#homeaffordability #homes #buyingahome
Mark Zandi, Moody’s Analytics Chief Economist, joins Yahoo Finance’s Alexis Christoforous and Kristin Myers to discuss the real estate market.
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My apartment complex just raised my rent, mind you I was laid off from work and we are in a pandemic.
@Carlos Tribe you’re dumb. Landlords always have a choice. Even if taxes are raised, doesn’t mean landlord has to raise rent. Stop trying to make excuses. They do have choice.
@idliketosay you don’t start a business to lose money you have to raise rent or it comes out of your pocket.
They don’t care about anyone except those in the mirror!
muh pandemic
How much %
3d printing homes will be the future.
Until prices for 3d homes also raises
@Broke Duece well there’s truly no reason for it to be ever as expensive as a home built by real humans. It’s cheaper materials and cheaper to make so they’ll stay affordable i guarantee it
As a young millennial in a large metro area…it is unreasonable and near impossible to buy alone. Without a partner, it’s just completely unaffordable and I have an engineering career. My software developer friends even had to purchase homes with a sibling or partner to afford it.
Seriously considering buying a small lot and getting a small/tiny home built to own until I get married
@Khemra do it hurry!
@stachowi nah man it’s all planning brah
@C O it can’t. Get a parner. Or sibling.
I agree , buy what you can. Now’s the times. Prices are not going to go down .
@SF Real Estate Deal Maker where? Especially if you’re a software engineer the OP, most places where you’ll find work (Austin, phoenix, SF, LA, raleigh) are completely overpriced. Best bet is to work remotely
Considering how much firms like BlackRock have bought is it really any wonder der
Blackrock lost their shirt and liquidated years ago.
Everybody loses their shirt on housing. Houses are depreciating assets.
The Bank of Canada latest report says lots of speculative buying, so I guess according to this guy we are in a bubble.
It is advisable to set yourself that passive income streamline, I’ve been with the brokerage for close to 3yrs now and it has been amazingly profitable.
Allow foreclosures and let interest rates rise. Problem solved
Wat @pp +*➖1*➖2*➖0*➖1*➖8*➖3*➖4*➖4*➖8*➖0*➖6.
If they allow foreclosures, it’s not guaranteed owner-occupied buyers will get them. Many investors are waiting for foreclosures too. And the gov can’t let interest rates get out of control, they owe too much.
@Shelley Sheri Who do investors sell to? They sell to end buyers. Private Equity funds can get the houses before they hit the market and rent them out so they dont need to wait for a foreclosure sale. So you are incorrect.
@RealJoel investors don’t sell. They buy and hold. Hoarders of wealth and greed. Flippers buy and sell…but they are the speculators that can lose big. Letting homes foreclose is NOT fair this time since it was a forced shutdown by government. Best way to solve this housing crises…freeze investor buying (big, small, foreign, private equity, wall streeet) til housing stabilizes. First time home buyers get first dibs. Investors can buy after a house had been on market more than a few months (maybe 6+). Problem solved.
Is a bidding war here in Los Angeles County. You have to offer at least over $50K above asking price just for a listing agent to present your offer to a seller.
50k ??? I have outbid by 100K here in Dallas area
@Hoang Le really? Wow. What is the median price? Here in Los Angels the Median for the city is around $800k but different areas vary a lot. My area is a working class neighborhood with 70% Hispanic. $100k over the asking price is rare. But it is being gentrified many houses bought by investors at $500k to $600k and sold at $800s after remodeling.
@Daniel Pan median price range from low 400s to high 400s. I got mine 2 weeks ago for $470k. asking price was $410, 58 offers
@Hoang Le Congrats on your new house! I visited Dallas more than 10 years ago it was very affordable at that time. Maybe Houston is cheaper.
@Daniel Pan Thank you. Houston is cheaper but less diversity of job. Mostly medical. I work in tech. And also Houston has flooding problem, happened every year
Policy response to affordability crisis -> more housing subsidy -> higher home prices
Yes. Why don’t people get this!!!!
@rem145 Because it benefits the lower income – barely middle income folks. Anyone trying to get ahead in life is then screwed as a result but to the beneficiaries of rent control you might as well be in the same boat as the ultra wealthy.
This economist totally forgot to mention that one of reasons inventory is low is because the forbearance and moratorium policies in effect. Lets wait for that to end, and will see whether this a bubble or not.
@John Adams
The world population has more than doubled in my life time from 3.5 billion to over 7 billion people and I’m 52 years old…
Those homes will not make a very big impact on the current situation. If anything, a very very small dent. Those in forbearance now will be allowed to add their missed payments to the back end, to to a 40 year mortgage. Rent moratoriums will likely be extended, if not, landlords will still have a hard time evicting and will likely be “advised” to work with tenants, but these are small numbers for single family homes. Apartments/multifamily units will be where most of the hurt will be for landlords due to rent moratorium. So won’t help much with single family homes.
