U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-02-2018, 03:00 PM
 
24,760 posts, read 26,839,776 times
Reputation: 22799

Advertisements

Quote:
Originally Posted by sheerbliss View Post
Being from Denver, a hot market, I know it's hard for someone to start out in such a place. Denver and Toronto might be trendy places that younger people like, but they're terrible places to get a financial foothold.

I took my own advice about moving--that's why I'm in Indianapolis now: to own my house free and clear. I did a lot of research, got some cash together, and moved. If I'd spent my time reading conspiracy theories instead, I'd still be in Denver paying a mortgage, and if I'd gotten financial advice from the Old Testament, I'd still be renting.
That's great that you solved the issue for you, but the agenda is we have a game of musical chairs being played. There's a tendency to think everything's ok--until you lose your chair.
Reply With Quote Quick reply to this message

 
Old 11-02-2018, 03:59 PM
 
473 posts, read 367,855 times
Reputation: 1019
...and in spite of all the hand wringing, more people own homes today then the last 70 years.

1950's = 32%
1970-80's = 28%
2000's = 34%
Reply With Quote Quick reply to this message
 
Old 11-02-2018, 05:45 PM
 
Location: Indianapolis, East Side
719 posts, read 355,067 times
Reputation: 1643
Quote:
Originally Posted by mysticaltyger View Post
That's great that you solved the issue for you, but the agenda is we have a game of musical chairs being played. There's a tendency to think everything's ok--until you lose your chair.
Forty million Americans and four million Canadians move every year. I'm not the only one who moved for cheaper housing.

As you may have heard, Americans are leaving progressive basket cases like California, Illinois and New York in droves for freer, cheaper places in the South and interior west. If there's a conspiracy to control where we live, it's been an epic fail.
Reply With Quote Quick reply to this message
 
Old 11-02-2018, 05:56 PM
 
Location: Indianapolis, East Side
719 posts, read 355,067 times
Reputation: 1643
Quote:
Originally Posted by Ultrarunner View Post
I believe US Home Ownership peaked under Bush... it was a goal of his administration and then it was said the crash happened because it was too easy to buy a home...

Which is it?
The short answer is that home ownership was pushed to the point that they had to offer subprime loans at non-sub-prime rates. See The Housing Boom and Bust by Thomas Sowell for a more detailed answer.
Reply With Quote Quick reply to this message
 
Old 11-02-2018, 06:11 PM
 
26,936 posts, read 38,191,714 times
Reputation: 34884
Quote:
Originally Posted by pdw View Post
Population increase is not the driver of this. It's increasing wealth disparity and property hoarding by the rich. Population growth has slowed dramatically in the West, and is only kept up by a relative trickle of immigration to keep it from actually shrinking. When you look at the dramatic population growth in much of Canada and the United States during the first half of the 20th century, the cost of housing remained attainable despite the need for housing to be built very rapidly for an exploding population and with less technology than today. Housing is no longer affordable for the middle class, how is this not a crisis? If you're one of the lucky one's and don't think it effects you look at it from this perspective: where's the motivation to work when even full time work can't provide the basic shelter necessities for your family? This could cause a complete economic collapse.
According to a few posters in the Automotive Forum that will be done by Elon Musk. Seriously, they think so.

Crazy people everywhere.
Reply With Quote Quick reply to this message
 
Old 11-02-2018, 09:19 PM
 
Location: Brawndo-Thirst-Mutilator-Nation
15,240 posts, read 15,250,601 times
Reputation: 10973
Don't gripe too much, everyone wanted to be saved from "The Great Recession".

Remember when housing was actually starting to get affordable, that was considered nightmarish.

Last edited by tickyul; 11-02-2018 at 10:44 PM..
Reply With Quote Quick reply to this message
 
Old 11-02-2018, 10:14 PM
 
25,874 posts, read 49,787,562 times
Reputation: 19321
Quote:
Originally Posted by sheerbliss View Post
The short answer is that home ownership was pushed to the point that they had to offer subprime loans at non-sub-prime rates. See The Housing Boom and Bust by Thomas Sowell for a more detailed answer.
I saw it first hand living in East Oakland... the big banks got into lots of trouble for being tight with credit and denying people the American Dream... It got to the point that anyone with a Heartbeat and that could sign could "Buy" never seen anything like it.

The courtesy bagger at Safeway where I shop bought 3 homes in two years for investment plus a condo for him and his bride... he lost the three homes when the teaser rates adjusted up... he did short sale on the condo... I advised him not to give up on the condo as he could afford it and the location was good... he said he could rent in the same complex and save $600 a month... and for about a year that was true...

Had he stayed the course... he would have about 380k equity today...

Don't get me wrong... I think adjustable and teaser rates and interest only have their place... I had one adjustable when rates were high... it adjusted lower 5 times... I loved that loan... when it ticked up... I got out through a much better deal at the credit union... 2.75% fixed for 15 years... with no points... still can't believe it.
Reply With Quote Quick reply to this message
 
Old 11-02-2018, 10:19 PM
 
25,874 posts, read 49,787,562 times
Reputation: 19321
Quote:
Originally Posted by tickyul View Post
Don't gripe too much, everyone wanted to be saved from "The Great Recession".

Remember that, when housing was actually starting to get affordable, that was considered nightmarish.
Thank you... the newspaper headlines were banner saying when will it end... the crisis of falling real estate...

It was in fact the buy opportunity of a lifetime... and some regular everyday people did just that...

My thought is the country is nuts.... first the crisis is high prices and then the crisis is low prices and now it is high prices... guess we are always in a state of crisis.

Or maybe human nature to want what everyone wants and shun which what has fallen out of favor?

Last edited by Ultrarunner; 11-02-2018 at 10:48 PM..
Reply With Quote Quick reply to this message
 
Old 11-02-2018, 10:39 PM
 
Location: Eugene, Oregon
7,132 posts, read 2,225,438 times
Reputation: 9710
Quote:
Originally Posted by pdw View Post
Population increase is not the driver of this. It's increasing wealth disparity and property hoarding by the rich. Population growth has slowed dramatically in the West, and is only kept up by a relative trickle of immigration to keep it from actually shrinking. When you look at the dramatic population growth in much of Canada and the United States during the first half of the 20th century, the cost of housing remained attainable despite the need for housing to be built very rapidly for an exploding population and with less technology than today. Housing is no longer affordable for the middle class, how is this not a crisis? If you're one of the lucky one's and don't think it effects you look at it from this perspective: where's the motivation to work when even full time work can't provide the basic shelter necessities for your family? This could cause a complete economic collapse.
The wealthy class of property owners are such fools, that they don't understand that if society collapses for those with meager resources, then it collapses for everyone.
Reply With Quote Quick reply to this message
 
Old 11-02-2018, 10:50 PM
 
25,874 posts, read 49,787,562 times
Reputation: 19321
But that is a universal truth... not enough mite to stop wanton disorder...

It has also proven very effective to achieve a goal... in the court of public opinion.

I do think the go along to get along days are coming to an end...

Several politicians I know have said if they can kick the can down the road so much the better...

Often doing the right thing proves unpopular... at least in the short term.

Last edited by Ultrarunner; Yesterday at 09:45 AM..
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top