4 ms·

New neighbor with two young kids is from Portland. He told me he picked up and left in less than 20 days.

tjr225 6y ago
Whatever is going on is not restricted to coastal cities. We bought a cheap house in a college town in Michigan last year. Within 24 hours of listing it 10k over what we bought it for we had an offer. I suspect low inventory in certain price points as well as low interest rates are driving people to buy whatever they can.
- lotsofpulp 6y ago
  Also, being able to buy a house while you have an income in case you are predicting an increased chance of being terminated in the future. Once you’re in a house, being removed from it due to missing mortgage payments is much less stressful than trying to secure housing when you have unstable income.
  - seanmcdirmid 6y ago
    I'm sure you meant, "worrying about being removed from it due to missing mortgage payments", right? Because I would definitely find foreclosure to be more stressful than getting a loan in the first place if it ever happened.
    - lotsofpulp 6y ago
      Foreclosures take time, and you have a roof over your head during all of that. And the government frequently bails out homeowners. Renters have no protection.
    - scsilver 6y ago
      Having a home in foreclosures is better than homelessness.
  - crazyjncsu 6y ago
    Your whole comment seems insane to me. Do you actually think like this yourself? Or are you just positing that others do? You do realize that foreclosure has very negative long term consequences? You do realize there are available forms of housing for every income bracket that allow you to live within your means?
    - lotsofpulp 6y ago
      When you apply for a mortgage loan, having a steady income is one of the requirements for getting approved for the loan. Suppose you are planning to move into a home soon. It's worth jumping in ASAP while you still have consistent income to show on your W-2 and loans are still being handed out. You can worry about making ends meet afterward (and doing odd jobs if you have to), but the hardest part is getting qualified for the mortgage. The alternative is you keep renting, and then your income disappears. Now, it's hard to find rental housing because landlords ask for your W-2 and paystubs also, and you have few protections as a renter not paying their rent versus a homeowner not paying their mortgage. And mortgage payments and rental prices are not far off from each other in any market with half decent economic prospects. Also, as history has shown, the US government will always go to bat for asset owners in order to prop up asset prices, and leave non asset owners out to dry.
    - anamexis 6y ago
      Try getting a house that is very much within your means when you happen to be between jobs. It does not matter if you have several years of expenses including mortgage payments saved up - if you don't currently have a job, good luck getting a mortgage.
- randomdata 6y ago
  Not to mention that the money printers have been running like crazy through this pandemic business, which means that the increase in prices is largely down to currency value decline. Modern economic policy pushes inflation to fixed assets rather than consumables, which is why it doesn't show up in CPI figures much, but anything you might normally consider to be an investment have all be jumping in price alongside each other. Same reason they stock market is pushing record highs.
deleted 6y ago
[deleted]

Whatever is going on is not restricted to coastal cities. We bought a cheap house in a college town in Michigan last year. Within 24 hours of listing it 10k over what we bought it for we had an offer. I suspect low inventory in certain price points as well as low interest rates are driving people to buy whatever they can.

lotsofpulp 6y ago
Also, being able to buy a house while you have an income in case you are predicting an increased chance of being terminated in the future. Once you’re in a house, being removed from it due to missing mortgage payments is much less stressful than trying to secure housing when you have unstable income.
- seanmcdirmid 6y ago
  I'm sure you meant, "worrying about being removed from it due to missing mortgage payments", right? Because I would definitely find foreclosure to be more stressful than getting a loan in the first place if it ever happened.
  - lotsofpulp 6y ago
    Foreclosures take time, and you have a roof over your head during all of that. And the government frequently bails out homeowners. Renters have no protection.
  - scsilver 6y ago
    Having a home in foreclosures is better than homelessness.
- crazyjncsu 6y ago
  Your whole comment seems insane to me. Do you actually think like this yourself? Or are you just positing that others do? You do realize that foreclosure has very negative long term consequences? You do realize there are available forms of housing for every income bracket that allow you to live within your means?
  - lotsofpulp 6y ago
    When you apply for a mortgage loan, having a steady income is one of the requirements for getting approved for the loan. Suppose you are planning to move into a home soon. It's worth jumping in ASAP while you still have consistent income to show on your W-2 and loans are still being handed out. You can worry about making ends meet afterward (and doing odd jobs if you have to), but the hardest part is getting qualified for the mortgage. The alternative is you keep renting, and then your income disappears. Now, it's hard to find rental housing because landlords ask for your W-2 and paystubs also, and you have few protections as a renter not paying their rent versus a homeowner not paying their mortgage. And mortgage payments and rental prices are not far off from each other in any market with half decent economic prospects. Also, as history has shown, the US government will always go to bat for asset owners in order to prop up asset prices, and leave non asset owners out to dry.
  - anamexis 6y ago
    Try getting a house that is very much within your means when you happen to be between jobs. It does not matter if you have several years of expenses including mortgage payments saved up - if you don't currently have a job, good luck getting a mortgage.
randomdata 6y ago
Not to mention that the money printers have been running like crazy through this pandemic business, which means that the increase in prices is largely down to currency value decline. Modern economic policy pushes inflation to fixed assets rather than consumables, which is why it doesn't show up in CPI figures much, but anything you might normally consider to be an investment have all be jumping in price alongside each other. Same reason they stock market is pushing record highs.

deleted 6y ago

[deleted]