@idliketosay We will eventually find out what case scenario will happen. It could very well be, but that is not the only variable in play. First of all a market crash/correction/dip happens about every 10 years, thus we are due. Other variables:
1) Government printing $trillions
2) Hyperinflation can make interest go up
3) High unemployment
4) Very uncertain stock market
5) Variants of COVID-19
6) Perhaps more that I don’t know
Almost everyone is taking on debt like if we are in a very prosperous economy. The truth is that it looks a very healthy economy because all money the government is printing and given away.
Be careful on predicting the future.
Yea he’s not too good. Forgot the millions hoarding their mortgage payments.
There is a famous character, a Google search for “signals walter bulls”. He made a fortune for himself back in 2018. Recently, such services have appeared that allow copying the results of professional players. This guy shows how to copy after him automatically using such a service. We must try while the market is on the rise.
The American Dream is dead for most. “You will own nothing, and you will be happy.” Yeah right…
Yeah you give 90 percent of the population stimulus that portion will be able to own nothing bc the better areas will have to raise prices in return
The American Dream was alive for most!
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Not a bubble yet?!??? Seriously!?!?
I don’t see a bubble, the demand is increasing.
I don’t see a bubble at all. Prices are going to appreciate over the next two years. Thankful I own property.
It’s a bubble, but the government didn’t let it pop. So it’ll continue to grow until it gets ugly with student loans social security and medicare along with inflated housing and stock market
@Unknown Unknown not a bubble, there’s no inventory bud. It’s basic economics. Supply vs demand..
This guy has a very narrow definition of a bubble. Bubbles have to deal with price and irrational buying.
Millions of Americans will wait in line for free food, but they won’t work hard building houses.
What if all Conservatives went on strike someday?
What would Liberals do?
Considering that blue states generally pay more in taxes than they take in and red states do the inverse, my guess is that they would continue to subsidize conservatives that arent carrying their own weight.
Peacefully protest. While trashing, smashing & burning down everything their sorry asses can get away with.
It’s a bubble. The end.
@Argonaut Services Or just make rent caps on homes and increase interest rates. Forcing all these large corporations to sell their stake in homes as it would no longer be profitable in renting out homes.
Fking investors and speculators with the aid of the FED. Some facts: in 1986 the median home price did not exceed 80K but the average yearly income was about 18K. Today, the average yearly income is about 50 K but the median price of a home is over 280K
Salary increase ~ 178%
Home median price increase ~ 250%
supporting the theme of the report.
Toronto and Vancouver are where the bubbles are.
Im from Montreal and we are about to have the same problem as these 2 cities. The same things are happening in here : Price quickly increasing due to foreign buyers, local government do nothing and ignore the problem, more people being displace. Eventually, government will react when its too late. Same problem everywhere.
@Phi Sx Government’s don’t want to stop the problem because housing is the only thing keeping this economy alive. Unfortunately they are killing the middle class in the process.
I think they said house price increase throughout Canada. Given the fact the states going through the same thing. I think if every buyer decide not to buy or rent their home the buyer will leave with a high mortgage so they’ll get desperate too. Also, we should be very careful of how the market looks like everything is exceeding a person normal wage a recession will come just a matter of when
“The U.S. would need to build about 2.3 million new homes every year from 2018 to 2050—over twice the current rate and more than have been built in any year in the country’s history, to fix the US housing shortage” -NAHB
@Gabriel McKee if you are young you get screwed with less immigration in the long term because less people will pay taxes when you get older and it is more likely you will have to pay more taxes and retire late. Plus, economy will be stagnant as less people means less consumption.
Government is not stupid. The reason behind immigration rules are more complicated than it looks. Being an extremely conservative country, Japan opens up to immigrants, because they are needed for the stabilization of the country.
@Bai Z Incorrect. If we have less people, the government spending would also be less, a good thing.
@Gabriel McKee I strongly recommend you run for governor. As you know more than many who hold the seats now.
@Argonaut Services this right here. Only us citizens should be able to buy real estate like other countries impose. I can’t buy a house in Mexico unless I get Mexican citizenship even though I’m Mexican descent but born in the us. It should be the same for our country here.
NAHB??? LOLOLOL
Let’s just go full speed on 3d printing housing, and selling at reasonable margins.
Can’t touch this….
