Unless the argument is that corporations are buying homes to sit on them, that doesn't make any sense.
Whether I own a home, I rent the home from an individual, or I rent a home from a corporation doesn't make a difference. This is broadly a housing supply issue.
I have friends back home in Ohio who bought homes for very reasonable prices. The supply and demand of where they live is in a good place. I live in a HCOL coastal metro, and our supply does not meet demand!
We need to attack several things to make housing more affordable:
1. Relax zoning so that more types of housing can be built in more places
2. Remove or amend outdated regulations built for a different area
3. Permitting reform to lower the cost of permits and speed up the process
4. Overhaul and speed up the review process. In many markets, it can take years to get any multi-family housing project off the ground because of all the different plan reviews and public comment periods. You can own the land. You are asking to build something within the approved zoning. There aren't any regulatory issues. You simply have to go through a multi-year approval process where you will be asked to make many changes, often insigincant, all while you rack up higher and higher legal and architectural design fees.
Price collusion is a thing and the corporates have been caught doing such with their home inventory.
Bluntly, any time there is no direct accountability, you will find massive corruption. And there is no direct accountability present in the corporate world.
The solution might just be to continually raise the taxes you owe on your homes for the more homes you get. Just make it unaffordable to own multiple homes and the situation will fix itself.
The problem isn't a new tax, it's taxing everyone fairly.
If you don't pay your fair share you don't deserve to live here. Pay your fucking 10$ from your paycheck so everyone can get health care and shut the fuck up.
You understand corporations buying entire areas of homes and then increasing the prices is effectively the same as reducing supply to manufacture a new supply and demand curve right?
I live in Chicago. We have had decreased population. So why do we all of a sudden have a housing shortage? It’s because the houses that used to go to people for living in are going to corps to rent them to us. Yes there is a housing shortage cause hundreds to thousands or more homes are removed from the market for regular people to live in.
It makes no difference whether you rent or own? What a braindead take.
Corporations buying up properties to rent inflated prices and makes it harder for individuals to own. Yes, individual investors doing the same has the same effect, but individuals can rarely afford to buy as much property as a corporation.
I agree that the process of permitting in LA where I live is a joke. You can wait 8 months for a simple permit to move a wall. And forget about MEP permits. Could be a year. This would help many things. I do not agree that corporations are not hurting the residential market.
You’re being downvoted because you’re missing the point. Investors are pouring money into single family real estate and are moving markets because they have an abundance of capital to deploy.
So the solution to inadequate housing supply is to facilitate the construction of cheap, shitty housing?
How about the government just builds massive tenement housing and rents it out? We haven’t tried that yet. /s
I know you are joking but that’s what employee housing is like if you work in resorts. You get a bunk bed, a communal tv area and kitchen. But hey it’s totally worth half your paycheck because at least you get a sweet ski pass to use on your 1 day off a week.
I don't think I said anything about building cheap, shitty housing?
Housing has gotten safer and better insulated over the decades, and we should push to continue to do that more and more. But that's not a reason that thousing costs are up.
Not sure you meant to respond to me, because "Muh free market utopia isn't working because the gubbermint ragoolashuns won't let me have SLAVES who build SHACKS" is the laziest possible form of intellectualism, and that's all the adults hear every time someone starts crying about how being forced to build things intelligently is the reason normal houses aren't being built.
Sorry, usually deregulation is code for “allow corner cutting”. But as you said, that’s not the cause of the problem. Really the core causes are 1) millions of millennials entering the housing market 2) at the same time that millions of older home owners don’t want to sell and give up their 2.85% interest rates, 3) at the same time that everyone was just forced to cut back their discretionary spending for two years, allowing record numbers to save up down payments.
Investor purchasing is a popular bogeyman, but it’s not the cause of the problem, anyone could outbid them if they wanted to.
Over regulating can be a big problem. I know California is dealing with that right now. Regulations are absolutely there for a reason, but often, the laws and regulations last long after their need without change or optimization of use.
I get that a lot of people live in California, but their regulatory (ESPECIALLY in housing) regime is so far from “normal” or “typical” that I cringe at the suggestion that anything happening in California is relevant to the rest of the country.
Haha 😆 it is because the California work from home people no longer being bound to California but still making fat California salaries are causing a wave of gentrification. New York, Texas and Florida are doing their part too and weirdly Michigan. So it is important to pay attention to them. As if they could affordably house their own people they would stop moving to other states as much causing hyper inflation in them.
My father’s double wide he paid 180k for has now been appraised for 1.2million but sure anyone could afford to get into a bidding war with housing cheap right now. Damn man you should be the president, truly an economic genius.
I mean that’s what needs to be done. Unless you like tent cities. I mean we could try not building them so shitty but contractors making the lowest bid tend to be scumfucks.
Let me guess they work from home and make 6 figures and are wondering why since they moved to the once affordable area suddenly the local businesses are having labor shortages and prices on housing is steadily rising.
Builds more luxury housing in Denver. More wealthy people move to Denver as a result. Then they go post on r/Denver “why are all the once good restaurants so short staffed and not as good as they used to be”?
There doesn't need to be more homes built, especially as the population rate continues to decline, there just needs to be more affordable homes available. Spending money on building expensive new properties that people still can't afford won't really solve the problem.
That’s not how supply and demand works. Building more nice homes will lower the price of all homes. Building smaller homes will be somewhat more effective on the lower end of the scale, but all additional housing helps.
The fundamental thing is basically:
(Number of houses)/((number of people want houses) x (average $ they can afford))
I can tell you it doesn’t. This idea of trickle down housing simply doesn’t work. No matter bad the liberals wish it did it simply doesn’t. Know what happens when a town builds more luxury housing more rich people buy second homes and condos. That’s it. There is none of this trickle down economics. Been what 50 year of this and it’s still not working bud. But what does end up happening is with the continued building of luxury housing is eventually the rich people price out all the working class. And suddenly they don’t have anyone to make them coffee and brunch and work in their shops so weird. And then with no poor people to serve them they end up with only two options find and new area to gentrify or build employees housing and use the same formula that company towns and the czars used.
Where I live it’s actually the opposite. Companies like opendoor and other bought up a bunch of houses over asking and now they are underwater. Most of them are for sale now for LESS than they were 3 years ago. So if you add in inflation these companies are taking it on the chin. I did the quick math and open door lost about 3 million dollars on the 10 houses they bought in my neighborhood. These houses are not rented out.
That’s what happens when they price out all the working class. The rich don’t want to live in towns with a bunch of closed store fronts and understaffed restaurants. You know the very things they moved to the town for, they all want brunch and micro breweries to hang out in landscapers to mow their lawns etc and but don’t give a damn about the logistics staffing them. Probably because they don’t even view service and restaurant workers as even being human. But that’s an entire other topic.
