As workers and middle class Americans continue to be squeezed by Joe Biden inflation, the inability of wages to cover housing costs continues to create a burden in the housing market.
Investment groups are purchasing hard asset real estate, which continues to keep upward pressure on home values. However, ordinary Americans are no longer able to afford upgrade or starter home purchases.
Potential homeowners are forced to continue renting as prices for everything including food, gasoline and energy costs skyrocket. Scraping by is JoeBamanomics in action.
(CNBC) – In a grim sign for the housing market’s busiest season, pending home sales, which measure signed contracts on existing homes, fell 4.1% in February compared with January, according to the National Association of Realtors.
Sales were down 5.4% compared with February 2021. Analysts were expecting a slight gain. This is the fourth straight month of declines in pending sales, which are an indicator of future closings, one to two months out.
[…] Today’s potential buyers are facing an expensive market. The median monthly payment on a new mortgage is now taking up a much larger share of a typical consumer’s income. It jumped 8.3% in February compared with January, according to a new index from the Mortgage Bankers Association. It is nearly 22% higher than it was in February 2021. For borrowers on the lower end of the market, that monthly payment is up nearly 10% month to month. (read more)
As March comes to an end, be prepared for the first quarter GDP release (last Friday in April) to begin telling the real story of how devastating inflation has become.
GDP is the estimation of all goods and services produced in the U.S. economy minus imports. The GDP is measured in the value of those goods and services, meaning the rate of inflation is embedded in the GDP calculation. What we are likely to see is actual GDP contracting, but the inflationary impact may give a false estimation.
The actual quantity of goods produced, goods sold and services rendered, has almost certainly declined; however, with the valuation of those goods carrying inflation in the price, the dollar estimation of the economy will look less bad.
Take care of the durable goods you own. Keep up the maintenance on your car, home and costly appliances. Repairs and replacements can be devastating.
Inasmuch as you have prepared to withstand the inflation and increased scarcity of highly consumable goods like food, do not forgo proactive upkeep and maintenance on your vehicle, property and home HVAC system. Protect your family, guide your family, stay strong for your family… by staying in the right box.
No need for warning, anymore. We’re all feeling it.
Jamie Dimon’s not feeling it…just picked up $56,000,000 in stock options.
No man is worth that much. Obscene.
Chump change. The Co-CEO of Moderna just got a golden parachute for $900 million.
I saw that. Poor Jaime Dimon.
Moderna still isn’t requiring its employees to get the Jab. (Looked it up yesterday).
Wonder why?
Bill Gates told them all what’s in it.
Now you know the real reason why his wife is leaving him. It’s not Epstein. He sacrificed his kids on the altar of the vaccines and made them spokespersons for them. Gates was always a playboy, she knew what she was getting into, she worked for him for more than a few years before they got married.
If you did that to your own children and your wife (who is no fool and a lawyer to boot) realized you may have harmed them in any way, well you can only imagine and if your Bill Gates you can only weep.
Somehow “Playboy” and “Bill Gates” are out of place in the same sentence. Eww.
I wonder if Moderna will even be around long term. It never made any money prior to the covid scam.
They will be sued out of existence soon.
NO, they won’t.
Its the Clinton Foundation model; get all TPTB deeply involved in your scam, and then you are protected from the fall-out.
That the Clintons are still grifting, instead of in jail, that NO ONE has been prosecuted for the long list of crimes we all know have occurred, leads me to conclude NO ONE will be sued, successfully, or go to jail for any aspect of the plandemic or jab.
When systematic and repeated injustices can not be resolved at the ballot box, or in the courts, there really is only one alternative left.
Parachutes, golden or otherwise, won’t save this sorry lot from their destination.
Personally I don’t care what crazy high valuation someone receives, good for them. The competition is fierce and these people are willing to sacrifice a “normal” life. When you are running a global business you don’t get to “check out” and you are constantly putting out fires. But what ticks me off is when they get rewarded for leaving a company worse off. There is no excuse to create a contract that pays off a leader to leave a company that ran into the iceberg under their stewardship.
When these banks and corporations collude with government to inflict misery and destruction on the rest of us via Fascism and all that means, I suppose that’s a fair wage for a day’s work.
It’s still obscene. And amoral. I will not budge from that opinion.
For those that may not know, The Golden Fleece Award was Proxmire’s gig.
Some enterprising Democrat needs to bring that back!
I had forgotten about that!
Except now it would be a badge of honor not shame!
Not enough sheep to go around.
I have seen this coming for some time. I told my friends last fall to refinance their homes and receive tax-free cash out of their home equity. Now they have liquidity instead of an eroding equity locked in a declining asset.
Homes are hard assets. Cash will vaporize.
Fannie, I been in the home business and home equity can “vaporize” every bit as quick as cash. I can eat something with cash but starve with home equity which has vanished.
.
Real estate does not “vaporize”. Unlike stocks, which can become literally worthless, or cash in hyper-inflation, land can be used to plant gardens and crops, rooms can be rented. Everyone still needs to live somewhere.
.
You assume people have no debt on their home. However, if you own a home today it is worth $200,000. You owe $100,000. on the house. The housing market drops 50% (I have seen it happen a number of times) Your $100,000 has “vanished”.
The person with $100,000 and cash loses 50% you still have $50,000. I guess it is why they say, “cash is king”.
Been to Dearborn Michigan? Cleveland? Detroit has lost half its Population. Couple houses get abandoned on your street, an Imam moves in next door, and next thing you know, Bob’s your Uncle and Mohamed’s your neighbour. And your other neighbour and pretty soon you cut your losses and improve your standard of living and leave, with your house now worthless.
In my rather large suburban development of higher priced homes there are six houses for sale out of 3,000. An open house last Sunday was a mob scene of buyers some arriving two hours early and hours after the open house ended. The house sold for $100,000 over asking price for cash with multiple offers. People desperate to leave the Democrat Ghetto city which is 50 miles away with a Soros DA rampant crime. Throw in the school district run by wacko gays and transgenders who eliminated the school police and you have a rout. What you are seeing in the housing numbers is a rebalance with homes in White Republican suburbs in very high demand!
Yes, real estate like politics is local.
Not if they quickly converted that home equity cash into hard metal (Ag, Au).
Also what the RE-as-an-asset promoters aren’t telling you is that the stability of RE as an asset is highly dependent on location, location, location.
I suspect they can quickly manipulate the value of a location via their nighttime deliveries of shock troops fresh from the border.
Once the invaders are introduced to the literal meaning of Utopia they won’t be quite so enamored of it, and then the fun begins.
(Cu.ZN) (PB).
Lead, Steel, Brass and Copper (clad) now THOSE are “hard metal assets” that will ALWAYS hold their value, in relation to inflation, real estate or Gold.
An example; Let’s say one person owns one-million-dollar real estate value and one person owns one-million-dollar-diamond value. The guy with million dollars real estate can have his real estate taken away by a government and now it is worthless to him. The guy with the million-dollar diamond can pop the diamond in his mouth and walk across the border to another Country and still be worth a million dollars.
