I feel in limbo. We’ve been renting from my parents, at a very low rent for over 15 years. I didn’t think we would stay here, and I feel like we missed out on buying real estate during the crash because my husband was not settled with a job at the time. In hindsight, we should have just bought a few rental properties. Though when I saw how tenants seemed favored during Covid lockdowns, and I recently saw how people are allowed to get away with squatting (even high end homes) in Washington state, it makes me concerned that landlords could get the rug pulled from under them, too, during the next crisis/plandemic. Sometimes I wonder if it’s a good thing that we stayed in limbo. Maybe it’s better to live humbly and stock up on freeze dried food to barter with in the coming bad times.
Median price is a totally misleading statistic, provided by the MSM and the Hoomers, because they want you to believe the lie.
The reason the median price keeps rising is because sales of homes with a price tag north of a million continue to rise. In fact, sales of homes north of a million are up 40% YOY. And sales of homes between 750k and 1 million are up 34% YOY.
When you remove sales above 750k the median sales price is falling, not rising. And it has been that way going back to Q3 of 2023.
34% of listed houses had at least one price cut in April.
It’s another example of the splintering of society between the top, and everyone else. But a reckoning is coming. And nobody will escape. Those at the top have a lot further to fall.
Low mortgage rates that we’ve seen in most recent years hovering between 2 and 3 % are rather an anomaly over the past 50-60 years. The closest decade to something similar was in the 1950s when rates averaged 4%. Then rates began increasing in the early 60s to 7% by the end of that decade. In the 1970s, mortgage rates soared to 12.9% by 1979. As if that wasn’t bad enough, in the 1980s, mortgage rates reached 18.63%. Then rates began to come down by the close of the 80s and part of the 90s saw 9% mortgage rates and part of that decade enjoyed a lower rate of 6.5%. Then in the 2000s, after Clinton’s enactment of the Mortgage Relief legislation of September 1999, that opened up the mortgage market to those who should have never qualified and started a building and buying frenzy. But that was not the only legislation that Clinton signed. He also did away with the Glass-Steagall Act of 1933, which opened up previously unlawful residential opportunities to Hedge Funds and other normally classified commercial investors. These two pieces of legislation changed our greatest economic force in America. The first decade of 2000 saw rates between 4.7-8.6% and averaging around 6.2% for that decade.* In the 2010s, rates plunged to 3.5% for most of the decade, and the 2020s dropped a little more to 2.65% and then finally surging to 7% in 2023.
So, low mortgage rates are not traditional, but if you look at the results, low rates is what caused a bidding war and drove house prices out of reach for most of America while simultaneously pulling the job rug out from under our feet. Therefore now we are cursed with outlandish home prices and Mickey Mouse jobs. Sounds like a plan to me. You will own nothing. . .
And truth be told, where I live, the houses are literally made out of styrofoam and chicken wire and stucco (which is worthless material), yet in my suburb, there is little under $500K and the high side is about $800K. The house I grew up in cost $9,000 and it was brick, plastered walls, steel beams, etc. Our fall is irreparable but let me be clear. It’s not because of money or houses. They are only symptoms. Our fall is irreparable because most cannot recognize what the sinking catalyst was and still is. Money is the distraction but the disease is far deeper.
*These were low rates compared to the 3 previous decades and the buying frenzy drove house prices up (greed not value) and many who should have never qualified, lost their homes in foreclosure and short sale.
I can recall buying a home in the 1980's with an 8% variable rate working a factory job. What's the big deal? But wait, sure home prices are a lot higher but haven't wages increased too? The silly gov says everything is great and we are in God's Fat Little Pocket.
Boom times ahead thanks to The Dummy...vote for The Dummy and get a free ice-cream cone. What more do you want? A free house? You gotta become an illegal to get one of those.
I am seriously considering to buy a trailer and a piece of property somewhere remote to bug out to. I don't think the zombie movies were too far off.
actually my senior banking VP friend has done exactly the same thing.
