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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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it's pretty complicated due to high property taxes - OG Austin residents in houses that mega appreciated are stretched by monthly tax payments just as they retire and the houses fall apart
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when we moved into our Austin rental house (1500sq ft, built 1955, literal nicest neighborhood) it was worth 700k. now just over $1million property tax is over $1k per month.
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my next door neighbor had inherited a similar house from her grandmother, she spoke frankly about not being able to afford to leave. with her brother and a couple of their kids around, they couldn't afford to rent or buy anything else suitable for 2+ hours drive in any direction
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the house we bought is well under $1million but it still appreciated 2x in past few years. family oriented neighborhood w little turnover year to year. everyone is incredibly nice, it's a safe and pleasant area but you can tell who's now stuck forever and who is Austin gentrifier
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we are now in 78749, southwest Austin. There is very little inventory but smallish houses pop up for $500-700k or so at a regular clip. the bidding wars must be intense, part of why we bought when we did is a family member of a friend was selling it so we avoided that entirely
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it was incredible luck as the house itself is also as perfect for us as these things ever realistically come. we bid list price and after the seller verbally accepted he received a much higher bid from other NYC refugees! but he kept his word!
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