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“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.”
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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.
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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-
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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.
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“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.
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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.
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We made the move from San Francisco to Las Vegas in 2020 and love it here! Great food and entertainment, cheap housing, amazing hiking and camping, great weather (except for summer, which you should spend in a pool), cheap flights to everywhere, and everyone likes to visit.
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I lived in Vegas for ~1.5y and mother-in-law-law lives there now. I don’t believe it will survive continued climate change and water scarcity much longer. At most 10y before it’s an unsustainable desert. Then it will be stillsuits time.
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Maybe! Water was my big concern but my research found that Vegas increased its population by 800% while keeping water usage levels the same. Nevada is still below their water budget from the Colorado River. I'm more concerned about the states that are overbudget and unprepared.