Is another decline in the U.S. housing market imminent? - Page 14

mhays · #**261** Posted **Jul 26, 2018, 7:55 PM**

Quote:

Originally Posted by badrunner

Tremendous growth for wall street mostly. Even with all that growth real wages are down since 2006. Now with Trump in office the other shoe is about to drop.

More and more things are priced on the global market, not the domestic market. Along with other factors like automation, it'll be increasingly tough for people whose marketable offerings aren't rare enough. There was no easy answer under Obama, who realized that, and there's no easy answer for the current guy, who at least pretends not to.

lio45 · #**262** Posted **Jul 26, 2018, 11:40 PM**

Quote:

Originally Posted by NiHao

Lemme just email all this to city officials.

It's kinda weird that every building would have an illegal attic unit - if it's so natural to do it that everyone does, then why doesn't Chicago just accept it and provide ways to regularize those situations? Vancouver recently made some changes to their codes in order to make that kind of extra density legal, IIRC. I'm sure there are other examples out there...

SIGSEGV · #**263** Posted **Jul 27, 2018, 1:16 AM**

Quote:

Originally Posted by lio45

It's kinda weird that every building would have an illegal attic unit - if it's so natural to do it that everyone does, then why doesn't Chicago just accept it and provide ways to regularize those situations? Vancouver recently made some changes to their codes in order to make that kind of extra density legal, IIRC. I'm sure there are other examples out there...

This is Chicago. Anything goes with a bit of alder grease.

LouisVanDerWright · #**264** Posted **Jul 27, 2018, 5:17 AM**

Quote:

Originally Posted by lio45

It's kinda weird that every building would have an illegal attic unit - if it's so natural to do it that everyone does, then why doesn't Chicago just accept it and provide ways to regularize those situations? Vancouver recently made some changes to their codes in order to make that kind of extra density legal, IIRC. I'm sure there are other examples out there...

Literally 50% of the buildings on my block have one or more illegal units. The illegality of the units itself is a questionable artifact of stupid zoning and code issues and the city doesn't really do anything to enforce the law unless there's very unsafe conditions going on. It's actually a bit of an issue because the only time city really won't let you keep them whenever you pull permits. This means they are constantly deconverting the "illegal units" whenever there's a legal renovation. This also means the supply of truly affordable attic and basement units is constantly falling and they are usually tacked on to the first or top floor legal units to make a duplex further pushing the remaining housing stock out of reach for people.

LouisVanDerWright · #**265** Posted **Jul 27, 2018, 5:21 AM**

Quote:

Originally Posted by NiHao

Lemme just email all this to city officials.

Lol don't worry they won't do anything and the building I just bought is already in court for having an illegal 4th unit in the attic with only one way out.

jtown,man · #**266** Posted **Jul 27, 2018, 5:53 AM**

Quote:

Originally Posted by LouisVanDerWright

Lol don't worry they won't do anything and the building I just bought is already in court for having an illegal 4th unit in the attic with only one way out.

Don't worry, that guy will just make another comment about how bad you are running your business etc lol

Its what basement dwellers do.

Sun Belt · #**267** Posted **Jul 27, 2018, 2:00 PM**

Quote:

Originally Posted by Sun Belt

Speaking of hiccups, FaceBook is down 20% after-hours. Tomorrow could be an interesting day for tech stocks.

Quote:

Originally Posted by Sun Belt

Looks like the sell-off hasn't spread and is just limited to FB. Down about 18% at the open.

Looks like I spoke too soon. Twitter is down 17% just after the opening bell.

JManc · #**268** Posted **Jul 27, 2018, 2:06 PM**

^ Actually his opinions are regarded here. Yours? No so much.

@ SunBelt: Good time to pick up some Facebook. Not sure about TWTR but FB will rebound.

Sun Belt · #**269** Posted **Jul 27, 2018, 2:16 PM**

Quote:

Originally Posted by jtown,man

Don't worry, that guy will just make another comment about how bad you are running your business etc lol

Its what basement dwellers do.