Astute observation, just wish i had realized this several years ago.
I do have a friend who has been a collector for many years.
Whiskey could probably be added to your list.
Amen
As long as the homes aren’t within areas with Soros DA’s who let killers walk free….like LA..
Exactly! The housing numbers reflect a rebalance of sales! Homes in White Republican suburbs are in demand by wealthy city dwellers trying to escape high crime, Soros DA, neutered police, insane school boards and Blacks feeling invincible because they are!
.
Owing fixed debt gets cheaper, very low interest rate even better, because it’s paid back with inflated dollars. Variable rate loans, however, are going to be dangerous.
I’m locked in @3.25
Not worried about my mortgage at all.
Now, my property taxes……
Property taxes and homeowners insurance rise at every renewal.
Property taxes in Florida and incredibly California are locked in at the time of purchase capped with a 2% increase based on inflation a year!
What am I going to do with all the sacks of rice, beans and flour Sundance made me buy?
We are headed for another RE crash and underwater loans. Might need another multi trillion TARP bailout. Don’t worry, Larry Fink will be there to work out the details.
No worries, the globalists are going to force all of us on to digital currency. And that will make it a lot easier for them to Monkey around.
Or more realistically, vaporize our finances.
I would suggest
South Louisiana-Style White Beans & Rice
Smoked or andouille sausage, Creole seasoning, and the “holy trinity” of Creole/Cajun cooking — onion, celery, and bell pepper — give this dish from the American South its regional pedigree.
Be sure to serve it with cornbread, and it tastes even better as a leftover.
I just do it like my Grandma did; SMOKED ham hocks, navy beans,…and yes the cornbread broken up and mixed in, along with grated chedder cheese,…mmm, GOOD eating!
Great Northern or Pintos with ham hocks or country ham pieces, cornbread, sweet onions
with a little hot “pickle-lillie” mixed in.
I think that is one of the reasons i’m so fat.
Pickle-Lillie is a relish made with tomatoes, red peppers, jalapenos, carrots, celery and spices.
Wow. Just a few years ago, you claimed to be writing from another continent. Then you declared your US citizenship, and say you’re now living in Arizona, correct?
You still write with British spellings, but now you’re giving us your grandma’s secret Southern recipe’s?
Not that it has anything to so with SD’s post, but what a great way to derail a thread. Just glad you didn’t take the opportunity to tell us, once again, not to vote for Republicans.
Please explain how NOT removing Democrats from power will help the rest of us to afford housing.
Home sales always drop off in the winter months! Why is this news? People typically start house hunting in the Late Spring so they can buy and close during the summer months letting their children finish school.
I am a 68 year old single female with no children and I very much appreciate being warned and updated. It helps me to think through what needs to be done and prioritize. God bless you Sundance for doing this
Who needs a home? Lower your expectations! It’s what is best for our democracy and your safety.
Honest!
Housing is overrated and living on the streets allows you you to virtue signal about equity with the homeless.
For the greater good.👍
Starting to think “living in a van down by the river” might be the way to go.
Too many people doing that…ain’t no room left “down by the river”….check out the availability of space at RV Parks, State Parks, National Parks, COE Engineer parks….hell, even the federal BLM land is being overcrowded by RV dwellers “boondocking” on the federal land….RV sales have been setting all time records for about four years running with no where to use them without making reservations sometimes a year in advance. National parks that used to be “first come first served” have gone to reservation systems…and if you think the government can screw something up…try using their reservation system. We are all in trouble.
Mexico! Think a beautiful beach in paradise. Or a van on the gulf!
I guess for the scale of awakening that needs to happen, we have to go further into the abyss.
We may never get out of it.
Just got back from a small grocery run to the Neighborhood Walmart, not a full cart and did notice almost everything I picked up is up 20 to 45 cent a jar or can, laundry stuff very high only needed bleach and was still 3.25! And that wasnt even a gallon.
Housing here is still nuts building on every corner just about, few lots left in a 30 year old sub we loved due to all the lots that never sold very woodsie, not anymore. 4 major developments going in, in less then 2 miles.
Our appraisal district just mailed us our 2022 property appraisal.
My jaw is stuck to the floor.
So, Blackrock raised your tax bill like a gallon of gas?
In other words, you’ll never truly own your home. We’re in the same boat. Every year up, up, up.
And here is Warren/Biden’s “wealth tax” already in existence…on “unrealized” capital gains. Texas governor promised last election he’d lower them. Refused to call a special session to do just that. Our assessment is due any day now. Can’t wait.
You never truly own your home unless it’s on wheels or floats. Even then you need safe harbor. The local county (or whatever in your state) leases you the right to have your home on the county’s land with periodic lease evaluation. Fail to make your lease and the county will seize your home and sell it.
If you cannot pick up your home and move it is yours only at the pain of paying your lease promptly.
Truly we already own nothing. Ownership is a illusion. We already own nothing.
AND what we think we own they are stealing it from us via inflation.
Plenty have figured this out, Mycroft. RV production and sales are exploding. Downsizing in a huge way.
We have paid off our house and have no credit card debt. We’ve cut our expenses to the bare minimum in anticipation of all this, and still we’re feeling it.
Here in Texas we have those small insects that roll themselves in a ball…we used to call them doodlebugs…and when they get inside a hole surrounded by dirt, try as they might, they can’t gain traction to get themselves out.
That’s what we all are now…the human equivalent of a doodlebug, stuck in one of those infernal holes…and Biden’s army of destroyers keep piling the dirt higher and higher.
I own a small motor home in Florida and it will be our end of the world escape pod if we can get to it 1100 mi from Cincinnati.
our escape pod is a fishing vessel always ready to go. many small coves in which to disappear. just cut off all radio contact and live on fish and kelp
I envy you , you lucky dog.
My dad put himself through med school back in the day in Cincinnati. His farmer parents retired to Florida. Good choice, Mycroft. Take it slow and easy…you should be there😉
We have always been nothing but free range humans living on a tax farm. You never own your home…miss a tax payment and see how fast your property is sold on the steps of the County Courthouse. Huffines ran in the primary for governor and part of is platform was to eliminate property taxes completely. Ya see how far that got.
I kept hearing alternate opinions about him…either really good or really bad. To tell the truth I could never determine which was correct. I did know about his championing getting rid of the property tax though.
Yes, I heard that, but honestly, let’s face it, the expenses that the property taxes cover would have to covered by some other form of tax, or the elimination of massive government expenses, including waste, and the bloated bureaucracy , etc. In other words, someone will have to pay the Piper one way or another. The old fashioned way is to “Rob Peter to pay Paul”.
Let’s face it, Politicians are bullshit artists.
