Whitney on Double Dip
by Jim the Realtor | Jun 22, 2010 | Double Dip, Market Conditions, Thinking of Buying?, Thinking of Selling? | 9 comments
by Jim the Realtor | Jun 22, 2010 | Double Dip, Market Conditions, Thinking of Buying?, Thinking of Selling? | 9 comments
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Just heard of a buyer paying $500,000 over list for a $4,000,000 home.....in Alpine, CA!
@SacAppraiser Tacoma -30% of houses listed this year have sold. All within 6 days. So it either sells in 6 days or doesn't sell.
Opendoor was marketed as a play with somehow better data.
But it turns out the business is so perfectly pro-cyclical, I suspect
A) any good operator could replicate
B) Tyler’s diligence could be used to forecast any housing market trade and ignore the $open stock entirely. https://twitter.com/tyler_okland_md/status/1618952502678024195
Opendoor's pending sales volume is up roughly 50% over the past month. https://twitter.com/datadoorio/status/1618756106419044352
New post (Happy Happy) has been published on http://bubbleinfo.com - https://www.bubbleinfo.com/2023/01/27/happy-happy/
Note her frustration when she exclaims “people still debate whether there’s a double dip in housing!”
Of course, we all know San Diego is immune. Or so we’ve been told.
Wow, mainstream is starting to listen.
I agree with everything Whitney stated.
“(R)otting assets on bank balance sheets…”
They are not on the balance sheets after the banks were allowed to avoid mark to market. That was the biggest kicking of the can the government did in this mess.
Hmm don’t know, once it becomes main stream then it is likely about over.
OK to take a somewhat modified Contrarian view,
I will agree that many sales were move forward into April by the Tax credit, and that will make the next few months slower than they would have been,
But I would also think that the market will start to return after a few months, unless the state is not bailed out and they start laying off teachers, Police Firemen etc…
If the State does not receive a bail out before the end of summer, all bets are off, and buckle up.
Bobo,
Buckle up.
Gawd, she’s hot! 😉
Bobo,
If the Feds bail out the state, it’s game, set & match — we’re Greece. Do you prefer a bankrupt state or a bankrupt country?
Well, the states cannot run deficits–and the fed gov can. As long as the fed’s printing presses are going, the fed won’t go bk. Fed deficits in the short term are not the same issue as long-term deficits.
But there’s no reason to believe that WA is riding to the states’ aid. The states will cut programs and hours/lay off workers/increase fees. Buckle up, indeed.
What’s funny is that so many people think that the recession is behind us.
IIRC, tj and I were talking about the govt-led portion of the downturn many years ago on the HBB. (cheers, tj!). 😉
BTW, it’s not a matter of *if* we’ll see a govt-led downturn, but when. State workers are already being notified about actual pay cuts (as opposed to furloughs) and workers across the state (state and local) are going to be contributing much more to their retirements (in addition to pay cuts). This could result in a 10-25% effective cut in pay/benefits (possibly more in some cases), and we’ll probably see a potential 33% cut in retirement benefits.
Hunker down…