Housing Bubble 2: Return of the Ugly

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A community for discussing and documenting the second great housing bubble.

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Mom Takes Her Adult Son Apartment Hunting & Realizes There is No Way He Can Afford To Live On His Own — ‘Millennials Are Not Lazy’ (www.yourtango.com)

submitted 5 months ago by SeattleRain to c/housing_bubble_2

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[–] michaelmrose 21 points 5 months ago (1 children)

You bought busted ass houses during the multinational housing market crash. At the time banks were struggling to offload massive inventory repossessed from people who could no longer pay whist they themselves were worrying about going bankrupt. There was very little in the way of credit available so you presumably bought them for cash which means that while everyone else was losing their ass you had more liquid wealth than most everyone. The last time this happened previously was the great depression.

To describe this as situations vary with location is to be completely full of shit.

Houses ARE cheaper in the boondocks where there are no jobs but this isn't a viable strategy for most folks.

[–] [email protected] 1 points 5 months ago* (last edited 5 months ago)

I didn't buy any houses for fucking cash lol. I was making 32k when I bought my first house I put down 3% because that's what I could afford. I didn't have any money, and I've never even contemplated buying a house for cash. I was just a regular asshole living a regular life in a state capital where there are plenty of jobs, used to be many of them union jobs making a shitload more than me. I didn't get any stupendous deals on either of those houses for the day.

The point here was things are much worse today. They weren't this bad before. This is an exceptional market. I'm stuck in my current house now because of how much worse the market is. That's my point is things are way worse now than we've had to deal with in the last 30 years at least.