Let us speak clearly and concisely about what is happening in the macro housing market. Today, the Commerce Department announced an unexpected drop in U.S. housing starts. However, the rates of permit applications for future building remains strong. So, what’s going on?
First the report:
WASHINGTON (Reuters) – U.S. homebuilding fell more than expected in January as many parts of the country experienced freezing temperatures, but a surge in permits suggested a rebound in the coming months was likely amid a severe shortage of homes on the market.
Housing starts dropped 4.1% to a seasonally adjusted annual rate of 1.638 million units last month, the Commerce Department said on Thursday. […] Single-family building permits surged 6.8% to a rate of 1.205 million units. The supply of previously owned homes on the market is at record lows, which should keep builders busy. (more)
Inflation is crushing the middle class. The current housing market and real estate, overall, is being kept hot by institutional investors – Wall Street firms who shifted from paper assets to hard assets approximately 14 months ago. The macro housing market, and the financial mortage market that underpins home sales, is now a massive hedge system.
On a macro level, traditional real estate market dynamics are no longer the biggest factor. As overall inflation hits the middle class disproportionately, single family home sales are now back to being part of a betting system within the investment divisions of major banks and financial houses; only this time, they are not using the bond market or mortgage backed securities. They are using physical control over the hard asset itself.
It’s a big hedge game. The problem is their effort resulted in a market price system that has driven the ability of a working family to afford the purchase out of the equation. However, institutional investment groups cannot let housing prices drop, or quite literally they take a loss.
At the same time, construction prices have skyrocketed, and material prices (lumber, steel, concrete, etc) are through the roof (inflation issue). Additionally, labor costs in the building industry are directly attached to inflation. Job jumping for higher wages in the construction industry is extremely common; so much so, it is a long-accepted standard issue within the construction industry.
As a consequence, skilled and unskilled labor costs in construction rise much faster than labor costs for other sectors. Add fast rises in wages to extreme price increases in building materials, and you quickly have a scenario where new home prices increase in cost at an almost astronomical rate.
The speed of these price increases quickly knocks out layers and layers of potential home buyers who cannot afford those prices.
So, we have a scenario where: (1) institutional investors are holding assets in real estate. (2) Wage-limited buyers are priced out of the market. (3) Less buyers for the assets would normally mean a drop in price. However, investing groups (writ large) cannot and will not take the loss (actually, less profit). Therefore, builders are told not to build yet, because payments trigger for completed construction with no return.
New home single family building is now a hedge game.
Investment firms need banks to lend money to home buyers so they can take the profit. Home buyers cannot afford the prices, and banks are hesitant to repeat the situation that led to the housing crisis of 2004-2007. For the same reason, the same investment firms which hold the primary asset (the physical real estate) will not buy the underlying mortgages or securities.
The hedge is frozen until buyers can afford the finished product.
Meanwhile, other than the end transaction where the money is paid for the home purchase, the underlying activity continues…. and builders seek permits for homes they may build when the buyers can afford them.
With increasing inflation on all other sectors of the economy including home building, the question becomes: will there be buyers?
At the current price of new home construction, and considering the overall inflationary pressure on home buyers, and considering the Fed is likely to raise borrowing interest rates, the answer is a combination of Maybe, Yes and No.
The real question is, where does the money lending come from that a new home buyer might use?
If the institutional investors want to get a return on their real estate inventory purchase, they might create a financial mechanism to loan the money to the buyer. However, they cannot loan their own money and simultaneously receive the proceeds from that loan as a return on the investment. So, the investing class achieve stasis by renting the home in order to receive a return and yet hold the property as an asset.
This system works out as long as the underlying value doesn’t drop.
How do you retain the underlying value? Control the supply.
That inventory control is what becomes evident when you look behind “New home construction unexpectedly drops, but future permits are strong.”
The problem underneath all the layers….
…. It’s Inflation!
Just one day after I wrote this:
One word…Blackrock. I saw yesterday that they’ve bought up monstrous numbers of rental properties, apartments at the top of that list, in the Sunbelt in particular. And they have been doing this for a long time, single family homes as well. They are in a position to outbid (and by a lot) any family looking to buy a home.
This is all part of the globalist plan where they control absolutely everything. Sinister and destructive are just two words I use.
You will own nothing and be happy!
No, I won’t. Nor will I own nothing, be miserable and accept that situation as the new normal.
And neither will billions of others, around the World.
Exactly right Betsy. Not just Blackrock – This article outlines how builder DR Horton sold (at auction) an entire subdivision to Fundrise. They made 40% more than if they had sold the SFR individually.
https://www.wsj.com/articles/if-you-sell-a-house-these-days-the-buyer-might-be-a-pension-fund-11617544801
When your international crime gang controls the creation of the world’s fiat reserve currency and its laundering into the financial institutions, it is easy to inject newly created money into the real economy by buying up everything of value. I’m not sure where the limit of this process is. They can keep printing more and buying up real assets, rinse and repeat. Inflation will devalue each dollar they hold the same as it devalues yours and mine, but they can just print more for themselves. Their share of inflation inflated currency may not change, but their share of real assets will keep going up.
It’s vicious, Cletus. Although I’d quibble with the WSJ words “might be”, and substitute ” probably”.
Every week we get calls and letters asking if we want to sell our house. And although we don’t respond to either, my first question would be “and move where exactly?”. We’ll stay put, thank you very much.
I always talk to them as long as possible just so they aren’t calling my 91 yr old mother and scamming old people like her.
Bless you, Mycroft. She’s lucky you are standing between her and the grotesque people who do prey on older people.
We do not answer the phone unless we recognize the number. No exceptions. And our landline which we still have announces who the caller is…from “unavailable” to “unknown” to announced names unknown to us in any way. The phone remains unanswered. The letters are trashed.
Wow. Funny when the Commie Teachers Retirement Fund gets in on the action:
‘‘PCCP LLC, which typically invests in apartment buildings and office towers, said it bought rental-home communities in the Southeast, the start of a $1 billion pact with Calstrs, California’s $286.9 billion teachers’ retirement system.”
They’re bidding 20% or more OVER the already high asking prices! I don’t know how people can get on the property ladder now…
I don’t think they do, MM. Comments on a Zerohedge article similar to this are full of people in despair that they’ll be renting forever. As intended.
That’s the position my fiancée and i are finding ourselves. Good jobs but in Palm Beach County, our rent is going up almost 20% in a few months and our much wealthier friends are getting their asses handed to them in the housing market.
I wish you both luck and of course a lifetime together.
