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PaperclipPerfector  11mo ago (text post)   4416 thread views

Small-Scale Question Sunday for November 19, 2023

Do you have a dumb question that you're kind of embarrassed to ask in the main thread? Is there something you're just not sure about?

This is your opportunity to ask questions. No question too simple or too silly.

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I'm not sure it's possible to make general housing market predictions at all. Even at the height of the 2008 mortgage crisis in the US, the housing market was actually pretty okay in the great majority of the country, the real issue with housing prices only actually happened in 5 specific counties. Someone would have to be familiar with the local market where you are to take a guess at whether your local housing market is actually in a bubble.

the real issue with housing prices only actually happened in 5 specific counties

Do you have a source for this? I couldn't find anything on Google.

Man, I definitely remember reading about this at the time, but I can't seem to find anything solid on it now easily. I'm pretty sure that the severe real estate price swings were limited to a few counties in IIRC South Florida, Southern California, and around Vegas. Everyone else was mostly okay, at least as far as real estate investments, provided they didn't take out a crazy mortgage for something that they couldn't actually afford. Most of the nationwide and worldwide pain was from the knock-on effects of the banks' investment instruments collapsing.

Although the phenomenon might have been more severe in those places, it happened in Chicago, Washington, DC, the SF Bay Area, and Phoenix. But not in Pittsburgh or Houston

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