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Dreaming Of A Houseprice Crash


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Dear All,

Last night I dreamt I was a riding a bus through rural Somerset. (I live in California right now.) And I overheard an old lady say her daughter was going to buy a house nearby. Unable to stop myself, I interrupted and told her that prices were falling and there was going to be a big crash. To my horror, all the other old ladies on the bus starting laughing and pointing at me, as if I were completely mad. The first old lady chuckled to herself, observing I was clearly not from around there. She reassured me that house-prices were on the way up! It was so distrubing, I woke up.

Any suggestions?

Lucky

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Dear All,

Last night I dreamt I was a riding a bus through rural Somerset. (I live in California right now.) And I overheard an old lady say her daughter was going to buy a house nearby. Unable to stop myself, I interrupted and told her that prices were falling and there was going to be a big crash. To my horror, all the other old ladies on the bus starting laughing and pointing at me, as if I were completely mad. The first old lady chuckled to herself, observing I was clearly not from around there. She reassured me that house-prices were on the way up! It was so distrubing, I woke up.

Any suggestions?

Lucky

That’s really freaky because I keep getting is reoccurring dream in it I keep dividing 10 by 3.

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Dear zzg113.

thanks for the reassurance.

A strange thing - in the UK I never believe what I read in the paper about house prices, but when you're new to an area, like I am here, you I find you do. At least I did. For example, where I live houses have reached all time high - I am in the least affordable part of America. Houses cost more than 11 times average incomes. And they say, in the paper, and local estate agents repear it, that they are only going up further and you had better buy now while interest rates are low, or you won't get another chance. I was really being taken in by it, when I looked at a house, till I spoke to some local ftbs, who all told me that the market had stalled and was falling, and that a year or two from now would be a much better time to buy. I just wasn't thinking straight. The newspaper articles seemed so reassuring and written by people with my best interests at heart.

Maybe this psychology explains why people from London have spent so much money on house a long way from home. When you don't know an area or a market, you ask around, and the first information you get is always from someone who stands to gain from you wading in.

Cheers

lucky

P.s. Rent $11000 a month. House price $525000, plus property tax at 2% per year, plus water and maintenance. What kind of yield is that?

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I am in the least affordable part of America. Houses cost more than 11 times average incomes.

And you want to live there because.......?

they say, in the paper, and local estate agents repear it, that they are only going up further and you had better buy now while interest rates are low, or you won't get another chance. I was really being taken in by it

I dunno why you would be taken in by it, it's the same stuff they say over here and it's just as big a pile of horse****. But I guess you would be a little disorientated, it being a new country and everything.

The newspaper articles seemed so reassuring and written by people with my best interests at heart.

Conmen generally are. That's why they're so successful.

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Dear All,

Last night I dreamt I was a riding a bus through rural Somerset. (I live in California right now.) And I overheard an old lady say her daughter was going to buy a house nearby. Unable to stop myself, I interrupted and told her that prices were falling and there was going to be a big crash. To my horror, all the other old ladies on the bus starting laughing and pointing at me, as if I were completely mad. The first old lady chuckled to herself, observing I was clearly not from around there. She reassured me that house-prices were on the way up! It was so distrubing, I woke up.

Any suggestions?

Lucky

U should hook up with Bullish Bear. She also dreams of house prices!

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I was hanging out in California and was feeling majorly bummed out. That whole silicon valley SUV-vibe was, like, totally inflating real estate. I was going make this like whole housing co-op thing but everyone was just too stoned all the time to really make it happen.

I called my realtor on his cellular and he was, like, laying all this passive aggressive sh*t on me, and and he didn't even have a condo in my price range. So I was totally whaling on this dude sayin' that no one can afford these prices, not even my friend Martha who totally has her own pottery and music workshop center.

That whole scenario is so totally borderline dysfunctional, like majorly way out there.

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Dear Dr Bubb,

I will check out the US thread.

The reason for living here is that its a truly wonderful place - half way between LA and San Francsico, a few miles in from the coast (just miss the fog and the high valley temperatures), that's probably why the ratios are so absurd. There's not a lot of work, or people, but enough to keep it interesting - and the climate must be one of the best in the world. However, given the affordability issues, surely there must be a correction soon.

I was visiting here about 3 years ago and saw a nice small house for 149,500. Well, it's definitely 500,000 now, and rents are about the same. I wish I'd had the nerve to buy it, as life would be a lot easier.

I haven't yet met the Big Lebowski, but I'm looking.

Lucky

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I'm still waiting for someone to work out the yield.

525,000 to buy

1100 month rent - however we had it cheap so maybe 1350 is more realistic.

Owner pays 2% property tax annually, plus water (approx 50 dollars a month).

It's got to be negative. The landlord was just hoping for capital gain. He just sold it and make a packet, I think 70,000 in six months.

Lucky

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  • 439 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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