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Hey Lawrence Yun, No Bubble?

A report from KRON 4 in California. “A tiny home for sale in San Francisco just got cheaper. The price for the 480-square-foot home was reduced from $650,000 to $589,900, according to the realtor. The house is located in Visitacion Valley and was built on a 25,000-square-foot lot.”

“It’s likely one of the smallest and cheapest homes you’ll find in the city. But it will require some work to fix it up. The home has one bedroom, one bathroom and a one-car garage. According to the realtor, the house could ‘easily’ be expanded to a two-bed, two-bath home.”

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  1. November 2, 2018

    ‘Yun’s forecast in a nutshell: No price plunge. No bubble. No unsustainable mortgage debt. ‘The housing market is on very firm ground,’ Yun said during NAR’s annual conference in Boston. ‘We should not be worried about price declines.’

    http://housingbubble.blog/?p=352

    1. ‘No unsustainable mortgage debt’

      Mortgage originations slow in Las Vegas

      ‘Blomquist attributes price appreciation in Las Vegas for the gains in refinancing and home equity lines of credit. Some homeowners who were underwater on their mortgages finally have enough appreciation to refinance and draw equity from, he said.’

      “Both of those refi and HELOCs tie back to equity, and some homeowners are getting back enough to refi, and some have gained enough equity to cash out on that,” Blomquist said.’

      ‘Hulsey said they’re seeing more Nevada customers turn to home equity products for “home improvements, make large purchases or consolidate other debts.”

      https://www.reviewjournal.com/homes/resale-news/mortgage-originations-slow-in-las-vegas-1517658/

      1. Zillow is now officially in the mortgage business
        HousingWire-Nov 1, 2018
        Zillow began making significant changes to the housing industry when, back in … is now directly buying houses from sellers in Denver, Atlanta, Las Vegas and, …

        1. LOL. So Zillow goes all in at the peak buying houses, and now gets into mortgage lending at the start of the bust? Whoever is running this company is braindead.

        2. Zillow is close to the front of the line for the next round of housing bailouts to come. If you fill the hog trough with slop, hogs will line up to eat it.

          1. Exactly so either this will work out well and enable them to stretch the timeline of this over inflated RE and lure in FBs with good deals compared to the “Z”estimates (random high values that are no way in sync with realistic values) or it will go bust as potential FBs will realize the monopoly play Zillow is attempting and call them out on it. Eitherway, someone is going to get fooked!

  2. The house is located in Visitacion Valley and was built on a 25,000-square-foot lot.

    480 sqft home on a 25,000 sqft lot. Typo? Maybe 2500 sqft lot?

  7. https://www.mortgagecalculator.org/

    $2,816.70
    Monthly Payment
    PMI
    not required
    $117,980.00
    Down payment amount
    20.00%
    Down payment %

    $33,800.42
    Annual Payment Amount
    $1,014,012.70
    Total of 360 Payments

    Oct, 2048
    Loan pay-off date
    $440,092.70
    Total Interest Paid

    It shows this beauty can be mine with only 360 easy payments of $2,816.70. Imagine, with a down payment of $117,980, this could be paid off in October 2048!

      1. Or you could replace it with one of those sheds in the Home Depot parking lot.

        I am almost ready to make an over asking offer, but I do want to see interior photos.

        1. Interior photos? What next, an inspection? An appraisal? You would never have won a 2017 bidding war with such unreasonable demands.

          What you really need is the hood of a leased car to sign those papers on before you can even view the house. Also, squirrel food. And an original song composed to the current owners.

    2. Will Mr. Ben, just a reminder, it’$ been $ome time $ince the ground has vibrated long enough to make the $hed’s lot turn to quick$and … Could be any moment or as long as 2048 …

  9. She Shed Economy.

    I wonder how far that V. Valley she shed is from the city dump located in the same neighborhood, directly below take off air space of SFO runways?

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