Posted on 08/25/2024 10:39:48 AM PDT by SeekAndFind
American housing prices continue their upward trajectory, with a Redfin report revealing a record number of homes priced at $1 million or more in over 100 towns across the United States. The report indicates that one in every ten homes is now valued at $1 million or above.
Yahoo Finance housing reporter Dani Romero analyzes this trend and how it impacts the broader housing market.
(Excerpt) Read more at finance.yahoo.com ...
“If this doesn’t convince you now much our currency has been devalued I don’t know what will.”
Correct and important to realize. The problem is not that things cost too much these days, the problem is that the dollar is worth so little these days.
Yes! I can’t buy what used to be 10 cents candy bar during my college years, for $1 now.
That dollar to donut bet should now be donut to dollar!
Decades ago I lived in Orange County—first Newport Beach and Mission Viejo.
I left because I wanted to have a nice single family home with lots of land.
I have that now.
(and yes we have winter :-) )
My proposal for a constitutional amendment:
Levies on any residential property of less than 2799 square feet of finished living space shall be no higher than the 2019 dollar amounts on the property, or for a newer or since resold property no higher than what a comparable property in the same area would have been levied at for 2019 if it lacked owner specific tax breaks, increased by 3% per calendar year since 2019 and by any percentage increase to its finished living space.
Drop a constitutional amendment proposal bill in two congressional hoppers and fight to limit the ability of Democrats to buy votes at the expense of the middle class. It might make Congress deep red come January.
Redfin only looks at data from the 100 largest cities and extrapolates across the country. They are not looking at the entire US market.
Wonder what happens when US Treasury defaults on interest payments on national debt. My guess is dollar will be on par with Mexican Peso.
“in a free market, isn’t any product worth whatever willing buyers and willing sellers agree upon as the value?”
My house would easily be worth $1 million… if someone put $900,000 worth of gold in the basement.
Until then, I’m not on the list.
“They’ve be forced to sell them before they were seized for failure to pay taxes.”
The Bruce family had to sell off the Huntington Beach property they got back.
RE: But only for tax purposes.
Yep, think about Kamala’s plans for UNREALIZED CAPITAL GAINS.
She wants you to believe that it’s only for the mansions of the Uber rich…
Eventually, with your home worth over a million because of location and demand, YOU become the Uber rich and have to pay taxes on your home’s assessed value whether or not you’ve sold it.
That is what happens when they start paying people in pesos.
Countries that deal in lesser currencies have a STRONG incentive to devaluate their currency quickly. It amounts to taxation without either legislation or representation.
Gresham’s law is a monetary principle named after Sir Thomas Gresham. It is colloquially simplified to “bad money drives out good”. Any national treasury that debases its currency soon finds the older, more assured currency is quickly driven out of circulation, while the “new” currency just buys less and less of the goods and services people need and want.
“I do like Southern California”
Humidity could be sucked out of the air by solar panel powered air conditioners.
Air temperatures could be reduced by reflective paint.
Crystal Lagoons has the now patented ability to make blue water and sandy beaches at affordable pricing.
People do not know how obsolete most of American communities are.
Climate change is coming to future towns.
One of the things about CA is that a lot of higher earners don’t really make a “wage.” Stock grants and options have made middle managers millionaires several times over. Their net worth is high, but their “wages” are moderate.
25 years ago when I worked at a bank, my salary is about “mid point” of my peers. I doubled that with options and stock grants—most of which I went yers without cashing out.
Statistics are fun to play with. But without significant context they are often intentionally misleading.
There’s always the Congressman Rangel family approach of combining two apartments, one’s one and that of one’s significant other.
There are combined DC apartments from buying one’s neighbors’ apartment cheap circa 1970.
“Worth”?
>They may cost that much but they’re not worth it.
No, it’s the dollar that is worth less and has reduced buying power.
No wonder double and triple wide trailers are selling fast and lower taxes.
And this government is ragging about gouging they caused.
Higher tent sales to ensue if they keep it up.
Not mine, but there is one a mile or so from me asking One million, one hundred thousand. Original price was $90,000 (2021). It is on just over 10 acres.
50 years ago there would have been 1 in 10 houses worth more than $100,000.
State and Local Governments just love inflation as they send out the Property Tax Bills each year.
Just think about all of those fabulous workers that get hired and paid big salaries to work in government jobs.
This is SE Michigan
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