*It’s unfair on how things has turned up to be due to the recent world pandemic things has been so difficult*
*This isn’t good in the sense that it ends up affecting the civilians financially in different angles of life*
*we see complains here and there on social Media from different people in different parts all around the world*
*The government has less or no time for their people anymore*
*I suggest that we all should engage in different things to make money and stop hoping on the government*
Did anyone trade with him recently ? Because I heard last week profits was so good
Yes sure my friends told me about their gain I was so jealous because I wanted to invest next week
I just invested with Him yesterday I’m just hoping by next week my profit will be good too
I hope so too let’s just wait and see the feedback
you should type in all caps in addition to bold font
Fed priced out first time home buyers with these PPP business buying all the homes plus no mortgage payments necessary thanks to home deferment. So many were already defaulting then rode the fed free money.
You can buy a house with ppp?
@Dee BROWN lol oh man.
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The is no shortage. Just ask anyone who is trying to sell. It is a ruse to pilfer real estate from the poor.
You also put all this stimulus out there for 90 percent a decent neighborhood will have to raise their prices bigly to keep the vagrants out. This isn’t great at all.
House prices are super higher because of 4 different reasons. 1. The USA allows too much immigration, legal and illegal. 2. Poor urban planning and not in my backyard policies on the local level. 3. Insane quantitative easing measures that have remained in place the last decade plus. 4. Govt. interference with the supply of housing to buy or rent with forbearance programs and eviction moratoriums. It will be interesting to see if they can keep this train train going. Perhaps negative interest rates are next. With that said, no one knows if we are in the bubble until bubble pops.
We are for sure in a bubble, but it can continue to get much bigger.
I made huge profit on my investment since I started trading with Mrs Stephanie, her trading strategies are top notch.
@Iva Iva You can easily reach to Mrs Stephanie over her WhatsApp, I’ll leave the number below this comment
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Lol spam trying to steal your info and money
PROSPERITY, BONANZA, FREE THINKING, OPTIMISM
Mrs Stephanie stole all my money. Scam artist
I mean, rich people have two or more houses, thats part of it
@idliketosay Cash flow off renters backs? This is the reason rent is free for the last year. The tenants just spent that money somewhere else.
@Dee BROWN I wouldn’t be surprised if the gooberment keeps extending rent moratoriums. Maybe they are really intentionally trying to bleed out as many investors as possible til they fold and dump their rentals. It sucks for landlords, but good for first time home buyers. Good luck to you and hope your tenants keep on paying.
@Paul k You think anyone else gets your sarcasm? 😉
@Blake Berlin Who knows?? I am amazed at the responses on YouTube. Well… not really THAT amazed, LOL.
No, middle class have 2 homes. I rent my 2 bed to bath for 1300/m and pay mortgage on primary home. I only make 70K per year.
This is because the government artificially pushes up the cost of housing. When the government gives vouchers to people who otherwise couldn’t afford certain properties, it creates a shortage in that class of housing and pushes those buyers into a higher bracket.
Not to mention the millions of immigrants that will be needing houses
It happen in 99, 20, stock market inflated then causes housing price to rise, alot of cash offer even mortgage rates were like 6%. Fed then raise rate, then stock market crash, housing price take a dip… Only other way to control housing speculation is high tax for capital gain for flipper . this time FED dont seem to care about rises asset price. Capital gain is mostly tax free(250K, 500K) for primary resident residing for2 years -so you see the problem? No tax on gain…cant beat it.
Property tax usually coincides with the rise is home value, making more taxable income for the government
PROSPERITY, BONANZA, OPTIMISM
House supply isnt low just no one can afford them many are abandoned all over the country.
We don’t have a housing shortage problem. We have a greed and hoarding problem by deep pockets.
True that! Completely unaffordable in New Jersey where the homeowner’s taxes are already as high as the home payment, so you start looking in some ghetto with a 14% vacancy rate and investors there are trying to tell you there’s a housing shortage also… there is not a housing shortage it’s a shortage of affordable homes due to the greed of speculative investors
Fed daddy keeps on printing and stealing money from savers, Who would be dumb to keep money in the bank and letting them keep on stealing our wealth?
Very bad information. Your all don’t seem to know what you are talking about especially the one in 2008 crash he mentioned.
Are we still blaming the inventory shortage on 2008 ? That was 13 years ago
Gotta blame somebody
Well markets like real estate react slowly compared to stock markets.
Many builders got wiped out in 08 and It probably took 10 years for many to even start the building business again.
Also construction aint cheap…prices need to be high enough for the profit margin so that risk/reward to make sense. So it took about 14 years for the prices to come up to boost builder confidence
@Barath You speak of things which you do not understand.
There are already 25 million excess empty houses out there. Further, resale prices are 4x higher than M&L cost, plus profit.
