Real Estate Crash thread

[dunfree]

Elon Musk rents.

oh to be a billionaire with your assets in a trust and your lifestyle paid for by loans

[Conundrum]

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.

I do not object to fungi.

[Toadman]

Just for example - I suspect the people that own this house are/were poor:

https://www.zillow.com/homedetails/7...08949859_zpid/

Just a guess, though...

ETA: check out that jump in value in '14/'15 - $6,820 to $15,000! I bet they checked their net worth that year and started planning their exit strategy...

It's all relative. And local.

[Toadman]

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 deserves more than just a, "wow!" That is clearly a WTF? But, still will be interesting to see how much over asking it goes for.

[old_newguy]

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.

Literally no one is arguing this point.

[Ted Striker]

Just for example - I suspect the people that own this house are/were poor

Zestimate: none

Yep, that pretty much sums it up

[mcphee]

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.

imagine thinking that someone who outright owns a home worth 35k in BFE flatlandia and struggles with food, utilities, and taxes is not poor.

.

[Benny Profane]

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.

But, others were.

Gee, what happens when rich income people get fired?

[Benny Profane]

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.

More like 150 billion +.

[Ted Striker]

High income earners should have savings.

... but since this is America, yer probably right, they're fuct.

[Benny Profane]

oh to be a billionaire with your assets in a trust and your lifestyle paid for by loans

Yeah, but you'd still be an asshole.

[The AD]

Zestimate: none

Zestimate: torch it and hope you can collect the insurance money without getting caught.

[Conundrum]

But, others were.

Gee, what happens when rich income people get fired?

I didn't see a single poster discussing poverty but me provide a siteable source for a definition. Once again, I'm not saying the definition I posted was the catch all but it is a definition used by a governing body to determine social program eligibility. You guys can sit around playing tummy sticks deciding who is rich and poor. Maybe an established definition could be part of the conversation.

As for fired rich people... Guess it depends if they suffered lifestyle creep as they built their riches or if they played a conservative long term game with their money. If they lose their rich income, seems like not a lot of fingers to point for falling into poverty.

[Ted Striker]

Zestimate: torch it and hope you can collect the insurance money without getting caught.

A friend of mine used to work for one of the bigger developers in this town. They generally had an inventory of projects that were still on the to-do list, that included some derelict empty buildings. When one of them (that happened to be on a prime piece of downtown real estate with ocean views) burned down, I asked him if they generally used freelance arsonists or if they had a guy in house.

I might have opportunity to use that joke a more than once as well.

[Benny Profane]

Well, going full circle, right now there are a ton of Americans paying a very high price (over the mean) for their homes, financed to the max, and the only thing the mortgage lender is really concerned with is household income. They could care less about any hard assets or even annuity like holdings. That is not a good place for them or the market when UE goes up, and, it will.

[Meadow Skipper]

…You guys can sit around playing tummy sticks deciding who is rich and poor.

I had to look that one up. LOL
https://www.urbandictionary.com/defi...tummy%20sticks

Maybe an established definition could be part of the conversation.

Ya think?

It's like arguing with Tucker Carlson....constant whataboutisms and never admitting their statement is based on opinion and not facts.

[skifishbum]

legit reasons for not just adding another layer on your roof would be
code violation
the old ones to fucked to allow full life of the new
old leaks compromised plywood or substrate
adding solar or skylights where access to plywood will allow better underlayment tie in
you have to much money and dont care about wasting it
you plan on living in that house past the life of the additional layer
your a roofer or enjoy dyi torture
other than that the same sad stokeless cunts gonna cunt
bless their hearts

[Conundrum]

A friend of mine used to work for one of the bigger developers in this town. They generally had an inventory of projects that were still on the to-do list, that included some derelict empty buildings. When one of them (that happened to be on a prime piece of downtown real estate with ocean views) burned down, I asked him if they generally used freelance arsonists or if they had a guy in house.

.

We call that Mormon lightning around here.

[Conundrum]

Well, going full circle, right now there are a ton of Americans paying a very high price (over the mean) for their homes, financed to the max, and the only thing the mortgage lender is really concerned with is household income. They could care less about any hard assets or even annuity like holdings. That is not a good place for them or the market when UE goes up, and, it will.

Are you a lender? Then who cares? Buy in the depressed market and get out of crying about not being able to afford someone else's rental for a week of Colorado skiing.

[liv2ski]

I gotta say, the quote of Ted's had me laughing. Thanks for that.

[Harry]

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.

Stop using “income” when talking about real humans and “profit” when talking about corporations.

You are smarter than that. The fact that you keep doing it shows your agenda.


Sent from my iPhone using TGR Forums

[skifishbum]

Are you a lender? Then who cares? Buy in the depressed market and get out of crying about not being able to afford someone else's rental for a week of Colorado skiing.

ya gotta be able to offload the lift in order to enjoy the whole week
bless his shitty skiing

[Toadman]

But, others were.

Gee, what happens when rich income people get fired?

Well, they take their golden parachute, cache out their stock option and then move on to the next gig. They also might sue if the really feel strongly about being fired, and settle out of court for 7 figures. And a years worth of paid health insurance coverage.

[altasnob]

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

In a perfect world, the government would take into account a person's total net worth (income, house, stocks, assets, trusts, ect) when determining if they fall under poverty thresholds. But think of how difficult that would be to accurately quantify? Income is easily verifiable with W2 and tax return where as total net worth varies depending on the day you look at it and would require appraisals. So yes, we are stuck with people with low income levels qualifying for assistance when they happen have a lot of non-liquid assets that make them far from poor. In the grand scheme of things, I don't think this is a huge problem though.

[toast2266]

More like 150 billion +.

As a casual follower of this thread, I'm not sure it's fair to drag intergalactic poverty levels into the discussion.