Vacation Home Buying Fizzling. RV's too?
How many think this article from the Washington Post could be reprinted substituting "RV's and Boats" for "Vacation Homes"? Those monthly payments are going to start looking ugly when you're finding ...
Forum Discussion
restlessways wrote:Grit dog wrote:
We have a lot of “financial analysts” on here with a lot of time on their hands I see…lol.
Since I’m sort of stuck, NOT liquidating our truck, camper and boat now, for a healthy return I might add, I’m not actually waiting for things to tank.
But I also am. 2008-09 were great years for us. Bought a new truck, new boat and a lot of property for a nice discount! Hoping 2023-24 are the same.
I see a lot of speculators who want to ignore reality and financial bubbles. While everybody and their brother has been loading up on debt, buying houses and everything else they can't afford, I've been stacking cash and precious metals. I'll add another $30,000 to my hoard by this fall.
Last real estate crash I bought acreage for 85% off. The sucker who lost it to the bank barely put anything down at all. By the time I bought it it was "cash only," "as is." Same thing is baked into the cake. I'm seeing some hilarious, if not sad, situations play out. People who can't even afford to drive their "new" pickup truck because of fuel prices and the payments, etc.
The Nasdaq is down almost 30% from its highs ALREADY. Some individual stocks have suffered 80%+ declines, yet all these people high on credit are whistling past the graveyard. I will be visiting this thread over the course of the next several years as these bold gamblers disappear into the ether.
What data do you have to support that everyone is loaded up on debt and living beyond their means? This past year allowed me to become virtually debt free. Certainly the folks selling these homes at historic highs are raking in the cash. People buying homes over fair market value have to supplement the difference in cash to prevent a negative equity situation. I think you are making assumptions that because a lot of people bought houses or RV's in the past 2 years they are all in over their head. In reality, 2 years of COVID has allowed many to save a lot of money and eliminate a lot of debt and move to more affordable locations. Banks are offering all kinds of cash back incentives to get people to borrow because debt usage is low.
