Just How Crazy Did The Housing Market Get Around Here?

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THE AVERAGE PRICE OF A HOUSE WENT UP ONE HUNDRED THOUSAND DOLLARS IN ONE YEAR.

Absolute fucking insanity.

When that particular bubble pops there are going to be thousands of people who will suddenly find themselves upside down after this last year of intense house buying that caused this.

The part no one seems to get that is the really insidious aspect of this is that their property tax evaluations are going to reflect this insanity very quickly as there is one thing the government is really good at and that is sticking their hands in your pockets.

When the prices start coming back down to reality, not only are they going to be upside down in their mortgages, the government is going to be very slow as usual to drop their valuations so their property tax bills are going to be brutal.

It is so bad around here that even old two bedroom mobile homes in the parks are asking 150K at this point.

Stuff that was going for $85-$100 K one year ago.

Take this almost forty year old manufactured home for example.

Impressive, no?

Built in 1984.

In 2014 it was estimated to be worth $50,000.

Now take a look at this, even a year ago it was $100,000.

You can see the bubble being pumped up quite easily in that graph.

Let’s not forget the space rent, which has also gone through the roof around here over the past few years.

That has gotten so high that I have seen news stories about people on fixed incomes, who have paid off their mortgage and own the home, who are getting priced out by the rate increases.

Some space rentals around here have approached what it used to cost to rent an apartment in this area a few years ago.

So this Real Estate Bubble has had several trickle down effects.

I have literally been waiting for the bubble to pop in this area for at least eight or nine years but it just keeps getting bigger and bigger and bigger.

It literally defies belief.

I see it has finally started to taper off just recently but I still firmly believe it has a long ways to go before it finds the bottom again.

When it does, there are going to be a shit ton of mortgage defaults littering the market along with it.

Just like in 2009-2010.

16 thoughts on “Just How Crazy Did The Housing Market Get Around Here?”

  1. Well on the bright side, that funny talking guy ( no, not Johno ) says that you’ll own nothing and be happy.

  2. Georgia talking. It’s not helping that Blue, high priced state refugees are coming in with money from selling their Blue State housed.

  3. I was preparing to sell my 2,300 sf, 5 Br, 3 Ba, 2 kitchens, 4 decks home on 3 acres up in the woods in 2020 and expected it to go for $270k. Ended up putting the plan on hold for a year and finally hit the market in September of 2021. Had a contract in 4 days for $355k. Packed up and got out of the People’s Republik of Vermont, for good.

  4. I live in a semi-rural area that has had literally hundreds, if not thousands, of new homes built within a 5 mile radius of me within the last few years. Most of those new homes are toward the upper price range for the area. I look for many of them to go into default as gas prices continue to go up, because people won’t be able to afford their house payment and the gas to drive into the city for work. The same thing happened back when gas prices hit record highs under obummer.

  5. Wife Unit was thinking of selling – we can get 350-450K out of our dump, and if it weren’t for Uncle Greedy wanting to tax the batcrap out of the gains unless I immediately roll it over into another abode, I’d consider it. CONSIDER it…

    • What and live full time in your Beaver? What about all your treasure in the basement? Also your SHO?

  6. Deathray, if needs be, at least you’ll always be welcome as a fully hosted guest among the online friends you’ve made at Turtle Cove Beach Resort. I hear they’re planning a Deathray-lotto every week, the winner gets to share a beach hut with you for the next 7 days and frolics-filled nights. They’re already picking a turtle to name after you.

    • Damn Johno, you were being so good at not being obnoxious and talking such that people could actually follow you through a paragraph you wrote and not shake their noggin trying to figure out damn backwoods Aussie speech… now ya ruined it and back to day 0.

      • I thought he was being good and staying away.
        I was enjoying the peace and quiet.
        Cedreq, is there anyway to get him hooked up with, Sarah? What a cute couple that would make.

        • I have a feeling sarah has more discriminating taste, what with POCs and other STD laden fine specimens of fine manly soi bois. I just don’t believe Johno measures (literally) up to them…mores the pity, with him moving to detoilet or her moving to the backwoods of oz, we would finally find peace and tranquility and could sit around a campfire and sing Kum ba ya.

  7. People are buying caravans (70’s and 80’s models) near beaches in New South Wales for AUD$300 000+. Insane doesn’t begin to describe what’s going to happen when suckers work out paper wealth doesn’t feed your kids.

  8. Deathray, name one part of my comment that is upsetting to an ordinary decent person, e.g. somebody not you two warped old sickos. How is it my fault that you read into my words something that plainly isn’t there. It’s litlle wonder that your rellies exported you to a hill the other side of the frozen tundra. As for Cederq, either he is in a really bad witness protection programme, or Phil’s trolls hacked his navigation setup in the General’s ute, the one with a gaybar out front, I suspect that the Chicoms have a lock registered on it with one of their hypersonic missiles. Hmm, might be a good idea to contact Xi and Kim with some target data. Never you two mind much, you’ll get to see a really cool fireworks display, but.

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