I subconsciously decided years ago that housing prices, differential US income levels, retail location saturation, the drain of brainpower into finance and insurance businesses, etc., didnt make sense and could not last. Thus I found Itulip, and generally it has focussed and confirmed my thoughts.
I reflected this morning on my current situation; middle class background, become successful attorney, fortune 500 senior executive, now very blessed to be a senior exec at a large nonprofit that is a very good cause and likely will weather a long downturn well.
My old 7 figure equity package was no longer worth enough to worry about leaving, it will likely become worth zero. I negotiated union and nonunion pay cuts, regular 9 figure financing amendments, layoffs, downsizing, etc, for the last 18 months.
More to the point; having moved from Kansas City to back Houston, my life fits well with Itulip theses.
I am living in the house of a friend, an accountant long unemployed, now full time travelling shutting down banks for the FDIC.
I can't sell my old house despite having lowered the price 3 times and now being upside down. My realtor doesnt get my level of urgency.
On the buying side, Lenders will simply not finance one unit of an upscale quadplex I tried to make an offer on (for anyone), but the owner wont wake up to the pricing reality that creates for the entire unit value so he wont accept my offer for the entire unit.
Sellers are starting to get desperate but all feel they can 'wait out' the downturn.
One nice house has the builder now living in it since they cant get it sold, but again, they think they can wait out the downturn.
The houston realtor online site fails to list many of the bank owned or long empty properties. Riding around on a bike there are tons of them vacant. (houses no, but 'lot boxes' as I call the crappy townhomes built on half lots and sold on arms for $300-700k over the last few years).
I expect they will be happy to unload them at $150k soon.
I do know the summer houston inner loop residential real estate market probably as well as anyone, and here things have not yet rolled off a cliff. Pricing has remained firm until roughly early july, though on market times were getting longer and sales numbers were down. Only now are prices starting to drop.
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