Posted on 07/19/2023 8:13:38 AM PDT by Kaiser8408a
Bidenomics strikes! Or as Klaus Schwab and the World Economic Forum sing “I’m going to make (the US) mine!”
Despite the open borders where millions of low wage workers and parasites pour across into the US, we still see 1-unit housing starts plunged -7.4% YoY in June as The Fed continues tightening.
Multifamily starts actually fell worse than 1 unit starts. 5+ unit starts were down -11.56% MoM. Multfamily permits were down -13.52%.
And it just isn’t little girls that Biden is creepy about (like the family member we all keep our kids away from), Biden is creepy towards adult women too! These guys, like most normal people, aren’t digging Old Joe’s creepiness.
(Excerpt) Read more at confoundedinterest.net ...
Still no clue why CRE and regional banks aren’t imploding.
Or why the market is up? All the news has been down for over a year now, yet market has not corrected yet. Feels very manipulated.
Only new going up in my neck of the woods is Section 8.
It is.
I remember someone once saying “the market can remain irrational longer than you can remain solvent”.
The number of illogical indicators is high.
At least you can score drugs…
federal money comes in every month. Private renters don’t have to pay during plandemics.
Rental housing starts are down because rent control laws by local and regional authorities is driving investors out of the rental business.
Like many others, I will not invest in what I cannot control.
There’s also no telling what they could take next.
And still I just saw where Reuters claims a “steady economy and voter outrage over abortion” give Brandon the edge next year!!!
I’m pro-life and “fed up” with paying almost $100 a week for the same grocery order that cost me somewhere in the $70 dollar range under PDJT.
OR the value of houses is now higher than you can get for rent to be profitable.
This is the main reason around here. Based on putting 25% or more down you do not make a good enough ROI for what you can rent an apartment house monthly.
NEW home sales are at the highest level in 18 months.
NEW home construction is at the lowest level in 18 months.
Existing home sales are relatively flat over the last 18 months. Based on most home owners not wanting to get rid of a 3% mortgage there is less incentive to sell. This has led to bidding wars in many markets currently. In many markets there is still less than 3 months inventory of homes available.
However, 1/3 of all houses/condos being purchased today are being bought for CASH. NO MORTGAGE.
Are people buying these or REITs and banks?
That's my situation in a nutshell. I would love to get out of the place I'm in and move to a redder state but have very low fixed mortgage with retirement on the horizon. Last thing I need at this stage of my life is a new mortgage with a higher rate.
However, if I can get enough for my current home to pay cash for my next one, mortgage rates won't be a concern anymore.
That would also allow me to retire immediately.
I don’t think REITs are buying a lot of houses now. They were until last year. I understand that stopped in most markets in 2022.
The numbers just do not make sense based on how expensive house values got in most markets. Some of those may even be selling those houses. I have heard about that in Austin & Phoenix.
I know a couple personal rental investors here in NH & ME. They have told me that based on renting a property on a MONTHLY basis you can not make enough based on what it costs to buy a multifamily house currently.
In a lot of vacation rental markets the numbers got juiced by the AirBnB rental people. One of the guys I know has a house 5 minutes from the beach in York, ME. He has it rented all summer. He will pay the mortgage for the year from June-Labor Day. He is now selling his original single family house. That way he can buy another multifamily when the time is right.
However, there are so many vacation rentals now in some places like Cape Cod that people do not have the summer sold out. Some have had to drop their rental price.
I’m not that educated with respect to numerous fields in our economy, but things just don’t make sense to me.
Supposedly tons of people just quit working.
How does that work?
I’m debt free, but I have bills. Do these people owe, and own, nothing?
“if I can get enough for my current home to pay cash for my next one”
This was the reason over the last 5-10 years in the exodus from CA, NY, NJ, WA(Seattle) and movement to places like TX, FL, ID, SC, ME, NH, VT, AZ.
People retiring or able to work remotely were getting away from the blue cities and suburbs and buying a house for significantly less than they owned in the Blue area. Many were paying cash after selling their existing house. This has now equalized because housing prices in places like Boise & SC have more than doubled.
I was in Coeur d’Alene, ID last week. A gentlemens ranch outside of town with acreage was $1.2 MILLION. Anything with a view of the lake was $2.5MM-$4MM. Do not even think about buying a place up where Wayne Gretsky, John Elway or Kim Kardasian has a house.
Same story in Florida and Myrtle Beach. Then try to get home owners insurance.
So, I am a few year behind you. I just turned 60. Mrs Woodbutcher is 59. IF it was up to ME(not mrs w) I would buy a house in ITALY.
That’s odd...........Home builders were stock leaders the other day.
I think that there are a lot of people now that are debt free.
I am now. I paid off my mortgage two years ago. Got my first in 1990(10.375%). The house was $125K though. The last was a 15 year fixed at 2.375%. I paid it off early because when you get to the end of a mortgage you are paying 80% principal. Looking back, I should have bought Tesla stock or Invidia.
I owe the town I live in NH $770/month in REAL ESTATE taxes($9250/year). Plus I have health insurance, auto, home, liability, etc. Plus I have to eat. Electricity, heating oil, wood pellets, etc., etc.
Sounds like you’re in a good spot. It would be nice if following the rules paid off going forward, though I am leery...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.