There are millions of people who can’t afford their home , despite the low supply, if that supply was considered you could see an adequate supply
Been hearing about China based companies are actually buying up a lot of US RESIDENTIAL real estate… maybe im wrong… buying a house and every offer i make i get no opportunity of a counter offer because the last 3 houses ….each time SOMEONE offered 40 -60k above asking price… who does that?
@Crushing Housing Losses incorrect. If houses depreciate asset why real estate investor want to invest in Real Estate. Many Real estate investor become rich because they own rental properties and generate passive income You need to learn more about Real estate, sir before comment !! You sounds like don’t know anything about Real estate !!
@S. humble Incorrect.
Houses are always depreciating assets irrespective of the label you assign them.
@Crushing Housing Losses thats your opinion without seeing the reality. Sorry I don’t listen to stupid people !!
@Crushing Housing Losses That makes no sense, i sold my home that is 100 years old for 35% more than what i bought it for. It definitely appreciated in value for me
@V L Why the donkey-math?
Perform actual math.
How did the housing shortage suddenly get worse in the US? There should be less people. It’s just supply of existing homes of which there are tons in the US.
Sure… a great solution is to allow millions to enter illegally. They can’t find affordable housing, so the existing problem is exacerbated… all planned and by design.
Joe Biden letting millions of borrowers who have defaulted for over year stay in their home for free is a gigantic issue. Joe Biden is at fault for this.
@Karla yup
Were the last administration’s forbearance and eviction moratorium policies were good business? This isn’t a president problem, its an American problem.
@buckbiroHa ha ha ha ha. That is not going to work. Biden has been in office for 3 months now. It is all his to own. He is proposing NO foreclosures until 2022, almost 2 years for some of not paying mortgage!
@buckbiro P.S I voted for Biden. I deeply regret it now!
@Virginia Ganskie
Why are you lying? You obviously didn’t vote for Biden. And if you did and you’re already regretting it less than 8
months in, then you’re bipolar and shouldn’t have the right to vote
The Government needs to get out the way. This is a two tier economy. The have and the have nots.
It’s all going to go pop worse than 2008 for different reasons. It will come out of left field and the Government will just say nobody saw it coming. I’ve got news for them. Many people know it’s coming but being ignored.
If you font fix the affordible home prices then you better fix the rules for landlords and tenants. Tenants are getting screwed.
Only for those who don’t have home.
Biden allows foreign investors to buy real estate increasing prices for Americans to buy their first homes
Send me article
Nonsense, foreign investors have been able to buy real estate for decades. This isn’t a Biden problem, its an American problem.
Why are people make prediction whether the market will collapse or not? There’s law in place that prevent that. The only way to know for sure if when the law expires and then we’ll see who’s been skinny dipping without their underwear
Well…Joe Biden has thrown the Border wide open. So..we now have hundreds of thousands more people looking for homes or apartments. Nice Job Joe.
You don’t need to physically be in the country to buy a home here. You are free to your views though…
Yeah, right, because the housing problem in the US happened just now upon Biden presidency.
@S Walkers No. But he is definitely making it much worse with his Policies.
All those poor latino immigrants have pushed up suburban home prices in cities across the US! Pandemonium!
Prices of home are ridiculous, then you got cheap material then shitty neighbors
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Welcome to Hotel California. homelessness that has plagued the great state of California will soon be widespread.
It’s already moving into everywhere.
come up with 40-60 years mortgage – problem solved!
Last March practically everyone supported mortgage forbearances. Those forbearances are causing housing inventory to remain off the market. Last March it appeared most people supported eviction moratoriums. Those moritirioriums are also removing housing inventory from the market. Landlords can’t easily sell a property occupied by tenants that refuse to move or allow them fix up the property to sell, or allow them to even show the property. Landlords with paying tenants don’t want to rock the boat attempting to sell at this point either. Least their tenants retaliate and stop paying rent and refuse to move so a buyer can move in. Stimulus checks and bailouts are creating a surge in construction material costs. Extended and inhanced unemployment benifits are causing higher labor costs and labor shortages, which in turn are causing new home construction costs to skyrocket. Why go back to work when you can make more collecting unemployment? Every government program has winners and loosers. In this case, some of the loosers are first time home buyers who are witnessing home prices spiral further out of reach. Every program government implements has unintended consequences. Skyrocketing home prices is one of them. This is all being caused by government policy. It isn’t greed. Nothing in economics is free. Every government program has a benefit and cost, and someone will pay that cost while others receive the benefit.
Agreed, Government IS the problem as usual.
Yep, and Biden wants to give 1st time homebuyers a $15K tax credit. So now sellers will just jack the price up $15K, its hilarious!
