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Are we heading towards another Boston condo housing bubble?

“Absolutely. I think we’re in an omni-bubble. How long does it last? It depends. How long do you keep the faucet open and this money running?” billionaire Jeff Greene said on “Power Lunch.”

Greene is not the first person to suggest the market is overheating, although his previous bet against the housing market in the mid-2000s makes his comments Friday notable. Recently, Google searches for “When is the housing market going to crash?” have spiked dramatically.

“When you see prices go up the way they’ve gone up, you have to ask yourself: Why did this happen?” Greene said, contending the robust monetary and fiscal policy response to the pandemic played a key role.

“My view is it happened 80% because of the extraordinary amount of liquidity in the economy, 20% because of fundamentals,” he said. The investor also pointed to rising costs for lumber, suggesting significant inflation will show up throughout various parts of the economy as it recovers from the crisis.

“I think we’re going to have inflation that no one … is forecasting whatsoever, and it’s going to have to lead to much higher interest rates and that is going to slow down all these markets,” Greene said.

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Boston Condo Housing Bubble? 

Could it happen again?

The big difference is that the last bubble was built on the backs of the under-qualified borrowers who took exotic mortgages from unscrupulous loan brokers.  The bad loans were funneled to Wall Street, where the same thing happened 

Because mortgage underwriting has been strict over the last ten years, it’s hard to imagine that a wave of homeowners loaded with equity would get foreclosed – and then the banks would give them away too.

But it is possible that we could have mild swings of 5% to 10%.  But if there were a couple of low sales, wouldn’t the lower-motivated sellers just wait it out? Probably.

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For more information on how to be a Boston condo owner please contact John Ford at 617-720-5454. You can also email at realtyford@yahoo.com

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Updated: Boston Real Estate Blog 2021

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