“you never truly own your home…” is what we found out Wednesday when the road crew came with three big trucks and six guys (all democrats, of course because you don’t work in Lincoln county unless you are a democrat). 17 years ago I planted 100 western hemlock about 40 feet in from gravel road. Hemlocks were now close to road so chain saw man cut off road side branches and the five other drones picked up the tiny branches and put them in a shredder. I gave them bloody hell, of course, and chain saw man yelled back “we own 30 feet on both sides of this road.” For a day we thought of selling up then I realized I can plant another 100 Hemlock yet another 40 feet back.
Hell is other people. Sartre
My VERY favourite quote!! Because its short, pithy, and true.
We really need a Taxpayer’s party, and this should be near the top of our demands,is, once you buy a house,it’s YOURS.
Every Harbor has a location, designated by yellow buoys, for safe harbor anchorage in a storm.
What’s truly infuriating is over half our property tax is paying for teachers to indoctrinate the children. And they keep getting raises from the GD sheeple.
Here in Kentucky, the legislature just gave all state employees an 8% raise next year and 12% the year after. They did some good things, but not enough good to make up for this hefty raise. All i will get from these no-account bastards is higher taxes.
…and there’s nothing new in never truly owning real estate of any kind.
I was around ten years old in the mid-1950s when I was trying to understand the words I was reading and hearing, and I heard someone talk about taxes.
My father owned the 1200 acre farm I grew up on. He was born in 1898, and had been actively working hard from about age six . So I asked him about this word – taxes.
He explained in simple terms: the government puts a tax on my land and every year I have to pay that tax.
But Daddy, I thought you owned the farm.
I do. That’s why I have to pay the tax.
I had no way of understanding how to continue that conversation at such a young age, but I remember going away from it thinking, “That’s just not right.”
That was 70 years ago.
Some things are just so wrong that even a child understands, Sharon. And then come the inheritance duties.
In Britain, those are confiscatory. In the 20s, they were set at 98%!!! And there went all their heritage, coupled with the loss of the generation in WWI, who would have kept those estates. That’s when the rot started and has gotten worse.
I always thought George Harrison’s “Taxman” pretty much nailed it. It’s really amazing any of us have anything to live on (or in) when all is said and done.B
Liberty can be a word of knowledge, or it can be a possession by sacrifice. When shall we possess ?
How utterly terrifying. How do those on pensions/social security make it? That’s one of the reasons I stay in CA. Our property taxes, by state law, cannot go up more than 2% per year no matter the increase in value of the house. Since I bought my house and couple acres way back in the early 80s I still pay less than $900 per year for property taxes.
After reading about Blackrock buying up all the houses I changed my will. I have no living children and no close family so I am leaving my house and all possessions to my veterinarian to give to anyone he knows who would like to live out of town and who will keep and feed all my critters. I want what I have to go to someone who will enjoy living out of town as much as I have, preferably to someone who would otherwise never be able to afford their ‘dream’.
Well, patty, we surely are trying in this house I can tell you. No pension, strictly social security. We had to make a choice whether to take my husbands 40 year UK government pension or his 10 year social security payments here (which is how long he worked so he could get Medicare).
If he took his UK one, this government would deduct from his social security here whatever he got there, even though he worked a total of 50 years. Make sense??? Because it certainly did not for us.
So we chose his here and were forced to leave his rightly contributed to one the UK there. And that’s what we live on. And it’s not easy I can tell you.
I don’t think about it because there is no sense in doing so. That was our choice courtesy of this wretched corrupt government which hands money out to illegals hand over fist….no rules apply.
Sweet, isn’t it?
“I don’t think about it because there is no sense in doing so.”
I hear you!! Same for me, SS only. I make a game of it. How can I get what I need and what do I give up to get it? Giving up things doesn’t necessarily mean doing without. Like the Payday candy bars, make them for a cheap price instead of paying a huge price for them at the store. Win-win.
Oh my gosh, Payday!! My favorites since school days. Can’t believe you make your own!! If there’s a recipe thread on this site for Easter, please post the recipe??!!😂
I’ve got a 1 acre corner lot facing the Main Street.
My tiny 1600 sq ft home will be demolished when I sell this property in 10 years.
The plan was always to raise the kids here, sell it to a developer
who will put an apartment complex on it
(we are zoned for it, and others on my street have already done it)
when we sell and move, buy again
it will be somewhere way in the sticks
where our profit will go much longer
Its basically our retirement plan.
At the same time,
my property taxes have increased avg 110$/yr in the past 6 years.
Was 1200 when I bought it, it’s now 1860
Made my very first trip to Aldi’s..we finally have one close to me. I tried their brand of clorox cleaner in the spray bottle, every bit as good as the globalists brand. Will try their version of Dawn tomorrow. The mac and cheese, not too bad, either. Prices on canned goods, better than Walmart.
They truly are a wonderful place. I first came upon one when I lived in Britain, and I was hooked. We have two within driving distance here. I wish we had a Lidls, which is their competitor in the UK. I hear very good things about that one as well.
Aldi is amazing.
Got one hot dog at 5-guys for lunch, side of water. $9.56
Los Angeles.
Sorry for you, seriously , $ 1.50 all beef hot dog plus drink of choice @ Cosco in Texas.
Very healthy here in Texas. Just spoke to a realtor about my home going on the market in Comal County and she is predicting multiple offers and no trouble selling it because I have a decent price point. Very hot also in the people’s republic of Austin where I just moved and property values are NOT falling but continue skyrocketing. Same for adjoining counties where there isnt enough inventory and price sold is above market. No end in sight unless those adjusting interest rates cause problems on the high end real estate. Also see plenty of folks driving brand new cars and the retail sector is healthy albeit expensive.
Petzmom: It’s coming. Make no mistake about it. Every 0.25 pt. rise in interest rates prices another group of potential home buyers out of the market. It’s a fixed law of the universe.
Gonna depend on interest rates. When they decided to crush inflation in the early 1980’s, the money market paid 20%.
Remember 16% interest rates on CDs?
Remember feeling cheated when CD’s went to 10%?
16%? Pfft…. I walked into Raineer Bank in ’81 and saw rates at 18 3/4… went home, looked at my parents’ CDs and calculated that they could pay the early penalty and they’d be ahead in three months!
My biggest mistake was recommending they invest in tranches from 2 1/2 to 4 years. They should have done it all in 4 years… but nevermind, I became their hero! By ’82 rates had plummeted and they sat on a bunch of CDs at 18 3/4%…
Wish I had the dough back then to do even 16%. But at 18.75%, you’d have more than doubled in 4 years, taxes notwithstanding.
My sister and I put my mother’s life savings (70,000) in 10 year CD’s at 21%. An outfit in California called her all the time offering her a new tv and other stuff if she would just roll over the CD’s into new ones.
She always gave them my #, the same person never called back twice.
I really enjoyed sticking it to them.
But we have too much debit to have 16% rates , don’t we? I think it’s a crash…..money will be worthless to pay off our debt.
