LMFAO! “The Housing Market Has Bottomed”.

Holy fuck I had to go get a Kleenex and wipe my eyes I started laughing so hard when I saw that headline.

The housing market has bottomed: Zillow Senior Principal Economist

Skylar Olsen, Zillow Senior Principal Economist, joins Yahoo Finance to discuss the impact of COVID-19 on the housing market and what that means for buyers and sellers.

There is a video at the link and two wimmins are doing their best to blow smoke up everybody’s asses.

I’ll be honest, I only watched about a minute of it and had to stop because the shilling was off the charts.

Basically from what I did watch, this Skylar woman, (Skylar? WTF?) said that because Covid 19, there aren’t that many buyers and there aren’t that many sellers either so everything has balanced out and magic or some fucking thing.

The comments under the article are hilariously ruthless. They shred this bullshit propaganda piece for exactly what it is, desperation to try and deny the fucking obvious.

Don’t NOBODY know how bad the housing market is going to get but I will stick my neck out and make a prediction here.

It’s going to crater.

Along with the business real estate sector.

As many in the comments pointed out, even after the crash of ’08 was officially said to be over, the housing market was still in shambles as late as 2014 in some places.

This is going to take years before it all shakes out and we haven’t even got started yet basically.

They busted their asses pumping that bubble back up as fast as they could and it just went POP again.

Except this is going to be Biblical compared to 2008.

Official estimates of just how many people are not working right now have gone past a 25% Unemployment rate.

Untold millions of small businesses that had to close for this bullshit are never going to reopen and I saw a scare tactic headline just yesterday that the California school system is already crying that they don’t have enough money.

All these Blue states that are still locked down are going to be broke this time next year if not next month.

But we are supposed to believe this twat Skylar and think  that the housing market has already bottomed.

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You ain’t seen nuthin’ yet honey.

I guarantee it.

I have also been waiting for that bubble to pop for two years.

Real estate is so over valued around here it is ridiculous to the point of being comical.

Here in a year or two things just may get back to the point someone could actually afford something, except the mortgage lenders have already puckered their assholes to maximum squeeze and you ain’t getting a loan unless you have a credit score over 700 and 20% down. That leaves people who have already got a house and a job because who can save a 20% down payment when the average price of a fucking house around here is $300K?

That’s SIXTY THOUSAND DOLLARS!

Yeah NO.

A lot of people are going to find themselves completely upside down in their mortgages because reality says the overinflated prices are heading towards the cellar.

It’s called Supply and Demand.

No jobs, no small businesses, no money, no market value.

It’s that fucking simple.

You can ask $300 grand for your house until it falls down onto the foundation. If no one has any money and the lenders won’t cut loose with an affordable mortgage for any potential buyer anyway, you are fucked.

If you think otherwise I’d love to hear why that is.

 

 

 

24 thoughts on “LMFAO! “The Housing Market Has Bottomed”.

  1. If you sell everything in your garage, your sheds and the Sprite, ya still can’t come up with that $60,000 down payment… come to Idaho when it craters, land and houses will be dirt cheap. I bet when the house scam market collapses so do the freaking zoning laws too.

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  2. What are the chances that this will equate to lower property tax rates in
    Washington state while that Mastercard Marxist Inslee is the governor?

    Liked by 1 person

    • I would say water flows downhill and property taxes will be forced down whether they like it or not. Assessments will have to follow the market value eventually.

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  3. Keep watching for the hyperinflation of the currency, and if it starts to take off, buy whatever real property you can. I bet lake houses, cabins, and undeveloped land in “resort” or vacation areas will be going VERY cheap as people struggle to make ends meet.

    It sounds mercenary and predatory, but it’s the way it works. I figure that if you need the money enough to sell the lake house, you’ll be glad I’m there with cash….

    That’s my current ‘plan’. “Plan” in quotes because the cash and the missus may not be on the same page as me, yet.

    n

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  4. I’ve been seriously following the real estate market in this area (Northern Colorado) for about 8 years now. Houses with over-inflated vanity prices don’t sell, and those with reasonable prices do sell. Only about 10%~12% of the houses listed go for the listing price, and they’re generally exceptional houses that aren’t overpriced to begin with.

    Our place was listed at $420k and we paid $375k for it. That was almost three years ago, but things haven’t changed too much. I’ve seen houses listed at $500k that (eventually!) sold for $400k. Houses in the $350k~$365k range sell in two weeks, and if they need work, can be bargained down to $320k.