Take a good look at your wife to be. What a gift she is…and take it from me…
I have had wealth and security with my original husband. With the love of my life, coming up 35 years of marriage, we have had some pretty financially stressful moments. But there this no one I would have rather gone through them with. Possessions are nothing in the end. Some never get that. Who you share the ups and downs with is everything. Live with and for one another and you will be way happier than those you know who have their priorities not quite right.
God bless you both.💓
The construction development game is tough.. And it doesn’t matter who you are if you’re out on the wrong limb when the music stops.
How is right you are. One never knows when that will be.
What also needs to now happen and wont, is to make it illegal for these large institutional property owners to rent to section 8 tenants. It becomes another mechanism that the people pay to support and subsidize the oligarchy.
Its how Walmart has operated for years. Part time workers funded with Taxpayer food stamps, who then spend the food stamps at Walmart. Best way to get free labor don’t ya know!
Oh yes. But I believe that is the intent. Looking at the beautiful state of the apartment complexes Blackrock bought, I’d bet my bottom dollar those will soon have section 8 funding and occupants who would be qualified to receive it. And after a while those complexes won’t be beautiful for long. Add in the criminality which will surely accompany those who might take up residence? Well, one doesn’t have to have an overactive imagination to follow the breadcrumbs.
In fact, I understand that suburban moms in NY in their safe blue neighbourhoods are slowly waking up to the nefarious housing plans which will destroy their lovely enclaves. It’s happening.
This is why last year I proposed Sanctuary Suburbs.
You keep your cultural enhancers, we’ll keep our safe neighborhoods and private homes.
Why not?? It works for states harbouring criminal illegal aliens. Sounds like a very good idea to me.
also need to consider the “housing shortage” is manufactured by TPTB…..40-60M ILLEGALS suck up a lot of excess housing even at 10-12/domicile
Modern day block busting! Coming to the suburbs near you. obama slime all over this caca!
In Naples, Florida, the rent on a two-bedroom apartment in a new development with no garage is now $3,200 per month on a one-year lease. When you think about it, $3,200 per month is the P+I payment on a $465,000 mortgage amortized over 15 years.
I have no words…none!! Florida’s population is exploding. They can’t build fast enough…or, it seems, jack the rental rates high enough. But never mind. Blackrock will make sure there are apartments for rent. And (to tweak the familiar prase)) the price won’t be right.
Did a drive by look-see at a property near Arcadia, Fl in the absolute middle of nowhere. A doublewide on an acre. Asking $310,000.
$310 for a doublewide in the middle of nowhere.
How long was your mouth gaping open? I bet they get it as well.
Mouthful of flies I tell you!
😂😂😂
Home sellers should be wise to what is happening.
An elderly lady in my neighborhood (suburbs of Boise, Idaho) put her modest home up for sale, and the big investors came along and offered her way above what she was asking. Then along came an empty nester couple who couldn’t afford near as much. The elderly homeowner, savvy to what was going on, accepted the lesser bid from the empty nesters. She still made a profit, just not as much, and she was willing to do so so that the neighborhood wouldn’t become one house closer to becoming a rental community.
We other homeowners appreciated her sacrifice: with few exceptions, renters don’t take care of rental properties and often decrease the value of homeowners’ properties still left.
I hope to follow this if/when I sell my home: some profit, but not as much so I can offer a break to another human being.
Oh God bless her and her ability to see what was what. And yours. I’ve seen what renters do to properties. What a good neighbour she was. I know you’ll miss her, but I suspect your new ones will be as lovely.
this is intriguing. it would seem advantageous then to write a letter to sellers explaining, “we are not a multinational bank. we are not a investment firm. we are simply looking for a good home for our family.”
I’m in the process of selling my Dad’s house and in the contract it says it’s ok to receive a letter from a potential buyer. How long will it be before we can no longer receive those letters?
Well done MP!
Apparently, absolutely everything is unexpected in their world, as a result of their skillset levels.
If there were only an opposition party in the country: they could make use of that fact as a theme in a long ad campaign.
I sure don’t understand it all, but the complex is more accessible when Sundance connects the dots.
To hell with ad campaigns. How about an opposition party that actually OPPOSES the idiots who are in power while they’re still in power? Is that really too much to ask?
….which is why I said IF there were an opposition party.………….
Yeah, but there are plenty of other and better ways to oppose the other side besides running ads. For starters, they could stop bailing out the Democrats every time they have a chance to put their foot on their throat.
Of course.
That makes you a domestic terrorist. That’s why the Washington Republicans are standing down. Democrat strategy doesn’t work if they are included in the domestic terrorist net.
With all the BS going on in North America one would think a GOPer would find a microphone and let loose. However the silence is deafening. Frozen bank accounts, threats to separate children from parents and on and on and not a peep. But why would we look to these idiots for solutions, they created all the problems.
I was shellshocked last night, my much better half and I had a discussion session over a bottle of a decent red.
my question to her was “name the people in power that are a vocal push back on mandates and masks” she named Desantis, and stopped…. tears welled up in her eyes. My wife and I are the 2020 version of the Jews in prewar Germany.
It’s a stunning realization, even after having read at CTH for the last few years.
Johnson, Scalise, Cotton, Paul, Cruz, Brooks, Gaetz, and Owens to name a few that have spoken publicly against mandates….you have to watch vids of the hearings or their speeches in the well to know that because the Legacy Media will not discuss positions against the accepted narrative
Please add Thomas Massie to that list! #SassyWithMassie
Truth doesn’t and won’t come from a Politician, ANY politician.
Two politicians are debating.
One says “Your LIEING”
The other says “Yes I am, but hear me out!”
You want to hear TRUTH?
Read, listen to and/or view ANY of ArchBishop Verganos statements. His video to the Canadian Truckers is Phenominal, …
Given his consistent statements calling out, clearly and explicitly the whole WEF conspiracy, I am surprised he still breathes.
HE speaks truth.
It seems to be. But then again …………….. most of the opposition party are bought and paid for by the same groups that control the other opposition party. As Sundance continues to point out ………… it’s all one party. Maybe it time for a new party.
Its NOT an “opposition party in the country”; because they are GLOBALISTS, hence to counter them requires a GLOBAL movement.
We HAVE it, and its growing. And ultimately WE will PREVAIL.
The war will not be won or lost in Legislatures, courthouses, ..it will FIRST be won in “the Court of public opinion”; in the ‘hearts and minds’ of the people.
It will not, and CAN not be won thru ‘force of arms’ by either side.
