couldn't afford to build it.

[FusionFarmer]

That's the part I don't get. All I hear about are forclosures, mortgage lenders going out of business, builders don't have buyers. Yet, where I live, close to Baltimore and D.C. they are putting homes and businesses on every square foot of this place. Somebody has to be buying all this shit otherwise they couldn't afford to build it.

they were doing the same thing here last year, if you don't have the economy to support a rising market there will be a point where things won't sell, vacation homes are always the first things people give up when money get tight , which explains the market here, Your market has a lot of government based income so it should stay good for as long as any,