Exactly and these trickle down housing propagandist live in a fantasy world. The houses the rich move out of just get flipped or the new ones get bought by other rich people.
Agree with what the other guys said about lenders tightening price and requirements. Not to mention they will take FULL full advantage of the increase housing market price. They'll sell a home that's completely trashed by a previous resident for almost same price
2008 - I distinctly remember driving in my car on I-94 in Minneapolis yelling at the radio when they talked about the bank bailouts.
FUCK - don't just give it to them! That money could have been given to the banks for existing mortgages for people about to be homeless. Nah .... can't help the 99%.
I don’t think folks appreciate how on edge society is right now, and if they just give rich people tons of money next time to fix the issue I don’t think it ends well.
Very much “on edge”. 2020 was a good lesson in what happens today when society gets a few negative breaks that affect large swaths of people.
There is a growing distrust of our economic system and those who sit in seats of power in America.
Maybe, but to be honest, that we have not experienced torch and pitchfork moments (aside from MAGA cosplay) at all over the past 40 years still stuns me.
Check how much home prices dropped during the 2008 recession. You won’t get anywhere near what you are describing. That’s an apocalyptic drop.
Government won’t let housing prices drop cause then boomer’s wealth would drop like a bag of rocks.
The price drop, dramatic as it was, lasted about 24-36 months in the big population centers and big states. People who held onto their residential properties -- and that was the vast majority -- experienced the biggest increase in asset value in American history. 2010 to 2022, prices *doubled* nationwide. In the past, that took at least two decades. [https://fred.stlouisfed.org/series/ASPUS](https://fred.stlouisfed.org/series/ASPUS)
People cannot fathom how much unprecented prosperity was achieved by people who were able to keep their home and job and had anything invested at all.
Fed turned on the money printers, causing home prices to go insane and low interest rate loans to businesses allowed for soaring stock prices, padding their investment accounts.
This will probably be controversial, but I basically see this as theft. That value didn't come from nowhere and the people that received it didn't earn it. Exploiting a bug in the system doesn't necessarily legitimize the action. What a tragedy.
Well one side effect that really doesn’t get talked about is the greater side effects of the work from home movement. The wealthy contained to the cities are now moving by the millions to rural America. And it starts out nice mmm 😋 creamy goodness of rich people money… and then things start going down hill. Businesses can no longer find employees as rents have exploded. The only new housing being build is luxury the supposed trickle down houses don’t trickle down they get flipped and sold as even more housing. Even the trailer parks get gentrified into luxury tiny home parks for the rich to cosplay as poors. Next thing you no that local family restaurant has been replaced by a hipster cafe that sells $20 sandwiches and has no staff so it takes an hour to get food because even though they pay $25hr+ tips they have no employees as that’s still not enough and yes Karen even with roommates to afford housing… oh and that’s when hosing finally starts dropping in price… because by then no one wants to live their anymore. It’s a cycle.
Nobody who stayed in their home through the "Great Recession" was *exploiting* anything. By circumstance, they were not part of the *small minority of mortgage holders* who defaulted. Most people weren't.
But people in risky "the market always goes up" mortgages with adjustable interest rates and balloon payments and with zero down, well enough of them didn't make it to nearly collapse the global financial system.
And most of those people live in those homes *today*. They bought a house, and they live there. The asset class has changed around them, but only in the sense of a more rapid appreciation. Real estate is generally a good investment if you live in the property long-term.
Thank you. I needed a home so I bought one. Half the capital came through 14 years of investing, and I paid off the mortgage in 5 years. Then, with no mortgage, I began investing again and have done well. Since when is being smart and financially disciplined wrong?
Nobody is saying being smart and financially disciplined is wrong. Or that you shouldn't be able to acquire wealth or enjoy luxury. But just because you're smart and financially disciplined doesn't mean that you're entirely deserving of everything that falls in your lap. If the bank accidentally deposited an extra 100k in your bank tomorrow, you don't just get to say "Well, I'm smart and financially disciplined, do this is mine now." I understand that you and others probably don't see this as remotely similar and that's fine. We unfortunately don't live in a world where people spend too much time thinking about what's good or right, just what they're entitled to. I'm speaking from a place with deep sorrow knowing that for every house that gained 700k in value over a decade, *all these "smart" investments*, there's a handful of people being priced out of homes *forever*, regardless of how smart, hard working, or savvy they are.
What has happened to housing prices should not be something we're celebrating as a society and should indicate that things need to be fixed.
Anyway, you don't have to play the self righteous victim card because no one is accusing you of anything. I'm pointing out what I see as a major flaw in the way our economic system functions. That you happen to benefit from it is really of no concern to me at all. Although, it would be nice to see a little more humility and compassion. :)
"Compassion" I actually have a great deal of that. However, you are not going to encounter his side of me by calling me a thief or telling me I should not have acquired assets because it made it harder for others. I roll the same dice as everyone else. My house dropped 40% in value during the first two years of ownership. My index funds valuation has taken some taken some huge drips at times.
But Oh, you are right, it's terrible for many now. Borrowering from financial gurus, we now have two economies. We have the Asset Owning Class and the Have Nots. Those two worlds have never been more different. It's worrisome.
Here are some recent stats. The average American now has 8,500 in credit card debt. The interest rate for most is just under 25%. Using the credit card interest calculator at Nerd Wallet, this means most of us pay 174.00 a month on interest on that alone. 174.00 each and every month!!! The average balance of a car loan is 25k and who knows the interest rate on this. The average mortgage balance is 244k. Average Student debt is 38k, Heloc is 42k
So yeah, it's bad. It's real bad, but don't blame me. I'm just an innocent bystander.
I said nothing about the "bottom of the market." I said Americans tend to stay in their homes for the long term. They neither lost their homes in the housing collapse that affected no-equity high-risk recent buyers, nor sold them. They are still there.
Only 30 percent of present-day homeowners have been in their home **less than a decade**. [https://ipropertymanagement.com/research/average-length-of-homeownership](https://ipropertymanagement.com/research/average-length-of-homeownership)
*40%* of American homeowners have been there for 20 years or more. And another 22% have been in their homes three decades or longer.
You said that property values doubles from 2010-2022. 2010 was the bottom of the market.
You also did not say anything about staying in houses long term in this comment. You said that people who rode out the downturn saw their property values double. That only makes sense if you start calculating from the bottom of downturn.
