Are we in a housing bubble?

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ImUrHuckleberry
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Re: Are we in a housing bubble?

Post by ImUrHuckleberry »

Haven't mortgage rates been low for like a decade now? 3 percent or so give or take a bit in either direction?
Ron Ronnerson
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Re: Are we in a housing bubble?

Post by Ron Ronnerson »

ImUrHuckleberry wrote: Wed Jun 02, 2021 8:26 pm Haven't mortgage rates been low for like a decade now? 3 percent or so give or take a bit in either direction?
While rates have been low over the past decade, I haven’t seen them quite as low as they have been during the past year. Not counting the past year, the average rates for 30-year loans have hovered close to 4% over the past decade or so, having come down into the low 3% range briefly on a couple of occasions.

This seemingly small rate difference can actually be sort of significant when you plug in numbers into a calculator. I refinanced at 2.375% (30-year fixed) in January 2021. My payment on a $496k loan is $1928/month. For the very first payment, $946 of this amount, or 49%, went toward principal. $982, or 51%, went toward interest.

If the loan were at a rate of 4%, the payment would be $2368/month. For the very first payment, $715 of this amount, or 30%, would go toward principal. $1,653, or 70%, would go toward interest.

The difference is, at least to me, significant.
Coltrane75
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Re: Are we in a housing bubble?

Post by Coltrane75 »

willthrill81 wrote: Wed Jun 02, 2021 8:21 pm
rockstar wrote: Wed Jun 02, 2021 8:16 pm
willthrill81 wrote: Wed Jun 02, 2021 11:46 am
Sasquatch1 wrote: Wed Jun 02, 2021 11:36 am Have y’all not heard? Bigger is better?

-bigger house
-bigger vehicles
-bigger boats
-bigger debt loads

It’s the cool thing to do. YOLO right?
Because the music will never stop!

Until it does. Then we'll see who doesn't have a chair.
I just watched a news story trying to explain how this time is different. The big difference is that demand isn't be driven up by poor underwriting standards. There isn't enough homes available. Folks stopped listing their homes once COVID hit. As we exit the pandemic, those that didn't want potentially sick people going through their homes will start to list again. And as commodity prices come back down, new homes builds should start to increase.

However, higher home prices should stick to a point with the lower mortgage rate. In other words, the higher prices offset by the lower payment due to the lower interest rate. They should come down though as inventory grows to that sticking point.
Yes, it seems likely price increases will at least slow down once more listings become available and as more homes are built. But as long as mortgage rates remain low, I have a hard time seeing prices go backward at the national level at least.
I took a look at FRED and graphed 30 year mortgage rate to the Boston Case-Schiller RE index going back to the early 1990s. There seemed to be hardly any correlation between the two variables. The two instances when prices went down mortgage rates weren't really going up; in fact they were kind of drifting lower.

Don't mean to be difficult, just thought to look. Food for thought.
Calhoon
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Re: Are we in a housing bubble?

Post by Calhoon »

Where I live in wisconsin there had been extremely low inventory for the last couple years, which sounds like it was the norm everywhere. It was especially drastic this spring.

However, the last couple of weeks I noticed for sale signs everywhere I look, and the going rate for a rat hole never fails to amaze me. I get the feeling that homeowners are reaching the point where they're like, wait a minute, some fool wants to give me how much for this place?
vv19
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Re: Are we in a housing bubble?

Post by vv19 »

This is a great read on the current housing market.

https://www.vox.com/22464801/housing-bu ... -recession
notBobToo
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Re: Are we in a housing bubble?

Post by notBobToo »

I was back in the old neighborhood a couple of weeks ago and found that homes can be listed for 725 and up. I sold mine for just under 600 about 18 months ago. So a nice bump there. And the first over 900 listing in the development (979), although a larger series with a walkout and nicely updated. These are tract homes (Richmond). Admittedly a great location, but still. The 979 home was the only house on the market in the development. So there's that.
z3r0c00l
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Re: Are we in a housing bubble?

Post by z3r0c00l »

Doubt there is a bubble in NYC, lots of areas (e.g. upper west side) seem positively reasonable.
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Kookaburra
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Re: Are we in a housing bubble?