Cool
I feel in limbo. We’ve been renting from my parents, at a very low rent for over 15 years. I didn’t think we would stay here, and I feel like we missed out on buying real estate during the crash because my husband was not settled with a job at the time. In hindsight, we should have just bought a few rental properties. Though when I saw how tenants seemed favored during Covid lockdowns, and I recently saw how people are allowed to get away with squatting (even high end homes) in Washington state, it makes me concerned that landlords could get the rug pulled from under them, too, during the next crisis/plandemic. Sometimes I wonder if it’s a good thing that we stayed in limbo. Maybe it’s better to live humbly and stock up on freeze dried food to barter with in the coming bad times.
You and your parents did the right thing all along.
Median price is a totally misleading statistic, provided by the MSM and the Hoomers, because they want you to believe the lie.
The reason the median price keeps rising is because sales of homes with a price tag north of a million continue to rise. In fact, sales of homes north of a million are up 40% YOY. And sales of homes between 750k and 1 million are up 34% YOY.
When you remove sales above 750k the median sales price is falling, not rising. And it has been that way going back to Q3 of 2023.
34% of listed houses had at least one price cut in April.
It’s another example of the splintering of society between the top, and everyone else. But a reckoning is coming. And nobody will escape. Those at the top have a lot further to fall.
The price is not the issue it's the cost of credit, no one can buy even with lower prices, still smoke and mirrors remember it's an election year.
Klaus Schwab did say: You will own nothing and be happy.
https://rumble.com/v2otq4d-you-will-own-nothing-and-be-happy-what-the-wef-and-klaus-schwab-really-mean.html
So, are "they" deliberately making "homeownership" a painful experience ?
....has fallen to a depressingly low level, and the number of Americans that are buying homes has fallen to a depressingly low level...
Fallen Fallen, Fallen !
Suddenly Babylon has fallen and been broken;
Wail over her!
Bring balm for her pain;
Perhaps she may be healed.
9 We applied healing to Babylon, but she was not healed... Jeremiah 51
Low mortgage rates that we’ve seen in most recent years hovering between 2 and 3 % are rather an anomaly over the past 50-60 years. The closest decade to something similar was in the 1950s when rates averaged 4%. Then rates began increasing in the early 60s to 7% by the end of that decade. In the 1970s, mortgage rates soared to 12.9% by 1979. As if that wasn’t bad enough, in the 1980s, mortgage rates reached 18.63%. Then rates began to come down by the close of the 80s and part of the 90s saw 9% mortgage rates and part of that decade enjoyed a lower rate of 6.5%. Then in the 2000s, after Clinton’s enactment of the Mortgage Relief legislation of September 1999, that opened up the mortgage market to those who should have never qualified and started a building and buying frenzy. But that was not the only legislation that Clinton signed. He also did away with the Glass-Steagall Act of 1933, which opened up previously unlawful residential opportunities to Hedge Funds and other normally classified commercial investors. These two pieces of legislation changed our greatest economic force in America. The first decade of 2000 saw rates between 4.7-8.6% and averaging around 6.2% for that decade.* In the 2010s, rates plunged to 3.5% for most of the decade, and the 2020s dropped a little more to 2.65% and then finally surging to 7% in 2023.
So, low mortgage rates are not traditional, but if you look at the results, low rates is what caused a bidding war and drove house prices out of reach for most of America while simultaneously pulling the job rug out from under our feet. Therefore now we are cursed with outlandish home prices and Mickey Mouse jobs. Sounds like a plan to me. You will own nothing. . .
And truth be told, where I live, the houses are literally made out of styrofoam and chicken wire and stucco (which is worthless material), yet in my suburb, there is little under $500K and the high side is about $800K. The house I grew up in cost $9,000 and it was brick, plastered walls, steel beams, etc. Our fall is irreparable but let me be clear. It’s not because of money or houses. They are only symptoms. Our fall is irreparable because most cannot recognize what the sinking catalyst was and still is. Money is the distraction but the disease is far deeper.
*These were low rates compared to the 3 previous decades and the buying frenzy drove house prices up (greed not value) and many who should have never qualified, lost their homes in foreclosure and short sale.
I can recall buying a home in the 1980's with an 8% variable rate working a factory job. What's the big deal? But wait, sure home prices are a lot higher but haven't wages increased too? The silly gov says everything is great and we are in God's Fat Little Pocket.
Boom times ahead thanks to The Dummy...vote for The Dummy and get a free ice-cream cone. What more do you want? A free house? You gotta become an illegal to get one of those.