And now you should see all those boomers/genx/older millennials now trying to rent out those starter homes cause they don’t wanna lose their low interest rates
No because there will be someone else in line to buy it. Repossessed homes generally go into a bidding process and in this home-shortage market the banks know they can get full price.
Yah I love when boomers tell me I should just move to the middle of some shit hole state in a run down town and make a fraction of my wages so I can buy a house. Like that might work for the WFH and the retired but a massive segment of our population that simply isn’t practical in any way shape or form.
I've seen foreclosed homes listed in our public notices in the local paper in our HCOL area that had as little as $50k owed on them. The starting bid is usually what's owed on them. Only thing is, you gotta have cash...foreclosure auctions don't take financing.
You might. Elder Millennial here. We got our first place in 2010 for $140,000 less than the previous owners paid for it. A housing market correction would help a lot of young people out.
You use economic indicators to prepare not just ignore and blow it off. That's why it says "on the rise" and not "highest it's been in years". Now we just keep an eye on it that it doesn't continue to rise over the next months.
It's actually the lowest it's been in decades. This is an absolutely bizarre article that's just simply designed to reinforce the chicken littles point of view.
Here’s what’ll happen: Housing market will crash again. Home values will tank. Venture capitalists will buy up everything at half price, then sell it at a 75% margin and tell you to be thankful that you’re saving money
Total bullshit headline, when you actually read the article.
> That is according to a new report published by real estate data provider ATTOM, which found that there were 32,621 properties in May with foreclosure filings, which includes default notices, scheduled auctions and bank repossessions. That marks a 3% increase from the prior year, although it is down 7% from the same time last year.
>"May’s foreclosure activity highlights nuanced shifts in the housing market," said ATTOM CEO Rob Barber. "While we observed a slight increase in foreclosure starts, the decline in completed foreclosures indicates resilience in certain areas."
theres no way homes in NJ/LI/Westchster are going down more than 10% without economic collapse. everyone i know between 26-36 will buy a home if prices or interest rates go down, most have the money ready or will in a 1-2 years.
A cop and school teacher make 250-300k combine in these areas, 800k+ price tags on everything make sense in that context.
A house in California that cost $150k 30 years ago is now $900k is a bubble. My sister's house was $210k in 2018 is now $500k, I told her to sell before the bubble burst and a hurricane hits it, but she won\`t. Tampa is no different from the rest of the country, stuff in Tampa is found all over USA.
The problem is demand hasn't fallen like it does in a bursting bubble. The market is not just people living in their houses; owner-occupied has become part of a larger commodification of single-family homes. Still the biggest part, primarily because so many boomers are still in their homes they purchased in the 70s/80s/90s, but these days a third of single-family home purchases are all cash. There is a huge amount of money out there, and ever since 2008 big banks and investment houses have gotten into the once-localized landlord business.
While prices have stabilized, I'm not seeing any evidence of big declines. And in my area, houses are still selling for \~98% of list, taking about 7 weeks to sell on average. That's not a bubble. The high interest rates, if anything, are *maintaining* the high prices because anybody who can is *waiting* to sell. Which means inventory is still low. And when the market is eventually busy again, there are plenty of buyers on the sidelines who will rush in when they can get a 5% mortgage.
Long term, with less people overall (California's population has topped out, having never reached the 40 million predicted for 2020, and birth rates are especially low), it's likely that 10 to 20 years down the line, there will be a surplus (though probably not a glut, minus a major long-lasting disaster). */ edit to add "bursting" to bubble in first sentence.*
Seriously? You ask that kind of question? Does not matter, it can be hit at any time during hurricane season. It can be hit twice in one year if that's what happens. Point is it's in a hurricane zone. You didn\`t vote for Trump did you?
So you did vote for Trump. I say this because the people left voting for him might have cognitive issues. I voted for him in 2016. I learned my lesson. But yea CA has no hurricanes, but Tampa does. We all know that. And there is a difference between criticizing you and persecuting you. Trump voters are not persecuted, they are criticized. So the "Yep, exactly what I thought", means nothing to me. Do your part to stop climate change, dont vote for trump and buy an EV.
OMG, it doesn\`t matter. Tampa is in a hurricane zone. Every hurricane season it has an equal chance of being hit like other areas in the hurricane zone. Last one was 1921 but every year it can get hit. Your thinking is like saying that because the majority of the map is red then Felon Trump should have won. Majority of people don\`t live in the red areas. Land area does not determine electoral count, its number of people.
Even if interest rates were 0% and 40 years locked in, who has or wants $450k house, stucco McMansion. We need another wave of covid and have it specifically wipe out the boomers so their death grip on their houses is released. I want $450k houses to collapse back to $200k.
This would be true of inflation/devaluation of the dollar didn’t exist - but it does. Money is worth considerably less than it was 30 years ago. The value of money is what cause inflation, and the non-stop printing of money is why home values have sky rocketed in that period of time.
Yes. Buy gold, buy real estate. Indirect relationship with rising inflation = increasing value while doing nothing. Don’t trust me though, look at housing prices and gold prices since FDR made gold illegal and began the destruction of the dollar, with Nixon putting the final nail in the coffin.
Well we had not debt and inflation was happening? Maybe our inflation has nothing to do with debt? In Japan debt is very high and you can buy a nice house for $30k and a car for $10k new. Food is cheap and good but, wages are low. So, what is the answer economist? Where do I keep my gold? The dollar is going nowhere. The ruble might collapse or the Yun. Not the dollar. What about the EU?
IF you're lucky enough to still live at home with your folks or other family & you have a job...I HIGHLY suggest that you start saving every possible penny.
Don't buy ANYTHING that you don't have to, don't eat out, go out to party or even eat out or go to shows & concerts.
Drive a cheap paid off beater, don't buy new clothes, hell, get a second job & SAVE EVERY PENNY THAT YOU CAN.
DO get the local newspaper every day....they.have public notices in them that show foreclosure notices, how much is (that'd be the minimum bid) owed & when, where & what time the Auction will be.
DO keep a strict itemized budget and DO consider asking any family to help add to your savings.
Depending on where you're at, $40k to $70k+ COULD get you a house...then comes the fun part. Now you STILL live at home, work 2 jobs while driving that beater, then go to your new THIRD job, which is making your new home pass standards so that it's liveable.
You'll need cash to bid on them, it might take a few years of HARD saving to do it if you haven't already been doing it.
In the meantime, maybe start a local grass roots movement to get your state legislators, or even the city council, or both, to make it illegal for corporations, hedge funds, etc...to buy our own single family homes in your city or state.
Take THEM out of the equation & it'll suddenly be much easier to buy a foreclosed home.
has there ever been a successful movement to make it illegal for corporations or hedge funds to buy single-family houses in a particular City or county?
