The U.S. Housing Market Looks Headed for Its Worst Slowdown in Years


#22

Cheap housing is a measure of desirablilty and job wages. When you can buy a 4 bedroom house for $60k, it means your neighborhood is full of poor people. Or worse no one wants to live there. You can’t find a $60k four bedroom in the worst part of Stockton


#23

Even with zero land value and no permit fees that would cost at least $150k to build even in New Haven.
Obviously nobody is moving or building there.

$2800/y property tax. Almost five percent. No wonder everyone left. Rents for $1600… great for you cap chasers. Don’t count on any appreciation though.


#24

Yale has lots of money. Why can’t it use its money to make it a nice college town? It doesn’t have to be a ghetto


#25

60K house is one extreme. 3.5M is another extreme. Something in the middle would be good for everyone.


#26

It is amazing how many colleges are near ghetto areas.

San Jose State is near marginal areas
UC Berkeley near marginal areas
USC near Watts

Stanford has EPA


#27

Thought of you @tomato:


#28

schools need large surface area, usually away from dense areas.
students occupy these cities.
people with money don’t want to live in a town with a bunch of kids.
these areas stay ghetto.

no?


#29

very thoughtful of you. I am hoping i can buy as many big houses i can. one of my goals is to have enough cash to buy an atherton acre eventually.


#30

Don’t worry. @tomato will never buy.


#31

Yeah probably. But UCLA is in Westwood. And Cambridge ain’t bad

Nobody wants to live next to students. The poor lady that lived next to my fraternity at Berkeley was batshit crazy after living between two frat house for 59 years.


#32

Tomato is moving into slavery shack on my Placerville farm. It produces 800 bottles a year. I need slave labor to process the wines


#33

cambride isn’t bad. very centrally located, actually. right next to boston, and has a nice vibe. Places closer to harvard were better than places closer to mit though - from social life pov - even though mit is closer to boston

never thought i’d miss cambridge. huh…


#34

there’s probably more i’ll learn from you than from my job. i can even be a builder like you when i grow up.


#35

We can put up SfDragonboy tiny homes and be trendy slavery owners. I am already looking into prefab for a garage.

https://www.homedepot.com/p/VersaTube-20-ft-x-30-ft-x-8-ft-Garage-VS2203008516SG/100659709?cm_mmc=Shopping|THD|G|0|G-BASE-PLA-AllProducts|&gclid=EAIaIQobChMI6cmxop7Q3AIVjo-zCh22jwOCEAQYBiABEgIiTfD_BwE&gclsrc=aw.ds&dclid=CPOfs66e0NwCFRCXAQodUJkDTg


#36

just import cheap labor from new haven.


#37

Plenty of Russians in Folsom that work cheap.


#38

I think that story was posted or they’re using info from a story that was posted. The couple is weak if they gave up after not winning 2 bids.

They’re talking total volume of transactions. The problem is low inventory. Transaction volume will be less.

“Prices for existing homes climbed 6.4 percent in May, the smallest year-over-year gain since early 2017, and have gained the least over three months since 2012.”

6.4% is still a great gain year yr/yr. 2012 was a great time to buy.


#39

I heard that some neighborhood price dropped by 10% in the last few months in Santa Clara. That may not be a full blown crash, but a sizable correction at least.

Is the market stabilized now?


#40

Price corrections of $50K-100K are not uncommon in Santa Clara now. Most of the properties have some issues (too close to Caltrain tracks or backing to San Tomas etc.). But there are properties that were priced higher and are not getting the buyers.

We overbid 15% higher for a property that was sold at ~20% over list price. Its about to hit the MLS as sold soon so you will see.


#41

And in fact, it’s a dramatic increase in the standing inventory of single-family homes (215) versus condos (360) which is driving the overall rise, with 32 percent more single-family homes on the market today versus the same time last year and 6 percent fewer condos.

What’s up @sfdragonboy? Is SF crashing down? :scream: