Sunday, November 17, 2019

COMING SOON: KANSAS CITY REAL ESTATE BUBBLE BURSTS 2020!!!

Just in time for election season, here's a glimpse at data informing us that the end of the latest housing boom is ALREADY UNDERWAY but won't be highlighted until it helps the next opponent of Prez Trump . . . Punchline, just like people who get bombed from above . . . Populists usually double down on their leader in times of economic crises.

Checkit:

The U.S. Housing Market Bubble Races Toward a Crash as Foreclosures Jump

Foreclosures in the U.S. housing market spiked in October. The jump in foreclosure data seems surprising at first as mortgage rates are low. Home price growth has been outpacing wage growth, which is pricing buyers out of the market and creating the situation for a potential crash.

23 comments:

Anonymous said...

It's because losers who won't pay their rent get lucky and some get into a house then they don't make the payments on it. Then you have the idiots who buy way too much house way more than they can afford to be in. Back when normal hetrosexual families bought homes and raised families you didn't see the high foreclosure rates like you do now. These families bought modest homes and lived within their means. Too many of today's families live way beyond their ability to pay for a high falutin lifestyle. Diversity is killing the housing industry as well as everything else.

slow the fuck down said...

Or the home-flipping tv shows attract dumb money.

Anonymous said...

^^Good Point

Anonymous said...

CCN.com (cryptocurrencynews.com)is hardly a reputable news source.
That being said, a lot of naive buyers have way overpaid for houses.

Super Dave said...

In Olathe case in point, home buyers for whatever reason are getting into bidding wars on houses that are not that great a buy to begin with and sometimes paying 10 to 30k over asking price on a normal 200 to 230k home. A lady I do some antique dealing with lives in Olathe and a house two doors from her sold for 8k over asking price a few months ago and is on the market already as the couple didn't understand what the costs in living in a large older home would be. But wait, they overpaid have no equity in fact they are asking just what they need to get out from under it.They are broke, busted, no cash, no savings. Can't afford payments and all other living costs per month and are desperate to sell. Only offers have been under asking so far as my friend knows from talking with them.This is a young desperate couple who got in over the heads and now will probably lose everything.

To many people buying houses are not using any common sense and getting into situations they can't afford to be in and so end up in foreclosure.

Anonymous said...

^^^^^Why do you feel the need to comment on things you don’t know about? Why do you have to make every post into a personal story about your boring life?

Anonymous said...

^^^11:56's life is absolutely fascinating compared to yours. Do you think your attendants will take you outside for a bit of fresh air later?

Anonymous said...

^^11:59 He made a point but what is your point? And what he says is true about houses in Olathe area and east of as being sold in some neighborhoods over the asking price. Looks like it's you who have no idea what you are talking about and are not up to speed on what's happening out in the real world.

Just curious, are you that person knows as the Shawnster who I have seen make this same comment several other places like KCC for instance? I notice you never add any facts to anything just bitch about the comments. I'd rather see what Dave has to say over your thoughts that add nothing to the story in question. Shawnster it's like this, it's through personal experiences that people learn about things and make sharing things more enjoyable than those who say weird all the time or to go watch Matlock. Chuck is another person who likes to share on here his personal rides through life and his family. Go find some friends in life Shawnster and maybe you too will someday have a story or two that adds something towards a current event or about history in passing of life in the metro area.

Anonymous said...

11:59 great perspective except the part on “common sense “. not common anymore

Anonymous said...

I have lots of friends. I am just now getting ready to attend a poo flinging session with some of them.

Anonymous said...

^^^^ nice one!

Anonymous said...

10:18, perhaps the dumbest post of the day. If a renter has poor payment history, it’s rather unlikely that he/she is going to qualify for a mortgage that they can’t afford. And, if they can afford it but just don’t make the payments, it’s just a case of being dumb, which, as you prove, can’t be fixed. As for homosexuals affecting foreclosures, where on Earth do you come up with this stuff? I feel pretty sure that a dual-income, childless couple are going to have an easier time making the mortgage payment than a couple with children to support, especially if one of the parents doesn’t work in order to raise the kids. If you have dissenting opinions, more power to you, but please make them at least somewhat logical.

Anonymous said...

10:18: It would be interesting to know what era you're referring to and interesting to know where in Kansas City, let alone on the coasts, one can find a modestly priced home.

chuck said...

Dave is right. The same exact thing is happening on my block.

Anonymous said...

Au contraire 3:18, it's not all as you think it is either. Several programs in the past made it possible for very low income people to get into a house. A majority of same sex marriages/relationships have kids from a previous marriage and find out dual ownership on a house can get messier than when a real married couple get divorce.

Anonymous said...

The median price of a home in the KC metro is $150,000. The median price of a home in the DC metro is $550,000. No bubble to burst in KC. The bidding wars in the KC metro are due to the poor quality of homes in the KC metro. Upgrade after upgrade not up to code and the end result is homes not passing inspection and homes not mortgageable. One cannot buy a home and not invest in the home for a decade without issues.

Anonymous said...

And the median price of homes in the San Francisco Bay Area is $931K. And you don't get much for that.

Anonymous said...

Due to the sometimes absence of individual buyers, the byproduct of foreclosures is that property management companies buy up large numbers for conversions to rentals. On my street half of the homes are now rentals. This is mainly due to the economy and burst of the housing bubble in 2008. The irony is that like my nextdoor neighbor who lost his home only to have to rent a house that someone else lost.

Unfortunately this sets in motion a gradual decay of neigborhoods, thus the cycle begins. This is just my personal experience and observations. Dalton

Anonymous said...

6:00, please site your source for the claim that most same-sex couples have children from prior relationships. Again, where do you get this stuff???

Anonymous said...

The subject is housing bubble, foreclosures,ect..
This apparently triggered both of your homo buttons
Do you have a (homo) dog in this fight or just want to right a horrible misconception? Sorry, sarcasm is just part of the life style.
Dorothy

Anonymous said...

10:22 they probably know like I do it's fact. Every so called married lesbian couple I know one or the other of the pair had a child or more from previous marriage. The two gay men couples I know of both have kids from previous marriage. Both of the so called gay guys marriages the kids are grown and gone as the Daddy's decided later in life to be a freak and in both cases the kids will not accept the father's relationship. Three houses have gone into foreclosure in our HOA of late and all have been same sex relationships. They try and impress that they are better and have nicer things but can't afford the act forever. Not all LBGT are rich or well to do they just want you believing they are.

Anonymous said...

12:06 AM. I think this deception of ego can be either a conscious or unconscious endeavor. Unfortunately the outcome is the same. The overpowering need for acceptance overrides rational choices. I have seen recently divorced men buy expensive cars way beyond their means, repoed in less than a six months. When something is unsustainable, there is always a day of reckoning.

Anonymous said...

House prices goes up and down like the stock market. So they will crash about every 15 years. Mortgages are now made into securities. Its part of the roller coaster stock market. There are not enough people who can afford a house over $600,000. So why do builders tear down affordable older homes and build mega-mansions>? Cause of pride. And Pride comes before a fall (in housing prices). I will wait and buy during the next crash.