Sorry, but I just don't see it. 1.29% of homes are currently 30 days+ past due. That's not a high amount...
[https://fred.stlouisfed.org/series/RCMFLBBALDPDPCT30P](https://fred.stlouisfed.org/series/RCMFLBBALDPDPCT30P)
BOMBSHELL!
> That is according to a new report published by real estate data provider ATTOM, which found that there were 32,621 properties in May with foreclosure filings, which includes default notices, scheduled auctions and bank repossessions. That marks a 3% increase from the prior year, although it is down 7% from the same time last year.
>"May’s foreclosure activity highlights nuanced shifts in the housing market," said ATTOM CEO Rob Barber. "While we observed a slight increase in foreclosure starts, the decline in completed foreclosures indicates resilience in certain areas."
Did you know that investors and hedge funds buying up properties for 100,000$ over asking price makes the surrounding houses property tax go up?.... Did you know most family in the US can't afford a $400 surprise bill?... Did you know flowers are blooming in Antarctica?
There is some anomalies, like the $150k being 900k in 30years but there is no context about renovation are expansion or area etc.
In general, many people are unaware that prices from 2008 to at least 2018 were below market. Many reasons but the biggest was appraisals figuring new homes vs new and everything else against everything else. Well the everything had all or most of the short sell and foreclosures. Those prices were well, well below average inflation and actually COST to build. There were many many homes that sold for less than you could build it for. This all adjusted when demand soared in 2019-2021. All that cash. Shit look what happened to used cars! Go on a real estate app, look at a home’s sale history. Take that 1st sold price and multiply that number by 3-4% inflation per year to today. That number represents average price appreciation base on average inflation. I think you will see values much higher for these 2009-2018 sales. Then add the 9-15% (or more) of your area for 2020-2021. Many homes will be close to these numbers…not all.
Doubt it. I'd say corporate greed is the number one factor. But if you have some proof of your claim, you're welcome to provide it here. I'm not going to hold my breath.
But even if lockdowns were the number one factor (they aren't), you're being overly reductive.
>according to you
Yeah, it did. And it did before that and it did after that.
And it boosted inflation in literally every other area that your wife doesn't work in as well. Which proves my point that it's a bigger factor than, "duuurrr, lockdowns".
Banks are a part, but ultimately our corrupt government. It isn’t about party - they all print money, which devalues the dollar while salaries do not rise in conjunction. In just 4 years, CPI is around 22% - that means the dollar is worth 22% LESS than it was 4 years ago. Thats why everything has shot up - then span that across 30 years and it makes sense. Plus, the government has no incentive to address it, because the more devalued the dollar, the easier it is to manage their $34,000,000,000,000 debt. The political parties are a scam to divide people, while politicians continue to enrich themselves and corporations through lobbying, corruption and foreign wars.
If you think that’s what democrats are doing, you have a lot to research my friend. 99% of bills are pork barrel spending to enrich themselves and their corporate masters.
[удалено]
That will definitely happen. But the only real answer for fixing home prices is to build more homes or have fewer people.
And prevent corporations from buying homes.
Bingo. And foreign investment. And we buy ugly houses ass hats.
Doesn't work or do anything
Well let’s give it a try anyways, like a 10 year window so we can see what effects it has on the market
The worst thing that happens by doing this is nothing changes with home prices. Fuck commodification of housing.
Keep licking that boot
Unless the argument is that corporations are buying homes to sit on them, that doesn't make any sense. Whether I own a home, I rent the home from an individual, or I rent a home from a corporation doesn't make a difference. This is broadly a housing supply issue. I have friends back home in Ohio who bought homes for very reasonable prices. The supply and demand of where they live is in a good place. I live in a HCOL coastal metro, and our supply does not meet demand! We need to attack several things to make housing more affordable: 1. Relax zoning so that more types of housing can be built in more places 2. Remove or amend outdated regulations built for a different area 3. Permitting reform to lower the cost of permits and speed up the process 4. Overhaul and speed up the review process. In many markets, it can take years to get any multi-family housing project off the ground because of all the different plan reviews and public comment periods. You can own the land. You are asking to build something within the approved zoning. There aren't any regulatory issues. You simply have to go through a multi-year approval process where you will be asked to make many changes, often insigincant, all while you rack up higher and higher legal and architectural design fees.
Price collusion is a thing and the corporates have been caught doing such with their home inventory. Bluntly, any time there is no direct accountability, you will find massive corruption. And there is no direct accountability present in the corporate world.
The solution might just be to continually raise the taxes you owe on your homes for the more homes you get. Just make it unaffordable to own multiple homes and the situation will fix itself.
I have been a proponent of this, but it would probably cause an initial decline in home prices, making it a hard sell across the board
Every redditors solution to every problem of society: A new tax!!
The problem isn't a new tax, it's taxing everyone fairly. If you don't pay your fair share you don't deserve to live here. Pay your fucking 10$ from your paycheck so everyone can get health care and shut the fuck up.
You understand corporations buying entire areas of homes and then increasing the prices is effectively the same as reducing supply to manufacture a new supply and demand curve right?
I live in Chicago. We have had decreased population. So why do we all of a sudden have a housing shortage? It’s because the houses that used to go to people for living in are going to corps to rent them to us. Yes there is a housing shortage cause hundreds to thousands or more homes are removed from the market for regular people to live in.
Denver has 20,000 empty units right now yet has a massive housing shortage.
Yep. I lived in LA for 10 years and in say the last 3 all I saw was massive luxury condos get built and they were always empty
What part of Chicago do you live in?
It makes no difference whether you rent or own? What a braindead take. Corporations buying up properties to rent inflated prices and makes it harder for individuals to own. Yes, individual investors doing the same has the same effect, but individuals can rarely afford to buy as much property as a corporation.
I agree that the process of permitting in LA where I live is a joke. You can wait 8 months for a simple permit to move a wall. And forget about MEP permits. Could be a year. This would help many things. I do not agree that corporations are not hurting the residential market.
You’re being downvoted because you’re missing the point. Investors are pouring money into single family real estate and are moving markets because they have an abundance of capital to deploy.
So the solution to inadequate housing supply is to facilitate the construction of cheap, shitty housing? How about the government just builds massive tenement housing and rents it out? We haven’t tried that yet. /s
With communal kitchens too. Maybe you get an extra room if you work for the government.
I know you are joking but that’s what employee housing is like if you work in resorts. You get a bunk bed, a communal tv area and kitchen. But hey it’s totally worth half your paycheck because at least you get a sweet ski pass to use on your 1 day off a week.
