“In 2016, about 2.3 million homes were worth $1 million or more. Meanwhile, in 2019, that figure was roughly 3.1 million. However, compared to the total 78.7 million owner-occupied homes, less than 4% of homes are worth $1 million or more.”
Conversation
Wonder which segment of the market these rumblings of a foreclosure crisis are about. I’m guessing low end. The million-plus premium market is probably stronger, not weaker, in terms of quantity and quality of debt load.
Quote Tweet
Today in Probably Nothing:
#1
"Total U.S. foreclosure starts: 32,900
Month-over-month change: 702.44%
Year-over-year change: 457.63%"
This is a *leading* indicator, given the backlog. Delinquencies will look good for a bit before they rise.
dsnews.com/daily-dose/02-
Show this thread
1
1
9
Besides my own home-buying explorations, this interests me as a mansionization index. If million plus is growing stronger and the 374k median band is getting precarious and the cheaper <250k is getting killed, the economy is getting mansionized.
1
10
“No state tax” is I think an interesting sociological filter because it seems to be a big driver of [median, luxury] housing decisions. Poor people stay put, rich people can own in multiple states so irrelevant, middle class is willing to move states and it is tax-consequential.
3
5
Of the no-tax states, Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming, only WA is reliably Blue. It is also the best weather imo.
Only 3 of these states have meaningful economic dynamism — WA, TX, FL.
7
14
99% decided to leave California this year, and 99% of that we’ll likely move back to WA, whether we buy or rent. Florida is definitely out. Texas is an outlier possibility, but I do think everybody rushing there is doing so entirely because friends are moving there.
2
8
Big-ass state tax bill for 2021 has punctured any illusions I may have had that CA is an outside prospect for me long-term. Gotta have a paycheck to make math work out here. It’s a financial full-court press against you here. Lovely weather but everything else stacked against.
1
2
10
Free agency is a big enough financial uncertainty burden that you need at least one free strategic option working in your favor — tax advantage, cheap rent, cheap housing, free healthcare, family nearby… CA offers none of these.
2
2
19
The biggest free strategic option is just being young and single and willing able to tolerate slumming indefinitely.
Revealing that I only moved here at all for a 9-mo fellowship. Enough like a job to make it work out… for a while. Would have left earlier if not for pandemic.
1
9