Our son and family just moved to a newly built home in Leander. Their interest rate is locked in. Now, property taxes? I’ll be hearing him from here, 207 miles away.
Property taxes in Texas is what motivated us to look elsewhere.
In May of 2016 we considered moving to the Garden Ridge – New Braunfels area. Had a great opportunity to buy a beautiful home on 2 acres and found the RE taxes to be ridiculously high. On a whim while still on Zillow I plugged in a beach town in the Florida panhandle I was familiar with and found that RE taxes on the same valuation amount were half as much. We vacationed there in August of that year and were moved in by November.
Our county here in Florida adds an extra 10cents to every gallon a gasoline for the expressed purpose of keeping property taxes low by nicking the tourists when they visit.
I suppose it’s swings and roundabouts. But as Abbott “promised” to lower property taxes (wink) and didn’t, we’re all suffering. I’m hoping he might do it right before his big set to with the Communist gun hater Beto (another ugh). Some would call it a bribe to the electorate. I’d call it a promise kept, way past due.
Abbott’s the most cowardly governor in the country.
Learned last week from a State Leader that Abbott’s never MET during his current term with either the Railroad Commissioner or Land Commissioner.
Abbott’s got the legislature on RECESS for 10 MONTHS and refuses to call them into session for ANY of the priorities that Desantis is handling. Not for Election Integrity/Audits, Education, Energy Industry Strangulation, Taxes, Border Security, States Rights. NOTHING.
He’s a Bushie. And that sums him up.
I have emailed his office several times…not even a courtesy acknowledgment. I said in one if he wanted to win re-election, all he had to do was do what DeSantis was doing, and he’d walk it. (I put it better than that by that was the essence.)
Abbott is a poseur and a coat tail rider. He’s glommed on to Mr Trump, but he is, in every way, a Rino of the worst sort.
Having said that, if O’Rourke gets in…well…you know… So I’ll vote for Abbott.
Call them like you see them.
You’re 100% right, he’s a Bushie.
Amen.
Hell, Abbott has his own pages on the WEF website…about 9 of them…he is RINO globalist. He refused to disavow relationship to Klaus Schwab’s WEF when questioned in public. You can find the video of the questioning during the recent primaries online. He has given lip service to our nonexistent southern border while allowing mass invasion of illegal aliens from all over the world and runaway human trafficking.
And Bush today or yesterday was positively drooling over illegals , saying how important they were and how he’d fix them right up. I was unaware of Abbott’s pages on the WEF website. Well, well, well. That explains it all.
My reply below is “waiting approval”…interesting…are we being censored here?
YOU changed your USERNAME….ergo, our software didn’t recognize you as a regular commenter. Sheesh……
It happens sometimes. There is no censoring here.
Sorry, SouPac. Missed your comment before I posted mine RE: Abbott’s WEF ties.
Was stunned to read a day or so ago about Abbott refusing to answer a question about Klaus Schwab and the WEF. I’m starting to think that a list of America’s politicians not in their hire would be really short!!
And has your first hurricane destroyed your home yet? What is homeowner’s insurance like in the hurricane belt? Just curious.
Everything is wonderful as long as you can make the payments.
When the wonderful stops and the payments are not made then all of the beautiful new stuff is repoed and back it goes.
Young people do not always understand this, they are anxious to acquire so much stuff and it always looks so nice and shiny when they first bring it home.
Then it starts to be a bit of a burden and the chains of debt become very heavy.
I was just saying to my wife… it’s so great we don’t care that we have 1980’s brass hardware (door knobs, etc) all over our house. We know many who have to update EVERYTHING in their house, including stuff like this and buy all new stuff every few years. It’s such a simple saying, but money does not buy happiness.
What possessed you to leave sleepy little New Braunfels Canyon Lake and go to crazyville Austin?
Love New Braunfels. I’m not from there, but was lucky enough to be in San Antonio for work at the same time Wurstfest was going on. The band that plays there, die Schlauberger, is fantastic… I’ve been seeing them play at other festivals for about 14-15 years now.
Our daughter and family lived in New Braunfels for a couple of years and loved it. Her husband is a petroleum engineer and they were relocated to Midland, Texas. Talk about a change! But they have established a wonderful life there with good schools and friends a-plenty. He’s just received a huge promotion and it looks as if Houston is where they will be. I won’t lie…it makes a mother worry on two fronts. Oil and (ugh) Houston, even in one of the surrounding communities.
Mr Trump is right…everything Biden and the Dems touch turns to…………
N.B is a tourist town. After living there 8 years I was so bored. Awful. First day in Austin, I was making friends, signed up at Austin Pets Alive to fulfil my purpose, and my dream cone true was signing up at a starting strength gym. N.B. is no longer sleepy, just a mini Austin, congested and expensive.
Out here West is nuts.
VERY FEW homes on sale. Homes are selling for $250K more than listed with multiple offers. The price of homes has gone up 20% since last fall and still going up. The “comps” don’t seem to matter as most of the offers have lots of cash, if not all in cash.
The problem is that if you sell your home you better be ready to leave the place because you can not “move up”… there is NO inventory.
Once owned 2 riverfront condos on the Comal, sold in 2016. Such a lovely area there in New Braunfels TX but the growth and accompanying traffic was a little much for us.
Hahaha, it all looks good until it isn’t .
I have an 11 year old Honda mini van with 160K miles on it. Well maintained including 100k maintenance. I don’t know whether to keep it going or go ahead and trade it in this current environment. It has been a great vehicle.
I have noticed they are still driving 1957 Fords and Chevys in Cuba.
The year of my birth….may be an omen.
Same here. It was a good year.
But those are simple machines, with carburetors and running on gasoline. They don’t have computer chips so they won’t crap out on you if you can do the simple mechanics.
Driving a 65mph speed limit highway that ’57 chevy will get you there at the same time.
Yes but all have new drive train jammed in to fit
I have a 2005 scion that I maintain and will continue to do so.
Keep it rolling. No need to take on a payment.
That’s how I feel about my 2007 Honda Accord- no need to take on new payments at this time. Plus, my “silver bullet” runs perfectly at 110,000 miles.
It’s really a good way to get ahead. Car payments and insurance will suck the financial future out of you.
back in the early 80’s I quit school (the first time) and bought a silver 76 Gran Torino station wagon, moved to Vegas to make my fortune. That too was called the Silver Bullet.
(Luckily, my parents allowed my home with my tail between my legs before Thanksgiving a few short months later:)
IMO Keep it. A well maintained Honda will run forever.
We have a great car in a Chevy Volt and because of it gas prices have not hurt us much yet.
We also know when it gets really sick it will be scrap as it’s a way too complex orphan.
We have a 05 Subaru Forester with 250k mi and is a great little car. It too is rather complex but with junkyard parts I probably can keep it going a long time.
We also have my 1984 S-15 with 66k mi and a carb and very basic electronic ignition.
I can keep it going long after the first too go to the great boneyard in the sky.
