Real Estate Crash thread

[Meadow Skipper]

Quit being obtuse, you know the point being made.

Lol

[Ted Striker]

Regardless of federal definitions which may or may not be practical or representative, I do think you have to take equity into account when trying to come up with a definition of poor. Someone who owes $50k on a $100k house is in a very different position than someone who owes $50k on a $2MM house.

Definitely. It's called net worth for a reason.

[dan_pdx]

Ballard (Seattle) area $800k tear-down on a 5,000 sq ft lot. A more desirable location than the one I posted yesterday, but still--wow.
https://www.redfin.com/WA/Seattle/67...17/home/496788

That's fucked up, it's getting to Bay Area levels of crazy

[Conundrum]

Quit being obtuse, you know the point being made.

Or maybe not, as the guy who bitches about paying taxes on millions of dollars of real estate as if it is an actual hardship.

I never claimed it was a hardship for me but could be for others. I did say I didn't like it because two separate families within four houses of me had to sell houses they lived in for 30 years because they couldn't afford the taxes. Financially, I'm fine paying ridiculous tax increases. Philosophically, I don't like paying ridiculous tax hikes on a modest primary residence I've lived in for 20 years.

Feel free to go back and quote snippets of posts to zing me.

[XXX-er]

isnt there tax defferal programs ?

I know people in Vangroovy who would be paying huge tax bills on multi million dollar bungalows but they can deffer it till the proerty gets sold

[Conundrum]

isnt there tax defferal programs ?

I know people in Vangroovy who would be paying huge tax bills on multi million dollar bungalows but they can deffer it till the proerty gets sold

Yes/no. It isn't something you choose to participate in. If you don't pay your taxes, the county liens your house in the amount of back taxes, interest, and penalties. When you sell, or in my neighbor's case, die and your daughter tries to move in, they ask for the money and then force the sale and take the money. So technically, I guess there is a deferment process but it dings your credit and financial records.

The impetus behind the tax conversation isn't something I'm going to dive into again.

[dan_pdx]

isnt there tax defferal programs ?

I know people in Vangroovy who would be paying huge tax bills on multi million dollar bungalows but they can deffer it till the proerty gets sold

First I've heard of that, I'm not sure if that approach exists in the US. Pretty interesting way to skin that particular cat of property tax increases forcing out long-time homeowners. What happens if the house gets passed down, can taxes be deferred indefinitely?

[Ted Striker]

Getting back to this for a minute


That's the we want to be 'in town' desperation. It'll be interesting to see what this one goes for https://www.redfin.com/WA/Bellingham.../home/15821093

It has another bath, is on a full lot, and in a generally more desirable neighborhood. Downsides are that it's dated, and across the street from an apartment building.

[Ted Striker]

In Washington there's a property tax break for senior citizens, people who can't do their jobs due to a disability, and Veterans that meet certain conditions.

[AdironRider]

Just out of curiosity... what point are you trying to make here with regards to the discussion?

That just using someone's income is a bullshit way of determining if they are poor or not.

Just like everyone knows Amazon isn't bankrupt when they aren't turning profits on paper, everyone knows that if you own a house outright you have options that over half the country doesn't when it comes to financial survival.

[Conundrum]

You realize I wasn't making a case for income being the measurement right? People were talking about how to define it so I provided the federal definition used in determining eligibility for many federal aid programs.

[dan_pdx]

Getting back to this for a minute

That's the we want to be 'in town' desperation. It'll be interesting to see what this one goes for https://www.redfin.com/WA/Bellingham.../home/15821093

It has another bath, is on a full lot, and in a generally more desirable neighborhood. Downsides are that it's dated, and across the street from an apartment building.

Hahaha, excellent Photoshop work. I'll say $835k for that one.

[old_newguy]

I know people who own houses that are worth under $100,000. Closer to 50k.

They make less than the poverty guidelines. They can’t sell their house because they wouldn’t make enough to pay rent anywhere without using the proceeds from the house sale.

So I guess they could sell the house, technically not meet the poverty income requirements and then be homeless in a few years.

[old_newguy]

That just using someone's income is a bullshit way of determining if they are poor or not.

Just like everyone knows Amazon isn't bankrupt when they aren't turning profits on paper, everyone knows that if you own a house outright you have options that over half the country doesn't when it comes to financial survival.

No, you were arguing that technically Benny was right, while use a self created definition of poverty that isn’t actually the technical definition of poverty.

[Conundrum]

I know people who own houses that are worth under $100,000. Closer to 50k.

They make less than the poverty guidelines. They can’t sell their house because they wouldn’t make enough to pay rent anywhere without using the proceeds from the house sale.

So I guess they could sell the house, technically not meet the poverty income requirements and then be homeless in a few years.

Have those people tried to convert themselves to businesses?

[XXX-er]

First I've heard of that, I'm not sure if that approach exists in the US. Pretty interesting way to skin that particular cat of property tax increases forcing out long-time homeowners. What happens if the house gets passed down, can taxes be deferred indefinitely?

https://vancouver.ca/home-property-d...0or%20interest

actualy it might be a low interest loan from the BC gov so here is the link

I think you need to be 55+ and if title changes for any reason the loan is due

[AdironRider]

No, you were arguing that technically Benny was right, while use a self created definition of poverty that isn’t actually the technical definition of poverty.

The ability of TGR to be filled with stereotypes knows no bounds. Bunch of millionaires shitting on people that own their own homes as rube peasants and the poors, when the reality is about 150+ million people are much worse off than that.

[old_newguy]

The ability of TGR to be filled with stereotypes knows no bounds.

You are certainly one yourself.

[Conundrum]

Not trying to be obtuse, if your definition of poor/not poor is home ownership, maybe consider broadening your definition. Plenty of people who rent are rich as fuck, plenty of people who own a home that would have to sell to access that equity could potentially be homeless upon doing so. Lots of trees in that forest to see.

[Buster Highmen]

You realize I wasn't making a case for income being the measurement right? People were talking about how to define it so I provided the federal definition used in determining eligibility for many federal aid programs.

That's awfully technical.
Which sounds like 'technically'.

Some people just don't like definitions because they ruin the narratives.

Pity them.

[m2711c]

[AdironRider]

No shit man. The point is if you own a house outright, you are objectively not poor. Assets have value, whether you choose to tap into that value or not does not change the fact that you have some form of wealth available to you that over half the country does not.

I suppose that is unless you consider over half the population of the richest country in the world, to be poor. To which well. I disagree.

[Conundrum]

Elon Musk rents.

[Buster Highmen]

I object to the fungibility of objectively to technically.
And owning a Kentucky or West Virginia coal shitshack when no one want to buy it and the result leaves the seller homeless doesn't elevate them above poverty.

[XXX-er]

How many cash rich people out there have sold high and are renting cuz they are trying to time an RE bubble ??