    Liked by 1 person

    • I have also been watching it like a hawk around here and see pretty much the same thing as you are.
      One thing I did notice since about March is that those houses that were going for 300K all day every day have started to appear at 270-to 290K right out of the gate.
      It’s already happening.

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      • Do you think you might be in a position to buy one of those distressed properties,especially with a bigger garage or a small barn locally?

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        • One can dream eh?
          First thing I need to do is go back to work. No job, no lender will even talk to you. Second , I am going to wait for the market to actually collapse.
          As the commenter below noted, it’s probably going to be another year before I see anything get within my price range. Then we will have to see what actually comes on the market.
          But that is the plan, God willing. Find some little Double Wide on a small lot. Shop or no shop, I will get a fucking Conex box if I have to.

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          • Yep, seen it here, too, but didn’t mention it. Stuff that would have gone on the market for $375k last year is popping up at $325k~$350k. If it’s in good condition, it goes in two weeks. And I’m starting to see some insane properties pop up…..seven beds, sixteen baths, TWENTY-THREE THOUSAND sqft with a TWENTY-SEVEN THOUSAND sqft shop/garage on 75 acres for a cool twenty million….

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  5. Commercial property is going to crater 2x. First crater is the businesses that have or will fail due to this mess.The second crater is businesses that shifted to people working from home, and no longer see a reason to pay for cube farms.

    I do recommend waiting a year or so before buying real estate. Folks have a habit of ignoring reality for as long as possible, and banks are good at that too.

    Liked by 1 person

  6. 3-4 years ago, the wife’s firm moved from a floor and a half (everybody had a cubicle, bosses had offices) to 3/4 of a floor (nobody has a cube or office, you just reserve what desk you wanted when you wanted it). They now say they don’t want her to be in office at all when this is over. Which means they will go to a receptionist to accept deliveries, and one or two conference rooms for those clients that don’t want to meet at their own site. Big savings to the Owners not having to pay that rent. Or providing the touchy feel good stuff in the kitchen.
    They had a firm wide bitch fest about that once. How come you’re office has double the kitchen cost? When they dug into the numbers, productivity, and staff count, they quickly found out the other locations were actually the “high cost” users. Ohhh, nevermind.

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  7. My brother lives over in Beaverton, he just sold his place for $400k. He’s moving back to the home town over in Idaho. Going to do the duty and help our 87 year old mom…
    No way , with my effed up body , can I ever live up north again. The endless summer here in Fladuh is much better for arthritic old broken bones !

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  8. Great analysis on this. I’m a professor of business in my free time (I have a real job that eats up my professing time) and you put it as succinctly as it gets. I’ll probably rip you off at some point for my students! Take care and be safe!

    Like

  9. I live in a 4 room townhouse condo, 1.5 baths with a garage under that I paid ~$60K for 26 years ago. Last tax bill was for $188K assessed value. the one before that was for~$120K. I almost crapped my pants when I opened the bill. Valuations increased so much and a lot of people, and I mean most everyone in town asked for in person evaluation. The city had to hire an assessing company to inspect and re-evaluate EVERY STRUCTURE in the city.

    How the city and state budgets could have increased so much in a years time to mandate a huge tax increase on every building in the state is beyond me. That’s life here in a formerly red, now purple, soon to be blue state in the Northeast.

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  10. Keeping my eyes open here in NE TX, I’m starting to see rental houses pop up for sale. I’m in a weird limbo where I’m on medical leave (broke foot) and soon to be within a week laid-off. Now, one has to watch out, rental houses going up for sale means no renters. Everyone here seems to be being hit hard by job losses so there’s going to be bargains. The big scramble is on to find alternative work, for me anyway. While I’m confident I can keep above water, it’s going to be off the books. I was about to buy another rental house around the first of the year but got a bad feeling about the plague, so I held off. We’ll see how this all turns out, I’m sort of pessimistic, but yeah, in about 1/2-1 year there should be some real bargain prices on investment rentals.

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  11. The house up the street sold for $359k the day after it was listed and a couple of weeks before the SHTF. That may not be much for California but for Oconee County Georgia it’s a bunch and and about 2 1/2 times what we paid for ours. ‘course it’s a lot bigger, has a pool, etc, etc. But I wondered how they’re feeling about this whole thing. I haven’t met them yet and unless they have a dog they walk, I may never. It’s that kind of neighborhood. They’re living there but I haven’t seen a moving truck yet. There’s a Prius and a Volvo in the driveway so I guess they’re Democrats.

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