Post by Kookaburra »

notBobToo wrote: Tue Jun 08, 2021 1:04 pm I was back in the old neighborhood a couple of weeks ago and found that homes can be listed for 725 and up. I sold mine for just under 600 about 18 months ago. So a nice bump there. And the first over 900 listing in the development (979), although a larger series with a walkout and nicely updated. These are tract homes (Richmond). Admittedly a great location, but still. The 979 home was the only house on the market in the development. So there's that.
Richmond builds absolute garbage. Look up “advanced framing with single top plate” if you want to know what the bones of the house are.
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ray.james
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Re: Are we in a housing bubble?

Post by ray.james »

I wanted to share this graph from calculated risk.

Total mortgage as percentage of GDP. It actually went down from 2020 due to housing increase not pacing enough with GDP. Note: This is not absolute comparison metric and also this is against GDP and not total household real estate value. So it will be sensitive to recession, GDP growth and housing mortgage ratios. In 2004 we are at 72%! Given that, while this may/may not be a bubble and if it bursts, I really doubt we will see 2009 again.

reference :https://www.calculatedriskblog.com/2021 ... worth.html
Image
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stocknoob4111
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Re: Are we in a housing bubble?

Post by stocknoob4111 »

jay22 wrote: Tue Jun 08, 2021 10:38 am This is a great read on the current housing market.

https://www.vox.com/22464801/housing-bu ... -recession
Quote from the article: And homeowners are riding high for now, exhaling sighs of relief that they made it into the exclusive club and eagerly watching their wealth skyrocket

A friend also mentioned to me the other day that they got their home offer accepted for $25K over asking and they are "so glad" that they made it in the door before being permanently priced out. FOMO is running at extreme levels. The last time I heard these kinds of comments were, you guessed it, 2006, just before the big crash. It's happening again.
cheezit
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Re: Are we in a housing bubble?

Post by cheezit »

stocknoob4111 wrote: Fri Jun 11, 2021 9:06 am
jay22 wrote: Tue Jun 08, 2021 10:38 am This is a great read on the current housing market.

https://www.vox.com/22464801/housing-bu ... -recession
Quote from the article: And homeowners are riding high for now, exhaling sighs of relief that they made it into the exclusive club and eagerly watching their wealth skyrocket

A friend also mentioned to me the other day that they got their home offer accepted for $25K over asking and they are "so glad" that they made it in the door before being permanently priced out. FOMO is running at extreme levels. The last time I heard these kinds of comments were, you guessed it, 2006, just before the big crash. It's happening again.
If it is, it may still take a while for prices to decline significantly. It did last time:

Image

And this time I don't think there are going to be many forced sales on the way down (if there is ever a way down), given the buying has mostly been done by the very-well-capitalized.
stocknoob4111
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Re: Are we in a housing bubble?

Post by stocknoob4111 »

cheezit wrote: Fri Jun 11, 2021 9:21 am And this time I don't think there are going to be many forced sales on the way down (if there is ever a way down), given the buying has mostly been done by the very-well-capitalized.
Interest rates are the wildcard here, if they start rising significantly the housing market is all but decimated. Investors that were drawn to Real Estate will also bail as they can get better yield elsewhere without all the holding costs. Organic buyers will simply not be able to afford at the higher rates and it's a double whammy because rising rates may also spawn a recession causing job losses and reduced incomes, further affecting affordability.

In the midst of the "bubble" nobody thinks these things can ever happen... and then they do and a lot of people are caught off guard.
atdharris
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Re: Are we in a housing bubble?

Post by atdharris »

I often wonder if we are in a bubble. I wanted to buy a house and had targeted early 2021, but due some changes in life circumstances and the crazy real estate market I am seeing in my city (HCOL east coast city), I am rethinking my plans. The last thing I want to do is buy at the top of the market, not to mention the cost of renovations is likely high due to shortages in materials.
stocknoob4111
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Re: Are we in a housing bubble?

Post by stocknoob4111 »

atdharris wrote: Fri Jun 11, 2021 9:48 am I often wonder if we are in a bubble. I wanted to buy a house and had targeted early 2021, but due some changes in life circumstances and the crazy real estate market I am seeing in my city (HCOL east coast city), I am rethinking my plans. The last thing I want to do is buy at the top of the market, not to mention the cost of renovations is likely high due to shortages in materials.
Personally I would not buy a home unless all of the below are satisfied but that is just me, I like to be conservative since buying a home is a major financial event and it's also one of the longest financial contracts you will be bound to, making a financial error here can surely lead to ruin in my opinion.