@Paul A Exactly. 15K won’t cover closing costs in some locations. Absurd.
That’s the simple/surface answer. But the truth is it’s much deeper than that. Housing has been and was already unaffordable for several years before the pandemic. The pandemic only exacerbated the housing affordability issue and magnified the real problem: greed and hoarding by deep pockets of single family homes like never before (beginning after the 2008 crash). And they won’t stop til we are a nation of renters.
How about this, tax the owners on extra homes owned above 3. Keep corporations out of buying homes. New home capital gain where if it’s sold within 2 years much higher tax rate and all taxed. Extra State tax for out of state residences owning homes. Homes with 4 bedrooms have to be bought by families. Any corporation buying a home has extra tax as well or must have a greater charge. I haven’t thought through everything but I’m done with the illusion of free markets. If the government didn’t intervene kicking the can down the road it would have been ugly but maybe the reset we needed. So now I’m all for as much regulation to get homes for families and individuals.
Houses prices go up property tax go up as well
Replacement costs (homeowner’s insurance) on homes go up as well as the price of materials and labor have sky rocketed.
when this commieflu plandemic falls away, watch the housing starts explode…but when they hit market, they will hit the market at the inflated SURGE prices…but this will lead ultimately lead to market saturation…esp as these deferments & forbearances all go away! the saturation will lead to stagnation…but new homes will still hit, and the feds will try to prop it all up until it pops! at that point, we will see the market adjust, & then correct…by in places as much as 50%. this will occur by 2025 at the latest. i predicted the last collapse back in the spring of 2002. this will be an absolute implosion. get yourself ready to buy, but wait for it…wait for it!
Just raise interest rate- oh wait cant pop the bubble yet
You forgot that gov debt is in the same boat.
Rising rates = higher debt servicing = higher taxes = you are paying out of your own pocket for this intervention.
So gov will not do it for political reason and ECB/FED will not do it for economical reason.
Checkmate ♖
That won’t stop cash buyers/investors. Just gotta outright ban investors/foreigners for now. Deep pockets can have backseat til housing cools down.
Build more homes. Hello fix it greedy bastards.
this will eventually fail, and smart people will be able to buy homes at reasonable prices again. My son is saving his pennies for just that moment. I am reasonably sure he’ll be buying his first home next year in the $200K range at 24 years old. My daughter bought hers at 26. here’s the secret, Neither of my kids have ANY student loan debt. STOP PAYING THE COLLEGES insane amounts of money for a useless education.
@Karen Hardie That’s what realtors say… and we know what realtors are.
@In Your Empty Skull Foreign buyers are buying houses with cash to turn into rentals too. They can shelter money that way. Corporations becoming very wealthy with the housing market.
@Karen Hardie Nonsense. “Corporations” aren’t interested in rapidly depreciating assets like houses.
@In Your Empty Skull you need to educate yourself more and better. Tell me where single family home prices are falling in general???
You do know one of the biggest home builders in American just sold an entire newly built single family home community to a big corporation in Texas right?? The builder built single family homes that are intended to be rentals only, and sold them all to the highest corporate bidder. The home builder made 50% more profit than if they sold the homes to individuals. There were over 10+ large corporations bidding for this entire single family home community. Keep up.
@idliketosay Better yet, tell us where they aren’t falling.
Remember…. rental rates are half the monthly cost of buying.
Good luck winning a bid when 1/5 of the bidders are investors, paying all cash, way above asking price. We learned nothing from 2008
neo propaganda. more construction is not gonna lower the prices of housing its just gonna make more 4k studio apartments. how about limiting the number of properties a company and or person can own, how is it fair for billion dollar real estate companies to own 40% of a cities retail and living space
I agree completely. Tax the pants off anyone with more than one house and escalate the tax for each property thereafter. Once homes became commodified, dirty pool ensued.
Exactly. We need a hosing revolution.
Or you can easily just make low rent caps for homes. And then all these companies will be selling homes quickly as it would no longer be profitable to rent out homes.
this is an artificial problem. if the eviction and foreclosure moratorium ended, many more affordable homes and rentals would instantly come on the market.
That’s wrong to do as well. The government forced these foreclosures and rent moratoriums because they forced people out of their jobs by forcing businesses to shutdown. So it’s all artificial at this point and the government know it, that’s why they won’t let that happen.
@idliketosay They were getting foreclosed on before CoronaScam.
Thats what happens when you pay a grossly inflated price for what is always a depreciating asset… in this case a house.
@Crushing Housing Losses uhh no. There were some already in foreclosure before, but the forced shutdown added a lot more. And then the free handouts added even more. Sure, let the the ones before foreclose, but that small number ain’t going to help/solve anything at this time. Just facts.
