Famous Forum ‘WallStreetBets': Idaho Housing Market is Collapsing
Does the phrase "Wall Street Bets" ring a bell? If you're a reddit user, you will know all about the forum whether you use it or not. If you're just a general consumer of news--you may remember the drama that once stemmed from it.
Better known as "r/wallstreetbets", the popular reddit forum or "subreddit", is where participants--anyone--can jump in and discuss stock and option trading. It's a constant back and forth on investing with many "playing expert" and acting as though they know which stock is going to explode, next. You might recall earlier this year, the serious drama that unfolded around the GameStop short squeeze--this forum was behind that. In that instance, users of the reddit forum collectively pushed GameStop stock prices way up--it increased more than 600 percent and it didn't take long for Elon Musk to share a link to the reddit group. Now, the group has over 12.7 million followers and is nearly a household name.
It's funny how the internet works-- because someone on this forum recently shared a random tweet about the Idaho housing market and yes--Idaho has once again become the center of attention all because of the housing market.
Here's what is going on, on Wall Street Bets right now...
Total Housing Collapse in Idaho?
So what's the scoop with these layoffs?
Just days ago, the Idaho Statesman first reported that a popular area home developer was laying off workers. In the article, it's revealed that Idaho's largest home builder, Corey Barton Homes, has been forced to downsize because of rising interest rates. The Idaho Statesman also saw banter on reddit, and Barton told them in an interview (featured in the article linked, above) that he could share it was NOT half of his workforce.
Is the writing on the wall? Do these anonymous internet users have any credibility whatsoever? Call it normalizing or call it a crash--one thing is for certain and that is that the housing market isn't as hot as it once was.