1. 20% down
2. Home cost no more than 3X Gross household income
3. Well within the traditional 28/36 front end/back end ratios from the conservative era (prior to 2003) - not all this new age baloney that has started in the last 15 years
4. AT LEAST 1 year of full Emergency cash - you need to be able to hold on to the asset in a recession and we increasingly live in an age of layoffs at the drop of a hat...
5. Plan to live in the house for at least 15 years, longer the better
6. Buy at appraised value ONLY, buying over appraisal is ridiculously silly in my opinion - yet a ton of people are doing it now
7. Conventional Financing only (no ultra expensive FHA type loans) - if you can't afford Conservative then wait until you improve your down payment or credit

I would bet you that most of the buyers today would FAIL most or all of the above criteria. It's a gamble, like playing Russian roulette, sometimes you can win and win big but I don't feel like living like that.
vv19
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Re: Are we in a housing bubble?

Post by vv19 »

stocknoob4111 wrote: Fri Jun 11, 2021 9:06 am
jay22 wrote: Tue Jun 08, 2021 10:38 am This is a great read on the current housing market.

https://www.vox.com/22464801/housing-bu ... -recession
Quote from the article: And homeowners are riding high for now, exhaling sighs of relief that they made it into the exclusive club and eagerly watching their wealth skyrocket

A friend also mentioned to me the other day that they got their home offer accepted for $25K over asking and they are "so glad" that they made it in the door before being permanently priced out. FOMO is running at extreme levels. The last time I heard these kinds of comments were, you guessed it, 2006, just before the big crash. It's happening again.
Not sure I'd agree - the lending standards are pretty good and people actually have decent money to pay for the overpriced houses. Not like 2006 when the banks were giving mortgages with no cash down to people with 600 FICO.
atdharris
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Re: Are we in a housing bubble?

Post by atdharris »

stocknoob4111 wrote: Fri Jun 11, 2021 10:06 am
atdharris wrote: Fri Jun 11, 2021 9:48 am I often wonder if we are in a bubble. I wanted to buy a house and had targeted early 2021, but due some changes in life circumstances and the crazy real estate market I am seeing in my city (HCOL east coast city), I am rethinking my plans. The last thing I want to do is buy at the top of the market, not to mention the cost of renovations is likely high due to shortages in materials.
Personally I would not buy a home unless all of the below are satisfied but that is just me, I like to be conservative since buying a home is a major financial event and it's also one of the longest financial contracts you will be bound to, making a financial error here can surely lead to ruin in my opinion.

1. 20% down
2. Home cost no more than 3X Gross household income
3. Well within the traditional 28/36 front end/back end ratios from the conservative era (prior to 2003) - not all this new age baloney that has started in the last 15 years
4. AT LEAST 1 year of full Emergency cash - you need to be able to hold on to the asset in a recession and we increasingly live in an age of layoffs at the drop of a hat...
5. Plan to live in the house for at least 15 years, longer the better
6. Buy at appraised value ONLY, buying over appraisal is ridiculously silly in my opinion - yet a ton of people are doing it now
7. Conventional Financing only (no ultra expensive FHA type loans) - if you can't afford Conservative then wait until you improve your down payment or credit

I would bet you that most of the buyers today would FAIL most or all of the above criteria. It's a gamble, like playing Russian roulette, sometimes you can win and win big but I don't feel like living like that.
I'm seeing houses go for far above listing prices in my area and many of them are all cash purchases. The good properties go within hours of being listed on the market, many of them site unseen and the owners are from NYC area. Often times, the buyer doesn't even require an inspection.

I can afford to buy a home, but I don't see it as the best place to put my money at current price levels, especially since I'm not married and have no children.
stocknoob4111
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Re: Are we in a housing bubble?

Post by stocknoob4111 »

jay22 wrote: Fri Jun 11, 2021 11:31 am Not sure I'd agree - the lending standards are pretty good
You mean the lending standards that are accepting close to 50% DTIs and 3% down payments?

We've had a roaring economy for much of the last decade, so yes, people have good high earning jobs, but that can change in a New York minute. When those who acquired these houses costing Million and change using two fat professional incomes get laid off at the same time we will see how quickly things go south. In a recession it is especially difficult to get re-hired when you are older and more expensive.
Bungo
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Re: Are we in a housing bubble?