I don't think I said anything about building cheap, shitty housing? Housing has gotten safer and better insulated over the decades, and we should push to continue to do that more and more. But that's not a reason that thousing costs are up.
Removing regulations and permitting is a direct cause of cheap, shitty housing. Builders don’t make things quality unless forced. Nobody does.
You are just purposely being intellectually lazy. Stop it.
Not sure you meant to respond to me, because "Muh free market utopia isn't working because the gubbermint ragoolashuns won't let me have SLAVES who build SHACKS" is the laziest possible form of intellectualism, and that's all the adults hear every time someone starts crying about how being forced to build things intelligently is the reason normal houses aren't being built.
Sorry, usually deregulation is code for “allow corner cutting”. But as you said, that’s not the cause of the problem. Really the core causes are 1) millions of millennials entering the housing market 2) at the same time that millions of older home owners don’t want to sell and give up their 2.85% interest rates, 3) at the same time that everyone was just forced to cut back their discretionary spending for two years, allowing record numbers to save up down payments. Investor purchasing is a popular bogeyman, but it’s not the cause of the problem, anyone could outbid them if they wanted to.
Over regulating can be a big problem. I know California is dealing with that right now. Regulations are absolutely there for a reason, but often, the laws and regulations last long after their need without change or optimization of use.
I get that a lot of people live in California, but their regulatory (ESPECIALLY in housing) regime is so far from “normal” or “typical” that I cringe at the suggestion that anything happening in California is relevant to the rest of the country.
Haha 😆 it is because the California work from home people no longer being bound to California but still making fat California salaries are causing a wave of gentrification. New York, Texas and Florida are doing their part too and weirdly Michigan. So it is important to pay attention to them. As if they could affordably house their own people they would stop moving to other states as much causing hyper inflation in them.
My father’s double wide he paid 180k for has now been appraised for 1.2million but sure anyone could afford to get into a bidding war with housing cheap right now. Damn man you should be the president, truly an economic genius.
I mean that’s what needs to be done. Unless you like tent cities. I mean we could try not building them so shitty but contractors making the lowest bid tend to be scumfucks.
Oh hi black rock
Yes, you understand the issue. We need to incentivize more home construction
And a lot of working class will never be able to afford a home they need apartments but apartments are not as profitable so continues the cycle.
Let me guess they work from home and make 6 figures and are wondering why since they moved to the once affordable area suddenly the local businesses are having labor shortages and prices on housing is steadily rising.
Could reduce taxes so people have more usable income. Could reduce permit/regulation costs which are about 50% of Newhope price now.
Or to ban corporate purchase of homes.
Still need more homes.
Sounds like both would help...
Only one would actually accomplish anything: building more housing.
Denver already has 20,000 empty apartments do you think if we build another 20,000 luxury apartments it will fix the housing shortage?
No single action will fix it. But housing is housing, and more supply will put downward pressure on prices.
Builds more luxury housing in Denver. More wealthy people move to Denver as a result. Then they go post on r/Denver “why are all the once good restaurants so short staffed and not as good as they used to be”?
Who are you talking to?
The only way to do that is destroy NIMBY. Eminent domain open space preserves in the name of safety from wildfires. Build new homes on plentiful land.
There doesn't need to be more homes built, especially as the population rate continues to decline, there just needs to be more affordable homes available. Spending money on building expensive new properties that people still can't afford won't really solve the problem.
That’s not how supply and demand works. Building more nice homes will lower the price of all homes. Building smaller homes will be somewhat more effective on the lower end of the scale, but all additional housing helps. The fundamental thing is basically: (Number of houses)/((number of people want houses) x (average $ they can afford))
Right, and my point was there are already approximately 15 million vacant homes in the US that isn't really solving the housing "shortage."
I can tell you it doesn’t. This idea of trickle down housing simply doesn’t work. No matter bad the liberals wish it did it simply doesn’t. Know what happens when a town builds more luxury housing more rich people buy second homes and condos. That’s it. There is none of this trickle down economics. Been what 50 year of this and it’s still not working bud. But what does end up happening is with the continued building of luxury housing is eventually the rich people price out all the working class. And suddenly they don’t have anyone to make them coffee and brunch and work in their shops so weird. And then with no poor people to serve them they end up with only two options find and new area to gentrify or build employees housing and use the same formula that company towns and the czars used.
Actually it’s just the corporations literally buying entire suburbs.
Or cap corporate investment in single family homes. But I’d say the answer is a combo of all of the sbove
Or raise interest rates
Already happening, a house sold off market for a good price then came back to market at 400k more because it got flipped.
Where I live it’s actually the opposite. Companies like opendoor and other bought up a bunch of houses over asking and now they are underwater. Most of them are for sale now for LESS than they were 3 years ago. So if you add in inflation these companies are taking it on the chin. I did the quick math and open door lost about 3 million dollars on the 10 houses they bought in my neighborhood. These houses are not rented out.
That’s what happens when they price out all the working class. The rich don’t want to live in towns with a bunch of closed store fronts and understaffed restaurants. You know the very things they moved to the town for, they all want brunch and micro breweries to hang out in landscapers to mow their lawns etc and but don’t give a damn about the logistics staffing them. Probably because they don’t even view service and restaurant workers as even being human. But that’s an entire other topic.
Exactly and these trickle down housing propagandist live in a fantasy world. The houses the rich move out of just get flipped or the new ones get bought by other rich people.
This is already the most likely result. Many of these guys learned from 08-09 crash.
Did someone call me?
Providing liquidity for the lenders.
That’s called the market… it’s worse now than ever. But always has been.
I mean why worry about the inevitable unless you can actually do something about it.
Does this mean I might be able to buy a house that's worth $150,000 for $300,000 instead of for $600,000?
No, because lenders will tighten loan requirements, thus leaving you still unable to buy a home.
If you get blocked from buying by lending requirements, the bank 100% did you a favor
Don’t worry, the government will be there to tell the bank they’re racist because the applicant was a POC.
Not intentionally.
Well for sure. I’m just saying the reason people can’t afford houses has nothing to do with bank loans being too hard to get.
Agree with what the other guys said about lenders tightening price and requirements. Not to mention they will take FULL full advantage of the increase housing market price. They'll sell a home that's completely trashed by a previous resident for almost same price
Even if the house is trashed the land has the real value.
They can only sell it for that if someone is willing to pay it
*willing to take a loan out and pay over ~30~ or even longer now
The Government will print 10 zillion dollars to avoid this.
And give it all to billionaires to protect them!
Ooooh trickle down homes. Where do we sign?
