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With "work from home" WFH, many companies are no longer needing to physically relocate people from one company work location to another if they change a person's job assignment. An employee can be transferred to a different work group or assignment in another company office location, but not actually have to be at that office to perform the work. They simply WFH and report to a boss at the new office location, and maybe occasionally make a short trip to visit that office location. No need to move the employee to a new city. The end result, even fewer people selling houses due to a physical job location move. Fewer houses on the market.
My wife is hiring people in Costa Rica, and she is working for a company based in Canada. The Costa Ricans don't have to come here at all.
i dont disagree , but because situations are different in different areas and peoples resources are different at different stages of their lives one size fits all statements don’t apply either .
even in other parts of the country if one has a choice between plunking their money in to a house or buying a practice or business , it would still be a better choice buying that practice or business with the money and down the road looking at a house
so there are mix and match situations too any one with the resources can do anywhere where they may rent and deploy money elsewhere , once they make their money and sell off what they bought , go back to owning .
we could have done that anywhere in the country and ended up being able to buy multiple homes today instead of just owing one and missing that opportunity elsewhere.
so it isn’t all or nothing either.
once can certainly pay the piper for a while , rent and then consider buying a house later after they made even more money.
regardless of where i lived i would still have done exactly what i did only maybe not rented forever going forward .. i would have deployed that money no longer tied up in a house , made my money and bought down the road .
that is the only change i would have made.
good connections to deals and people can be made anywhere when someone wants a business or has a decent amount to invest .
my son was looking to do that and through talking to professionals he ended up finding an auto leasing company with ties to a big dealership looking for a partner .
rather then buy a house he took the money and bought in to a very successful auto dealership
now he owns a house in new jersey and a successful business
The problem is that there are a bunch of people who don't want to get up off their butts and change their situations in order to have what [they say that] they want. They want someone to give it to them or for some other 'magic' to happen, so they can get it without it being 'hard' for them.
That would be the long and short of it.
And even that wouldn't be so bad except they wanna tax the snot out of the restivus and spend $Millions to fix a problem created by government that they could fix themselves.
Quote:
Originally Posted by Zymer
No, it isn't. In many cases those homes can be obtained by paying the back taxes due to the locality in which they are and obtaining the deed, and/or by right of adverse possession- occupying the property and paying the taxes owed- there are laws that cover this.
That poster doesn't understand that covers a fraction of a fraction of the vacant houses on the market.
We're talking about someone who died intestate, has no children, and outlived their parents and whatever siblings they might have had. Depending on the court/State, the Probate Court is the de facto administrator and has a legal duty to make an attempt to locate possible heirs per stirpes but that would only keep the house off the market for 12-24 months.
Regarding property taxes, cities and counties are so hungry for revenues they'll foreclose immediately, but those properties are occupied 99% of the time.
I can't speak for other States, but in Ohio the max is 24 months. So you go to court and negotiate a 24-month repayment plan which is what the homeowner was trying to do all along.
If the repayment plan is unaffordable, then you look at a Chapter 13 filing which will spread the payments out over 36-60 months. Late fees and penalties are dischargeable but the interest is not.
If it is still unaffordable, then the only option is to delay the Decree of Foreclosure for as long as possible to get the house on the market and sell it, which is preferrable to a sheriff's sale or public auction.
The wage gains that I've seen have largely been at the bottom of the labor market. If you were making $10/hr. in 2019, and are now making $14/hr., sure, you've had a big jump percentage wise, but it's still not enough to afford a house.
The annual salary at $14 an hour for full time employees is around $29,000.
The OP has noting to do with real estate investors and I don't give a damn about them and if you're too timid and weak to invest in the other 160,000+ housing markets then perhaps you ought confine your investing to the local lollipop factory.
Quote:
Originally Posted by redguard57
Subprime mortgages were only about 18% of the mortgage market in 2007 and not ALL of those borrowers were unviable. Even a complete crash of them shouldn't have caused something of the magnitude of the 2008 crash, but we didn't know what we didn't know.
Panic in large part manufactured by the Media. It was an election year, remember?
Quote:
Originally Posted by redguard57
You want the free market but we don't HAVE a free market if there are many buyers willing to pay 225-274k for a 250k valued house. That's millions and millions of dollars left on the table if someone would just BUILD THEM.
Economics fail.
When you grow up and learn how to use the internet you'll find a trade/professional association for municipalities which says there are 39,000+ municipalities in the US.
The evidence shows that a couple dozen of those 39,000+ municipalities really do have a housing shortage, but the other 39,000+ have a surplus or are at equilibrium.
Perhaps then you will become courageous enough to peruse the neatly packaged data on the US Census Bureau website and learn there are more than 160,000 housing markets in the US.
Some of those housing markets have a shortage and they will forever have a shortage because there is no feasible way to increase Supply.
Those markets have high Demand for whatever reason they do and the Laws of Economics require no specific justification for Demand.
We can liken it to a concert.
The Supply of Seats is X. There is no feasible way to increase the Supply. The price is $95/seat. When Demand exceeds Supply, the price rises.
I paid $700 for 2 seats. Why? Because I demanded 2 seats and I was willing to pay that amount.
That's the Free Market in operation. If you can't understand that, then perhaps knitting or gardening would be more to your liking.
Quote:
Originally Posted by rodentraiser
Yeah, rent is up almost three times as much, but I don't see anyone whose wage increased to $36/hour just to keep pace.
Another economic fail.