I would like to purchase a home and have the funds to do so but not at these prices. So, I am sitting with my funds and hoping they (the enemy of greed) lose big time. Hoping that there is no currency change in the meantime. I trust the Lord, but these times make a person nervous not knowing in which way the Lord will do things. What I like is not necessarily what I will get even if my savior says he will work all things for my good.
Having owned a number of homes and rental properties, my experience is it’s tough to both time the bottom and compete with large institutional investor groups and wealthy individuals who purchase access to deals before they become available to ordinary people.
If you happen to be in one of the privileged groups, it’s unlikely there’d be a post like this one so I presume you’re an ordinary citizen. Anyway, I’m old and bought my first home during the 18% interest Carter administration. In my experience there is no panacea. I put 10% cash into the first home and 20% cash into the second, it during the agricultural crash in California.
The main advantage for buyers these days is interest rates completely out of sync with inflation. Crazy. Can that last? IDK. I’m selling the last of the properties from my business in the next couple months. Agricultural properties face the same specter, perhaps in different ways and timing.
Good luck with your purchase!
“Agricultural properties face the same specter…”
Let’s ask Billy Gates, the biggest owner of agricultural land in the United States. Together with China, which owns quite a bit as well.
Just typing those sentences made me feel physically ill. We’re being sold off piecemeal to the highest bidder. Treason of the highest order.
From your fingertips to God’s ears. They are ruthless demons.
Thank you, Dunes, been waiting homes go like hot cakes around these here parts. Hoping for something where I can have a garden and a few chickens. S. Dak must be the same as Texas and Florida I am hoping those moving here will not be Dem’s running from the *hit they are leaving behind.
Take a look at s Indiana but don’t spread the word. Stay south of Seymour
I’m in the same boat, Gardy — renting an apartment, but still house hunting, just in case I find that odd bargain, and generally trying to wait out the market. I pray that God opens up the right deals at the right time for both of us.
I’m in NE Ohio, and houses in the area I’m looking have doubled and tripled in the past two years — and most are not worth it. I am also praying against the greed and globalist plans of Blackrock and house-buying companies I see in TV ads, trying to take “as is” homes off the market without listing or showing them, and keeping affordable houses away from people like me who want a cheap fixer-upper. I am trusting God, but yeah — between the govt guardrails the past two years against foreclosures and evictions, and rentals being jacked up, the market has been artificially rigged against anyone looking for a decent, affordable place to live. Even the ghetto areas are no longer cheap. Praying for some kind of divine breakthrough soon.
Linderella, same here. I’m hoping for the increase in interest rates will bring on a recession where they lose their pants, and I can buy something before they move to change the currency. Praying the Lord will open a way for us to be able to get out of a cement world to one where I can at least find weeds to eat if necessary 🙂 I remember stories of my grandparents and my parents having to do that in the “dirty thirties.” I’ve kept up on the knowledge of what weeds are edible in my area just in case like John the Baptist I’m reduced to locust and honey. The Lord provides.
So when a TON of single family home owners die from the vax & their homes hit the market, I assume Blackrock will gobble them up? And rent to who? The healthy un vaxxed that became homeless bc they couldn’t work?
The Death Bubble could be . . . interesting.
the “new Americans” as the Dimm/commies refer to them
Rush constantly pointed this out during the O-Blamer years. How can you say “unexpectedly” month after month, year after year?
Shouldn’t you make some changes, maybe bring in some people who know what they are doing?
Of course not, because incompetency is a GimmyDat virtue. Why?
It’s because they simply don’t give damn for the people they are supposedly working for, and their Pretorian guard press will never call them to account.
They laugh at us right to our faces these days.
And the two main factors behind inflation: 1) government spending in the form of social welfare (stimulus), and 2) insane “green energy” policies driving the cost of fuel to astronomical proportions.
I just wonder what that housing shill from yesteryear that most people forgot about, but I didn’t, has to say this time..
David Lereah..
Bubble Meter: David Lereah’s Book: How the Cover Changed
Wow that was broken down so beautifully. I am a former mortgage broker and this is exactly what’s happening. Thanks as always Sundance!
Spot on again!
We are racing to sell an investment property as fast as we can. Decided a couple weeks ago and are racing to get it on the market while the bidding is still hot in our area (central Ohio).
There is a huge correction coming because at the end of the day, people either need to afford to buy a house or afford to rent it. Real wages are NOT keeping up with housing inflation (as Sundance points out). Investors won’t get the rent yield they need to make these hard asset purchases work in the medium term. Add in the rising cost to finance the purchase (rising interest rates) and we have a housing correction coming…real fast IMO
You need to take into account INFLATION.
The value of a house will follow inflation as an asset. So, buying/building a house today, even expensive, will be cheaper in the long run because you convert the cost of building/buying in today’s fiat currency into a hard asset.
So, with inflation, as the fiat currency devalues, the hard asset will increase in value. Sure, is it not a monotonic increase because there will be value cycles, but in the aggregate it will increase. In the future, the current cost of building/buying will be discounted while rents and equity increase.
The institutional investors know this, and they were burned by the CMO of yore, so this is a perfect hedge for them. Not perhaps a good place to make money, but sure it’s a good place to play a hedge game.
Again, it all works because of inflation.
What does this mean for normal people like us? Real Estate is hard to find, people are not selling much. If you can build, go for it. Otherwise, stay put and hope your current house satisfies your needs.. otherwise… build… We were advised by a local real estate agent who knows our area (40 years in here) not to sell our house at all. And he is right.
The other thing is our mortgage. It is quite small and at a low interest rate.. so our total cost, thanks to Prop 13, to stay in our house: mortgage, insurance, taxes, utilities is less than the rental of our home! In fact, we would be smart to tap into our equity loan and pay our insurance and taxes from it as well. With inflation, we should be able to repay those cheaper.
Now, if we could reinvest our 401Ks into real estate, we would, except the institutional investors own the market now. Good luck finding a four plex for purchase.
All things holding constant, you are correct. But once the cost to finance goes up, then the price of housing goes down. If your time horizon is 10+ years, great asset to own. Otherwise…I would rather get to cash and wait 24 months and buy back cheaper…
When you look long term things change. We’ve been in our house for a long time and the only reason we owe anything on it is because we rebuilt it instead of selling it and buying another one… at one point we needed more space but we liked the place.
So, our house is large, now, for two of us and made to suit us. If we moved, we’d have to build from scratch because we see errors in just about everything we look at.
I did note that the increase in value is not monotonic… that is, sometimes it will go down, not up. And the cost of finance, if locked in place, is very cheap right now.
I am doing same and agree with you.
I am soooo hoping you are correct!
