gwalchmai Posted October 4, 2022 Share Posted October 4, 2022 1 hour ago, Pogey Bait said: Yep. Remember those bank ads that said if you invested $10,000 in your 20's (IRA) and then let it ride without contributing any more money when you retired it would be worth 1 million dollars. And they were right. If you could get a high enough return for a sufficient time, and the bastards didn't change the tax laws, and the Holy Asteroid didn't return, and ... 3 Link to comment Share on other sites More sharing options...
LostinTexas Posted October 4, 2022 Share Posted October 4, 2022 59 minutes ago, Walt Longmire said: I have never made a bad real estate deal. But then I haven't bought when the market was over inflated either like it is now. There is a crash coming and it's going to likely be worse than the last one. Maybe not, so much. Housing didn't crash everywhere, and just an hour from us, it never really slowed down, and still hasn't, The last one was fueled in a large part by poor banking decisions. People hours away from bankruptcy, or foreclosures were given loans, and big ones. The admin at the time forced Freddy Mac and Fannie Mae to buy and insure those loans. This made the lenders even more flagrant. Of course prices increased, a lot, and lenders put a lot of pressure on appraisers to make the numbers good. There were other things but this is a good start. OK, places not worth the price. Appraisers got the shaft on some of that, but ended up answering to absolutely no one. That has caused it's own problems. .gov bailed out the mortgage insurers after their nearly folding over all that. Upside down loans were foreclosed, and even then, the lending institutions got nickels on the dollar. Many sat on them for years, and leaving a house empty ifs one of the worst thing you can do to it around here. It took a long time for prices to correct, because people let things go back instead of selling for less than they owed. It was nuts. This time people are flagrantly overpaying, but using their money. They are putting tens to hundreds of thousands of $$ into down payments, many time doubling or more the price. Going to be much of the same, just the lenders will be in better position to recover losses. People are going to lose huge amounts though, and that will be the disaster this time. LostWife showed me a County Appraisal a few towns over, a 700 sq/ft house, in livable shape on 3 acres was on the tax role for over $700K. That trend is going to be a big problems as well if folks allow this to continue. "Values" are going insane for taxes, and those people don't have a friggin clue. I promise. Link to comment Share on other sites More sharing options...
LostinTexas Posted October 4, 2022 Share Posted October 4, 2022 Double tap Link to comment Share on other sites More sharing options...
Huaco Kid Posted October 4, 2022 Share Posted October 4, 2022 "You will own nothing, and like it." ~ Glenn Beck 2 Link to comment Share on other sites More sharing options...
GT4494 Posted October 4, 2022 Share Posted October 4, 2022 we have 80 acres of prime farmland. Push come to shove could have a giant garden. 2 Link to comment Share on other sites More sharing options...
railfancwb Posted October 5, 2022 Share Posted October 5, 2022 7 hours ago, GT4494 said: we have 80 acres of prime farmland. Push come to shove could have a giant garden. Surrounded by county roads with county water… Link to comment Share on other sites More sharing options...
GT4494 Posted October 5, 2022 Share Posted October 5, 2022 8 hours ago, railfancwb said: Surrounded by county roads with county water… Actually no. No water and pea gravel roads. Love the mid-west 1 Link to comment Share on other sites More sharing options...
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