Post by Bungo »

cheezit wrote: Fri Jun 11, 2021 9:21 am And this time I don't think there are going to be many forced sales on the way down (if there is ever a way down), given the buying has mostly been done by the very-well-capitalized.
I agree that buyers (and the loan products they are using) seem much more stable than last time, but I don't think we can conclude that there wouldn't be many forced sales next time there's a recession that results in significantly higher unemployment. Without a sustained income, borrowers without significant cash assets would still eventually have to sell. At least it won't be the mortgages themselves (like yesteryear's adjustable rates, interest only, etc.) causing the mayhem this time, and housing itself probably won't be the trigger that causes the recession.
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sergeant
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Re: Are we in a housing bubble?

Post by sergeant »

sergeant wrote: Mon Mar 22, 2021 7:57 pm
sergeant wrote: Thu Mar 18, 2021 3:19 pm
sergeant wrote: Tue Mar 16, 2021 4:22 pm I have no idea if we are in a bubble. A desirable home came on the market last week. We made a full price offer. Usually I would expect a reply. Our realtor said they are gathering offers until next week and will decide then. Our realtor said we probably won't get it as she thinks there will be multiple offers over asking.
I will update next week how it goes.
Update #1: Our realtor phoned us saying there are others who bid over asking but they may be contingent. She suggested we make a better offer somewhere between 70k-100k over asking. We decided to increase our offer by about 10k. Realtor said current owners are now going to put out a notice for all potential buyers to give a last and final offer. WTH? We won't be making another offer.

The home is desirable due to it's architecture, condition, and location. I have seen multiple showings every day since it hit the market. Some folks are from Silicon Valley. The home is in Southern California. Updates to follow.
Update #2: Our realtor phoned us saying we didn't get the home. The owners were supposed to put out a request for last and final but an offer came in that "blew everyone away", she didn't know the accepted offer.
The listing realtor will let our realtor know if our 10.5k over asking, all cash, any closing date they want, and 3 weeks free rent back to seller :annoyed offer is acceptable as a back-up offer.
Update #3: I just took the time to find out that the home we bid on went for 128k over asking. We never bothered pushing to be the back-up offer. We are waiting for things to calm down. No hurry, we already have a nice home.
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barberakb
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Re: Are we in a housing bubble?

Post by barberakb »

I am currently buying a house. Its 330K and prices have shot up over the last year but with the low interest rates my payment is still
going to be ALOT cheaper than renting a comparable place.
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unclescrooge
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Re: Are we in a housing bubble?

Post by unclescrooge »

barberakb wrote: Sat Jun 12, 2021 7:56 pm I am currently buying a house. Its 330K and prices have shot up over the last year but with the low interest rates my payment is still
going to be ALOT cheaper than renting a comparable place.
Are you sure your math is correct?
Are you including the opportunity cost of the down payment, and ongoing maintenance?
barberakb
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Re: Are we in a housing bubble?

Post by barberakb »

No downpayment, VA loan.
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Yesterdaysnews
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Re: Are we in a housing bubble?

Post by Yesterdaysnews »

Seeing a lot of articles coming out about how Black Rock and other investment funds are the ones driving prices higher and higher. They buy the houses for 20-50% above asking price and convert it to a rental. They buy out large sections of neighborhoods.

Interesting phenomenon and I’m curious how it will turn out. I would expect a lot of push back as regular families get pushed out of the market and how neighborhoods react to a large number of rentals and all that entails.
sojersey
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Re: Are we in a housing bubble?

Post by sojersey »

Yesterdaysnews wrote: Sat Jun 12, 2021 11:58 pm Seeing a lot of articles coming out about how Black Rock and other investment funds are the ones driving prices higher and higher. They buy the houses for 20-50% above asking price and convert it to a rental. They buy out large sections of neighborhoods.

Interesting phenomenon and I’m curious how it will turn out. I would expect a lot of push back as regular families get pushed out of the market and how neighborhoods react to a large number of rentals and all that entails.
I don't think this is as big a phenomenon as people are making it out to be: https://www.vox.com/22524829/wall-stree ... ock-bubble
But pre-Covid-19 research shows that institutional investors were still very small players. Mari reported that by 2016, private equity firms had acquired more than 200,000 homes — a fraction of the total number in America. A 2018 research paper notes that these investors “account for less than 1 percent of all single-family housing units across the U.S.”



