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comment by kleinbl00
kleinbl00  ·  251 days ago  ·  link  ·    ·  parent  ·  post: Schroedinger's Housing Market, May Edition

That's rich people riching.

I watched that shit in March. Usually I'd see a house or two over a million get listed. In March I was seeing three or four a day. Most amazingly, they sold - houses that were typically on the market for a year, two years would go in a week. I can only apply my own experience, but I have friends with businesses who managed to pull a grand, two grand worth of EIDL, maybe four grand worth of PPP. Meanwhile I've got a business with six employees and I pulled in seventy thousand dollars. I have friends without businesses who are working from home, all the time, every time who never have before while even I'm discovering that it's tricky accomplishing much even when the world's chillest 7-year-old has to get to virtual school every 45 minutes.

So you've got a big house and you're old and you see the writing on the wall and you're gonna get OUT of that bitch and move somewhere away from people so you list it at maybe 70% what it would have been a year ago. Meanwhile you've got a small house and you're young and you've been tripping over your children for four.fucking.MONTHS and sweet baby jesus anyone can justify a home office now. Not only that, but seeing this has revealed just how fragile your folx are and what a total fucking deathtrap nursing homes are so you know what? Mom's moving in with us and now we don't need 2000sqft for Jim, Jane, Jimmy and Janey we now need 3500sqft for James, Janet, Jim, Jimmy, Jany, Jane and Consuela our new live-in au pair because who the fuck can accomplish anything with these kids around all the time

So the Jumbo Loan stuff is moving. Prices aren't even bad because everyone's coffers are flush. If you aren't an abject moron you go "this is a great time to tap my 401(k) 'cuz stonks are stupid high" and now you have equity. But the bottom end is being artificially propped up by the shrewd calculation that if we evicted every third person (which is what we'd do normally if every third person missed multiple mortgage and rental payments) we would descend into anarchy.

But let's not pretend that this is (a) normal (b) sustainable (c) steadystate.