IF they don’t take it from me….
Keep it.
A good car that you know runs well, and has been reliable
Is much better than a new car that might surprise you.
Knew a man who would tell his “Saab story” … how he traded in a good reliable Saab for a new car that gave him nothing but troubles
My daughter did that last year, brand new Tahoe, all the bells and whistles. Can’t count how many times it’s been in the shop for weeks at a time awaiting parts.
We’ll keep our 06 Ford Escape with under 100k miles for as long as possible. It’s been very reliable and we keep it well maintained.
My 2003 Dodge Ram 3500 6 cylinder Cummins diesel pickup still runs great, with 450k miles! Not selling… no more payments for me!
I have a 92 Cummins. The speedometer broke in 98 with 287,000 miles on it. I think I have at least 900,000 on it.
It was my work truck 7 days a week, 340 miles round trip for many years.
I’m like you, when the doors fall off, then I might consider another vehicle.
By that time, I’ll probably be pushing up daisies .
Hard decision. You never know when the Autocrat is going to approach the podium and declare no more sales of gas vehicles are allowed.
(1) You can’t get a new car nowadays… good luck. Prices are high. Not a good time to buy and at 160K miles you will not get a lot of money ( higher than normal, but still…).
(2) A 3rd gen Odyssey is still good. You got ABS, TCS, disc brakes, 240 bhp, 5AT… possibly NAVI and DVD… All you need is a 2A USB for your cell phones. You might be able to get that installed. Get the van cleaned and put seat covers.
Finally going to pick up my new Bronco tomorrow, ordered it in August 2021.
I drive a ’99 suburban and I own my home mortgage free. Our fancy car is a 2016 bought used in May 2020 right at the start of the scamdemic. Got a great deal on that one.
Over the years throughout our professional lives we didn’t waste money on fancy cars and kept them on the road longer than most people tended to.
Yes, I’m the same if I can’t pay cash I don’t need it. No debt will set you free!
Imagine how bright our economy would be if the election wasn’t stolen. We’re about to witness a collapse greater than the Great Depression and we have no control or idea what this will be like. Of one thing I feel sure about we won’t go without a fight. Hungry Americans who are trapped will fight. And fight hard.
It is because of dumb and stupid people being led by criminal politicians. Ask yourself what could go wrong with those dynamics?
And Biden is draining our strategic petroleum reserves as fast as he can…and it will barely make a dent. Selling to Europe who have been told by Putin that he wasn’t bluffing and that he demands to be paid in rubles or the gas will be turned off? Shortage of truck drivers and getting worse. You are correct. It will be a tsunami of anger.
Biden has been threatening Putin of late. Putin has thousands of nukes and delivery systems. Now Biden wants to use our strategic petroleum reserves, I guess to help the cost at the pump and to score points at the polls? What could go wrong?
I keep hearing “carbon offset” introduced into the language (in the “news”) – Green New Deal nobody wanted
I think of that often. What must the legislatures in the states that stopped counting on election night be thinking now? Regret? Tough to sleep? I can only hope.
Our long pig o’xiden voter neighbors will be eaten first.
I really don’t know about this. Around here, real estate developers have lately been buying-up every bit of property that they can find and then filling them up with crackerbox houses “from the mid-$200’s.”
There are also a few “pastures now filled with cattle” which have curious stone gateways beside the road. They’ve been that way for years now. But I know that eventually the speculators will come back and start building crackerboxes.
I really don’t find myself having much sympathy in support of such rampant speculators. 🤷♂️
The “parts plus material cost” of these “$200,000+” houses is somewhere around $35,000. So, I really cannot cry for them.
I’ve been a Broker for 26 years and I am just not seeing this in my area at all. We have multiple offers on just about everything.
It is so crazy many listing agents are only allowing 15-30 minute showings.
My buyers have been bidding 35-50K over asking price and still loosing out. The short sale/foreclosure market in the early 2000’s was much easier. This is heartbreaking for the buyer due to low inventory. Sellers are making bank.
And those people paying over asking price will be the first ones to melt down when their value drops. Wake up people! the same situation existed prior to 07-09 crash. Multiple offers, people doing 100% financing, everybody gets a loan even though they really can’t afford it, and many buyers have zero equity to withstand a drop in value. This is what caused so many to just stop making payments, live free for 6 months, then let the bank take it back.
We have been here before.
This is nothing new and it is not pretty.
It will self correct in a most ugly way.
Exactly!
no income verification mortgage loans are back too!
Really?
Where?
Care to document that?
if you put the this string into DuckDuckGo.com, you’ll see lots of such mortgages available right now:
no income verification mortgage available?
No, we’re in a different situation from 07-09.
Then we had plenty of inventory but money was being given away so that was a bubble driven by cheap money to people who had no way to pay it. Then Wall Street was packaging all of those subprime loans in “prime” CDOs. Hiding the bad quality of those loans.
Once rates went up, those adjustable loans went south and the CDOs went bankrupt.
This time around, what I see, is extremely tight inventory. The money coming in is real money.
Low inventory makes it worse. The buyers will get whatever money they need to overpay on the few homes for sale. Many of those loans will be subprime in order to get people qualified. So, money is still being given away.
Wall street trading loans did not cause the dramatic drop in value. Values dropped mainly as a result of foreclosed homes being put on the market well under what a normal seller would ask, undercutting the market with distressed homes.
I was an assessor during all this and there were banks that priced the foreclosures by how many foreclosures they had to dump off their records. There were banks almost giving away some homes because they were so desperate to clean up their books. Normal sellers gave up trying to compete on price and the market became 60-90% bank owned and they dropped their prices to try to be the first to clean out all the bad loans.
The buyers ended up being mostly investors who further drove prices down by constant underbidding knowing the banks would eventually give in, because they had to.
What ever caused the initial price drops that caused people to walk away and create that foreclosure market was the start. If we see a recession there will be that same triggering event that will cause so many people to be underwater that they again just walk away.
Melissa, sales are down because not many homes on the market.
You been in this long enough to know this can and will turn on a dime.
I don’t trust anyone who sells houses, knowingly ripping off people. The reason property taxes are so high is directly tied to greedy brokers and realtors.
Disagree.
Over half of our property taxes goes for schools that barely teach anything useful.
My kids did okay in our district; there are a few school people I am deeply grateful to.
But overall, the top administrators blocked homeschooling and trades for decades, until the pandemic hit (and suddenly they realized the need for “remote” learning that they had deliberately obstructed for decades… so it was not a smooth transition although it could have been).
The administrators do other things in a wasteful way, hostile to parents, especially low income families. It could be a WHOLE lot more efficient
In Blacksburg, VA a parent told me that high school students can graduate with an Associate’s degree in nursing? In cooperation with their community college?
And other advantages, if I remember correctly what the happy mom told me.
