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