2004 all over again. I have seen this movie before.
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Inflation is getting warmed up for a marathon run....................
The median price of a house sold in February in Orange County, CA was $820,000.
8.2 million people nationwide are behind on their mortgage payments. Biden extended the foreclosure moratorium until 6/30. It will be interesting to see the effect foreclosures will have on the market when that ends.
This is also about investors putting their money in physical assets because they don’t trust Jao Bai-Din and his Communist Chinese handlers.
i need to cash out and migrate back to the other coast ..
All sounds great until you realize people are bringing their commie beliefs with them. Just another positive of the pandemic from the leftist point of view.
What goes up will come crashing down.
Financial Rule of Thumb, when everyone is doing one thing, do the opposite.
The best play, if you can, is to sell, rent as cheap as you can for 6 to 12 months, and then buy.
It will be about a 25% correction, if my guess is right.
I read this morning that REITs have $350B cash available to spend on real estate. It’s no wonder everything is sold in Carolina Beach NC and I’m outbid on anything decent even before I make an offer:-(
I am told I am sitting on a gold mine. 4 bed 3.5 bath brick stick built 12 acre horse farm surrounded by not much else in “the county” in NC. I am prepping mine for sale now. If I can get 100K more than I paid about 8 years ago, I am out. I am told that shouldn’t be a problem if I get it listed soon. I have a lake house I can live in until then bottom falls out again (and it will) and I can find a new place closer to my job.
The hidden hooker is an increase in property taxes due to the rise. Old folks in some areas are going to be taxed out of their homes a la pre-Prop 13 days in California.
Those days were a perfect example of confiscation by taxation - old folks who were in default due to the rising taxes were “allowed” to stay in their homes. The State, in all its mercy, would wait until they died to take ownership for back taxes.