Real Estate Crash thread

[Toadman]

https://www.theguardian.com/us-news/...ces-increasing

With infographics!

San Jose FTW!

[mud]

The Federal Housing Finance Agency (FHFA) on Wednesday announced that it would rescind a controversial loan-level pricing adjustment (LLPA) for conventional borrowers with debt-to-income (DTI) levels at or above 40%.
The FHFA, which regulates Fannie Mae and Freddie Mac, had previously delayed implementation of the DTI LLPA until August following a chorus of upset from mortgage industry stakeholders, including the influential Mortgage Bankers Association (MBA).

Mortgage industry lobbyists and practitioners alike complained that the fee was "unworkable" and would result in logistical and compliance nightmares, as well as confusion and mistrust from borrowers.

.....

[AdironRider]

Every single housing article I've ever come across completely avoids the topic of entitlement. It is just assumed as a given that every person should have the god given right to live wherever they want, for whatever price they deem affordable. Like it or not, everyone isn't getting a beach house, or even just a house in their self determined perfect city, as if supply could be infinite with no restrictions at all.

That is not the case for several reasons, some geographic, some resource, and ultimately, some reasons are related to demand. Everyone wants a beach house, but that has an inherent supply restriction and ever increasing demand that no ADU or zoning regulation will ultimately fix.

Even the Guardian article points out several metro areas where housing is indeed still affordable. They happen to be in the midwest, but it seems to me to be a very recent development where people will not entertain any sort of compromise when it comes to housing, notably location related. People used to move for better opportunities, and did so for hundreds if not thousands of years, but post 2000 that mentality is a non-starter. The problem is never going away if people aren't cognoscente that you are not guaranteed to live in your perfect location for your perfect price.

Ski towns encapsulate this mentality perfectly. I can't tell you how many people I know that would perpetually bitch they couldn't afford a house in Jackson on their part time job that allowed them to skip work to ski or bike or take a month off down in Moab, oh and it better be dog friendly and definitely not an apartment.

[Kevo]

^Well said. I'm not aware of a single housing market in the world that isn't in some way exclusionary.

[jackstraw]

Yeah, well when you look at county rents, some of those make zero sense to me. If one thinks Schenectady county is equal to Rockingham county, you'd be batshit crazy. There's no "entitlement" there.

[dan_pdx]

My property tax valuation is now higher than Redfin / Zillow, has anyone had luck appealing their assessment on that basis?

[Skistack]

Yeah! And fuck all those entitled teachers, nurses, cops,firefighters and office workers who want to live close to their jobs. Those people are the worst!


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[simple]

My property tax valuation is now higher than Redfin / Zillow, has anyone had luck appealing their assessment on that basis?

Tips Up is gonna bitch slap you with the facts on actual comps versus their branded pile of garbage data packaged for consumption

[Danno]

My property tax valuation is now higher than Redfin / Zillow, has anyone had luck appealing their assessment on that basis?

I assume it is done the same everywhere, but at the very least where I am the answer to your question is pointing at you and laughing.

[54-46]

Place around the corner from me (3/2.5 townhome in 94901) was listed for $895,000 just sold for $1,111,000 in about 3 weeks. There’s low supply.


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[AdironRider]

Yeah! And fuck all those entitled teachers, nurses, cops,firefighters and office workers who want to live close to their jobs. Those people are the worst!


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There are very few communities that do not have an affordable housing solution within a commutable distance. Even the Jackson’s of the world do. Just because you are a teacher doesn’t not mean you are guaranteed to live in one of the most desirable towns in the fucking world. You might need to commute. Thems the breaks.

Which before you cry foul on that, two teachers in Jackson, even starting out in year one, would have a combined household income of at least 150k. That buys you a condo in Teton Valley no problem (or the equivalent rent if you are single and have a roommate). But that doesn’t show well on IG so people bitch.

[liv2ski]

two teachers in Jackson, even starting out in year one, would have a combined household income of at least 150k.

So $75k a year each as first year teachers? I have to say BS. Do a Google search.

The average Teacher salary in Jackson, WY is $50,655as of , but the salary range typically falls between $42,362and $61,751. And that isn't year 1.

[californiagrown]

So $75k a year each as first year teachers? I have to say BS. Do a Google search.

The average Teacher salary in Jackson, WY is $50,655as of , but the salary range typically falls between $42,362and $61,751. And that isn't year 1.

FWIW most/many teachers i know work summer school, or tutoring/ or camp counselor, etc during the summers and so have 2 months pay unaccounted for there. The average salary for a teacher in my town is right at $60k according to public records, so a combined $120k/year for the family down the street. That affords you a 2/2 or 3/1 pretty easily.

Additionally, i would expect that a year 1-4 teach fresh out of college would likely have roommates to live with. Isnt that pretty normal for people in their early-mid 20s to split rent with other roommates?

[54-46]

So $75k a year each as first year teachers? I have to say BS. Do a Google search.

The average Teacher salary in Jackson, WY is $50,655as of , but the salary range typically falls between $42,362and $61,751. And that isn't year 1.

2020-2021 CBA TETON SCHOOL DISTRICT 401 - Link: https://tsd401.org/wp-content/upload...-2020-21-1.pdf

Screenshot of salary schedule:



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[Supermoon]

There are very few communities that do not have an affordable housing solution within a commutable distance. Even the Jackson’s of the world do. Just because you are a teacher doesn’t not mean you are guaranteed to live in one of the most desirable towns in the fucking world. You might need to commute. Thems the breaks.

