Posted on 08/15/2022 2:03:21 PM PDT by qaz123
The pandemic housing boom is over. Welcome to the housing recession.
That was the message from the National Association of Home Builders on Monday. The NAHB/Wells Fargo housing market index unexpectedly dropped six points to a reading of 49, below the breakeven point indicating a deteriorating market.
This is the eighth straight monthly decline for the index of homebuilder sentiment. Apart from a brief period at the start of the pandemic, this is the first below 50 reading since 2014.
(Excerpt) Read more at breitbart.com ...
Who are they building houses for? Have American's had that many babies 20-30 years ago that all these folks are now wanting to buy homes?
Or is it, that so many people(Liberals, Democrats, sh*tty leftists) are moving out of the cities, counties, and states that they destroyed with the disastrous policies they've been pushing and supporting for years and they need a new place to live? Mainly, Southern and midwestern locales that have/had it good before they started invading?
Coastal South Carolina, from Myrtle Beach heading south, is getting so overdeveloped that it's almost impossible to drive around the place. Places like Murrell's Inlet, once a nice, laid back, slow and cozy area is being destroyed with out of control development....Question: Can you build on wetlands? I thought wetlands were protected from such.
And of course, so many city councils and county commissions are completely incapable of saying NO MORE to any developer. The same developer that promises all sorts of tax revenue from all the development. Tax revenue that really never comes to fruition, as more folks means more money going out and a communities entire "personality", for lack of a better term, is destroyed.
One need only look around metro Atlanta and in the city to see what a disaster these builders are. They can't pass up an opportunity to build 20 houses on 5 acres of land.
Afraid a lot is Section 8.
Here is an issue and take this into consideration. A local town can fight developers only so much without bankrupting the town. Also, near where I live, if you have a farm you cannot afford to run it or pay the taxes on it or you cannot pay the death tax on it you sell it for a good price and retire. At what point do you tell the rightful owner what they can and can't do with their land?
(Welcome to the housing recession)
Don’t worry. Frogjerk and I have just read how things are getting better.
Let’s Go Brandon!
Nationwide, builders have not built enough homes for about 10 years. Some of this is due to builders figuring out that they made better money building fewer expensive homes than building more lower priced ones. This worked due to the Boomer generation reaching the age to buy their dream homes. A lot of those homes are becoming overnight/short term rentals now, and the owners are doing very well if they are pros at the business.
There’s a lot of housing demand right now from Millenials. No prior generation has made good money as early in life as they have, and dual income households are more prevalent than ever. Some also have parental help with down payments, etc.
It will take some years to return to supply/demand for housing to what is considered “normal”. In a “normal” residential market it takes an average of 90 days for a home to go under contract. Let’s see when we reach that number again.
People are trying to escape hell holes that they may or may not have helped create. Secondly, everyone is having dogs instead of kids because they do not know the value and blessing of children and the word sacrifice is limited to not having a latte one morning.
Your post makes a lot of sense.
Thanks, I’ve been in real estate and energy for about 50 years.
It could be the US Giverment is buying up houses ( or leasing them ) and putting millions of “migrants” in them. Then new housing is needed for those of us that pay our bills and don’t leach off of the government.
Same where I live. Or we might live in the same area.
By me, a developer bought a golf course to put up apartments. Course is bordered by two, two lane roads with not a lot of room for widening. Can’t get down the damn things now. Zoning board denied the permits. City council overrode the board, construction is supposed to be moving forward, although I haven’t seen anything. And have heard that the developer is now walking back on some of the promises he made about some things.
Disgusting. Was a great little place to live. On a side note, my taxes have almost doubled and I have ZERO idea what I’m paying for.
The World wants to be here...that is what I figure.
The pigs feed where the food is free and people are too I'll informed to vote him out.
On another note.. 1/2 the population works home construction or has a riding mower and a weed whacker mowing other people's lawns.
Fwiw Horry county is fat with ny, nj, pa, Delaware, Virginia, Maryland retired old people's 401k's.
At what point do you tell the rightful owner what they can and can’t do with their land?
I understand that and everything else you wrote.
Monticello, GA....those good ol’ boys have told everyone to F**K OFF.
And, no, you can’t tell the property/farm owner what to do with their land. No way. But, you can tell the developer that every home has to have 2 acres. We are not allowing high density, houses stacked on top of one another...200 homes on 50 acres of land...NOPE.
Where I’m living, I’d say that almost over bit of construction I’m seeing is townhomes or small homes on very small lots. And I grew up in a house that was on a 40’x100’ lot. And these are smaller than that. And, they’re asking $300k or more.
What would happen if a very large section of people fed up with all of the government giveaways and programs threatened to not pay their mortgages and taxes all at the same time? Would it crash the system?
Everything you wrote may have been that way a few years ago.
Interest rates are going up and they ain’t stopping. Prices are through the roof. Not sure who is right, you or the person that wrote these articles:
And now, if you outright own your home and want to upgrade, chances are you’re just getting another version of your own home since all the prices are so inflated.
And the Democrats want to bring back the mortgages of Clinton and Soetero...stated income. Saw an ad the other day.
Yep. Same with my taxes. Very frustrating.
There was a widespread taxpayer revolt in the mid 1930s.
These days, with income tax withholding and sales tax, it is almost impossible to stop paying taxes. We could stop paying property taxes and all lose our homes.
Withholding was the worst invention ever (after the income tax itself). People don’t have a clue how much they are paying. It made gargantuan government possible.
Not in the metro area of Georgia or the Augusta area, sir/mam. Liberals are moving in as fast as they can load up and get the moving van going.
Lets see, Des Moines is now pretty much liberal. Most any college town in any of the aforementioned areas are about as liberal as they can get.
Austin...liberal AF, as is DFW and the immediate suburbs.
Greenville, SC...used to solid Red, now solid BLUE.
Gwinnett and Cobb County’s, Georgia....years ago, so RED, Democrats were afraid to talk. Not so much anymore. Want to know how you know you’ve turned BLUE. Find out if your Sheriff is a Democrat. Left wing Democrat that wants to make changes to what has worked for decades.
Charlotte....the new South...liberal/Democrat as hell.
Boise, Idaho... being overrun.
Kalispell, Montana...although it appears as though many in Montana have woken up and voted many Democrats out.
Charleston, SC....while probably never a Conservative hot spot, the Battery area is pretty much all liberal Californians.
The list goes on.
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