No reason why good systems cannot be copied. Its frustrating, like governor who won’t copy DeSantis. All they need to do is follow good examples, yet they won’t
Hear hear. My house when it goes on the market will be considered entry level but all those in my hood are pending within 24 hrs.
Sellers are making bank.
Where do they go?
She meant realtors and brokers are making bank for doing very little work. While jacking up the Property tax rates everyone has to pay.
You must be in a good location, location, location!
College town.
Here in St Johns County Florida every house that goes on market has multiple offers within hours. My daughter in law’s parents just bought house 50K over, they have been trying since Nov 2021. They finally sold house and were able to offer cash, only reason they got it. Love it here but it is getting crowded and traffic is awful.
Our new preacher just sold his house 30 min. after he listed it. I think it was on Facebook.
First caller saw the pictures and said he would take it.
He thought he had priced it way high, but the caller didn’t quibble.
What is your market area?
I’m getting tons of Home Depot ads in my email so I assume they are also experiencing a decline in sales activities. I guess home re-modelling must correlate with home sales.
Housing is a very big part of economy. Recession is probably already here but the government will do everything to hide that fact. I wonder when we will finally start hearing about business layoffs. Not just people quitting but involuntary factory layoffs.
HD not happy today 300.19
▼ 8.27 (2.68%)
I got out a while back and went to Uranium. It is one of the few areas I see that will be least affected in the coming storm. There is going to be a lot of blood in the water.
Biggest Housing Affordability Shock In History Incoming
MAR 31, 2022
https://www.zerohedge.com/markets/biggest-housing-affordability-shock-history-incoming
OK, so what effect are you all seeing on the price of homes? Inflation should cause a price increase, but drop in demand a decrease. Our county just raised everyone’s home valuations by an average of 22% this year over last. Unbelievable.
When something is “Unbelievable” it usually is.
Maybe instead of a college fund parents should be saving a house fund for their kids future
I don’t know? This mandatory Covid vaxx may be what solves the buyer seller imbalance.
Maybe parents need to stop paying for everything little thing for their adult kids.
I am amazed at how much parents will put out financially for grown kids and short change their own savings for their retirement years.
They have kids in their 30s that they pay money for expensive weddings, still in college and paying for that, kids in their 40s who parents pay for their houses and I am just amazed.
None of these people ever seem to grow up.
Watch for an increase in foreclosures. Current sales are down, interest rates heading up, and over the last year buyers paid the highest prices ever for real estate using creative financing. When we go into a recession the values will drop and just like 2008 homeowners will walk away from payments on something worth far less than the loan.
Once this starts it will take 6 months for the banks to put these homes on the market at distressed prices, further eroding the real estate market.
If this hits late summer, the spring RE market will have banks trying to unload the foreclosures at prices much lower than normal sellers, causing major disruption and value decline. At the same time the Fed will be raising rates. Prepare!
Exactly as I see it because I have seen it before a number of times.
True Fangdog.
This is nothing new.
No creative financing…. very few sales, cash is king.
Something odd I’ve noticed about the real estate market in small to medium sized cities in 3 states: Washington, Idaho, and Montana. Almost no one who is buying houses in those markets earns a living in the local economy. Put another way, the local economies do not pay enough for citizens to buy homes within those economies.
The buyers are all from somewhere else. Californians distort/inflate the WA home market; Washingtonians distort/inflate the Idaho market; Idahoans distort/inflate the Montana market, etc.
Meanwhile, both parties are basically telling the electorate to go pound sand, and eat cake if they don’t like it. This will not end well. It’s simply a matter of time.
Would you mind not be so general and tell us… are these Bay, Northern or Southern Californians? Very different people.
It’s a big State.
Are these Western or Eastern Washingtonians? They are very different people.
https://www.businessinsider.com/housing-market-are-home-prices-going-to-drop-slow-down-2022-3
We live in Charleston area, SC. Moved into this 3-bedroom apartment end of June/start of July beginning of last year. Our rent is currently #1,1570. When I checked our complex’s website for the current rent price for a 3-bedroom, it was $1,990. It is now “Please Call.”
Renting is rapidly becoming unaffordable, too. Homelessness is skyrocketing.
That is amazing.
Here where we live you could purchase a nice four bedroom, two bath house on a big lot for that kind of money.
A very nice 2400 SF home with a big yard and trees and near a decent school.
Things are changing fast and now I know why people are moving here and buying up our homes.
Some of the families are moving here without the spouse that is the breadwinner who is staying back where ever they came from, selling the family home and renting a tiny place to live.
It is like they are sending the rest of the family out to safety while the one who earns a living stays behind and sacrifices.
Really weird.
I wonder if they hope to have the family together ever again, if the breadwinner will look for a job here or some kind of job where they can work from home.
Who knows, very strange situation.
Had a meaningful discussion with my rural neighbors. All are PDT supporters and well informed. We see what is happening in other parts of the nation with owners of large tracks of land selling to developers. We have all made a handshake commitment to not subdivide or sell during out lifetimes. Unless the communist state of Washington forces tax increases that make keeping our large tracks of land intact, it will be a while before the socialist’s rural property zoning changes impact us directly other than vehicle traffic. Even then, we own all of our access roads.
My parents and grandparents were terrified of debt.
They lived in a world where family income might fall to nothing, and for years.
Going into debt to take a vacation, for example, was madness.
This ephemeral fantasy of vacation as a human right seems a profoundly doomed idea. Travel was a distraction of the very rich for centuries, and will return to that category.
What escapes the globalists, is that the hostility to travel or foreigners boils down to a a hostility to globalism. The hostility is to the “other”, the foreigner, and that xenophobia will triumph.
That’s what they want. They think the serfs should stop consuming so much or heaven forbid showing up where they ski, or sail, or stay when they travel.
I’m in the home inspection industry. I’ve been watching the storm build. So far, we just have heavy rain, but the typhoon is coming. I dubbed it the Great Hunkering Down. People with 3% mortgages are not going to sell into a 5-6% rate environment unless absolutely necessary. And that’s today. By the end of the year, 5% mortgages will seem spectacular.
Since few are willing to sell and many of those homes are snapped up by corporations, buyers are getting squeezed on price, too., which leads to panic buying on their part. The crash, when it comes, will make ‘too big to fail’ look like peanuts.
This is ugly with worse coming soon. I figure that I personally will go from working 6-7 days a week during the busy season to two. I’m prepared on the supplies front but I’m not used to being idle. I was raise that if you don’t work, you don’t eat.
My wife works with multiple home inspectors in her profession. They say they are slow because many are waiving inspections in an attempt to win a bid on a house.
Walking my dog in the neighborhood every morning past a for sale sign on what I would say is a modest bungalow. Decided to look up the listing. Sticker shock does not begin to capture what came up. Listing was for $520,000. How does a young person or even couple afford a house? You would need 100K for a downpayment which means you have to save this above what you spend to meet your current needs. Then you have a mortgage for 420K. What kind income do you need to even qualify for this and what does it cost to service it? I am in Edmonton, Alberta and it is still probably one of the more affordable cities in Canada. But it doesn’t seem affordable at all.
