There's no telling where the money went.
Posted on 12/27/2021 7:08:48 AM PST by Browns Ultra Fan
Housing in the US is getting “simply unaffordable.” And it has gotten far worse over the past year. Thanks to BAD government policies.
While wage growth is positive, inflation is sucking the life from consumers. REAL average hourly earnings growth is -2.0133%. Even worse, home prices are rising at a 14.12% pace in REAL terms. So, wages are losing to inflation and housing is pulling away from renters in terms of affordability.`
This image has an empty alt attribute; its file name is realwagecs.png So it is not surprising that the University of Michigan consumer survey for “Buying Conditions For Housing” remains below 100 (meaning that more people think buying conditions for housing are negative than positive). With the Case-Shiller National home price index growing at a 19.51% YoY pace, it is no wonder that consumers are getting scared of the housing market.
Yes, US inflation is at a 40-year high and the 30-year Treasury Inflation Protected (TIP) yields is at -0.424%. That says quite a bit about the pickle US consumers are in.
US consumer confidence overall has declined to the lowest level since just after the financial crisis and housing bubble burst of 2008-9.
Doctor, Doctor (Yellen), please don’t try to make housing more “affordable” which will result in housing being even LESS affordable.
But I do like how Biden took credit for lowering gasoline prices a little after his anti-energy policies drove up gasoline prices in the first place from $2.20 to $3.40 a gallon, a 55% price increase. Thanks for nothing, Joe!
And with Omicron raging (with few reported deaths), Anthony Fauci, President Biden’s top medical adviser, indicated support for making vaccinations a requirement for domestic fights.
More loss of personal freedom, more government control. We are truly addicted to gov.
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This increased are hitting normal people in the wallet in home owner insurance premiums.
Cost to rebuild, etc see premium increases from 50% to over 100% — aka double cost to insure now than a year ago.
And of course insurance companies that don’t want to ‘share in the pain’ — give ‘em all they want.
The 40 and under demographic should be leading the charge against these ancient kleptocrats. Its their birthright being frittered away.
California
https://www.mercurynews.com/2021/12/22/california-to-help-homeowners-catch-up-on-mortgage-payments/
SACRAMENTO — California will help up to 40,000 homeowners catch up on their mortgage payments.
Gov. Gavin Newsom announced Monday the federal government approved his mortgage relief plan. California will use about $1 billion in federal money to help people who fell behind on their mortgage payments during the pandemic.
The program will pay past due housing payments in full, up to a maximum of $80,000 per household. The money would go directly to the banks or mortgage servicers.
So the scummy banks are grifting off Uncle Sugar for a billion.
The money would go directly to the banks or mortgage servicers.
Exactly!
Man, you couldn’t even rent a one-bedroom apartment right now for what the mortgage payment on my house is.
A house in such bad shape it would not qualify for a mortgage was sold on my Florida street for almost $400,000 in less than one day.
I would hope the houses would have liens placed for the government aid amounts.
13 years ago I was in a Seattle 550 sq/ft efficiency apt for $1,250/month. I have a North Dakota 3BR cabin on 1 acre now for $650/month. The quality of life difference is amazing. (I’ve worked from home the last 15 years, I can live anywhere, thank God.)
There's no telling where the money went.
Perhaps letting two million more illegals invade over the border will help reduce housing demand and cost.
“So the scummy banks are grifting off Uncle Sugar for a billion.”
Why. should the banks eat the losses mandated by the government?
Government steps on the garden hose, then hollers about decreased flow, then puts another foot on the hose...
Thanks to the eviction moratorium. Small mom and pop landlords are being foreclosed upon/having their property seized for tax money due to the gov’t okaying a taking of private property rights.
Very few rentals left that are willing to deal with the gov’t halting a private contract. Therefore the rents have skyrocketed.
Tent sales?
All part of the plan for government to take over housing. Council Estates for everyone!
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