So, inflation, tariffs and globalist trade schemes are driving up the value of existing homes, and, shortages are making it impossible to afford to buy new. Now around here, government tax vultures are busy increasing appraised values of existing homes. This slams the working class which can least afford a property tax hike or to get out of what we have.
They make money on the inflation upswing and will make money on the deflation downswing. Politicians and bankers are blood sucking parasites.
Oddly enough… it looks like Calimexistan might be one of the best places to retire… currently we’re are protected by Proposition 13.
An attempt to partly repeal it for commercial investors was soundly defeated last year.
I was truly surprised when I looked at the taxes in CA, TX, AZ and OH. With our Prop 13 protection, our total tax ( RE, income, sales) in CA is actually less than it would be if we moved and bought a like property (at a lower price ) in those other states.
Thinking that I’d made an error in my calculations, I asked my tax preparer about it and she corroborated my findings.
Yes, property taxes are less in CA. But if you move to a state with no state tax, the combination of California’s property tax and state tax meet or exceed property taxes in states that rely on property taxes alone. And CA, though the state can’t get taxes raised, tax you through high vehicle renewal rates, applications for any building as well as gas costs. The state added additional taxes on gas when costs were down during President Trump’s administration. They never see a rate hike they don’t love. I lived there for 35 years and happily waived goodbye in early 2020.
(1) The idea behind retiring is to lower your cost of living. Your taxes drop.
(2) Even with CA’s income taxes, I calculated our entire tax burden ( please reread my post ) including fees and what not. The point you see, is some of that tax is discretionary: sales, use, etc… you don’t need it. So, our tax burden in CA is lower.
Again, we have Prop 13 on our side.
that only works for those grandfathered in however….a real estate transaction sets the taxes on the purchase price…it is why there are widely disparate property taxes for similarly valued houses next to one another
Everybody gets grandfathered in from the first year. The longer you are in place, the better your deal.
When you sell, you can take it with you.. and now, it’s all over the State.
It makes for very stable neighborhoods. I’d say that at least half the people in my area have been in place longer than 30 years. There is also a steady, and constant, rebuilding/remodeling going on.
Biden wants a nation of renters.
Thanks for a great analysis and explanation, Sundance.
Most of us would never think to drill down this deep into the true causes and effects.
We simply know we can’t afford things anymore!
Escalation clauses in building agreements and rapid increase in cost are delaying or even preventing the start of homes when inflation has caused a 13% increase in only 8 months and builders are forced to go back to buyers and increase the price by such a high percentage. Lenders are responding by refusing to work with builder using escalation clauses which will further complicate the issue.
Don’t forget duration clauses. Where a builder can cancel a contract if they cannot start a build by a certain date.
Yes escalation and duration clauses, BEWARE of them.
Good article. I can’t wait for all of these house/condos to be built so all of the nice wages can go to illegal aliens. Then a nice portion can leave the country.
I live in a rural NC county with lots of open land. The main city in the county has been forced onto an urbanization agenda. Lots of apartments going up everywhere around the “downtown” and the train stations/docks. It’s clearly a plan to house their slave labor, which can commute by train to serve the affluent BigTech, BigPharma, BigBanking affluent towns.
I heard someone there complaining the other day he could not get his car washed and detailed anymore because of worker shortage. . I told him its because the illegals cannot afford live within 30 miles and its too expense to commute for $10/hr.
Could the “surge” in building permits simple be a ‘hedge’ against further increases in building costs? Permits are based on a percentage of the total cost, no?
However, since my knowledge of such matters is pretty slim, how long does a permit last before it expires….and can it be extended, and for how much additional cost?
The above would only “apply” to home-sized projects, as something much larger would be unsustainable to hedge with permits?
I paid my house off yesterday.
I have always planned to sell it and downsize but the buyers can not afford what everyone says it’s worth and then I lose any profit purchasing another home smaller and probably in worse condition.
But, I can wait. I pity the young in this arena. I really do.
The young will be fine. Hubby and I bought our first home in 1982. We were still coming out of the Carter fiasco, but interest rates had finally dropped down to 12.5% so we could afford an older tract home for $60,000. Our payment was almost $700 a month, which was a lot of dough back then. But we clipped coupons and saved Green stamps and socialized with other young families. Some how we made it work. We look back fondly at those happier times.
Sounds exactly like my situation ! Almost to a T…..
Congratulations. It is an insane world . All I can tell our kids is to focus thier priority on paying off the mortgage and/or cashing out and moving to a place they can buy for cash.
sDee, I have noticed that the real estate agents will not let the buyer speak to the seller. Is that because the real estate agents want to control their 10% income off of the deal. Furthermore, I called two different real estate agent groups and both calls went to an Asian voice. I was then put on hold until I was able to talk to an American voice and was then told they would set me up with an agent in my area. It took less than 15 min. to get a call from the agent in my area. Everything seems very controlled.
Real estate agents don’t let buyers speak to the owners because owners ALWAYS say stupid things without thinking that break deals. “Great neighborhood! We love it, except for crazy Dan next door. He IS a great drummer though.”
The way you find an agent is to ask people you know who had a good experience, preferably in your neighborhood. Don’t just pick up the phone and randomly call an agency. You will get the newbie that doesn’t already have enough clients of their own. Interview three experienced agents. The good ones will answer your call very quickly.
Sold my last house in 4 hours (admittedly in FL).
Neither I nor the buyer had agents.
Real estate agents are obsolete in the internet world.
In most cities building permits have an expiration date. So do construction loans.
Renters now, meaning the “generation” on younger dimwits, destroy rentals. literally. Increasing security deposits prices them out of the market. That means the rental sits unoccupied while the property taxes and utilities run in the landlord’s account. Then, there is vandalism on unoccupied rentals.
So, institutions will bleed money big time. They have no clue about property management. 2008 is actually approaching.
General rule of thumb is 1 to 2 percent of build cost to maintain a property. Per year. Easy to be a slum lord and just let the property decay but then you have nothing but section 8 tenants and boy do those people wreck any property they rent. I know a person who did this as a strategy and he would show me pictures of the scale of damage that went way beyond neglect and could only be explained as actual intent.
I used to own 2 houses that I rented out. I could not believe how badly the tenants abused and destroyed anything not made of cast iron. Happily, I sold them off and would never own a rental house again.
Wife and I sold our 3 family in taxachusetts that we owned fo 35 years. Only rented to family and even that didn’t guarantee timely rent payment. The best thing was there was no damage to the apartments. Most rental property in Springfield was section 8 or gubment projects. Worked on these units as a small contractor over the years and couldn’t believe the damage done to so many fine old property. Never mind the roaches the tenants transport to other multi family dwellings.