I was watching some HGTV this week, Young couples buying homes in NY state. They ask up front “what’s your budget”. Oh, about 1.1 million. They pick from a couple houses to buy for around 1 million and then still need $100,000 for repairs and renovation.
My friend just borrowed to buy a $800,000 house with monthly HOA dues that are about $200. She has 3 young kids to feed and a basic job. We are living in a bizarro Biden world. Nothing makes sense…. I have noticed her social media postings have almost come to stop since buying the house. Money must be getting tight I imagine, I hope she can manage the situation, but if not…. I’m sure she will have to start over like many folks who overspend when Democrats are intentionally crashing our economy.
I agree, my two older kid’s homes have doubled in value but unfortunately my younger son will never be able to buy a house near all of us. I think his only option will be a condo, it could be worse.
We own a 2 bedroom home and would like to upgrade. We’ll soon be a family of 5 and can’t afford to upgrade to a 3 or 4 bedroom house with the current market. At least we have over an acre of land though, that seems to be rare these days.
Build out your house, don’t move. Build it for YOUR needs and priorities.
That was the best thing we ever did… took our 1800 4b/2ba home to a 2700 5b/3ba home. Fully upgraded (no doodahs) with 300A service panel, distributed AC, distributed ethernet, awesome new kitchen with built in$$$$$… no wasted space. It was a stressful three years but it was worth it.
We also put an addition on our home, more than doubling it in size. Having the house exactly as you want it is a beautiful thing. My only regret is that we don’t have much land left, but since @Ceak’s on an acre, they won’t have that issue.
We went up.
Looking at our roof, I realized that a big chunk is flat and I figured I could use that space.
So we have a 600+ sq ft 2nd story deck that holds an above ground 10′ round pool! If at some point we decide to turn that into an enclosed room it will be no problem since the framing will likely hold two floors!
Yes, we made a couple of errors… it’s amazing how many details come into play, but they’re minor and 99.9999% of people will never notice them.
Nowadays, whenever we walk into model homes and open houses I see errors… The first thing I look at is the number and location of power outlets… second I look at the kitchen and the plumbing. The paint, finishes and furniture are irrelevant to us.
I figured that if we ever move, it will be to a fully custom home.
Building onto our current house wouldn’t be very affordable. We’re just holding out and saving for a different house.
Any way possible to add on. My first home was a 2/2 we also were a family of 5 and it only cost us 10,000 but that was thirty years ago.
Bunk beds are your friend!
Lazy landlord here. We own several rentals purchased over the last 4 years and close on 2 more properties next month. These we purchased with cash inside our self directed IRAs. Will have to sell in order to close out the LLC in the IRA one day to access the cash. It’s not without risks but the stock market is not for us and inflation precludes money market savings accounts.
Rents are rising and occupancy is 100% thanks to location.
Yes, I have several 401Ks and I’m thinking of doing the same thing as you did.
Did you wrap several 401Ks into a single self directed IRA or did you create on IRA per 401K?
Also, you can buy physical metals with the IRA, right?
Based on our experience, it looks like there is also a supply shortage of homes in nice areas that are NOT within a large city..Both we and our kids are constantly receiving queries about selling our houses…We ignore them, and the prices keep moving higher…
After being on fire for the past two years. The mortgage market is dead in my area. And the real estate market is slowing as the cash buyers (investors) from out of state are not able to buy so quickly with prime borrowing rates going up too.
I spoke with the mortgage lender today. He said he remembers volume did the same during the GFC. Only, they knew the business would return. He doesn’t see this ending soon. Last March he closed 45 loans. He closed 2 this march.
Low rates and an abundance of cash have pulled purchases forward from future years into the last 12 months. Now, all of the future home buyers are locked in their homes and not moving out as the values stop climbing. And those left to buy don’t qualify because of higher mortgage rates.
I follow our local market pretty closely. Beginning last week, houses near me started being reduced 10k to 25k. That hasn’t happened in a long time. So far, these reductions are limited to houses that clearly have something wrong with them, i.e need a ton of work or are in a really crummy location. But until last week, even those less than ideal houses were selling with multiple offers. Right now, the overall market here is still benefitting from people who were on the sidelines or being consistently outbid. My guess is by summer the real estate market here will be dead.
I’m in VA, about 3 months ago sales started to slow and prices started to be reduced. Mostly on houses that were going for the very top end of their estimate. That being said, last year everything was selling immediately at ridiculous prices.
Why has no one exposed the fact that this administration is going so fast to destroy our economy…..billions to every country on earth…..except the citizens of the USA. The Fox News gang skirt around it but it should be high lighted fifty times a day.
The market around Dallas TX is off the chain. In the last 3 weeks on my street I’ve seen 2 houses go from “for sale” to “under contract” in 1 day. Asking price was $515k for one built in 2018 and the other was $500k built in 2020, the owners have lived in that house maybe 18 months or so, cuz we moved into our house in Jan 2020 and that house wasn’t even done yet. No idea what they actually sold for, but both had multiple offers according to their respective listings. Another house a few doors down has a “coming soon” sign that was put up yesterday, and that one was finished in late 2020 so those owners have not been there long either. Any decent home in the DFW area will sell in less than a week with multiple offers and new construction is everywhere.
Maybe the housing drops are just in the big cities?
https://stevedewey.substack.com/p/americans-are-fleeing-woke-democrat?s=r
What about real estate taxes? In 3-6 years, I fully expect my taxes to be as much as the mortgage payment, and I don’t consider my mortgage payment cheap. I won’t be able to pay them both, let alone one of them unless I continue to work 60-70 plus hours a week. I might be wise to relocate further away from society where nobody knows where I live or what I live in or even if I live.
Well, I suppose that’s where inflation is your friend. Presumably, your wages will increase (at least in theory) and that will make it easier to pay your escrow, particularly since your mortgage will not increase. It has been that way for us. In the two dozen years we’ve lived here, our escrow (taxes plus homeowners’ insurance) have tripled, but we’ve still got one of the lowest housing payments around here (~2K/month), simply because the mortgage portion of the payment is so low.
We need to abolish property taxes – they will use them to take all our homes eventually.
In 1981, following record inflation, 30 year fixed mortgages were 18.5%. Just think what is going to happen to home prices when interest rates reflect what is happening with inflation.
I remember it well, that is when I bought my first house. I made 12,000 a year and my husband made 16,000 and I thought we were rich. Like many of us I came from a poor family and felt on top of the world. My husband and I have done well ,we now have our own business but buying my first little house was one of the highlights in my life.
Sales were down 5.4% compared with February 2021. Analysts were expecting a slight gain.
I love how the analysts expected a rise and got it completely wrong… again! Lol! Hahahahahahaha!!
