I bought my first home in 1980 as a young naval officer. Mortgage interest was at 11.5% when I bought it. If I hadn’t qualified for a VA no down payment loan, I wouldn’t have been able to do it.
Carter had been president and we were in a state of stagflation. It took a Republican in the White House to turn the economy around. I hope it happens again.
I feel bad for young people trying to buy homes today.
Remove the MASSIVE government spending and GDP would indicate a recession or depression.
So much talk of interest rates, mortgages and home ownership.
Over 19,000 homes are mega-corporation owned and they’re all rentals. That number goes up, regularly as the ‘we’ll buy it for cash right now’ folks are everywhere.
1. Those rentals should have additional taxes on them to help offset what they do to property taxes and school taxes.
2. You’d think the state and local politicians would care and do something about it……Nah … mega fills pockets with cash.
3. Ban any and all “Build To Rent” developments, other than apartment complexes which should be few and far between, and “incentivize” owners of such to sell
Printing 1T a month is the 1.7% growth.
Mortgage payments to earned wages is ominous, add to it the cost of food and healthcare, basic necessities, to earned wages.
….this is just the beginning of a decade long (plus) decline…with such a high debt, it is a mathematical impossibility to pay it off. It is also a mathematical impossibility to pay off all the credit card debt and student loan debt. The only mathematical “ outcome” is default.
Biblical “ Jubilee” will occur, one way or another……