Reply to Federal Reserve: signs abound that housing market is entering bubble territory

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]1) [i]“panic selling: the worry that conditions are going to get worse.”[/i]

It wouldn’t be anywhere close to the scale of panic buying. People will ride out to avoid losses. Just like they did in 2008.

2) [i]“wait 10-15 (20?) years to recover” [/i]

Values won’t drop that much - if at all. And unless you overbought in a weak market[b], it won’t take 10-20 years to regain loss. [/b]

:roll: [/quote]

Many 2007 era losses have only just been recovered in this year’s price surge.  That’s 15 years. [/quote]

Please show examples of this, or better, data or analysis.  Because it sounds like urban legend.[/quote]

It's very true for certain places that were hit especially hard. It's completely untrue for our area.[/quote]

I have family in an area that was massively hit by it,  and it is completely untrue there.  Those losses came back in a few years.  So I will need to see data or i do not believe the claim.[/quote]

Tons of examples where I live in Fairfield county CT (wealthy NYC suburb). This one is under contract and was asking the exact same amount it sold for in 2005. So seller will break even on sales price (maybe get a bit more) but is down $20k per year in property taxes, maintenance, and they did a very substantial renovation after purchasing in 2005 to boot.

https://www.redfin.com/CT/Westport/4-Crawford-Rd-06880/home/107259177[/quote]

If it’s the same price then they didn’t even nearly break even because you have to account for inflation. [/quote]

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