@idliketosay … and the fact remains mortgage defaults where already 300% higher than long term trend before CoronaScam.
It’s reality my good friend.
Just because it’s not a bubble doesn’t mean it isn’t a problem. When 85% of the pending home buying populous (i.e. Millennials and Gen Z) will never be able to afford homes at current prices, we’re in trouble.
It is a bubble. Just because this guy says it isn’t, doesn’t make it so.
House flippers exist in most market conditions and do not make a bubble. They did appear in greater numbers towards the end of the last bubble, true.
The definition of a bubble “is a situation in which asset prices appear to be based on implausible or inconsistent views about the future. It could also be described as trade in an asset at a price or price range that strongly exceeds the asset’s intrinsic value.”
-the ol wiki
@Jonathan Weed Exactly.
Agenda 21. They want most of us in the fucking projects.
@Mr. Royal LOL
@Lilly Pod Your premise is wrong, so your entire post is without merit.
All wages are not based on minimum wage. Many are, but skilled labor and professional pay is not. Pay for salespeople is based on production. You want more examples?
Two trillion dollars floating around means larger bubble.
And Donald Trump thought that lumber tariffs were a good idea.
What happens when inflation kicks in and your grocery bill jumps up to 1000 a month for basics
And when can we expect this tripling and quadrupling of wages and salaries you speak of?
I almost sold my home due to the appreciation, but then realized that everything else had appreciated also.
@Crushing Housing Losses Housing is population based so typically they should appreciate unless something like crime, bad location or poor economy causes them to not appreciate as much as it should. Your key benefit in ownership is that the pymts will stop one day. So most ppl should experience appreciation under normal conditions.
I think that will continue to happen, and Congress is proposing to extend loans to a 40yr mortgage which will make it a lot less feasible for current owners to “swap out” or take advantage of area appreciation. But I think it’s simply going to be a lot harder for renters to get into homes so that also makes it harder for owners to sell!
@Prolific Widit Houses are depreciating assets irrespective of “payments’>
@Crushing Housing Losses …This is not true, I purchased a home for $40,000 and renovated it and sold it for $138,000 with a net investment of $25,000.
@Gloria Hanes Donkey math
Simple fix: housing revolution. We need to make our politicians implement laws/regulations to ban big and small investors, especially foreign buyers and hedge/pension funds, wall-street ASAP. We do NOT HAVE A HOUSING SHORTAGE PROBLEM. We have a greed and hoarding problem by deep pockets. Ban these blood suckers til the housing market cools. After that, they will only be allowed to buy single family homes when housing inventory hits a certain amount. We the people should NOT have to compete with wall-street/investors/foreigners for HOMES! They can invest all they want in commercial properties (apartments etc.) but NOT single family homes.
There are so many abandoned and empty houses and apartments in the USA….. this is false scarcity.
Agreed, lots of vacant houses especially in rust belt.
Welcome to the whole world, the UK has a 3 million home shortfall but plenty of room for families from other countries. We cant get onto the market when rent is double sometimes triple what it would cost to have a mortgage. Then you have China building cities that remain empty and uninhabitable due to poor construction. Decreasing amounts of sand used for cement on unnecessary developments.
It’s cause governments are printing money devaluing currency and driving up hard real assets like land lumber copper etc. You will get poorer as theze policies continue. The rich are fleeing savings and cash and buying assets. Do the same or starve.
Nonsense. The wealthy aren’t interested in rapidly depreciating assets like houses.
Besides… it’s rampant appraisal and mortgage fraud driving this….. nothing else.
How about stop allowing these foreign entities (China, Japan, Saudi Arabia,etc), to make bulk purchases of entire communities like they are buying bulk bottles of water at Sam’s Club. Americans could not do that to the common people in their land.
They buy homes cash in America. They only see from videos and pay cash $50K-$100K above asking price!!
@S. humble Nonsense.
@Crushing Housing Losses that what you think. The reality is they are buying without seeing in person. My Real estate agent deal with those buyer few times.
@S. humble Nor is anyone “paying cash”.
Monetary policy is out the window. There’s been no one in charge in 12 years. Runaway freight train.
C-SPAN Washington Journal swamp media Democrat control from top to bottom.
Wages need to come up across the board. Home affordability is a serious issue but these ridiculously low wages don’t help. You shouldn’t have to be in tech to be able to afford a home.
@Crushing Housing LossesPerhaps a slight cooling but still well above affordable in most areas relative to wages. Puget Sound is still experiencing multiple offers and sales consistently well above asking with all contingencies waved.
@Matt Coy Nobody said affordable. Grossly inflated…. and falling double digits.
Puget sound prices are down 15% and falling.