There's no relationship between rents and wages with the sole exception that Wage Inflation can drive rents up.
If Demand for rental units exceeds Supply, then the Laws of Economics say rents should rise but there is no Law of Economics that says wages have to keep pace with rents, or with Demand-pull Inflation or with Cost-push Inflation.
Having said that, I do believe we need a regulatory agency because I have reason to believe to that owners of large apartment complexes are colluding to increase rents unnecessarily. Understand I'm not basing it on the rental vacancy rate for the entire county, just the vacancy rate for that particular market and the markets adjacent to it because when the vacancy rates are consistently 28%-42% there's no justification for rent increases.
The OP has noting to do with real estate investors and I don't give a damn about them and if you're too timid and weak to invest in the other 160,000+ housing markets then perhaps you ought confine your investing to the local lollipop factory.
Panic in large part manufactured by the Media. It was an election year, remember?
Economics fail.
When you grow up and learn how to use the internet you'll find a trade/professional association for municipalities which says there are 39,000+ municipalities in the US.
The evidence shows that a couple dozen of those 39,000+ municipalities really do have a housing shortage, but the other 39,000+ have a surplus or are at equilibrium.
Perhaps then you will become courageous enough to peruse the neatly packaged data on the US Census Bureau website and learn there are more than 160,000 housing markets in the US.
Some of those housing markets have a shortage and they will forever have a shortage because there is no feasible way to increase Supply.
Those markets have high Demand for whatever reason they do and the Laws of Economics require no specific justification for Demand.
We can liken it to a concert.
The Supply of Seats is X. There is no feasible way to increase the Supply. The price is $95/seat. When Demand exceeds Supply, the price rises.
I paid $700 for 2 seats. Why? Because I demanded 2 seats and I was willing to pay that amount.
That's the Free Market in operation. If you can't understand that, then perhaps knitting or gardening would be more to your liking.
Another economic fail.
There's no relationship between rents and wages with the sole exception that Wage Inflation can drive rents up.
If Demand for rental units exceeds Supply, then the Laws of Economics say rents should rise but there is no Law of Economics that says wages have to keep pace with rents, or with Demand-pull Inflation or with Cost-push Inflation.
Having said that, I do believe we need a regulatory agency because I have reason to believe to that owners of large apartment complexes are colluding to increase rents unnecessarily. Understand I'm not basing it on the rental vacancy rate for the entire county, just the vacancy rate for that particular market and the markets adjacent to it because when the vacancy rates are consistently 28%-42% there's no justification for rent increases.
Inventory is the lowest of any June on record. If that's not a shortage I don't know what is.
It's b.s. there is no way to increase the supply. It's called build. We have apparently, as a country forgotten how to build anything other than apps.
It's b.s. there is no way to increase the supply. It's called build. We have apparently, as a country forgotten how to build anything other than apps.
This is unfortunately only too true. We can't build nuclear power plants, highways or hydroelectric dams either. It's as if all of the civil engineers and architects and structural engineers and so on, were summarily whisked away overnight, leaving none remaining.
Some blame ornery regulation. Others, labor shortages. Still others, NIMBYism. Environmental impact studies. Cost overruns. Overlapping jurisdictional authorities. Bad alignment of the planets. Regardless, [expletive] just isn't getting built. For how long, is this sustainable?
Without getting too far off topic... I mean a largely post-Christian society, such as Northern Europe… where there are elegant cathedrals, and the art museum features lots of examples of Madonna-and-Child etc., but where the actual practice of religion is viewed as something for superstitious grandmothers or retrograde peasants. By non-family-oriented, I mean a community where the total fertility rate hovers around 1.0 or less, where the plurality of middle-aged adults have no children, and where marriage is a quaint formality done late in life, and then only to please the grandchildren (if there are any). In other words, Stockholm, Copenhagen, Berlin, maybe St. Petersburg…. That kind of place. Or since you're familiar with San Diego... a society like Black's Beach.
Black's Beach is not really an area with housing - it is the beach below Torrey Pines State park the Glider port and the Torrey Pines Public Golf Course where the US Open is sometimes. "Black’s Beach La Jolla is a secluded section of beach beneath the bluffs of Torrey Pines, and is officially part of Torrey Pines State Beach."
The nearest housing is just south, La Jolla Shores, but is one of the most expensive places in the country - high 7 to 8 figures area of La Jolla - not at all like you describe. Mitt Romney had a house there until he sold it last year for $23.5M. Maybe you mean Bankers Hill or Hillcrest neighborhoods.
Inventory is the lowest of any June on record. If that's not a shortage I don't know what is.
I don't know where you get your figures - according to the FRED report "Housing Inventory: Active Listing Count in the United States" the data from May 2023 (June 1 data) shows 582K, the lowest was in Feb 2022 at 346K - it is about 70% higher today than 15 months ago. And if mean lowest May (since no June data yet) - inventory was lower in May of 2021 (447K - 30% lower) and May 2022 (479K - 20% lower) than this year (582K). Also a low inventory of homes for sale does not always mean a shortage - there can be other reasons for low inventory - like high demand.
Quote:
Originally Posted by redguard57
It's b.s. there is no way to increase the supply. It's called build. We have apparently, as a country forgotten how to build anything other than apps.
There are many reasons why it is difficult to increase supply in some areas - you can't just build as needed if land is limited or if there are lots of restrictions or regulations on building - these limit locations and delay projects that drive up prices and limit supply.
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