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Lopsided Housing Rebound Leaves Millions of People Out in the Cold
...most of the price gains, economists said, stem from a lack of fresh supply rather than a surge of buyers.
The pace of new home construction remains at levels typically associated with recessions, while the homeownership rate in the second quarter was at its lowest point since the Census Bureau began tracking quarterly data in 1965 and the share of first-time home purchases remains mired near three-decade lows.
The lopsided recovery has shut out millions of aspiring homeowners who have been forced to rent because of damaged credit, swelling student loans, tough credit standards and a dearth of affordable homes, economists said.
In all, some 200,000 to 300,000 fewer U.S. households are purchasing a new home each year than would during normal market conditions, estimates Ken Rosen, chairman of the Fisher Center of Real Estate and Urban Economics at the University of California at Berkeley.
It seems reasonable that the housing crash 8 years ago instilled some level of fear in a lot of folks. ESPECIALLY ones that got bit by the crash. It's entirely possible that some people who could be buying homes are simply choosing not to due to that fear.
It's also entirely possible that the crash damaged people financially to the point where they still haven't recovered enough to qualify to purchase, if they want to.
It was a wholly unique scenario so it would further make sense that it would impact the housing market "markers" in otherwise abnormal ways.
It is more realistic to think it will be a long time until recovery happens. You want home prices to go up and have demand for new houses? then we need the jobs and wages to pay for them.
Definitely tied to jobs and wages. People that cant get full time employment, or that are afraid of their jobs being shipped elsewhere aren't looking to sink money into a long term trap like a house.
There is a shortage of supply because builders aren't building. I suspect this is going to be an issue not for this election or presidency, but the next one. We need to start throwing up apartment complexes and cheap housing everywhere like the 70s and 80s did. The homes aren't usually pretty but they gave our population affordable roofs. I know the building restrictions in my home county, Collier, in Florida are ungodly. They don't even build single family homes down there unless if they are FAR away from the city.
There is a shortage of supply because builders aren't building. I suspect this is going to be an issue not this election or presidency, but the next one.
The demand is off. That is why there is a shortage of supply. Over supply gets falling prices, when demand justifies higher prices then supply will kick up.
Lopsided Housing Rebound Leaves Millions of People Out in the Cold
...most of the price gains, economists said, stem from a lack of fresh supply rather than a surge of buyers.
The pace of new home construction remains at levels typically associated with recessions, while the homeownership rate in the second quarter was at its lowest point since the Census Bureau began tracking quarterly data in 1965 and the share of first-time home purchases remains mired near three-decade lows.
The lopsided recovery has shut out millions of aspiring homeowners who have been forced to rent because of damaged credit, swelling student loans, tough credit standards and a dearth of affordable homes, economists said.
In all, some 200,000 to 300,000 fewer U.S. households are purchasing a new home each year than would during normal market conditions, estimates Ken Rosen, chairman of the Fisher Center of Real Estate and Urban Economics at the University of California at Berkeley.
Why do you think their credit is damaged? Yes, you guessed it, they are still hurting after the crash o 2008. It takes years to rebuild it after foreclosure.
The demand is off. That is why there is a shortage of supply. Over supply gets falling prices, when demand justifies higher prices then supply will kick up.
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Millions of illegals in country + insufficient housing supply = the rent is too high = renters cannot buy = rent slavery = new feudalism
Millions of illegals in country + insufficient housing supply = the rent is too high = renters cannot buy = rent slavery = new feudalism
No new jobs = no demand for property. We haven't added a new job to the economy in total jobs terms from 1999 until now. We've just replaced the lost jobs.
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