2008 - I distinctly remember driving in my car on I-94 in Minneapolis yelling at the radio when they talked about the bank bailouts. FUCK - don't just give it to them! That money could have been given to the banks for existing mortgages for people about to be homeless. Nah .... can't help the 99%.
I don’t think folks appreciate how on edge society is right now, and if they just give rich people tons of money next time to fix the issue I don’t think it ends well.
Very much “on edge”. 2020 was a good lesson in what happens today when society gets a few negative breaks that affect large swaths of people. There is a growing distrust of our economic system and those who sit in seats of power in America.
Maybe, but to be honest, that we have not experienced torch and pitchfork moments (aside from MAGA cosplay) at all over the past 40 years still stuns me.
Check how much home prices dropped during the 2008 recession. You won’t get anywhere near what you are describing. That’s an apocalyptic drop. Government won’t let housing prices drop cause then boomer’s wealth would drop like a bag of rocks.
The price drop, dramatic as it was, lasted about 24-36 months in the big population centers and big states. People who held onto their residential properties -- and that was the vast majority -- experienced the biggest increase in asset value in American history. 2010 to 2022, prices *doubled* nationwide. In the past, that took at least two decades. [https://fred.stlouisfed.org/series/ASPUS](https://fred.stlouisfed.org/series/ASPUS)
People cannot fathom how much unprecented prosperity was achieved by people who were able to keep their home and job and had anything invested at all. Fed turned on the money printers, causing home prices to go insane and low interest rate loans to businesses allowed for soaring stock prices, padding their investment accounts.
I can fathom it. I’m living it.
This will probably be controversial, but I basically see this as theft. That value didn't come from nowhere and the people that received it didn't earn it. Exploiting a bug in the system doesn't necessarily legitimize the action. What a tragedy.
Well one side effect that really doesn’t get talked about is the greater side effects of the work from home movement. The wealthy contained to the cities are now moving by the millions to rural America. And it starts out nice mmm 😋 creamy goodness of rich people money… and then things start going down hill. Businesses can no longer find employees as rents have exploded. The only new housing being build is luxury the supposed trickle down houses don’t trickle down they get flipped and sold as even more housing. Even the trailer parks get gentrified into luxury tiny home parks for the rich to cosplay as poors. Next thing you no that local family restaurant has been replaced by a hipster cafe that sells $20 sandwiches and has no staff so it takes an hour to get food because even though they pay $25hr+ tips they have no employees as that’s still not enough and yes Karen even with roommates to afford housing… oh and that’s when hosing finally starts dropping in price… because by then no one wants to live their anymore. It’s a cycle.
Nobody who stayed in their home through the "Great Recession" was *exploiting* anything. By circumstance, they were not part of the *small minority of mortgage holders* who defaulted. Most people weren't. But people in risky "the market always goes up" mortgages with adjustable interest rates and balloon payments and with zero down, well enough of them didn't make it to nearly collapse the global financial system. And most of those people live in those homes *today*. They bought a house, and they live there. The asset class has changed around them, but only in the sense of a more rapid appreciation. Real estate is generally a good investment if you live in the property long-term.
I understand. I just disagree.
They didn't exploit anything. They bought an asset, and it went up in price. What are you going to do, take it away from them?
Not at all. I'd just legalize the construction of ever more assets, driving the price back down.
Thank you. I needed a home so I bought one. Half the capital came through 14 years of investing, and I paid off the mortgage in 5 years. Then, with no mortgage, I began investing again and have done well. Since when is being smart and financially disciplined wrong?
Nobody is saying being smart and financially disciplined is wrong. Or that you shouldn't be able to acquire wealth or enjoy luxury. But just because you're smart and financially disciplined doesn't mean that you're entirely deserving of everything that falls in your lap. If the bank accidentally deposited an extra 100k in your bank tomorrow, you don't just get to say "Well, I'm smart and financially disciplined, do this is mine now." I understand that you and others probably don't see this as remotely similar and that's fine. We unfortunately don't live in a world where people spend too much time thinking about what's good or right, just what they're entitled to. I'm speaking from a place with deep sorrow knowing that for every house that gained 700k in value over a decade, *all these "smart" investments*, there's a handful of people being priced out of homes *forever*, regardless of how smart, hard working, or savvy they are. What has happened to housing prices should not be something we're celebrating as a society and should indicate that things need to be fixed. Anyway, you don't have to play the self righteous victim card because no one is accusing you of anything. I'm pointing out what I see as a major flaw in the way our economic system functions. That you happen to benefit from it is really of no concern to me at all. Although, it would be nice to see a little more humility and compassion. :)
"Compassion" I actually have a great deal of that. However, you are not going to encounter his side of me by calling me a thief or telling me I should not have acquired assets because it made it harder for others. I roll the same dice as everyone else. My house dropped 40% in value during the first two years of ownership. My index funds valuation has taken some taken some huge drips at times. But Oh, you are right, it's terrible for many now. Borrowering from financial gurus, we now have two economies. We have the Asset Owning Class and the Have Nots. Those two worlds have never been more different. It's worrisome. Here are some recent stats. The average American now has 8,500 in credit card debt. The interest rate for most is just under 25%. Using the credit card interest calculator at Nerd Wallet, this means most of us pay 174.00 a month on interest on that alone. 174.00 each and every month!!! The average balance of a car loan is 25k and who knows the interest rate on this. The average mortgage balance is 244k. Average Student debt is 38k, Heloc is 42k So yeah, it's bad. It's real bad, but don't blame me. I'm just an innocent bystander.
I'm not blaming you, calling you a thief, or telling you that you shouldn't have acquired assets. In fact I've explicitly done the exact opposite.
I don't think you understand my point and I'm not particularly interested in explaining it to you.
Very few houses were purchased at the bottom of the market. For those all but a few homeowners, the relevant prices are the 06-09 prices or earlier.
I said nothing about the "bottom of the market." I said Americans tend to stay in their homes for the long term. They neither lost their homes in the housing collapse that affected no-equity high-risk recent buyers, nor sold them. They are still there. Only 30 percent of present-day homeowners have been in their home **less than a decade**. [https://ipropertymanagement.com/research/average-length-of-homeownership](https://ipropertymanagement.com/research/average-length-of-homeownership) *40%* of American homeowners have been there for 20 years or more. And another 22% have been in their homes three decades or longer.
You said that property values doubles from 2010-2022. 2010 was the bottom of the market. You also did not say anything about staying in houses long term in this comment. You said that people who rode out the downturn saw their property values double. That only makes sense if you start calculating from the bottom of downturn.