At one (brief) point in my life I did repair work in Section 8s.
We knew the exact length of every pipe, joint of round duct, fixtures, etc so when the po downtrodden peepuls ripped out all the metal and fixtures to take to the junkyard for a few cents on the dollar we could put back together in a day.
Fabbed all in the shop. When the own said go do “1984 Smith” street we showed up with everything precut and ready to slap in.
The owners in theses deals get a nice fat check to reimburse for damages far beyond our invoice.
They literally get rich offering properties as sacrificial lambs….
Yes it is! The genius behind the Big Short pulled out of the stock market a couple of weeks ago.
Yeah, it’s not pretty for buyers. The value in many markets is beyond the pale. Good for us as home owners. Bad for us as second home buyers. We’re just not going to pay top dollar for junk.
My question is, when do the Insurance companies jack up all our premiums because of cost of replacement? It’s coming.
Levi: I am also interested in a second home in a particular location, but the “inventory” is meager, the quality of the homes is poor (old, modest, smallish, beat up), the prices bid up, and potential buyers without conducting what I consider to be prudent due diligence. I won’t play that game. Fortunately, I am under no pressure–other than political pressure. I’ll survive that.
Also, I was informed by a local developer that new construction cost is $485/sq. ft.
That’s the best place to be, under no pressure. Same for us. It’s a “would like to” and not a “we have to”. And we’ve seen the same, lack of inventory and inflated prices followed by sale prices over ask. No thanks. There’s nothing logical in that game.
That $485/sq ft is what concerns me about insurance premiums. That’s going to get passed on soon.
In my zip code, the average cost per square foot is close to $700 for houses with no view. With a view, you’re looking at $1000.
Does that make me us rich? No.
But our insurance did go well up. We have a replacement policy and the cost of replacement is through the roof.
Thanks to Prop 13, our real estate taxes are capped but I pity people in other states that don’t have that protection. Heck, in my area we have a 1.1% tax rate, but in newer areas they got a Mello Roos assessment and their taxes are 2.2%.
Imagine buying a new house, at $1.6M today (that would be a ‘middle class’ home)… your taxes would be $35K per year…
Yes, taxes are the other landmine. We couldn’t afford (or at least I would not pay) the tax that would be assessed if someone bought our house for market value. I feel bad for young people and especially those with families.
But if you rent, you are paying those taxes through the rent.
There is no way to escape it unless you have something like Prop 13, buy and stay in place.
My yearly just jumped from $800 to $1254.00 …replacement cost reason .
That’s what we’re expecting about a 50% jump at a minimum
The big firms must be confident that government rent holidays won’t happen again.
Amazingly, the Garbageville / Riot-town (Portland-Vancouver) market is still hot. More incoming californicates I guess. Plenty of way overpriced new construction – 1,300 sq ft no-yard for $450,000 for example.
I don’t really want to live here, but am stuck for a few years.
Please leave Californians out of this.
It’s a very big state and there are millions of us here to vote conservative. Indeed, 4.8M of us voted for Trump last time around which means that there more of us conservative voters than the entire population of many States.
I mean, I don’t pick on the bad drivers in Oregon, or the horrible state of the freeways/traffic in Portlandia, do I?
( Oh, I just did… OK… so I did).
BTW, it’s not Californians but the carpetbaggers that moved in from the East 20 years ago and are now moving elsewhere -after they hosed my once Golden State.
Anyhow, when will Portlandia fix their freeways? Jeez… I recall when that place was a beautiful place and Oregon drivers were faster than Washingtonians ( Seattleites non withstanding). Today, it’s a World of Karens going slow on the number one lane (supposed to be the ‘fast’ lane).
This is the China Ghost City real estate syndrome and we are now seeing (finally) that there is indeed a point where the scheme must implode upon itself.
Evergrande is the lesson but our elites take it as inspiration.
I could never understand the underlying logic because there never was one. It takes a PhD in applied stupidity to accept the premise as economically sound. Unfortunately for our homegrown ghost city builders, we don’t have the bottomless pit of corruption and delusion required to sustain this ploy. They can fool themselves but real home buyers won’t be lining up like they did in China for 30 years.
Blackrock is buying up new home subdivisions to rent to families then basically kill all american dreams To own to go along with Nobama Marxist goals of housing equity. Andrew wilkow was talking about this about 18 mo ago and here we are
My crystal ball says once the first couple banks start to get out while the gittns good others will see the light. Those caught holding the bag during the stampede will loose billions. Huge government bailout needed to solve crisis. Banksters get a huge bonus and Taxpayers get bent over again.
Nope, no government hand out this time. Check the wording on your bank website, and see if they recently opted in to “Bail Ins”. They won’t take government money, they will just take your bank account and everyone else’s to survive.
I heard about those bail ins and that is why I feel anxious about buying a home, but the prices hold me back. The devil surely has us tied in knots, but I go by the old saw, “what goes up must come down.” I just pray to the Lord Almighty I’m not under it when it falls.
This is my biz…so I’ll weigh in.
You can’t broad brush the real estate market with general statements…it is based on local factors…red states/blue states etc. This factor affects demand, materials availability and labor. Red States…an example being in the South are seeing an influx of transplants from California into Texas, southern states such as TN, GA, Carolinas and FL from the north and midwest. This is due to local politics, taxes and employment centers and throw in better weather. Blue States are seeing flight to the suburbs for possibly better schools, safety etc. Yet demand far outweighs Red vs Blue.
As such demand for new construction is high in these states, it will be in suburban areas because of available land but this is from a lack of existing homes, new wave of millennial buyers fleeing the Cities and a post Covid environment that focuses on space (size of yard/home office ) and privacy a home can provide. Because of this, new homes are sold based upon plans and not upon the actual house.
Construction of a house typically pre Covid was 140 days…now it is double that to 280 days. This factor is due to:
So starts dropped because of the above referenced reasons and permits urged because of the above referenced reasons (demand red/blue etc). It is based upon supply and demand…yes a home price will be higher in desirable areas vs undesirable…
Coupled with this, key will be interest rates…200 basis p0int increase will cripple the market temporarily. With the above referenced factors, people will end up paying the increase for quality of life.
Since this is your area of expertise I hope you can answer this for me.
How will this affect those of us who have homes?
I still have a mortgage with a 3.5% fixed rate.
Thank you.
You will be greatly incentivized to stay put. Paint and Renovate!
Already did that.😁
I know every inch under, over and within this house.
