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Thread: Real Estate Crash thread
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06-13-2021, 11:23 PM #15026
No tax deductible expenses on SFH rentals, period. No maintenance, interest, depreciation expense, etc. Also the gain on a sfh sale that is not your primary residence is taxed as income, not a capital gain (and restore the corporate income tax levels). Also remove any conversion/ exchange loopholes.
Create exemptions for the original builder and businesses to fix up / flip a house to the extent they are building or renovating the house (as long as they aren’t renting) so development isn’t halted.
You’d see a flood of inventory from investors, and second, third, nth home owners.
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06-13-2021, 11:54 PM #15027
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06-14-2021, 07:48 AM #15028
With all this news of Blackrock lately, mark my words. WHEN the bubble bursts (and it will), investment firms like them who have big ties to Washington will be getting bailed out via YOUR tax dollars. While all the recent home buying individuals get skrewwwwwwd. Just like the '08 crash. All the big firms got bailouts. Homeowners got bent over and still had to foot the bill for those Wall Street scumbags.
While I totally understood the ire and sentiment behind the Occupy Wall Street movement back then, I've always felt that the anger's direction was actually misplaced. The anger instead SHOULD have been directed toward Washington and all the blatant cronyism that encourages this system to begin with.
Don't mean to thread drift too much. I could be wrong, but after we've all seen this sort of thing play out time and time again, I just can't see it going down any other way.
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06-14-2021, 08:00 AM #15029
You have to get people to vote the cronyists out, but most of them are in safe seats and just have to wave the flag, threaten guns, or bleat about "values" and people forget the other actions. Many have figured out they don't have to be good, they just have to appear better than the alternative come election time.
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06-14-2021, 08:02 AM #15030
we bought a house in 08
its more than doubled in value
sure some tax ducketts got sent to make sure the 1%ers didnt become 10's
but im thinkin yeah your wrong about being bent over on working towards owning our home"When the child was a child it waited patiently for the first snow and it still does"- Van "The Man" Morrison
"I find I have already had my reward, in the doing of the thing" - Buzz Holmstrom
"THIS IS WHAT WE DO"-AML -ski on in eternal peace
"I have posted in here but haven't read it carefully with my trusty PoliAsshat antenna on."-DipshitDanno
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06-14-2021, 08:02 AM #15031
Blackrock is powered by out tax dollars and retirement contributions already. They are hip-to-hip with .gov
They might only be worth 1/4 of a Trillion Dollars, but they control nearly 10 Trillion Dollars.
The biggest employer in the US, the US Federal Government, every single federal worker retirement dollar is invested with Blackrock via TSP. That is 3/4 of a TRILLION right there. This is common knowledge to any Fed or former Fed who still has a TSP account.
Blackrock is THE definition of Too Big To Fail. Progressive stalwart Elizabeth Warren even said so publicly just 3 months ago!!! Warren wants BlackRock designated too big to fail: https://www.cnbc.com/2021/03/24/yell...g-to-fail.html (Warren wanted Blackrock regulated because they were too big to fail... but that didn't happen)
If you have the most powerful politicians in the country, including ones who are supposedly defenders of downtrodden, publicly saying that a giant investment company "is too big to fail," before any apparent failure is imminent, then that company might just start thinking they can act with even less moral guidance than usual in the pursuit of profit (like mass purchasing houses) while also undertaking greater risk of failing because Uncle Sugar will be there for the bailout! #ThisIsNotCapitalismLast edited by Summit; 06-14-2021 at 08:33 AM.
Originally Posted by blurred
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06-14-2021, 08:20 AM #15032Banned
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and good ole canadia getting in on the action...
https://www.theglobeandmail.com/busi...ily-houses-in/
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06-14-2021, 08:24 AM #15033
That was 13 years ago, dude. Of course the market's (obviously) recovered way past that point. Great job sticking it out, but many other people weren't able to. In the short term, yes, many people got screwed over back then while the Wall Street cronies walked away rich as shit without feeling any of the pain of the homeowners who lost everything.
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06-14-2021, 08:25 AM #15034Registered User
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I'm a praying for a crash someone let me know when it's going to happen please
sooner the better
I hate working and we could use a good house cleaning in the mountains
#van life bro
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06-14-2021, 09:07 AM #15035
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06-14-2021, 09:14 AM #15036
Socialism is state control of the means of production, including state dominance of spending (usually via taxation). Blackrock is not Socialism or Capitalism. Privatize the profit whilst socializing the risk is Cronyism/Oligarchical Kleptocracy. It leads to exacerbation of wealth disparity until you have a revolution... it can be a revolution of regulation, or a revolution of molotov cocktails and barricades. Regulation is far more preferable.
Originally Posted by blurred
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06-14-2021, 09:15 AM #15037
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06-14-2021, 09:21 AM #15038
Semantics matter. If the Oligarchy is allowed to push Cronyism and Kleptocracy to the point of violent overthrow, then we might actually end up with Socialism and a whole lotta people are gonna find out the hard way that Socialism is not the European Democratic Welfare Capitalism that the real Socialists have spent the last 50 years trying to conflate.
Originally Posted by blurred
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06-14-2021, 09:21 AM #15039
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06-14-2021, 09:35 AM #15040
Lumber futures down limit again. 35% lower than the recent high
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06-14-2021, 09:50 AM #15041
We used to have a saying in the oil business.
The best antidote for high prices is high prices."timberridge is terminally vapid" -- a fortune cookie in Yueyang
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06-14-2021, 09:52 AM #15042Registered User
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06-14-2021, 09:56 AM #15043Registered User
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I mentioned this to a friend who lives in Bellingham and apparently he knows someone that lives near this house, which was a hot topic of neighborhood conversation after it went back on the market. Rumor is that the buyers had some kind of unexpected life change (messy divorce?) right after closing and were trying to get their money back+fees and closing costs. Guess that didn't work out too well.
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06-14-2021, 09:58 AM #15044
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06-14-2021, 10:18 AM #15045
^It's like if Upstate had an Upstate.
"timberridge is terminally vapid" -- a fortune cookie in Yueyang
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06-14-2021, 10:20 AM #15046
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06-14-2021, 10:25 AM #15047Registered User
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06-14-2021, 10:28 AM #15048
Two houses away from me is a house that may be cursed. It was a new build 7 yrs ago. Everyone who has moved in there in the last 7 yrs has gotten divorced. It's on its 4th owner. They just put in a big pool. It took a year to build. The pool guy is there almost every day now and I'm not sure if he's fixing problems with the pool or banging the wife.
"timberridge is terminally vapid" -- a fortune cookie in Yueyang
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06-14-2021, 11:21 AM #15049
Not sure it will burst. Maybe it will deflate rapidly. Maybe around the margins where some folks over paid but with so much paid in cash, and with stupid low mortgage rates, it will take double digit job losses for people to have issues paying mortgages. I guess as they say, we shall see in due time.
"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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06-14-2021, 03:44 PM #15050Registered User
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It's finally a buyers market here in Vancouver.
Nice little starter home here built in 1949 on a 55ft lot.
https://www.realtor.ca/real-estate/2...enue-vancouver
All yours for just $9,800,000 cad (that's $8,069,000 for our US friends).
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