There’s a lot of existing research that indicates institutional investors are a very small share of the investor pool. Goodman cited research released earlier this year that found that institutional operators owned just 300,000 single-family units in 2019. For context, the researchers point out that there are roughly 15 million one-unit detached single-family rental homes. (There are roughly 80 million detached single-family homes total in the US.)
And most of the bad incentives (like greedy NIMBY policies) are already in full force for the mom-and-pop owner
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Lee_WSP
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Re: Are we in a housing bubble?

Post by Lee_WSP »

sojersey wrote: Tue Jun 29, 2021 6:38 pm
Yesterdaysnews wrote: Sat Jun 12, 2021 11:58 pm Seeing a lot of articles coming out about how Black Rock and other investment funds are the ones driving prices higher and higher. They buy the houses for 20-50% above asking price and convert it to a rental. They buy out large sections of neighborhoods.

Interesting phenomenon and I’m curious how it will turn out. I would expect a lot of push back as regular families get pushed out of the market and how neighborhoods react to a large number of rentals and all that entails.
I don't think this is as big a phenomenon as people are making it out to be: https://www.vox.com/22524829/wall-stree ... ock-bubble
But pre-Covid-19 research shows that institutional investors were still very small players. Mari reported that by 2016, private equity firms had acquired more than 200,000 homes — a fraction of the total number in America. A 2018 research paper notes that these investors “account for less than 1 percent of all single-family housing units across the U.S.”



There’s a lot of existing research that indicates institutional investors are a very small share of the investor pool. Goodman cited research released earlier this year that found that institutional operators owned just 300,000 single-family units in 2019. For context, the researchers point out that there are roughly 15 million one-unit detached single-family rental homes. (There are roughly 80 million detached single-family homes total in the US.)
And most of the bad incentives (like greedy NIMBY policies) are already in full force for the mom-and-pop owner
If the supply of homes goes down and individual buyers drop out due to higher prices, then the percentage of buyers who are institutional investors will go up due to the shrinking pool of potential buyers.

I'm just pointing out the obvious flaw in Vox's logic. In order to definitively say that institutional investors are not moving the needle, we would need to show that institutional investors as a percentage of buyers has remained the same.
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unclescrooge
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Re: Are we in a housing bubble?

Post by unclescrooge »

sojersey wrote: Tue Jun 29, 2021 6:38 pm
And most of the bad incentives (like greedy NIMBY policies) are already in full force for the mom-and-pop owner
Not only greedy NIMBY policies, but lack of basic economic understanding.

Ten minutes from where I live in Los Angeles, there was a project to convert office space in a mall into 1,080 condos. After protests from affordable housing activists, the lowered it to 700 units. It's still being protested and will probably get totally shelved. :oops:
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Re: Are we in a housing bubble?

Post by firebirdparts »

It does go to show, when you outlaw something, you can indeed make it harder to get.
This time is the same
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Re: Are we in a housing bubble?

Post by LadyGeek »

I removed an off-topic post and reply about the San Francisco homeless.

Please stay on-topic.
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Re: Are we in a housing bubble?

Post by brianH »

Lee_WSP wrote: Tue Jun 29, 2021 6:49 pm I'm just pointing out the obvious flaw in Vox's logic. In order to definitively say that institutional investors are not moving the needle, we would need to show that institutional investors as a percentage of buyers has remained the same.
Not really, because the absolute numbers matter. If I pee into the Atlantic ocean, I've moved the needle on how much pee is in the ocean, but I haven't made a dent in an absolute sense.

The homeownership (owner-occupied) rate has remained incredibly stable for the last 50 years, right around 65%. The vast, vast majority of the 25% (the remainder is 2nd homes) or so of rental properties are owned by small-time landlords, not institutional investors.

The other problem with using purchase data with LLC owners to show trends is that it doesn't account for investors that buy and renovate (flippers.) Many of the homes purchased by a LLC or other business entity are likely properties that quickly reenter the market, not sit as permanent rentals.
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Lee_WSP
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Re: Are we in a housing bubble?

Post by Lee_WSP »

brianH wrote: Wed Jun 30, 2021 9:02 am
Lee_WSP wrote: Tue Jun 29, 2021 6:49 pm I'm just pointing out the obvious flaw in Vox's logic. In order to definitively say that institutional investors are not moving the needle, we would need to show that institutional investors as a percentage of buyers has remained the same.
Not really, because the absolute numbers matter. If I pee into the Atlantic ocean, I've moved the needle on how much pee is in the ocean, but I haven't made a dent in an absolute sense.

