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What folks are missing is that this means that the rich will continue buying up the housing markets, and sucking up wealth through renting at ever higher pricing. There is a reason people like Sean Hannity own over 900 houses. Its because they can see that the future has more and more people renting at higher and higher prices.
This is of little concern to me (in fact, it's a positive since I am more often on the lending side), but I can't help but wonder how it hits the forgotten man and woman. Stable wages....at most up 1%, yet fuel up 10-20% and interest rates up 30-60%.
As it stands, the housing market in many areas has barely recovered (if that!) from the Great Recession, now this means the average person can afford less...
It looks like the Citibank Plutonomy memo is more true than ever. There is "us" and then there are the rest (most people!).....
You should come to NC. They are building houses here as fast as they can, and where I live if a house goes on the market, a bidding war ensues and the house sells for more than list. There are 300 houses in my neighborhood and there is no house for sale that has been listed for more than 10 days. It's amazing to see.
Interest rates need to go up. Bigly They should have been allowed to up in the late 2000s. We would have avoided the financial crisis. It's a natural point of the economy doing really really well, aside from all the nonsense from cNBC that might say otherwise. Remember 100% of the idiotic pundits on cNBC missed the impending financial collapse of 2008/09. It's a remarkable demonstration of malfeasance by the MSM. Why anyone goes to them now is beyond me.
This is of little concern to me (in fact, it's a positive since I am more often on the lending side), but I can't help but wonder how it hits the forgotten man and woman. Stable wages....at most up 1%, yet fuel up 10-20% and interest rates up 30-60%.
As it stands, the housing market in many areas has barely recovered (if that!) from the Great Recession, now this means the average person can afford less...
It looks like the Citibank Plutonomy memo is more true than ever. There is "us" and then there are the rest (most people!)..... https://delong.typepad.com/plutonomy-1.pdf
I might actually start seeing a return on my savings account, instead of having to play the stock market.
Exactly and now more of their payment will go to the bank instead of towards their equity in the home. I'm sure somebody will be along to explain how that is actually a good thing though.
Because when people buy houses they cannot afford, eventually they default on their loans...... and then they have to be bailed out......
The monthly P&I payment on that same property today is less than what I was paying 37 years ago, despite the market value increasing 4- fold.
Middle-aged mom: Our age is indeed showing. My adult children's eyes glaze over when I try to tell them the elated feeling my husband and I had on one relocation. It was the time we were doing cartwheels because we found a builder who was offering an 11 1/4 % rate, when the average in the country was 14%.
And one of those so called children is married to a RE broker. They don't believe or understand.
I might actually start seeing a return on my savings account, instead of having to play the stock market.
Lol, but of course.
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