This thread will be the same as all the others on this topic:


Homeowner: there is no such thing as a housing bubble. Never has been and never will be. How dare you assert such a thought and endanger my property value, you jobless hippies. Everybody knows that in the NEW ECONOMY, housing prices, like internet stocks, are not tied down by trivialities like 'fundamentals'.


Non-homeowner: Haha, you guys are screwed. I cant wait till this bubble pops and then I will be able to get my own 8000 square foot McMansion on the waterfront for about $55 bucks, and be able to tell everyone else that there is no such thing as a housing bubble OMFG ROFLcopter!!1!oneeleventy!1!la;skjdf;laksjdf;asdf


In the meantime, all the indicators (housing builder's stock prices dropping, housing supply at all time highs, foreclosures up) seem to indicate a pending correction. Or maybe these indicators are just in their 'last throes'.

I'm getting my $55 ready

Goodfella: Or maybe these indicators are just in their 'last throes'.

We're turning yet another corner on housing prices!

What is Fark's obsession with housing prices? Let me know when market indicators show that we're not going to have 3 articles a week on the impending violent end of the housing bubble...

Bubble, no bubble, yadda yadda yadda, I just want to be able to buy a house without having to sell my soul for a 75 year mortgage.

No, the bubble needs to last for about another 3 years while I get enough for a downpayment on my new $55 home.

There's no doubt that property values in traditionally desirable areas are dropping. That said, with the influx of people to the South looking for cheap land, my property value is $soaring$... fine by me... I am desperate to get out of this hellhole.

Detective Sandy V.

It is of concern to Farkers because a bubble pop would affect everybody.

Homeowners not able to draw home equity = nobody buying what you're making or selling = you out of job.

The doomsayers have accurately predicted 78 of the last 3 housing bubbles.

Man, Canadians just can't do anything with BALLS!

/Colbert does not approve.

robogun: Homeowners not able to draw home equity = nobody buying what you're making or selling = you out of job.

Good, maybe we can teach the american public that your home is not a vehicle for purchases but instead is an investment in your future.

That's why I want to move out to the country. 5 acres in northern Ontario costs pretty much the same as it did 10 years ago.

It sucks here in Edmonton.

My fiance and i are looking to get a home, and its ridiculous right now.

For $160,000 we could get a trailer, a f-ing trailer.

A small 2 bedroom home here averages about $250,000

A small 2 bedroom Condo here averages about $195,000

Its hard when you want a yard instead of just somwhere to live.

I know it wont burst but i hope it gets under controll soon. Houses go up in value $100 a day here right now.

If I told you you could buy an $18,000 house that is now worth $15 million, does that sound like something that might interest you?

I was all set to buy that $55 house when the mortgage rate was in the 5s, but now that it's closer to 6.5, forget it. That's like an extra $.001 per month.

trying to buy anything in Toronto is impossible. You have to move to farking Newmarket or some other shiathole to get anything affordable

I luckily got a great deal on my house (bought for 90,000, worth 150,000) and now the area around my house (which will hopefully soon include my house) is going commercial, thus doubling and tripling property values.

I'm stoked.

GimpyNip
If I told you you could buy an $18,000 house that is now worth $15 million, does that sound like something that might interest you?

Yes it does, Bob.

makes me glad I bought when the housing bubble was meer indigestion
my house $136k 5 years ago
the neighbors house now (he's selling it and they're pretty much the same): $225k

you around birmingham, wmoonfox? 'cuz you're right about the rising prices. i'm looking for a home in the hoover/mountain brook/homowood area and the prices are insane! when i visited 3 years ago, it was possible to buy a 3000sqft home for under $200K. now, i'll be lucky to get one half that size. property taxes are climbing fast, too.

john_frink: I was all set to buy that $55 house when the mortgage rate was in the 5s, but now that it's closer to 6.5, forget it. That's like an extra $.001 per month.

Actually now may be the time to purchase a home with regards to interest rates.

Work yourself into a loan that someone can take over, and suddenly that 6.5 now looks mighty fine to someone a few years from now when it's at 8 again.

"or $160,000 we could get a trailer, a f-ing trailer.

A small 2 bedroom home here averages about $250,000

A small 2 bedroom Condo here averages about $195,000
"

But those are Canadian dollars, right? You're on the metric system. The prices only look big on paper.

Meh - housing markets are regional. Probably moreso in Canada, considering how sparse & spread out our population is.

The bubble in Edmonton/Northern Alberta won't burst for a long time, considering the massive investment in the oilsands. Something like 150,000 *new* workers are required over the next ten years, from nearly every discipline there is. People are flooding here in droves, and as long as the price of oil remains high enough (does anyone envision it ever going down significantly again in our new war-on-terrah/peak-oil/uber-hurricane world?) that tarsand extraction remains economical, there will continue to be housing shortages around here. I'm glad I bought when I did...

err... that would be homewood. not homowood.



/not that there's anything wrong with that

From TFA`
"We see housing activity easing to a more long-run sustainable level moving forward."

