Builders are building less, it costs too much to build and it's hard to sell with houses so high.
My Dad taught me,
“If there’s big money involved, somebody’s gonna find a way to cheat.”
There’s big money involved in the housing market.
Cue the Biden “I did that” pic...
Prices of everything are through the roof (no pun intended). Lumber, sheetrock, plywood, wiring, plumbing, fixtures, heating & cooling systems, EVERYTHING! Bidenomics sucks, and I do not believe their stats. Inflation is much higher than what they want us peasants to believe. $450k is now the national average for a house. That’s not a 4 bedroom, 2 bath, 2 car garage place on a nice piece of property in a low crime area.
In N.J. .....Fuggedobowdit.
“No one can afford the inflated cost of borrowing money.”
The interest rates are quite reasonable considering inflation.
I have yet to hear a builder, real estate agent or self-identified would-be homebuyer call for a balanced budget amendment (or Warren Buffett-style controlled spending amendment).
“Warren Buffett...constitutional amendment...any time there is a deficit of more than 3 percent of the Gross Domestic Product, all sitting members of Congress will be ineligible for re-election”
Bidenoomics.’
What would one expect from something barfed up by an idiot?
We agree to buy this $400,000 house for the payment of $300,000, with the seller to be given a recorded assignable option to buy it back anytime during the years 2045 and 2055 for the amount of $400,000 less the costs of repairs needed place it in good marketable condition.
The buyers shall have the right to buy that option within the years 2024 to 2029 for $100,000 plus $10,000 for each full year elapsed since the date of closing.
The seller agrees to pay a commission of 3% to his real estate broker on the $300,000 purchase price during closing. The real estate broker agrees to accept that payment as payment in full by the seller.
Fewer homos being built, and current home prices going thru the roof, means that the prices of available homes will go higher than most people can afford. And rents for apartments also going much higher,and that means that, people won’t be able to pay to live anywhere.
All that means that Kamala will have to take set prices for homes and apartments, in order to make them affordable. Homes and apartments and payments for them, will become owned by the federal government. Add that to setting prices for food and energy and medicines and medical care and for home insurance and car insurance, and then mandating people only buy EVs. and VOILA!, a completely communist country, AKA: a completely ruined economy and country.
In California, the legal ability to place four housing units on a single-family lot exists (or is likely to). Florida recently voided covenants barring pickup truck parking. California might void unit count covenants.
In California, a single-family house plus its lot is priced accordingly, not what the Gringo family can afford, but what the Martinez, Lopez, Rubio, and Cortez familias can afford.
Does this mean that our economy is a Ponzi or Pyramid Scheme that constantly needs to grow or else die?
What happens when the population starts to collapse due to the fertility crisis?
Is the economy going to depend on the ever-increasing sales of Depends?
Imagine:
Our mom is developing dementia.
We are looking for a couple willing to help her stay at home.
In return for providing her care for each month, we will let the couple stay in her home for four months.
This position would be ideal for a young couple with recently born child where the child’s mom want to stay at home with the child.
I can only speak to Hawaii problems.
Specifically the Big island.
We don’t want to live in overcrowded subdivisions.
We don’t want to live in Soviet style apartments
with Soviet style government rules and personal freedom
limitations.
Lastly the USA has lots of land and is unusable because the government owns/controls way too much of it and the government is run by Democrat bureaucrats.
Biden’s plan for building back better still working so the plan for socialism to be excepted.