180k house to 1 million. 800/mo rent to 2800/mo.
(media.greatawakening.win)
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Don't die yet...it's all coming down...house prices will drop like a stone
And when they do, those buying these houses will be so far underwater they'll drown.
Those of us who live and own property in rural areas don't see the huge leaps in prices. I'm guessing OP lives in a city, where there are lots of other problems besides housing prices. Wait until the food crunch hits.
I live in a suburb about 40 minutes away from the closest city.
Home prices have climbed from 180-250k to 350-600k for a basic house. Rents went from 1500 up to 2300 as well. My town has always been a commuter town. Handful of restaurants, a Walmart, and some schools. Nothing flashy.
This has happened since Biden took office mainly. A small climb during Trump administration, them skyrocket since.
Hoping to get in on some of the foreclosure sales when it crashes.
That sounds like it's less to do with overvaluation and more to do with inflation. I'm sure both are a factor given we're living in the largest housing bubble in history, but if it's only mainly been since the resident came into play then it's more likely than not mostly inflation.
I said rural is more stable. Suburbs close to a city are not much different from a city. Did anyone expect housing prices wouldn't skyrocket? Chinese have been buying up property for ages. Add in demand from low interest. Add in skyrocketing lumber costs. Add in all the other inflation. Forget the idiotic lies they put out about inflation - it's nowhere near as low as 8.5 percent.
100% correct.
And the mortgage rate is going up to 9%
Mortgage interest rates will be double digits before long.
Housing will drop like a rock when that happens.
And yet CD's and interest rates for the investor still suck.
I am thankful I haven't got a mortgage and my heart hurts for those who have.