So what you’re saying is that they get to commute from the community they live in, provide your community with a huge benefit (education, emergency services, making your coffees, whatever), then go back into an underfunded schools system for their own kids cause fuck em?

[AdironRider]

54-46, You are using Teton County Idaho salaries and not Teton County Wyoming salaries, which are significantly higher. Liv, your google skills are off by the way as shown below.

See the below link for Teton County Wyoming payscales (chart on page 9). Teacher (with a masters, which the vast majority have) starts at $74,323 for 9 months work in year 1 for the current school year that is wrapping up. They'll be getting a COLA for this fall. That is with a pension that only costs them 2.68% of gross. No masters and you probably aren't getting hired in Teton County because, like we've covered already, everyone wants to live here.

https://www.boarddocs.com/wy/teton1/Board.nsf/files/CEBMF45AF8F3/$file/Emp%20Comp%20Package%20FY23%20-%20Pending%20BOE%20approval%20(4).pdf

This is called life fellas, and life isn't fair. Again, these poor teachers (your words not mine) with a fully guaranteed retirement can afford to live within 30 minutes of where they work, even in the richest county in the fucking country, while getting to enjoy pretty much unparalleled access to outdoor activity. They are totally getting fucked.......

[liv2ski]

You are using Teton County Idaho salaries and not Teton County Wyoming salaries, which are significantly higher.

Well they sure as hell are not $75k a year as you suggested. Year 1, I am guessing more like $40k if really lucky.

[AdironRider]

Well they sure as hell are not $75k a year as you suggested. Year 1, I am guessing more like $40k if really lucky.

I just updated my post to the payscale which proves you wrong.

[fastfred]

Ski towns encapsulate this mentality perfectly. I can't tell you how many people I know that would perpetually bitch they couldn't afford a house in Jackson on their part time job that allowed them to skip work to ski or bike or take a month off down in Moab, oh and it better be dog friendly and definitely not an apartment.

Dude like wtf totally can happen and I'm living proof that is no issue and 100% doable buy a house ski town living and shit

Just took a 10 day vacation back in town for 3.5 days of work then on a plane for another trip

We still call it mud season still a thing

Oh wait never mind forgot its 2024

Showing up in the mid 90s before the internet ruined ski towns has its perks

[AdironRider]

So what you’re saying is that they get to commute from the community they live in, provide your community with a huge benefit (education, emergency services, making your coffees, whatever), then go back into an underfunded schools system for their own kids cause fuck em?

What I'm saying, is even in one of the, if not the most desirable places in the country, a family of teachers can live comfortably within 30 minutes of their jobs starting out fresh out of school.

But way to illustrate my point, where even when that is possible, it is a non-starter in terms of the entitlement of people looking for housing in modern America.

[yeahman]

No masters and you probably aren't getting hired in Teton County because, like we've covered already, everyone wants to live here.

Ha, actually it's the exact opposite. School districts these days don't want teachers with masters (or experience) because they are way more expensive to have on the payroll, and schools are chronically underfunded as we all know. They'll hire fresh out of college with a B.A. in education if they can. Especially if the person did their student teaching at the school and they got a chance to check you out and make sure you're not cray.

You want a masters, get a job first, then work on getting the advanced degree. And don't plan on moving anywhere because once you get expensive you're stuck.

[Supermoon]

Remember when Ketchum told teachers and EMTs to live in a tent city they weee going to build in their park and then all the teachers just moved to Idaho Falls and started teaching there instead?

That’s the mountain town blueprint. Rich second-homers DGAF about anyone but themselves

https://www.ktvb.com/article/news/lo...e-b1e379e0300a

[zion zig zag]

You should see what Jackson pays firefighters.

[54-46]

54-46, You are using Teton County Idaho salaries and not Teton County Wyoming salaries, which are significantly higher. Liv, your google skills are off by the way as shown below.

See the below link for Teton County Wyoming payscales (chart on page 9). Teacher (with a masters, which the vast majority have) starts at $74,323 for 9 months work in year 1 for the current school year that is wrapping up. They'll be getting a COLA for this fall. That is with a pension that only costs them 2.68% of gross. No masters and you probably aren't getting hired in Teton County because, like we've covered already, everyone wants to live here.

https://www.boarddocs.com/wy/teton1/Board.nsf/files/CEBMF45AF8F3/$file/Emp%20Comp%20Package%20FY23%20-%20Pending%20BOE%20approval%20(4).pdf

This is called life fellas, and life isn't fair. Again, these poor teachers (your words not mine) with a fully guaranteed retirement can afford to live within 30 minutes of where they work, even in the richest county in the fucking country, while getting to enjoy pretty much unparalleled access to outdoor activity. They are totally getting fucked.......

Ah, OK. Fair enough. Wasn’t important enough to me to double check. Just putting out data.

Have similar issue where I live. Service people and teachers typically live 30 miles away (unless they want to live in low income housing with all the Latino kids they’re teaching).


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[Core Shot]

You should see what Jackson pays firefighters.

Heh

Is anyone breeding in JH?
Who are the alleged children needing education?