That’s great. You’ll be fine, as long as you can stay. I have a son under 30 making well over 100k that can’t find a house to buy near a new job. I’ll likely have to relocated in 2 to 5 years. If the crash hasn’t happened by then, I’ll be in deep trouble. If it has, who knows. Good Luck!
This ain’t Kansas anymore Dorothy.
There are indeed typical market-driven factors at play as you mention. But here in NC and many SE states I have been in lately, the globalist manipulation of capital, jobs, zoning, prices, appraisals, relocation and regulations is driving Agenda-2030 style urbanization. That is characterized by high density housing, light rail expansion, traffic congestion and the penalization of both single family housing and car commuting.
The mega regions are being formed whether we like it or not. Small custom home builders around here are nearly extinct. Owner-Builder construction loans and insurance is no longer available. Massively complex Unified Development Ordinances were forced upon our county adding 10-25% to the cost of residential and small business construction. Skilled independent subcontractors are dying off, replaced by supervised crews of illegal labor.
Because Americans do not want to live that way, it will be forced upon us. Many of us are fighting to keep our own land and our own homes, but the war is upon the suburbs and rural life.
In NYS there is a push for no more single family homes to be built ever again. That is making families leave faster.
numbersixdance: Your explanation closely matches my observations in the two real estate markets that I know best. There are very specific factors at play; it’s not all due to institutional investors.
Again… California is HUGE.
While you may see California transplants into your other states, for better schools, etc… we are also seeing big shifts WITHIN California from Blue counties to Red counties. I believe it’s bigger than out of state movers… because it’s much easier to move 40 miles South for LA to The OC.
Which, really PISSES ME off. As a resident of The OC, I don’t want those commies stools coming down to my county. After all, we’ve been maskless for 18 months down here.
Anyhow, California is a HUGE state and there are many places in here with some of the best schools in the Nation. I have looked into places in Texas, and sorry, but it really won’t do. Nowhere in Texas do I find a place with the weather/schools/entertainment/amenities/cuisine that I get in my corner of the West (The OC).
Generalizations are usually wrong indeed.
Around here we call ’em carpetbaggers.
I call it the Dumbasspora.
when my family moved to CA in the early ’70s CA had the BEST public schools in the nation….now they are virtually bottom feeders….no money into infrastructure or water delivery/storage for nearly 50 years has DOOMED a state with over 40M including 20% illegal population….we finally moved out in 2020 after having CA as a legal state of residence for near 50 years….yes there are more conservatives than any other state but TX yet the loonies in the coastal areas stretching from SF to SD including the OC far outnumber the interior conservatives….the ENTIRE north of CA from SAC to the Oregon border wants to LEAVE as well
A generalization. And as I wrote, likely wrong. Your personal anecdote is just that, an anecdote.
It depends BY COUNTY. I’m The OC… don’t call us liberals. We have been at the forefront of telling Gruesom Loathsom ot FO’ff. Like our County Supervisor said:
“The Governor doesn’t like us, but that’s OK. we hate him!”. He said this in public during a meeting of the County Supervisors.
Like I wrote, this is a big state… there are many parts that are still very good. Extremely good, I should say.
BTW, the split is in three ways: Jefferson, East California and Calimexistan (OK, West California). East California is from the border to AZ, up the coast to The OC and then going up in the Central Valley to Sac. We take Kern County and the Coast will all the oil.
I’ve been reading about this.. and Ventura and Santa Maria and most of Santa Barbara counties want to come with us, but how do we handle LA County?
Tell me. If house builders can’t get parts like garage doors, cabinets for kitchens, or appliances, how do they offload unfinished properties, and how do people get mortgages on them, if they could even afford it? Aren’t they all sitting on huge debt, a debt they have to pay? When they default on said debt, BOOM?
Yet it is sold as a “housing crisis” for which we must sacrifice our suburbs to “multi-family” units.
Multi- family is pretty much code for Section 8 which dooms property values. This can’t help the new landlord class much I’d think.
Strange times.
Yes. Most high density housing “plans” in the towns around me boil down one or both of….
Maquis: The Los Angeles City Council is pushing for building up to multi-familiy residences of up to four units on properties now coded only for single family homes, all under the guise of “affordable” and “equitable” housing. Of course, “affordable” means subsidized by taxpayers, and “equitable” means free stuff for wards of the state.
“they’re coming for your suburbs.”
-PDJT
this was a zoning change included in obama’s term.
BOL for any such proposed changes in you locality.
you can protest, loudly, and have a decent chance at defeating.
It will if the rents are guaranteed to be paid by the government (Taxpayers)!
actually, the Dimm/commies are trying to sell “disparate outcomes” using HUD to FORCE suburbs to rezone for multiunit housing cramming the urban into the suburban
This also explains the illegal immigration we are seeing, it seems. They need a controllable, dependant source of labor and to act as renters. Look for a big new push for Amnesty.
It’s all right here: Continue the killing of America via Obama and SLeepy Joe
https://trendingpolitics.com/biden-plans-to-re-impose-obama-s-program-to-destroy-suburbs/
.
This.
Where do you suppose millions of people showing up on our border are going to live?
Even ‘refugees’ will tire of hotel living after awhile . . .
In the houses on your street where the vaxxed used to live.
They promise amnesty but will never do it. Citizenship is counterproductive to controlling a population of economic slaves.
Greed and lust for earthly material.
Nice recipe if you long for the End Days.
Are we seeing a replay of 2006-08 in the real estate market? While the details arent quite the same..I see the result being nearly identical. I am getting unsolicited offers for my home at 200% original price..i simply ignore them . in 2007 My equity was up 100K.. today its almost 175k reflecting current prices.. another crash is on the horizon
I am counting on you being right, mewekalvin
How will things crash if the big boys like BlackRock restrict supply, keep prices up, and keep people renting?
I posted this yesterday. The housing market is going to crash. The single-family homes are way overpriced right now and being sold quickly. When it crashes, it will be chaos. We sold our first home literally a month before the market crashed. People who bought too high were stuck with the home and could not sell. They had high mortgages too.
Key Indicator Hints America Is Headed For Its Worst Real Estate Crash In History
https://thefederalist.com/2022/02/16/key-indicator-hints-america-is-headed-for-its-worst-real-estate-crash-in-history/
As an old lady who has bought and sold multiple homes over the years the one thing that has always been true: high interest rate, low housing price. Low interest, high housing price. It’s all about that monthly payment.
Obviously there are some other forces at play, outlined perfectly by SD but bottomline, I see a correction in the very near future.
Yes that’s the case. Low interest rates is of no use if the house price is in bubble territory. If rates go up that bubble house price will fall significantly. Baby boomers did ok because they bought when interest rates were high and home prices low. Then they refinanced the lower cost home when rates dropped.