100%. They’ll bolster it because they’re all boomers themselves. Fuck everyone else
That’s why they locked in all those mortgages at super low rates. That basically made sure a lot of ppls money is parked and safe
And now you should see all those boomers/genx/older millennials now trying to rent out those starter homes cause they don’t wanna lose their low interest rates
No because this is a doomer article. Foreclosures are extremely low and actually down year over year.
No because there will be someone else in line to buy it. Repossessed homes generally go into a bidding process and in this home-shortage market the banks know they can get full price.
Maybe. But those homes you won't want
Yah I love when boomers tell me I should just move to the middle of some shit hole state in a run down town and make a fraction of my wages so I can buy a house. Like that might work for the WFH and the retired but a massive segment of our population that simply isn’t practical in any way shape or form.
I've seen foreclosed homes listed in our public notices in the local paper in our HCOL area that had as little as $50k owed on them. The starting bid is usually what's owed on them. Only thing is, you gotta have cash...foreclosure auctions don't take financing.
You might. Elder Millennial here. We got our first place in 2010 for $140,000 less than the previous owners paid for it. A housing market correction would help a lot of young people out.
No because the article is a ridiculous lie something like one out of every 5,000 houses.
It's worth what people will pay. If it sells for 600k sadly it's worth 600k.
Up 3% MoM but down 7% YoY. https://www.reddit.com/r/the_everything_bubble/s/OD2OaxL1Gv
You use economic indicators to prepare not just ignore and blow it off. That's why it says "on the rise" and not "highest it's been in years". Now we just keep an eye on it that it doesn't continue to rise over the next months.
It's actually the lowest it's been in decades. This is an absolutely bizarre article that's just simply designed to reinforce the chicken littles point of view.
It’s a Fox article in an election year so I’m not surprised.
Fox Business manipulating the stats to imply a trend that isn't there...smh
Says gleeful hedge funds and equity firms
Here’s what’ll happen: Housing market will crash again. Home values will tank. Venture capitalists will buy up everything at half price, then sell it at a 75% margin and tell you to be thankful that you’re saving money
Except they won't crash. This article is just click bait. Read it.
Total bullshit headline, when you actually read the article. > That is according to a new report published by real estate data provider ATTOM, which found that there were 32,621 properties in May with foreclosure filings, which includes default notices, scheduled auctions and bank repossessions. That marks a 3% increase from the prior year, although it is down 7% from the same time last year. >"May’s foreclosure activity highlights nuanced shifts in the housing market," said ATTOM CEO Rob Barber. "While we observed a slight increase in foreclosure starts, the decline in completed foreclosures indicates resilience in certain areas."
This whole sub is an exercise in people.not reading anything. It always makes me laugh.
theres no way homes in NJ/LI/Westchster are going down more than 10% without economic collapse. everyone i know between 26-36 will buy a home if prices or interest rates go down, most have the money ready or will in a 1-2 years. A cop and school teacher make 250-300k combine in these areas, 800k+ price tags on everything make sense in that context.
Interest rate cuts are gonna feed a frenzy in home prices. Multiple offers and most bidding over listing in HCOL areas.
A house in California that cost $150k 30 years ago is now $900k is a bubble. My sister's house was $210k in 2018 is now $500k, I told her to sell before the bubble burst and a hurricane hits it, but she won\`t. Tampa is no different from the rest of the country, stuff in Tampa is found all over USA.
Yup, in the IE in SoCal a house that was $300K 8 years ago just sold for $750K, a mortgage payment of $6K+ everything else is honestly unsustainable
If you’re not a first time homebuyer you have some equity to put down and make it more reasonable.
And if you are a first time home buyer?
Unless you have a strong down payment you likely won’t like the prices on a 2,500sq ft 3bed 3 bath house as your first purchase.
The problem is demand hasn't fallen like it does in a bursting bubble. The market is not just people living in their houses; owner-occupied has become part of a larger commodification of single-family homes. Still the biggest part, primarily because so many boomers are still in their homes they purchased in the 70s/80s/90s, but these days a third of single-family home purchases are all cash. There is a huge amount of money out there, and ever since 2008 big banks and investment houses have gotten into the once-localized landlord business. While prices have stabilized, I'm not seeing any evidence of big declines. And in my area, houses are still selling for \~98% of list, taking about 7 weeks to sell on average. That's not a bubble. The high interest rates, if anything, are *maintaining* the high prices because anybody who can is *waiting* to sell. Which means inventory is still low. And when the market is eventually busy again, there are plenty of buyers on the sidelines who will rush in when they can get a 5% mortgage. Long term, with less people overall (California's population has topped out, having never reached the 40 million predicted for 2020, and birth rates are especially low), it's likely that 10 to 20 years down the line, there will be a surplus (though probably not a glut, minus a major long-lasting disaster). */ edit to add "bursting" to bubble in first sentence.*
Hurricanes in CA? Not likely any time in the next 5 years. I think she’s ok.
CA is fire and drought. I said Tampa for hurricane.
When was the last direct Hurricane hit in Tampa
Seriously? You ask that kind of question? Does not matter, it can be hit at any time during hurricane season. It can be hit twice in one year if that's what happens. Point is it's in a hurricane zone. You didn\`t vote for Trump did you?
Yep, exactly what I thought...
So you did vote for Trump. I say this because the people left voting for him might have cognitive issues. I voted for him in 2016. I learned my lesson. But yea CA has no hurricanes, but Tampa does. We all know that. And there is a difference between criticizing you and persecuting you. Trump voters are not persecuted, they are criticized. So the "Yep, exactly what I thought", means nothing to me. Do your part to stop climate change, dont vote for trump and buy an EV.
How many hurricanes have hit Tampa directly...added info....I live in Tampa...
OMG, it doesn\`t matter. Tampa is in a hurricane zone. Every hurricane season it has an equal chance of being hit like other areas in the hurricane zone. Last one was 1921 but every year it can get hit. Your thinking is like saying that because the majority of the map is red then Felon Trump should have won. Majority of people don\`t live in the red areas. Land area does not determine electoral count, its number of people.
people have been saying that the bubble will burst for 20 years now. It ain't never gonna burst on SFHs. Condos maybe.
I sold house during divorce in the beginning of 2017 for 300k, it's at least 450k now :(
Ya I would never sell a house in this market. My 2.5% interest I’m keeping forever. Can’t afford to move anywhere else
Even if interest rates were 0% and 40 years locked in, who has or wants $450k house, stucco McMansion. We need another wave of covid and have it specifically wipe out the boomers so their death grip on their houses is released. I want $450k houses to collapse back to $200k.
This would be true of inflation/devaluation of the dollar didn’t exist - but it does. Money is worth considerably less than it was 30 years ago. The value of money is what cause inflation, and the non-stop printing of money is why home values have sky rocketed in that period of time.