The homeownership (owner-occupied) rate has remained incredibly stable for the last 50 years, right around 65%. The vast, vast majority of the 25% (the remainder is 2nd homes) or so of rental properties are owned by small-time landlords, not institutional investors.

The other problem with using purchase data with LLC owners to show trends is that it doesn't account for investors that buy and renovate (flippers.) Many of the homes purchased by a LLC or other business entity are likely properties that quickly reenter the market, not sit as permanent rentals.
If ten percent of retail buyers drop out, that increases the buying percentage of investors by a little more than ten percent. Point being, they’re using stale data.

Also, one percent of buyers can move the market. It’s not hard.
sid hartha
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Re: Are we in a housing bubble?

Post by sid hartha »

I'd say yes. But to me it's to be expected given the current supply constraints and demographics.
brianH
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Re: Are we in a housing bubble?

Post by brianH »

Lee_WSP wrote: Wed Jun 30, 2021 9:56 am If ten percent of retail buyers drop out, that increases the buying percentage of investors by a little more than ten percent. Point being, they’re using stale data.

Also, one percent of buyers can move the market. It’s not hard.
Who are the investors is the question. Specifically calling out institutional investors as a large force in the market, as opposed to mom-n-pop landlords or flippers, is hyperbolic.

Why would investors, of any size/type, be willing to pay more for houses than owner-occupiers? The investors seek a profit, and they must either fix-and-flip the property or rent it out to the same retail buyers they were competing with. An owner-occupier doesn't have to build in a large profit margin into their purchase, and they often have access to much better financing rates due to F/F loan backing.
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Lee_WSP
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Re: Are we in a housing bubble?

Post by Lee_WSP »

brianH wrote: Wed Jun 30, 2021 11:03 am
Lee_WSP wrote: Wed Jun 30, 2021 9:56 am If ten percent of retail buyers drop out, that increases the buying percentage of investors by a little more than ten percent. Point being, they’re using stale data.

Also, one percent of buyers can move the market. It’s not hard.
Who are the investors is the question. Specifically calling out institutional investors as a large force in the market, as opposed to mom-n-pop landlords or flippers, is hyperbolic.

Why would investors, of any size/type, be willing to pay more for houses than owner-occupiers? The investors seek a profit, and they must either fix-and-flip the property or rent it out to the same retail buyers they were competing with. An owner-occupier doesn't have to build in a large profit margin into their purchase, and they often have access to much better financing rates due to F/F loan backing.
Ask vox. I didn't write the article.
Jess Saying
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Re: Are we in a housing bubble?

Post by Jess Saying »

Has anyone read anything interesting about this in the last month?
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Lee_WSP
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Re: Are we in a housing bubble?

Post by Lee_WSP »

Jess Saying wrote: Sat Jul 24, 2021 2:53 pm Has anyone read anything interesting about this in the last month?
Refinances are down 60% YOY. :confused

Refi rates are near their 2020 lows again. Otherwise, no, it's still crazy out there.
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Re: Are we in a housing bubble?

Post by quantAndHold »

Mortgage rates are still low, the stock market is still high. There are hints in multiple markets that it isn’t quite as crazy as it was a month or two or three ago. Buyers are still well capitalized, but there are signs that some nonzero number of people are dropping out of the housing market, at least temporarily, because while they technically can afford to buy, the competition is too stiff and they can’t get an offer accepted. That doesn’t strike me as a sign of an impending crash, just that things might not be so white hot going forward. Those buyers still want to buy and still have the money to buy, they’re just waiting for the crazy to die down some.
anoop
Posts: 3909
Joined: Tue Mar 04, 2014 12:33 am

Re: Are we in a housing bubble?

Post by anoop »

In real terms, prices are near the prior bubble peak.
https://www.calculatedriskblog.com/2021 ... -rent.html

Unless the fed slows or stops its MBS purchases tomorrow, this is probably going much higher.
RoadagentMN
Posts: 158
Joined: Tue Jun 08, 2021 11:09 am

Re: Are we in a housing bubble?

Post by RoadagentMN »

Yes, in fact home prices in some areas are starting to soften. It will be a soft controlled crashing (Dropping), as the banks are no longer carrying most of the mortgages that are at highest risk.
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