So you are a speculator on homes?
I was. Got my real estate license in 1978 and gave it up in 2016. Never worked mls – just an independent buyer, seller and landlord. Tough business and I’m glad I’m out but I did make a good living and am debt free and have been for quite some time.
Now at age 71 I speculate mainly on cars and boats as well as being a long time investor in blue chip dividend aristocrat status stocks. Nothing is guaranteed but if they go blow up it’s all gone anyway and I’ll rely on God’s Plan for my salvation. A happy warrior is how I like to think of myself.
One does not follow the other.
No, I’m an old woman. I’ve seen how the cow eats the cabbage.
Suspect the real estate market will be nationalized, like Big Pharma long before it drops low enough to wipe out the punters!
Could be wrong but this ain’t 2008…
Klaus Schwab has taken care of that…
The US housing market has indeed become financialized, a term Paul Craig Roberts and a few others use to describe the process by which all economic activity has been re-engineered to generate enhanced returns for Wall Street.
In the past, home building had been an ultimate small entrepreneurial activity dominated by local individual and family based builders. Now, the market is being taken over by large publicly traded or regional builders spending vast sums of lobbying funds on immigration and local zoning policy. These organizations derive funding from the same institutions funding the quickly constructed apartment projects overrunning our towns. The resultant track housing in these crowded, and frequently, stark subdivisions, is, at best, lightly built and priced to keep the overpriced, weakly constructed apartments financed by the same distant institutions competitive.
Concurrently, community planners in local government have developed review processes which add to the time and approval cost for residential construction, often charging fees on the developers and builders for things such as highway improvements and school cost. Nevermind that these cost are to be funded by gas and property taxes. Hey, the local overlords want a cut up front, too! The net effect is that a significant portion of the cost of a new home is local government fees, consultants necessary to prepare reviews and documents, and the carrying charges of capital for the property acquisition while all this takes place. Now, the good part-your property taxes on these homes is calculated on top of these cost, so your are effectively double taxed. The more your local government burdens the developers, the higher the property taxes collected forever. The developers are great with this as a barrier to entry for small, traditional builders.
As home building has transitioned to a development where dozens to hundreds of homes are placed into production at once, the lead times to project completion have increased. Building permits are supplanted by development approvals obtained in mass, wholesale so to speak, and the homes will be started in pace with sales. The permitting process no longer correlates exactly to the number of homes sold, or even expected to be sold or started, as these developments need “pre-approved” permits to support the marketing and construction cash flows.
Welcome to the Irvine Company folks.
BTW, those fees for new construction, Mello Roos in California, are levied to keep the taxes low on current homeowners. It works because we have a cap, Prop 13, in real estate taxes. So, no, we are not being doubly taxed ( again, so long as you have something like a Prop 13 in place).
Now, back to the Irvine Company… interestingly, they don’t sell new properties to individual investors. As far as rental properties, the Irvine Company builds its own. As far as residential units, they outsource to builders to build 100s at a time. There is NO individual construction (unless, like us, you do a complete “remodel/re-construction”).
Don’t move! Wish you well out there. In the south east, our taxes are not capped. My mayor was recently called an “elected moron” by Tucker.
Then existing residents in the community get to pay more taxes for water, sewer, school, police, and all sorts of other infrastructure to host their new neighbors, while KB homes and Lennar run off with the upfront profits. Any neighborhood that is “nice” will be arbitraged by these raiders. They sell the “nice” that the community created without them—they sell what is not theirs. So yes, the industry is financialized.
great comment!
In California we actually have that part fixed… it was done in a happier time and the commies tried to change it with an initiative last time…. Proposition 13. Needless to say, they were spanked down BIG time.
So, what we have is Mello Roos bonds. They are a typical 1.1%, 30 year assessment on new properties to pay for the new infrastructure. That keeps lowers the cost of living of the current residents.
You know, when our State was Golden, we sure had some awesome ideas.
Welp, that’s one way to stop The Great Migration out of blue states to red states.
What we’re seeing in Montana are people moving out of California and Washington to here. They’ve sold their overpriced comparatively tiny houses/property for their market ($900k t0 $1 million or more) and are amazed at how “cheap” everything is here. However, we’re used to houses in the $200,000-$300,000 range. These out of state people have jacked up the prices to over half a million for a decent sized house/yard pricing out locals.
same here in north DFW area. spoke to a sales counselor that works for the builders in our subdivision about a month ago. she said that beginning of 2021 people from CA came in and “wiped us out” on then inventory of new construction homes and buildable lots that were opening up. they came in, picked a lot and floor plan and were literally writing checks on the spot to pay for the house. even now, lots that are being cleared have a waiting list as they become available. right now there’s at least a dozen new homes that have crews working on them everyday. an acquaintance I know put his home on the market, had 60 something showings, selling it within 3 days for 58k above asking price and this was just within the last 2 weeks.
I’m seeing housing prices in the $400,000 – $800,000 range… while most cannot even afford an $80,000 home, or even a 20% down payment on that $80,000 figure.
Happening like that in S. Dak.
Anybody who is sane is moving out of Democrat Ghetto Cities like New York City, Chicago, Detroit, Milwaukee, Atlanta and Philadelphia to the White Republican suburbs which is driving the housing demand. You have Democrat mayors and district attorneys who absolutely refuse to prosecute Black criminals no matter how outrageous the crime. Nobody is going subject their children to the Russian Roulette game of who is going to shot, car jacked or shoved onto the tracks in front of subway train if they have the means to escape the lunacy.
Time for you to move to Louisville!
I don’t think so!
I’ve lived in s Indiana, bedroom Louisville, since 1955. Stay out of Loserville but s Indiana is still a bargain compared to the national R E market if you can make a living. Taxes on primary residence capped at 1% assessed value and gop lite controls 3 branches of state gov.
Indiana isn’t as free as Florida but we’re 40 blocks better than any of our border states.
Its also going to be interesting to see what happens in Japan!
https://tradingeconomics.com/matrix
No problem, round-eye san.
Godzilla will rise up from some reclaimed land in Tokyo Bay and lay waste to a couple of million houses and a whole bunch of Toyopets.
Then Mothra will show up and in the subsequent fight, a thousand miles of JR Shinkansen will be uprooted and the main runways at Kansai Airport will get pockmarked.
Good for business, eh?
Lol
In my area:
Home construction is unbelievable (40n,96w).
Looks to me like Someone is building a South America Neighbor HOOD.