I just lost 15 hit points in grammar damage.

On the "I'm never going to own, housing is just a bad investment" side, it's got to be a good investment for the knucklehead keeping 100% of the rent each month.

/VA FTW

Flaccidor

The Oilsands are a blessing and a curse, good for economy, bad more Mindtaker

IdBeCrazyIf

Interest rates are probably going to go down over the next year, so I would not lock into a 30 year fixed at the peak of an interest rate cycle.

On a side note, that is the lamest Fark headline I've seen in a while. Ummm, "deflated boob"? Christ, I can't wait for school to start.

/git off mah lahn.

Mindtaker

Sheesh.. there are some one bedroom condos starting at $300,000 near me.. I'd gladly take your housing prices anyday.

Meh. "Shrivelled". Whatever. Smitty didn't even spell it right.

koniver: Interest rates are probably going to go down over the next year, so I would not lock into a 30 year fixed at the peak of an interest rate cycle.

That assumes the bubble doesn't burst (or deflate gradually). If the bubble bursts, a lot of loans are going to be in big trouble and so the interest rate will just keep going up instead of cyclicly dropping.

Sonnuvah: On the "I'm never going to own, housing is just a bad investment" side, it's got to be a good investment
for the knucklehead keeping 100% of the rent each month.

Investment property is different than property you live in. I don't think anybody has ever said that rental property wasn't usually a good investment. They just question the benefits of considering the house you live in an investment, because you need to live SOMEWHERE, and if your house price goes up, normally so does every other house price on other houses that you could be living in if you sell.

/VA FTW

Except when you're my coworker and spend close to 3 months trying to secure the loan. I think the system is designed to prevent as many people as possible from securing VA loans.

So 30 million Molson swilling, wish it was hockey but I suck so I'll have to settle on curling playing, back bacon scarfing, Tim Horton's jonesing, aboot eh-ing, Mountie always getting his maning, what are the Quebecers' getting riled up about this week sighing, darn it's colding, at least I ain't an American spouting park rangers will not get as screwed on their overpriced cabins as the richly deserving morons in the states. Big deal.

koniver: Interest rates are probably going to go down over the next year, so I would not lock into a 30 year fixed at the peak of an interest rate cycle.

Maybe short term depending on the cycle length, but over long term we will be looking at interest rates climbing back again to 7 or 8.

Sorry, we non-homeowners are just pissed that homes that used to be within our reach are now overpriced and require risking one's finincial future to secure.

/oh sorry, OMFG ROFLcopter!!1!oneeleventy!1!la;skjdf;laksjdf;asdf
//no McMansion wanted here, how about a townhouse in DC suburb for less than 350K?

5 years ago, I bought 3 acres in a very nice area (close to lakes, schools, paved bike paths, stores, fire station, library, post office, well drained, mountain views, lots of trees, etc.) for $15,000. Then I rented a Cat, cleared an acre, built a pad for my cabin, and built a driveway. I put in vegetable and flower gardens, a pond, berry patches, and still have a lot of land left over. The only thing I didn't do myself was the well.

I just turned down an offer for $270,000.

Pretty good investment.

I'm going to continue like this: no loans, mortages, debt.

Flaccidor hit the nail on the head, housing bubbles are more of a regional trend than a national trend. Certain markets are way overheated and will correct, as it has in the past. However, certain areas of the market are still strong and will remain strong.

Mindtaker

I'd love to be in Edmonton, then. A small two bedroom apartment goes for ~US$385,000 right now in Queens and that doesn't include $1000/mo in co-op fees. Five miles away (Manhatan), it'll run you 1.3 mil.

I like NYC, but the housing blows.

koniver: Interest rates are probably going to go down over the next year, so I would not lock into a 30 year fixed at the peak of an interest rate cycle.

Don't scare me with this talk. My cash investments are finally starting to look good!

Flaccidor
The bubble in Edmonton/Northern Alberta won't burst for a long time, considering the massive investment in the oilsands. Something like 150,000 *new* workers are required over the next ten years, from nearly every discipline there is. People are flooding here in droves, and as long as the price of oil remains high enough (does anyone envision it ever going down significantly again in our new war-on-terrah/peak-oil/uber-hurricane world?) that tarsand extraction remains economical, there will continue to be housing shortages around here. I'm glad I bought when I did...

I can see the price going down. In fact, I can see the price bottoming out. A peaceful Iran, a slow hurricane season and a global slowdown would likely be enough to drop the bottom out of the market. Of course, it could go the other way too. If oil drops to $40-$50, I think you'll see some changes in the oilsands - it'll still be economical, but I think producers will get pretty gun-shy about expanding.

Long story short - there may be a shortage for a while, but you wouldn't catch me buying real estate in Alberta.

I'm glad that nobody is, at first, laughing at the "shrivelled boob" part of the headline, and then realizing that the joke refers to a gradually deflating balloon, and that therefore the submitter used a mixed metaphor.

And that's bad because mixed metaphors are a sign of inbreeding.

/submitter
//all other errors in the headline are intentional