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Bay area housing market

HappyHighwayman said:
I'm saying eventually you will be right if you keep repeating it over and over over long enough a time frame....but they won't admit they were wrong for the 90% of the time they were wrong.
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When I say we're in a bubble. I should really just be making the statement that home growth has exceeded a rate at which I feel is sustainable. I feel in the coming years investors will try and cash out because there won't be any significant growth.

wages aren't keeping up with home prices, not even remotely
 
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I hope the market drops like 80% in value.

Please.
 
Blankpage said:
The effect of that on the economy would likely result in plenty of people losing their job, maybe yourself included.
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That's not nice, until I realized he said 80% and not 20% haha

I just hate how affordable housing doesn't do much for the middle class. A family must make less than 30-40k/yr to qualify for affordable housing. How can a person making 50-100k even afford a home here, especially after income taxes? sigh
 
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Blankpage said:
The effect of that on the economy would likely result in plenty of people losing their job, maybe yourself included.
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My job is hella safe which is the only reason I say that lol


I'm one of those weird schmucks who wants a place to live in forever (for ever ever?!) but in an area I can't afford to buy in anymore for reasons that aren't really in my control.
 
Curt said:
That's not nice, until I realized he said 80% and not 20% haha

I just hate how affordable housing doesn't do much for the middle class. A family must make less than 30-40k/yr to qualify for affordable housing. How can a person making 50-100k even afford a home here, especially after income taxes? sigh
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They marry someone, and they get help with the down payment? :dunno
 
Curt said:
I just hate how affordable housing doesn't do much for the middle class. A family must make less than 30-40k/yr to qualify for affordable housing. How can a person making 50-100k even afford a home here, especially after income taxes? sigh
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You can't.

I'll divulge more than I want to. I make ~65K per year in the Tri-Valley area. As a single parent with 50% custody, I am about 2 grand per year over the limit to qualify for housing assistance (80% AMI)

Poverty? nah. Paycheck to paycheck if not putting gas/groceries on a CC? Better believe it.

Low-middle class are getting shafted. It's tough.
 
HappyHighwayman said:
That's nuts!

Honestly, foreign non-resident buyers should pay a lot of extra taxes to off-set their damage to society.
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That would only drive up prices in the end. After all you are talking about people who can drop 1-2 million in cash with very little problem. Never mind that this would force a short term rush to snatch up any and all properties before any higher tax rate actually arrives to take roost.
 
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Dug said:
That would only drive up prices in the end. After all you are talking about people who can drop 1-2 million in cash with very little problem. Never mind that this would force a short term rush to snatch up any and all properties before any higher tax rate actually arrives to take roost.
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Or, artificially restrict foreign investors so they aren't able to artificially inflate local housing prices. They are already helping to drive up prices. Our government policies should exist to serve the best interest of its citizens, not foreign investors.
 
bojangle said:
Or, artificially restrict foreign investors so they aren't able to artificially inflate local housing prices. They are already helping to drive up prices. Our government policies should exist to serve the best interest of its citizens, not foreign investors.
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:laughing :(

Our government is a prostitute, and not even a high end one. :|
 
Curt said:
That's not nice, until I realized he said 80% and not 20% haha

I just hate how affordable housing doesn't do much for the middle class. A family must make less than 30-40k/yr to qualify for affordable housing. How can a person making 50-100k even afford a home here, especially after income taxes? sigh
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Affordable housing left CA years ago when the building code became pretty expensive as did electrical poles and water meters. Combine that with absolutely zero approvals for affordable housing projects (read; manufactured/ trailer parks) and viola! renters galore.

Local supervisors don't care about the poor. In fact, let's all say it together: Fuck the Poor! Local supervisors wants pretty little communities. Pretty costs money. Nuff said.

Dubbington said:
Interesting article on LA real estate and if we're near a bubble burst. Article says there's about 38% growth over 4 years still.

http://www.latimes.com/opinion/op-ed/la-oe-0818-yu-la-housing-bubble-20150819-story.html
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I'm fairly certain we're seeing the result of the increase of M1/ inflation hitting the housing market, combined with low volume of product on the market. People wish things would collapse 80%. They won't. They won't even fall 15% in a free fall, is my best guess. We won't have a free fall. The economy is actually hitting on all cylinders currently. I don't see any real downward pressure yet...unless I watch Fox news.
 
Holeshot said:
Affordable housing left CA years ago when the building code became pretty expensive as did electrical poles and water meters. Combine that with absolutely zero approvals for affordable housing projects (read; manufactured/ trailer parks) and viola! renters galore.

Local supervisors don't care about the poor. In fact, let's all say it together: Fuck the Poor! Local supervisors wants pretty little communities. Pretty costs money. Nuff said.



I'm fairly certain we're seeing the result of the increase of M1/ inflation hitting the housing market, combined with low volume of product on the market. People wish things would collapse 80%. They won't. They won't even fall 15% in a free fall, is my best guess. We won't have a free fall. The economy is actually hitting on all cylinders currently. I don't see any real downward pressure yet...unless I watch Fox news.
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I keep hearing that the economy is improving, in fact, I even heard the President say it. But I haven't personally witnessed it yet. I see gas prices going down, to the tune of .10 per week, which I'm not sure if that is a good sign or bad sign, in my industry, it's bad. Also, in Santa Barbara County, Greka oil, or whoever is operating the company now, is a pretty large employer, and I've heard they are dead in the water right now. The company my wife worked for, has laid off, and it seems that all jobs here are temp jobs, with well below average wages. If the economy is smokin', they sure aren't trickling down to the middle class.
 
There is always going to be at least one industry that's in the gutter. But the recession ended years ago. Plus the Bay Area has one of the lowest unemployment rates of any metro area.

All the Fox News, AM radio listeners will always cry "bubble" and "depression coming!"

They keep saying it for years and years, until it finally happens, then they say "see, told you so".......Never mind that for several years before that, they were WRONG.
 
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While home prices nationally have not yet returned to their peak of the last housing boom, some local markets have surpassed it. Now, some claim the housing market is in a bubble far worse than the devastating one in 2006. The argument: Housing is far less affordable today than it was back then, and the home price gains are driven not by healthy, end-user demand but by a lack of construction, artificially low interest rates, and institutional and foreign all-cash buyers.

https://www.yahoo.com/homes/news/housing-today-bubble-larger-2006-165800248.html
 
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