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Upstate NY Banter and General Discussion..


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On 4/2/2022 at 12:52 PM, BuffaloWeather said:

This Sabres team is different. We just had the best March record in a decade. We are meshing well, cannot wait for next year.

Excited for you guys.  Now if only my Devils could get their act together.  15 goals allowed in two games.  Just blew a four-goal lead on Saturday also.  Oof.  

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24 minutes ago, BuffaloWeather said:

You guys need a goalie. 

You're not kidding.  It's really bad.  We were spoiled having Brodeur all those years.  Giving up weak goals is so deflating.  The sad part is that their offense has been pretty good this season.  You just can't win 6-5 or 7-6 every night.  

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3 hours ago, DeltaT13 said:

Anyone with an interest in our economy should give this a read.  Really breaks down what the crazy housing market is currently up and it's not pretty.

https://seekingalpha.com/amp/article/4498666-us-housing-is-a-dead-man-walking

As someone that works in this field, a great article. It's not going to be pretty, but I think what happened in 2008 will not happen this time around.

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4 hours ago, DeltaT13 said:

Anyone with an interest in our economy should give this a read.  Really breaks down what the crazy housing market is currently up and it's not pretty.

https://seekingalpha.com/amp/article/4498666-us-housing-is-a-dead-man-walking

His writing style is not my favorite.  It seems like he just throws a bunch of *stuff* against the wall looking to see what sticks.

I'm not even sure the data he presents always supports his conclusions.

I'd take the other side of a trade against this guy given the opportunity.

 

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1 hour ago, cny rider said:

His writing style is not my favorite.  It seems like he just throws a bunch of *stuff* against the wall looking to see what sticks.

I'm not even sure the data he presents always supports his conclusions.

I'd take the other side of a trade against this guy given the opportunity.

 

I don’t know, I’m familiar enough with some of the those metrics to understand the ramifications. I went looking for info because some of the things I’m seeing in the real estate market right now are really unbelievable.  It really does feel like we are on the verge of a bubble again.  Houses on my street are selling for 80% higher than they were just 14 months ago.  
There are other metrics that I’m unfamiliar with too and agree it’s a lot of info and the writing is a bit sloppy, but I understood the general gist and it’s agrees with a lot of what I’m seeing. 

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Kansas/UNC was one heck of a game. My roommate is a UNC fan, the poor guy. Even though I don't care for UNC, I really felt for him. You'd have to be emotionless to not be upset by that loss.

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14 hours ago, DeltaT13 said:

I don’t know, I’m familiar enough with some of the those metrics to understand the ramifications. I went looking for info because some of the things I’m seeing in the real estate market right now are really unbelievable.  It really does feel like we are on the verge of a bubble again.  Houses on my street are selling for 80% higher than they were just 14 months ago.  
There are other metrics that I’m unfamiliar with too and agree it’s a lot of info and the writing is a bit sloppy, but I understood the general gist and it’s agrees with a lot of what I’m seeing. 

Which means the inevitable pop is coming afterwards.

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17 hours ago, BuffaloWeather said:

As someone that works in this field, a great article. It's not going to be pretty, but I think what happened in 2008 will not happen this time around.

Everything just seems so out of whack.  Houses in my area that need a TON of work are going for $500-$600K.  Sellers are getting 100k or more over their asking price.  How long can that sustain itself?

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5 hours ago, Blue Moon said:

Kansas/UNC was one heck of a game. My roommate is a UNC fan, the poor guy. Even though I don't care for UNC, I really felt for him. You'd have to be emotionless to not be upset by that loss.

That's a rough one...and they were up by 16 in the first half.  Great run for them but when you're that close, it hurts when you can't close the deal.  

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The real problem with the housing market are these large real estate companies buying up hundreds and thousands of homes and renting them out. With interest rates so low these huge companies took advantage to make billions on the backs of the everyday American citizen. The lack of supply and increasing rental rates due to these massive corporations caused the dramatic rise in price of homes. The very low interest rates didn't help. 

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12 minutes ago, BuffaloWeather said:

The real problem with the housing market are these large real estate companies buying up hundreds and thousands of homes and renting them out. With interest rates so low these huge companies took advantage to make billions on the backs of the everyday American citizen. The lack of supply and increasing rental rates due to these massive corporations caused the dramatic rise in price of homes. The very low interest rates didn't help. 

Do you have any articles about this? Would be interested to learn more....

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7 minutes ago, vortmax said:

Do you have any articles about this? Would be interested to learn more....

https://www.washingtonpost.com/outlook/2022/01/04/corporate-landlords-silicon-valley/

The millions of foreclosures in the housing collapse created new opportunities for global investment firms to buy homes at scale, becoming corporate landlords controlling tens of thousands of homes. And a wave of digital advances sped up and reduced friction in home-trading operations and property management. The biggest beneficiaries of Silicon Valley innovations have been Wall Street interests, not individual homeowners — and certainly not renters.

Corporate landlords, focused on easy yields from rental homes, have emerged as an increasingly important and unique actor in housing markets around the country, especially in the Sun Belt. Today, corporate landlords are riding a wave of growth fueled by market conditions emerging during the pandemic. Their growth, though, comes at a cost for the rest of us. Corporate landlords are outcompeting would-be owner occupiers with all-cash, no-contingency offers; they’re charging rent increases averaging 20 percent for new move-ins; and they’re more likely to pursue eviction than mom-and-pop landlords, even during the pandemic.

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Mortgage rates just went up a bunch overnight. 5.125% for a 30 yr mortgage. To think I got 2.75% for a 30 year mortgage at end of 2020. The increase in mortgage rates should cause a decrease in the dramatic increase in housing prices to more typical levels. The higher the rates the higher the monthly payment when calculating DTI Ratios. However, those who are rich and do cash deals are still winning. 

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3 hours ago, BuffaloWeather said:

The real problem with the housing market are these large real estate companies buying up hundreds and thousands of homes and renting them out. With interest rates so low these huge companies took advantage to make billions on the backs of the everyday American citizen. The lack of supply and increasing rental rates due to these massive corporations caused the dramatic rise in price of homes. The very low interest rates didn't help. 

While I think these large investment firms are definitely an issue, they account for less than 10% of the total rentals in the entire country.  The rental industry (private investors included) as a whole is gobbling up massive amounts of homes.   

Also, I think many of you will find this video very interesting if you didnt see it on 60 minutes

 

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8 minutes ago, DeltaT13 said:

While I think these large investment firms are definitely an issue, they account for less than 10% of the total rentals in the entire country.  The rental industry (private investors included) as a whole is gobbling up massive amounts of homes.   

Also, I think many of you will find this video very interesting if you didnt see it on 60 minutes

 

10% may not seem like alot but that’s almost 15 million extra homes for families 

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37 minutes ago, BuffaloWeather said:

10% may not seem like alot but that’s almost 15 million extra homes for families 

My point is that they arent the ones driving the problem as 90% of the private real estate investors are charging the same jacked up prices. 

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8 minutes ago, DeltaT13 said:

My point is that they arent the ones driving the problem as 90% of the private real estate investors are charging the same jacked up prices. 

Basically greed is the driver in all of this. If everyone decided to keep YoY prices flat, they could.

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