Trying to get Farm Families to Sell Huge Swaths for…
SOLAR PANELS…
Reporting Live From the Wilds and Signing Off.
Good Nigh and Adios America.
Sounds like 2008 with pre construction investing.
Investing (losing) money on homes/apartments yet (never) to be built.
We all know how that turned out.
This is 2008 on steroids…. then you throw in tyrants like Truhitler and Bitler…. that makes it a Steroid on Steroid situation.
Record high car prices, record high home prices, record high Inflation and Gas prices, Record high debts, record high tax collections, record high Ignorance and people voting for more of that.
Disney are building a huge resort in California with homes, and theme park with a 27 acre lagoon. Where will the water come from? Who can afford to go there? Who can afford to buy those homes? Its insane! I am convinced the bubble will burst within the next 6 months, and anyone here with a bank account should be withdrawing their money!
It’s near Palm Springs.
they call Palm Springs the “playground of the wealthy”….the windmill scam down there is an investor puts money into it, flies the private jet down, does an hour tour, hits the links and dinner then flies home….all a business expense
I believe this thesis is essentially correct..
It’s the Unknowns going forward that have now made everyone wary about their future economic circumstances.
This reminds me of what happened to gas station ownership in the 1980’s – 90’s. New, stringent, environmental laws were passed which caused every gas station to dig up their under ground gas tanks and replace them with new models and additional spill containment systems. In addition, the pumps needed upgrading with gas fume recovery nozzles, etc.
These requirements drove nearly ALL the small, independent, gas station operators out of business. So all the giant oil/gas corporations swooped-in and bought the stations. In the blink of an eye, we went from gas wars where rival stations lowered prices in competition … to higher gas prices essentially “fixed” by unspoken corporate agreements. Free Market competition effectively died in the gasoline business as corporations now owned and controlled 98% of all gas stations.
The corporations denied ANY price-fixing or coordination. Gas prices just “necessarily” increased to offset the high cost of the environmental changes. Yah, that’s the ticket. It’s just a coincidence that ALL gasoline prices rose in unison after the corporate takeover of nearly every gas station in America. Just a BIG $$$$$$ coincidence.
I remember the times of multiple different gas station names. Now just a few and where does BP (British Petroleum) get their gas from when they have no gas in the UK? Who are they anyway?
The small town I was in was on a dry brine lake used to mine salt chemicals (Soda Ash, Pot Ash, Borax, and Sulfates)….drinking water was piped in from over 40 miles away….the state required double-lined underground tanks at a cost in excess of $100k per station…it went from 6 stations to 2 and there are still only 2 there but 1 old and 1 new switched
Think of permit applications as the number of checks in your checkbook and think of housing starts as the actual number of dollars in your account. You can have an infinite number of checks and be broke as hell. This is not a good sign.
It’s downright depressing. I’m one of those middle families that have been out priced for a home. Feels like I’m never going to be able to own my own home. Tired of renting.
I am an outside salesman in metro Atlanta and have sold building material now for over 33 years. This market is insane. I can’t believe the prices on framing material, EWP, windows, interior doors, exterior doors and siding and cornice. Levels I have never seen before. When I talk with my customers about demand it is very very strong. Smart builders are holding releasing to sales until the have a firm grip on their cost or write cost plus contracts. They all have waiting list for new starts. It feels like 2008 without all the inventory…..When does it pop? It is going to hurt…
On-location from Ottawa, Canada a livestreamer reported that it was VERY BUSY at his bank today. Things were orderly but there was a steady flow of people taking for cash out of their accounts. Lines were long and one of the two ATMs there was already empty by noon.
Blackrock and the gang will be bailed out with taxpayer money when the real estate market tanks. Kinda like that whole savings and loan thing.
There’s another way to control the supply — throw the borders wide open. All the affordable housing has already gone to these immigrants. With half a dozen incomes living in one home, it wont be a problem for an immigrant to make the payments. And if one speaks English, he becomes a subcontractor for a General Contractor. That way the GC doesn’t have employees and the subcontractor’s employees are under the radar.
Blackrock political contribution breakdown by party. For 2020, federal contributions – Democrats $1.4 M (79.2%) and Republicans $356,045 (20.8%). Clear who the fascist/corporatists prefer. The MAGA party is now the party of the middle class and patriots.
BlackRock Inc Profile: Totals • OpenSecrets
I watch the real estate market regularly because I’m looking to relocate to another state soon – I’ve noticed a trend over the last couple years:
I used to see many actual houses in the areas I’m interested in – mostly rural areas within 45 miles of a reasonably sized city in “red” states. Now those homes are less available and, when they are for sale, they’re about 30-50% more that even a year ago.
But – the subdivision plots are EVERYWHERE. It’s as though someone is buying up land and converting them into subdivisions all over the place. Maybe Blackrock or Vanguard getting ready to make us all into renters so we don’t own anything and we’re happy.
HOA’s will now require vaccinations and a digital pass – without those your property is seized and you have nowhere to live.
Ouch! Your HOA comment is chilling … and probably true. There’ll be no escaping my neighborhood Karens
I would LOVE to sell my house right now, and it would sell in a jiffy.
We just cannot sell right now.
drats
oh well
FJB
One other thing that might be effecting housing…
Our neighbor works for the local power company. He said they can’t get transformers. They need them for new housing developments that have started in the area. He said they’ve been told it will be 2 years before they can get any.
I own or buying 3 houses. One with my brothers in NC (paid for). One about 40 miles east of Atlanta. 1/4 acre 1996 frame house 3/2 (used cash out to buy south GA farm, so paying on this one). And our 12 acre farm in South Georgia (paid for, see above). Good solid brick house with great bones 3/2 or 2/2. About once a month I get texts asking if I want to sell for cash and quick close. This for NC and Atlanta area one. No calls yet on South GA. I say no, I’m sticking with them.
Noone is getting them.
How do they get your name and number? Just asking to see if I can do that for a property not advertised by a real estate agency.
It is public record. The county has owner name and address of all properties.
Not far from me, one of the many multi-family home development “neighborhoods”, have no homes for sale. ALL are rentals. $2500 a month. Never seen this before!
I believe EO 13848 fixes this problem along with a lot of other problems like free speech.
We just need President Trump back in office with the military backing him.
Sundance
Do you think the hyper inflation is intentional in order to crush the market to rollout a Fed Only Digital currency or other socialists control policies because nobody can truly be this stupid.
When Joe Stalin claims Trump supporters are his enemy, (He has) knowing that most people support Trump, this is intentional to harm our wellbeing and that of our family. He is trying to break us financially while enriching his donors and fellow “Toe the liners”.