Basement? or Attic?

LouisVanDerWright · #**270** Posted **Jul 27, 2018, 8:54 PM**

^^^ Lol, I was an "attic dweller" for the first five years I was doing this living in the illegal attic unit in my first building. I've since turned it into a master suite for the second floor apartment, but still sleep in the same bedroom I have for almost 10 years now!

Quote:

Originally Posted by JManc

^ Actually his opinions are regarded here. Yours? No so much.

Whose opinions? Not sure who you are replying to.

IrishIllini · #**271** Posted **Jul 27, 2018, 9:24 PM**

So how much is truth v fiction regarding sliding rents in NYC? Prices softening in Dallas?

JManc · #**272** Posted **Jul 27, 2018, 9:27 PM**

Quote:

Originally Posted by LouisVanDerWright

Whose opinions? Not sure who you are replying to.

Nihao. He was attacking jtown,man. His posted were deleted and he was banned. Can I get a yay?

dc_denizen · #**273** Posted **Jul 27, 2018, 9:29 PM**

Yay!

Sun Belt · #**274** Posted **Jul 27, 2018, 9:39 PM**

Oh yeah! -- or better known/heard as: "Oorah!" "Ooh Rah!" "Hoo Rah!"

Derived from:
Turkish: "urakh!"
Russian: "ura!"

jd3189 · #**275** Posted **Jul 27, 2018, 9:47 PM**

Yeah, that NiHao guy or girl popped up at the weirdest time, with most of his first posts in Current Events.

But anyway, I hope we see a rather small recession, nothing big like 2008 but at least significant enough to get rid of these outrageous prices in many parts of the country.

LouisVanDerWright · #**276** Posted **Jul 27, 2018, 11:17 PM**

Quote:

Originally Posted by IrishIllini

So how much is truth v fiction regarding sliding rents in NYC? Prices softening in Dallas?

Sales volume is collapsing in a lot of markets, but that's not being caused by oversupply of units as much as it is by an utter lack of supply driving up prices to silly levels where nothing is attainable. It's an interesting conundrum which probably warrants some softening of prices, but I don't see how that's going to happen given inventory shortages. A lot of real estate folks are still traumatized by the last recession and not willing to bet big enough to drum up enough supply to satiate the market. It's almost like an abundance of caution causing a price bubble.

Some markets might be closer to oversupply, but Chicago simply has nothing worth buying for sale. The only way to find a deal is off market.

lio45 · #**277** Posted **Jul 28, 2018, 12:04 AM**

Quote:

Originally Posted by jd3189

Yeah, that NiHao guy or girl popped up at the weirdest time, with most of his first posts in Current Events.

Lol, those were far from his first posts! ("First ones under that particular username" would be more like it.)

lio45 · #**278** Posted **Jul 28, 2018, 12:05 AM**

Thanks JManc, BTW.

Barbarossa · #**279** Posted **Jul 28, 2018, 12:49 AM**

Housing is overpriced in nearly all cities and towns. If it weren't for the zoning boards you could easily have micro apartments and micro homes for a fraction of the cost of a normal starter home - perhaps without the need for a mortgage if you saved enough. People would be able to live a comfortable life and live within their means. Unfortunately the reactionary home owners don't want this because it would reduce their artificially inflated land values. Zoning is welfare for reactionary suburban homeowners and pseudo liberal urbanites. It is also the cause of the real estate market instability.

montréaliste · #**280** Posted **Jul 28, 2018, 1:30 AM**

Quote:

Originally Posted by jd3189

Yeah, that NiHao guy or girl popped up at the weirdest time, with most of his first posts in Current Events.

But anyway, I hope we see a rather small recession, nothing big like 2008 but at least significant enough to get rid of these outrageous prices in many parts of the country.

Just shorten recession to a more amenable term; recess. That would do Well.