Posted on 09/12/2023 7:36:49 AM PDT by millenial4freedom
U.S. home prices across the country are surging even with the astronomical rise in mortgage rates, putting ownership out of reach for millions of Americans.
The spike in interest rates – which topped 7% last year for the first time in two decades – has created a "golden handcuff" effect in the housing market: Sellers who locked in a record-low mortgage rate of 3% or less during the pandemic began have been reluctant to sell and take on a more expensive option, leaving few options for eager would-be buyers.
(Excerpt) Read more at msn.com ...
This is nothing... in the 70’s I knew people who bought homes and paid 17% interest... hoping they could get their homes and refinance is a few years.
Anyone who wants to buy a home needs to consider the rates could go MUCH HIGHER. And if they don’t, just refinance if and whn rates go down.
AirBnB isn’t welcome in most HOA’s here in FL. At all.
Nope, just those boomer stooges who continue to vote for the Demagogic Party, while preferring to live in suburban settings for reasons they won't go into.
:NeverTrumpin':
That is a advantage of some hoa content, NYC seems to have cracked down on the as well. Lots of places aren’t hoa’s and some people want to be able and rent out their property. I understand that most hoa’s “own” the land, and folk pay a fee to live there.
Bull Hit!
Certainly don’t blame artificially low interest rates for a dozen years and the Fed is innocent too.
The bad news: I get blamed for everything.
The good news: Those who blame me for everything are sociopaths.
...........................
Yup! So true.
I think Barcklays hired some really stupid analysts.
Every instance of everyone I know, across all friends and family, and in my town, where someone has been hunting to buy or has bought a home, has been people in their late 30s to mid 40s, not “boomers”. I don’t know a single “boomer” who has moved or sought to move in a long time.
The ONLY force that boomers have a significant prescence in the housing market is, yes, they comprise a big portion sitting on homes, with or without an unfinished mortgage at a low interest rate. They see available houses as over priced and have no interest in acquiring a new mortgage at a high interest rate. That part is true. But they are not a big force as far as buyers go.
I read that to mean that Boomers would need fewer detached single family houses.
Some empty nesters and older people sell a detached single family house and move into a condominium or an apartment.
Yes they have to live somewhere but that somewhere may not be a detached single family house.
“Money printing and de-dollarization.”
Agreed
Nice and simple. Very well put.
Investment companies bankrolled by large equity firms.
https://www.theguardian.com/us-news/2021/jun/22/blackstone-6bn-deal-homes
why should i move into a retirement home so some stranger couple can buy my house? That’s some real entitlement there.
That would be us. But we ain't sellers.
That’s racist!
The problem comes when the sociopaths are the ones with the guns.
No thanks. I tolerated the "condo" experience when I first got married. Never again. I'm staying in my single family detached home until I'm room temperature. I have a nice backyard to set up the ham radio antennas that I could never put up in a condo. I feel zero obligation to "free" my home so others can buy it. There's plenty of apartments being built. I want no part of them. They are available for others to rent.
This seems to be the pattern from Government and its lackey MSM and print. Blame the boomers. Blame them for dying in the Pandemic because they wouldn’t get an untested VAXXINE. Blame them for the ever increasing cost of SS (never mind SSI and SSDI where you don’t have to be a boomer, or even worked and paid SS taxes for SSI for instance). Just blame the damned boomers.
Take their houses and put’em out in the cold to catch the flu, er uhh Covid, put’em in the hospital and jamb a big tube down their gullet and spike’em with Remdesivir. If that don’t do it, cluster them all together in some nursing home somewhere to die.
That’ll ease up on the SSA burden, for sure. Then all they gotta worry about is the 50 million illegals they’re eventually gonna have to give SS to. I won’t be alive when the full impact is seen but it sure would be a sight to see. Oh, the chaos.
None of us are obligated to do anything. Just observing, some older folks sell the family home after the kids are grown. Nobody is required to do so. No one is obligated to do so.
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