Posted on 04/09/2023 12:18:26 PM PDT by millenial4freedom
Twenty-somethings who have been frozen out of buying a home are eagerly anticipating a potential housing crash in 2023 in the hopes that they’ll finally be able to afford a place of their own. A number of economists have noted that the combination of high inflation, rising interest rates to fight that inflation, the continued effects of Russia’s invasion of Ukraine and continuing pandemic-related supply chain bottlenecks are likely to bring about a recession sometime next year. If that happens, it could be enough to finally burst the decade-long housing bubble that sent home prices to record levels. And that’s exactly what Gen Zers are rooting for.
(Excerpt) Read more at finance.yahoo.com ...
Put that on a sliver of a bluff overlooking the ocean and I’m in.
In 1973 a WWII veteran told me his father said in 1946: Don't buy a house now, wait for prices to go down.
At that time, a new house was just over $5,000.
There will always be money and housing - for some people. As best I can tell our ruling elites have plans to destroy America's middle and working classes; and give whatever is being produced to their friends and auxiliaries.
I don't see any other explanation.
There is not a suburb in our area, not even one, that allows apartments to be built.
Wishing for a condo? Construction of those has been banned also.
So if you want to retire and downsize you can forget it unless you are lucky and nab one of the few condo units available (usually built in the 70’s or 80’s).
Want a 2,000 square foot home? Those are not being built.
Want a 4,000 square foot home? You can forget even getting a call back from a contractor.
Want a 6,000 square foot home? Okay, maybe somebody will deal with you.
There is nothing new anywhere around this city that sells for less than $500k.
And this is the poorest metropolitan area in the nation.
there can be no significant decrease in home values unless there is a MASSIVE amount of people going bankrupt and having their homes taken back by banks.
Because no one will sell a home if they owe more on it than it is worth and have to PAY to sell it.
What is FAR more likely to happen is home prices flatten out and rents that have actually lagged home prices will start to catch up. So if you are renting.. prepare for your rent to double in the next few years
just average inflation of 3% would of made that 17K home 136K today.
But that’s only PART of the difference.
That 17K home was most likely a small 2 bedroom 1 bath home with no central AC and came with no appliances, and may not even has sat on a slab foundation.
A home back then was far more comparable to a small trailer home today.
They don’t even make homes like that anymore, I am not even sure codes will allow them to.
Not all Baby Boomers were crooks. There are crooks in every generation. Members of the generation before Baby Boomers pushed manufacturing overseas to their commie friends and pushed for skyrocketing upper management salaries. The union busting free traitors I knew were mostly old, prior Navy officers hating on the younger men working in the shops (machining, fab, welding, etc.).
We were healthy and muscular. They expressed jealousy of that at times. They were drunks, and they were chasing female employees in the offices (other men’s wives). Their academic feminist daughters pinned the blame for those indulgences on the rest of us.
And there have been crooks in every generation since. We try to survive and strive for economic independence from them in spite of their crookery, spying and harassment.
FTFY, Yahoo News.
I'm just tired of everyone bagging on Gen-Z as if they're some weird abstraction, space aliens from another planet.
They are our children, raised by us.
If they're behaving in a certain way, we need to look in the mirror and hold ourselves accountable.
This is the world we gave them.
Either way. Prices rise when rates decline. When rates decline prices rise. It is a bit of a tautology.
Right. 👍
My first mortgage was at 12% and I was damned glad to get it, because it was significantly less than the 18% mortgage rates that were common a few years before.
It is not quite that simple.
I had a friend that was a mtg broker and I tried to explain this to him, and why he should maybe target this neglected mortgage segment, but I don’t think he ever did.
He mostly did high interest - high risk large fee to him loans.
Any properly designed and built house over 900 square feet can be good for a small family. Anything over about 625 square feet and designed well enough can be good with plenty of storage in a separate building and a garage/shop on the same lot.
I'm just tired of everyone bagging on Gen-Z as if they're some weird abstraction, space aliens from another planet.
They are our children, raised by us.
If they're behaving in a certain way, we need to look in the mirror and hold ourselves accountable.
This is the world we gave them.
This.
Just move to blue states where normal people are fleeing from. Got to be some bargains there.
Unfortunately not enough people are moving out of California to make a difference in housing prices. If they were, I wouldn't have to deal with so much traffic on the freeway. There's also the fact that Big Tech is buying up huge tracts of homes for its workers, particularly in the Bay Area, restricting an already limited supply.
Laughing twenty-somethings at a bistro paying for overpriced coffee. Cute white, blonde chick with a black boyfriend (of course) accompanied by friends, all wearing surgical masks.
Why do you care what race someone else's date is?
Re: 97 - Because the number of posts that make such comments about race is apparently increasing. Because that’s how some FReepers think you grow the membership at FR.
True and well said.
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