“multiple sales above asking”? 🤣
Why lie?
@Crushing Housing Losses don’t know where you are getting your data but I suggest taking another look. I agree they are inflated, but this is due to high demand and low inventory.
@Matt Coy With 25 million excess, empty and defaulted houses out there and more on the way, “low inventory” is a fantasy.
They’re inflated as a result of rampant appraisal and mortgage fraud.
I bet you don’t like light shined on the fraud do you….
@Crushing Housing Losses Cite the sources of your information. I find it suspect.
The bubble is going to deflate.
At some point it won’t even make financial sense for milennials to buy a home in their lifetimes. Not sure about Gen Z.
Considering rental rates are half the monthly cost of buying and have been for years, it doesn’t make sense for anyone to by a house.
What is a “home”?
So happy that part of my life is behind me – my wife and I will own our home free and clear in another couple of years! I feel sorry for the young kids coming out of school today and trying to get into their first home at today’s prices…..😕
I’ve wondered if there is a place for “high end” mobile homes as a first property? Ones with higher quality, some exterior panache, and nicer interior finishes that are located in a near-urban area? Space them fairly close together to keep land costs down….????
What are your losses?
The buying is corporations acquiring single-family houses converting them to rentals, they are cash offers above the asking price.
Nonsense.
Too bad that so much greed has basically forced young families and others out of buying any kind of decent, affordable home.
FED chairman says there’s no inflation tho😂😂😂😂
There are Real Estate Investors who lliterally buy 20 houses per month and brag about it… they create an artificial housing shortage and expect the buyers to pay their inflated prices… let them hold onto those homes and pay the taxes and insurance and eat it…….
just wait—suckers will buy high now—just be smart and wait
Get interest rate to 5/6%
Easy monetary policy and consequent historically low interest rates have also added to the froth in housing. As for housing, who is living in those MacMansions in the suburbs?! Empty nesters? Multi-generational families?
Flipping houses should be illegal.
Buying small houses as teardowns and building monster homes in their place should be illegal.
With 25 million excess, empty and defaulted houses out there, what “shortage”?
Per usual no one is doing anything about the real problems in America
Welcome to Singapore
Why is it a bubble anytime price goes up? There are plethora of reasons why the real estate market is up in 2021. For those who missed the boat(i.e. renters)..sorry! Stock market & real estate market are working in tandem. Real estate market is projected to go up gradually from here until end of 2022…we shall see what happens after that.
Yeah. Namely rampant mortgage and appraisal fraud.
States, county, cities & rural entities have all colluded to drive up costs @ every levels & all manner of property taxations, & to limited so called affordable housing.
Yet the majority of young voters went for open borders Biden. It’s supply and demand folks. Why do you think there are 100’s of thousands of homeless all over California????? Check out the sky high apartment rent here and you will see a big reason for homelessness.
With 25 million excess, empty and defaulted houses out there, there is no shortage.
“Folks”? 🤣🤣🤣
“San Diego, CA Housing Prices Crater 17% As Sellers Slash Double Digits”
Sellers have the luxury of rising home values but it’s offset by outrageous property tax. There are no free lunches.
Home prices are a long way below market price. At least triple before we get close.
Are you sure?🤣
*”San Diego, CA Housing Prices Crater 17% As Sellers Slash Double Digits”*
@In Your Empty SkullHousing is going UP ,because of inflation of which it’s a result of. Prices of everything that takes American $ are going up. The prices move up as value of money becomes less with each $ the government makes(or better known as print them). The prices we see today will not be back once they leave. Housing will increase a lot with the amount of money supply out there now. It’s just math and not hard to do.
The US debt is going up as that is where the money supply is coming from. TRUE. That is always the case. Not new to us. Just more % right now. But America was already doing it before covid. The debt is not a problem at all. As it will = the same as before they started . The amount of $ doesn’t matter. The value of all of them = all the goods and services all the time . No matter how many they make. As the same purchase power will be the same for the higher number after it works it’s way through the economy as it was for the lower amount. NOTE: I did not say each $ will = a$. The total amount before will = the total amount after inflation. Example , the total amount in 2008 was 8 trillion $ and it’s almost , 30 trillion $ now. But it will pass it soon. That’s not all you look at. Look at the debt and bills passed by congress for future spending too. With all total we are at 42 trillion $. To put that in prospective. In 2008 money supply was 8 trillion $. It took from 1960 to 2008 to get there. From 2008 to now it’s 42 trillion $. 500% of what it was . Prices have only moved up less then 15% of the amount is has to. The prices and money supply will match when all is said and done. So both money supply and prices will be higher.