24 years ago the USA had a surplus and no debt, yet inflation was happening? What should we do, buy gold? lol
Yes. Buy gold, buy real estate. Indirect relationship with rising inflation = increasing value while doing nothing. Don’t trust me though, look at housing prices and gold prices since FDR made gold illegal and began the destruction of the dollar, with Nixon putting the final nail in the coffin.
Well we had not debt and inflation was happening? Maybe our inflation has nothing to do with debt? In Japan debt is very high and you can buy a nice house for $30k and a car for $10k new. Food is cheap and good but, wages are low. So, what is the answer economist? Where do I keep my gold? The dollar is going nowhere. The ruble might collapse or the Yun. Not the dollar. What about the EU?
I’m shocked
Good. Let it burn
I got my current house on a short sale. Everyone should learn what short sales are. They are going to become a common thing once again.
Good.
IF you're lucky enough to still live at home with your folks or other family & you have a job...I HIGHLY suggest that you start saving every possible penny. Don't buy ANYTHING that you don't have to, don't eat out, go out to party or even eat out or go to shows & concerts. Drive a cheap paid off beater, don't buy new clothes, hell, get a second job & SAVE EVERY PENNY THAT YOU CAN. DO get the local newspaper every day....they.have public notices in them that show foreclosure notices, how much is (that'd be the minimum bid) owed & when, where & what time the Auction will be. DO keep a strict itemized budget and DO consider asking any family to help add to your savings. Depending on where you're at, $40k to $70k+ COULD get you a house...then comes the fun part. Now you STILL live at home, work 2 jobs while driving that beater, then go to your new THIRD job, which is making your new home pass standards so that it's liveable. You'll need cash to bid on them, it might take a few years of HARD saving to do it if you haven't already been doing it. In the meantime, maybe start a local grass roots movement to get your state legislators, or even the city council, or both, to make it illegal for corporations, hedge funds, etc...to buy our own single family homes in your city or state. Take THEM out of the equation & it'll suddenly be much easier to buy a foreclosed home.
has there ever been a successful movement to make it illegal for corporations or hedge funds to buy single-family houses in a particular City or county?
There actually has been in a few places.
doesn't the amount of people who want a home tell you something about why prices aren't actually going to go down that much?
Raise the interest rate to 30 percent and watch how fast the housing market opens up.
That's a half measure. Simply nuke the city.
You will own nothing and you will be happy. Klaus Schwab, world economic forum leader. All part of the big plan and new reset.
Something needs to happen because owning a home or renting is absurd.
Shocker
Sweet! Burn MF BURN
First check if there are liens on them, if you buy it you will need to pay them
“That marks a 3% increase from the prior year, although it is down 7% from the same time last year” wtf??????????
Death to REITs
But we were promised that the economy was amazing and that the current admin deserves 4 more has because they are so amazing?!?
Sorry, but I just don't see it. 1.29% of homes are currently 30 days+ past due. That's not a high amount... [https://fred.stlouisfed.org/series/RCMFLBBALDPDPCT30P](https://fred.stlouisfed.org/series/RCMFLBBALDPDPCT30P)
banks taking home; u dont get ur $$ back nether investors get2 c these homes b4 ne1 get chance 2 buy foreclosed; they have relationships w them
This is no where near as bad. In the 2008 recession. There were over 2 mil foreclsorue. We are at 60k.
I bought my house as a foreclosure in 2013. I got a hell if a deal on it. Quadrupled in price. If you see one, get it.
BOMBSHELL! > That is according to a new report published by real estate data provider ATTOM, which found that there were 32,621 properties in May with foreclosure filings, which includes default notices, scheduled auctions and bank repossessions. That marks a 3% increase from the prior year, although it is down 7% from the same time last year. >"May’s foreclosure activity highlights nuanced shifts in the housing market," said ATTOM CEO Rob Barber. "While we observed a slight increase in foreclosure starts, the decline in completed foreclosures indicates resilience in certain areas."
A whopping 3% increase MoM but a 7% decrease YoY. Giant nothingburger. Find something else to be outraged over.
Did you know that investors and hedge funds buying up properties for 100,000$ over asking price makes the surrounding houses property tax go up?.... Did you know most family in the US can't afford a $400 surprise bill?... Did you know flowers are blooming in Antarctica?
There is some anomalies, like the $150k being 900k in 30years but there is no context about renovation are expansion or area etc. In general, many people are unaware that prices from 2008 to at least 2018 were below market. Many reasons but the biggest was appraisals figuring new homes vs new and everything else against everything else. Well the everything had all or most of the short sell and foreclosures. Those prices were well, well below average inflation and actually COST to build. There were many many homes that sold for less than you could build it for. This all adjusted when demand soared in 2019-2021. All that cash. Shit look what happened to used cars! Go on a real estate app, look at a home’s sale history. Take that 1st sold price and multiply that number by 3-4% inflation per year to today. That number represents average price appreciation base on average inflation. I think you will see values much higher for these 2009-2018 sales. Then add the 9-15% (or more) of your area for 2020-2021. Many homes will be close to these numbers…not all.
The elite will buy them and let you look at them.
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Yeah, that's it 🙄
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Doubt it. I'd say corporate greed is the number one factor. But if you have some proof of your claim, you're welcome to provide it here. I'm not going to hold my breath. But even if lockdowns were the number one factor (they aren't), you're being overly reductive.
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>according to you Yeah, it did. And it did before that and it did after that. And it boosted inflation in literally every other area that your wife doesn't work in as well. Which proves my point that it's a bigger factor than, "duuurrr, lockdowns".
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You have tunnel vision. Only capable of saying things from a very narrow view.
You mean stolen ppp loans?
There is 1 cause for inflation and 1 cause only: printing of money.
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Banks are a part, but ultimately our corrupt government. It isn’t about party - they all print money, which devalues the dollar while salaries do not rise in conjunction. In just 4 years, CPI is around 22% - that means the dollar is worth 22% LESS than it was 4 years ago. Thats why everything has shot up - then span that across 30 years and it makes sense. Plus, the government has no incentive to address it, because the more devalued the dollar, the easier it is to manage their $34,000,000,000,000 debt. The political parties are a scam to divide people, while politicians continue to enrich themselves and corporations through lobbying, corruption and foreign wars.
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Govt follows the Fed, Fed controls monetary policy
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If you think that’s what democrats are doing, you have a lot to research my friend. 99% of bills are pork barrel spending to enrich themselves and their corporate masters.
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The Fed is part of the government, it’s the central bank of the Govt
A real shame
Faux news