1ºDwayne Michael Johnson Not enough of them to rescue this economy. Wages not keeping up with worker productivity is a large part of what led to the great depression. During the pandemic the wealthiest Americans added 2 trillion$$ to their wealth, but are they contributing any of that money back to the economy or the middle class? No, not much, and this is why people aren't returning to work or are demanding better pay and unionizing. 70% of the US economy depends on people spending money, but if the workers can't afford what they produce, how can the economy thrive??
2ºMariwan Saz a lot of short sighted people will fall for that logic, but, if you can find an alternative to live for cheaply, in many cases, it’s going to be net positive if you wait for price discovery. Imagine a home falling from 300k to 160k. This isn’t the market of the last decade, erase that experience from memory! 2011 wad a great year to invest, I recall Warren Buffett saying he would buy residential homes by the thousands if it wasn’t for the maintenance and logistics. Homes were beat down. We’re on the opposite end now, home prices are extremely inflated still and the 30 yr mortgage rate just matched the 2008 levels
3ºI can confirm that from the homeowner side. Entering 2021 we were lookng to build a small home on our own property. Simple 4/2, 2000 sf. We were talking with 2 builders on plans & prices, then both backed out. They had more lucrative jobs and not enough manpower. They told us about 2 years until they could consider it. We contacted about 6 more and no one could do it. The large builders aren't willing to pull a crew from the MANY subdivisions going up (more profitable). They also draw all the subs from the smaller builders.
Nearly one year later we still don't have a home so we settled on a good quality prefab. Even that is taking forever because the industry is so overwhelmed.
4ºA newly built 55+ home, 1800 square feet, ranch, 2 bedrooms, 2 baths, 2 car garage, built on a patch of land not much bigger than the home itself, will NEVER be worth in excess of $700,000 to me. Not to mention HOA fees of $400 per month on top of the mortgage and taxes. Let's see...
$140,000 (20%) down payment
$560,000 financed for 30 years at 5% interest is $3,000 per month mortgage payment
Located in a suburb on the outskirts of a major metro area? $1,000 per month taxes
HOA Fee: $400
$140,000 down and nearly $4,500 per month
Even a household with $150,000 in total annual income, IF they had access to such a large 6 figure down payment, would still be hard pressed to afford this home.
5ºWanley Donat Shoot first you see the slab of cement on the ground with plastic pipes sticking up. Then comes the house is in the box with the premade frames that go up. Now you get to see all of the plywood covered with insulation and chicken wire, and within 30 days somebody’s moving into that cheaply built home. In five years it looks like crap. In 30 years just in time for the mortgage to be paid off you’re gonna have to build another home because that one’s gonna be falling down! I wouldn’t buy one of those track Holmes if my life depended on it
6ºRobby Penner No, and it shouldn't be. A home is a tangible piece of collateral. An education is not. Here's why we need to #CancelStudentDebt. All of it.
- 40,000 older borrowers had Social Security garnished in 2019 due to student loans
- 37% of people over 65 that HAVE student loans are in default
- 13% of parents with Parent PLUS loans owe > $50,000, and 4% owe > $100,000.
- Almost 30% of all dollars in default are held by borrowers who owe > $50K
- Black & Latinx advanced degree grads, who are the most likely to have borrowed $50,000+
- The 17% of ALL borrowers with over $50K in debt
7ºWatching real estate Texas it is uneven. Depends where the house is. Large cuts in price going on in the 300000 to 400000 dollar range like 20 to 50000 dollars so it was inflated. Beginning to happen to older homes as well even if renovated like 1000 to 20000 dollars first round and month or two later will take off more. Realtors sometimes take a place down for a month or two and come back with a lower price or even wait a year. Hidden FEES are a problem on land that does not have the infrastructure. You go find out what the city charges usually or utilities and you get a 2000 to 5000 dollar quote but complaints of being charged $30,000 just to get utilities in. Other practice is land for sale and no house can be put on it due to local ordinances. Yes there is a backlog but that is from people who a year ago put the money down for building or signed on not someone who yesterday did it. Places were sold with virtual house and no house there with a promise to build.
8ºI SEE NOTHING
A CIA document that the Democrat controlled FBI ALTERED, then used that FBI FALSIFIED CIA document in Court to obtain permission to spy on a Presidental Campaign, that along with Obama's Susan Rice UNMASKING everyone around Donald Trump; the spying began, and the DEMOCRAT'S controlled FBI found nothing of Russian Collusion with all that "illegally" obtained information.
The political corruption of the FBI is obvious to the informed. Unfortunately the ill-informed rely on the Democrat's content they push out through their social and mainstream media outlets via the likes of Hillary Clinton, Nancy Pelosi/Schiffty Schiff (example: Trump was Pissed on by Russian Hookers in Moscow!) Democrats and their mainstream media outlets keep spinning up stories about Trump, all the while playing Wack-A-Mole with the truth about Joe Biden's CCP, Ukraine, Russian payoffs!
Bottom line: Joe Biden is a corrupt (example: $4.8 million to entities controlled by Hunter Biden) senile (obviously) idoit (you know the thing) that got caught using his crackhead son as a Bag Man! With the FBI, Twitter, Facebook and the mainstream media covering it all up for the 2020 elections, then Democrats used the China Virus as an excuse to FIX/ FUDGE the elections with their "Mail In Ballot" scams to elect the Big Guy as our President... while Democrats do a Sergeant Schultz and say "I see nothing"
Fortunately the American people are starting to see it.
9ºMariwan Saz short-sided I see? Watch the interest rates dating back 20, 30, 40 years. The 30 yr mortgage rate is likely bouncing between 5-6.5% for the next few years (that alone already justifies House price discovery -20-25%). There is a chance the 30 yr mortgage hits ~8.33% which would justify house prices dropping 40-50% from their peaks. If we hit a deep global recession, bond markets warning of this, then the 10 yr treasury which affects the 30 yr mortgage can go much higher. Lastly, lumber costs that were factored in home values were 400%+ higher than the current value just a year ago