SO THE US DEBT IS NOT LARGER IT’S THE SAME VALUE. Because the prices just go up to match. Though government is not done printing them. They never really stop for long, and right now are going at a high speed. So they really are the same. But it will kill a society though . Wages going up last as it works it’s way through is the real problem for the people with no assets. That translates to working class losing ,because of a lagging effect . Effecting labor to become increased last . While people with assets gain first. So inflation is divisive . Lots will lose while others gain. That happens every time. We also call that “the rich get richer and the poor get poorer . We all try to buy assets putting more pressure on markets. Like housing.
That means housing will keep going up for a long time to come. It’s not going to drop anytime soon. Though the prices of homes now will never drop to this low even then. Way to much money supply. The market can stay crazy longer then people can stay solvent. Trying to wait for prices to go down again will drown people trying that. So bad advise to wait . Remember the devaluation of all money is taking place. That includes the debt. But that would include your debt too. So buying a house while inflation pays it off right along with the US debt is a good way to get ahead. What choice to you have but to now compete with other people in this rat races the government has made for all of us.
So yes , to answer your question. I am sure .
@Keith morgan Are you sure?🤣
*San Mateo, CA Housing Prices Crater 17% YOY On Soaring Mortgage Defaults Across California*
@In Your Empty Skull Housing is going UP ,because of inflation of which it’s a result of. Prices of everything that takes American $ are going up. The prices move up as value of money becomes less with each $ the government makes(or better known as print them). The prices we see today will not be back once they leave. Housing will increase a lot with the amount of money supply out there now. It’s just math and not hard to do.
The US debt is going up as that is where the money supply is coming from. TRUE. That is always the case. Not new to us. Just more % right now. But America was already doing it before covid. The debt is not a problem at all. As it will = the same as before they started . The amount of $ doesn’t matter. The value of all of them = all the goods and services all the time . No matter how many they make. As the same purchase power will be the same for the higher number after it works it’s way through the economy as it was for the lower amount. NOTE: I did not say each $ will = a$. The total amount before will = the total amount after inflation. Example , the total amount in 2008 was 8 trillion $ and it’s almost , 30 trillion $ now. But it will pass it soon. That’s not all you look at. Look at the debt and bills passed by congress for future spending too. With all total we are at 42 trillion $. To put that in prospective. In 2008 money supply was 8 trillion $. It took from 1960 to 2008 to get there. From 2008 to now it’s 42 trillion $. 500% of what it was . Prices have only moved up less then 15% of the amount is has to. The prices and money supply will match when all is said and done. So both money supply and prices will be higher.
SO THE US DEBT IS NOT LARGER IT’S THE SAME VALUE. Because the prices just go up to match. Though government is not done printing them. They never really stop for long, and right now are going at a high speed. So they really are the same. But it will kill a society though . Wages going up last as it works it’s way through is the real problem for the people with no assets. That translates to working class losing ,because of a lagging effect . Effecting labor to become increased last . While people with assets gain first. So inflation is divisive . Lots will lose while others gain. That happens every time. We also call that “the rich get richer and the poor get poorer . We all try to buy assets putting more pressure on markets. Like housing.
That means housing will keep going up for a long time to come. It’s not going to drop anytime soon. Though the prices of homes now will never drop to this low even then. Way to much money supply. The market can stay crazy longer then people can stay solvent. Trying to wait for prices to go down again will drown people trying that. So bad advise to wait . Remember the devaluation of all money is taking place. That includes the debt. But that would include your debt too. So buying a house while inflation pays it off right along with the US debt is a good way to get ahead. What choice to you have but to now compete with other people in this rat races the government has made for all of us.
So yes , to answer your question. I am sure .
@Keith morgan Are you sure?🤣
*San Mateo, CA Housing Prices Crater 17% YOY On Soaring Mortgage Defaults Across California*
Hit those Home investors and Californians with extra taxes and fees then, since they are so rich and can pay over 50 grand on a property.
Unless you can buy an affordable home once your home has sold few will sell. Buying real estate is no different than going to a casino and gamble the only difference is you have something for your money and many individuals are holding on to their property.
Everything in life is a gamble, nothing simple any more =[
Crisis is the lack of contractors and construction workers as many were told to go to college and get a high tech job. Now, a severe I mean severe shortage of professional and able contractors to build new homes driving the price of new and used homes through the ceiling.
LOL🤣🤣🤣🤣
With 120 million unemployed working age adults out there, I’m sure there are a few “construction workers”.
Besides…they only thing supporting housing prices is rampant mortgage and appraisal fraud.
*San Mateo, CA Housing Prices Crater 17% YOY On Soaring Mortgage Defaults Across California*
It’s not a supply problem it’s a money printing problem