I would like to see the price structure breakdown, compared to Red and Blue States…
so you put off leaving California because Biden didn’t work out exactly the way you thought and though you wont admit it to you friend who also voted for Biden you realize you miss President Trump and now you want to move to Texas or Florida for a better life……………………………the problem now is
Biden has “F”ed up things so badly that you can sell your house for what you paid for it and you were hopping the money from the sale would give you some money to move but now you’re stuck living in California and now everything is so expensive you dont know where your next meal will come from and crime is so high that now you’re afraid to leave your house because you’re a target because you’re white and gangs are roving your neighborhood chanting “kill all white people”
now do you understand that elections have consequences and its all your fault ?
Oh that would be beautiful if it was happening to Biden voters.
Are prices increasing or is the value of a dollar crashing?
Yes, in a word.
Prices will (almost) always increase faster than the known rate of inflation (value of a dollar), because sellers want to guarantee a profit beyond the known – or reported – rate of inflation ( = the decreasing value of the dollar)..
i.e. Today, with sellers more and more suspecting that the reported rate of inflation is deliberately reported to be lower than it actually is, they will most probably raise prices at a faster rate.
e.g. My product costs $100 to create, and so – in normal, no/low inflationary times, I would like a 10% per cent profit.
Its price therefore is $110: fair, competitive, and sales are good.
But if I see inflation being reported suddenly at double digits, I will raise my prices accordingly not just to match that rate, but even more, because of the uncertainty involved in future inflation.
Hence, hyper-inflation can occur rapidly.
In 1981 we bought a $22,000 house with $2200. down for a 5% mortgage and thought we were extremely lucky. The house was in fairly bad shape, in a slightly lower-middle-class neighborhood. We fixed it up slowly but surely and sold it 10 years later for $36,000, and moved up to a $65,000 house.
That house sold in 2011 for $80,000 (no real profit due to inflation), and it took 4 years to sell it, thanks to the real-estate crash in 2007-2008 right before MAObama’s election, who of course made things worse immediately.
We bought a house later that year (2011) for $110,000 for 3%, paid off the mortgage in 8 years, and sold it last year for $235,000 (hot real estate market in central Ohio).
We then bought a retirement house in somewhat iffy condition in a rural/small-town area of northwest Ohio for $140,000 cash. About 40% of our profit is gone due to repairs and upgrades.
Both of us have worked primarily as Catholic school teachers: frugal, penny-pinching even, but we dood it, as Red Skelton used to say!
Now such a scenario seems impossible for 20/30/40-somethings. How do you save $50,000 for a down payment on a $500,000 house, when your employment is shaky, sporadic, or obsolescent due to Chinese quasi-slave-labor and automation, and when your rent is approaching $2000. a month?!
The rentals for apartments are going through the roof in Florida. And once they go up they never come down again. My place has a 2 bedroom, 2 bath for over $2,000 a month, $400 more dollars than what I am currently paying. At some point, people won’t be able to afford to rent, what are they going to do, kick everyone out. This is madness. I always thought the Carter years were the worst, China Joe has him beat by a mile.
My daughter (Arlington, VA) says some of her friends have had their rent raised $500/month! She and her roommate were thinking about raising a fuss over their $150 increase but have decided to just suck it up after hearing how high everyone else’s rents have gotten.
Also, I think these oil reserves are being unleashed because the people around Joe are finally starting to feel the inflation pinch. My daughter says in the last week several people around her have finally started to complain about inflation. Nearly all of them work primarily from home or take the Metro to work so they weren’t feeling the gas prices. She had commented several times that everyone around her was still shopping at Trader Joe’s and Harris Teeter, seemingly oblivious to the increases. And then she’d get blank looks when she’d complain about food costs.
We currently have no houses for sale in the area. Any that go up for sale are snapped up in a few days. The prices have increased anywhere form 25% to 100% since two years ago, pre-spamdemic.
Very bizarre. Housing costs had remained flat for about ten years, then out-of-staters discovered out little secret in the Ozarks. Great for those that are selling. Terrible for those young persons looking for housing.
You will own nothing and be happy!
Why doesn’t Bi-sh*t release the strategic housing reserves then?
Problem solved, right?
You will own nothing and be happy. Or else. Research Yuval-noah-harari. Klass Swabs right hand demon…man.
Wrong thread, but true. And you can get a Zimecterin tube for like $10 at your nearest TSC Tractor Supply store.
For Life Out Here | Tractor Supply Co.
If you pay cash they won’t ask your horse’s name and age. 🙂
The numbers are skewed…as i have mentioned before in SD’s RE analysis…all real estate is local…as such blue states vs red states…red states are seeing tremendous demand while blue states are seeing tepid demand. Red states can see it with license plates from the blues all over their area.
Home sales are dropping because of low inventory as a result of a lack of supplies, materials and labor to finish homes…prior to Slo Joe it took 125 days to complete a house…now it is 250 days. Developers can’t find materials…steel/pipe/concrete to finish lots to be sold to builders…subsequently builders can’t get materials as mentioned above. As such the sales numbers have declined….however many of these “comparisons” are from the DJT era which were off the charts.
Yes… home sales have declined…especially in blue states…which the media loves to trumpet “bad news” yet it is really a function of location and materials to complete homes. Demand far out exceeds supply and will take a long time to catch up.
I don’t think that’s completely accurate. We’re still red hot here in my neighborhood smack in the heart of a liberal cesspool. The old lady two doors down died last month and there have actually been cars driving by to look at the house. Occasionally, they’ll stop and ask a neighbor when/if the house is going on the market. And I’m in the belly of the beast, election fraud wise.
But, as I stated above, I have noticed that things are slowing down in that very undesirable homes are starting to linger, but the vast majority of houses here are still involved in bidding wars. I’m guessing we have until the summer – that’s when I expect that the housing market here will come to a grinding halt, assuming of course that the interest rates keep rising.
Remember that the Federal Reserve is a department of the Democrat Party like the FBI, DOJ, CIA, FDA and CDC. The Federal Reserve has only raised interest rates on Democrat Presidents three times in the past 100 years. The recent increase under Biden was number 3!
Standard response. Renters can’t buy. And most home owners freeze – don’t want to move or sell as new house will cause more cash flow drain due to higher prices. So inventory massively contracts, and sale volume decreases, driving up prices further the few who can buy!
Outstanding again. Biden will be cast into the dust bin of history with an * who was he and what did he accomplish?
I sold my house, paid off the few bills I have, bought a truck and airstream for cash, and retired. Life is good. Except for watching the country I love being destroyed.
I reside in Scottsdale, AZ where it is common to see a run-of-the-mill $250,000 home now going for $1,000,000+.
It is pure insanity and will end in an epic disaster.
A little Stephen Cohen with the chart, I like it, SD!
Wow, just the headlines are telling the story of their mad rush into the valley of no turning back (ie., GR8 reset).
Specific to this story, the housing market is simple: Selling is a wonderful experience, unless you need a place to live after you sell.
x