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A LOT depends on where the house is. Some places its still booming. Seattle is (so far) still like this in large area's. Again history repeats. Last big bubble burst this same thing was happening. The housing market was going nuts for years. Sibling sold her home and buyers got into a bidding war. She sold for FAR over what she expected to ask. This always leads to the same thing. The warning signs are clear to see. Not all area's are still going up. LOT of what are "blue collar" area's homes are just sitting for a LONG time with no buyers. This will spread. Many will sit back in shock when the correction comes. After telling themselves that this time it will not happen.The house next door to me went on the market about 1 month ago. It sold in 5 days for 30K above asking price. I had a hard time believing it reached $577,000. What a crazy world we are living in.
Price will never be what it was decades ago of course but, there is no way it can just keep going up with no end. Last crash was pretty amazing where I lived. Couple homes near me had sold for over $250K just before during the heat of the buying. Couple years later they were finally empty after bank managed to pry to people out of them. One was priced at 100K and was getting a LOT of people looking. Even at that price took months till they found a couple to take it. One right across the street from me sold for 110K after it took the bank 4 years to pry the people out of it. In Laws place just sold for just under 500K about a year ago. Some around them were going for 100K and more above with people bidding on them against each other. Last month those same homes were looking for "offers" of 450 K and not getting any bites. How far the price will fall? Again has a LOT to do with location. My dentist is out in the far outlying area of this county. Was out there last week and a LONG stretch of road that used to be just empty land last time I was out there is now lined with new home construction. I was almost late for my appointment due to all the crap trying up the road. So there is still a LOT of new homes being put up. How bad will the next (crash) correction be? Who the hell knows. People who end up underwater are normally still "OK" as long as nothing else changes for them. Where it gets fun is when work dries up and one or both of them lose their job and they can't sell the place for what they owe? Once that starts it snowballs. All this printing of money always comes with a price to pay. No telling how much pain will have to be felt this time around.Alexx140
And do you think this coming correction wil result in falling prices? I ask because you seem to have a realistic grasp on what the most likely outcome might be.