2008 Bubble about hit again? | TruckMount Forums #1 Carpet Cleaning Forums

2008 Bubble about hit again?

rob allen

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It has the same feel but worse. I predict by end year it will pop and will lead to more homelessness, business losses, rich getting richer and laws we don’t want or can’t stop. What’s your take? Feel like 2008?
 
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john martinez

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It has the same feel but worse. I predict by end year it will pop and will lead to more homelessness, business losses, rich getting richer and laws we don’t want or can’t stop. What’s your take? Feel like 2008?
It definitely feels like that in Phoenix. We paid $136K for our 2200 SF two story house in 2003 and although we're not selling the same house in our development is going for about $400K
 
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mrotto

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what do you mean?
Runaway bull in the stock market
Fed wont bailout banks next time around (ie, people with money in the banks will lose it)
Fed creating its own new crypto currency
Off the charts Government spending
Sky high housing market
Hyper Inflation
Supply shortage gaps

what could go wrong?
 

rob allen

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I predict as soon as all the stimulus money runs out it's going to slow waaaay down. I'm booked 4 weeks out now but it won't stay like this much longer.

And later this summer the “eviction moratorium” expires for 40 million people. It’s gonna be a free for all of crime in big cities. Wait...
 

keep it clean

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And later this summer the “eviction moratorium” expires for 40 million people. It’s gonna be a free for all of crime in big cities. Wait...
There’s no reason they couldnt pay the rent. While at the same time they were receiving unemployment plus stimulus. So most of them were bringing in more money during the shut down then when they were while working. The smart ones payed. Or made arrangements with their landlords. The ones who took advantage of this and blew that money on gaming, drugs and tattoos intead of priorities? Well fk em. Out the door on their ass they go. If those who truly were unable to afford to stay. They should seek guidance from their social workers.

F8288004-3A5C-4B17-8D8A-6D454E3EF008.jpeg
 
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Todd the Cleaner

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2008 will look like a drop in the bucket compared with what’s coming. Back in 06 -07 when the first housing bubble popped people were at least working before the crash. With the state of the union today I fear we are headed for a decade even worse than the 1930’s.

Prepare yourself.
 

PistolPete

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The housing market is being driven by different forces today compared to 2008.
Back then there were thousands of high risk loans.
Today the market is driven by mass relocation from NY and California, combined with a construction shortage.
Add the new work from home model that many businesses have adopted permanently and we have skyrocketing demand.
Add in investor groups buying real estate for rentals to hedge against hyper inflation and the market is going to stay hot for a while.
Once the stock market corrects there will be a catastrophic recession or even depression but it won't be caused by mortgage defaults.
Right now people are borrowing money at low interest rates to invest in the stock market.
That is where the disaster is going to come from.
 
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brian3180

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I don't think its a bubble either. Demand is the same as before but there's a shortage of homes for sale. Interest rates are super low. Once rates start going up, material goes down and builders are able to catch up on building then housing market will get back to normal. The homes will not lose the value/ appreciation that they gained recently.
 

rob allen

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keep it clean

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Where'd you get this? It's a powerful visual.
Stole it from twitt. But from the pic i added it up and they are pretty damn close. Now they are a lumber yard so when osb was 11 at depot they were like 8 for contractors. But they mostly sell entire skids or house packs. So builders get a better price. Vs the convenience price of homerepot or lowes blows.
 
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ryaninflorida

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We dont have high risk loans anymore. When you give money to people who cant repay it, or too much money. Someone pays it back. So last bubble was popped because of these loans. People were using homes as ATMs, then buying and flipping. This wave is more of Carter-esque. I think if you want to get a loan, get one now because rates will have to go up. But hey, rates for 30-year just went down, so who knows. There has to be SO MUCH money floating around in the secondary market. SBA loans approval are at 90%. Luckily, loans arent just handed out anymore.

Inflation is happening as demand is low. People are leaving big cities, and moving to Florida, lol.
 

OxiFreshGuy

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Watch the movie The Big Short to see what happened in 2008.

This isn't the same thing. I just closed on my house last Wednesday, I even told my wife this isn't going to get better.

Real estate is a hedge against inflation, and inflation is about to get nasty.
 

SRD

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Watch the movie The Big Short to see what happened in 2008.

This isn't the same thing. I just closed on my house last Wednesday, I even told my wife this isn't going to get better.

Real estate is a hedge against inflation, and inflation is about to get nasty.
Congrats on the house brother
 

OxiFreshGuy

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Congrats on the house brother
Got a bit lucky. Old farmhouse beautifully updated on about an acre.

I'm surprised the price we got for it. I think people just didn't want to deal with septic
 

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ryaninflorida

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Im 36 years old. Graduated HS in 04'. Got dumped into a shitty economy. Dealt with a pandemic. Now whatever happens next. I will say that my generation, 35-45 age range have been hit really hard. Nothing like starting your life in the real world during a depression.
 

OxiFreshGuy

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Im 36 years old. Graduated HS in 04'. Got dumped into a shitty economy. Dealt with a pandemic. Now whatever happens next. I will say that my generation, 35-45 age range have been hit really hard. Nothing like starting your life in the real world during a depression.
I know man I'm right there with you. Zero surprise our generation has very little wealth and yet the boomers up top who (not all) keep looking down on us with zero understanding.