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Old 05-23-2022, 11:58 AM
 
26,198 posts, read 21,662,286 times
Reputation: 22772

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Quote:
Originally Posted by mojo101 View Post
foreign demand is mostly in major cities in Florida,CA,NY.
After 2008,builders have not built as many houses,hence the shortage.
I have not seen any construction since 2008??
Where do you live that you’ve seen no construction since 2008? 14 years or more either means you live in the middle of nowhere, aren’t observant at all or are just bs’ing folks, easily the US has been building 500k-1mm new houses per year for many years
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Old 05-23-2022, 12:04 PM
 
956 posts, read 512,953 times
Reputation: 1015
We are not only in a housing bubble, but an everything bubble due to ZIRP and stupid crappy money lending little to no downpayment and QE policies.

Can't count the number of times I have seen Rocket Mortgage commercials about people looking for money in their house and taking about turning equity into cash. LMAO. Was anything learned from 2008?? Heck no!!! Lenders still encouraging people to use their homes as piggy banks!! Degusting!! I swear at the TV whenever I see such commercials when watching the NBA and NHL Playoffs!! The only way to realize money in your home should be to sell it for crying out loud!! Otherwise there is no money in your home!!

I do think in general we are in a bit of a housing bubble, but unfortunately, I do not think a crash like 2008-2009 bad will happen, rather a correction back to 2019 prices when the FED does QT and keeps raising rates. But 2019 prices were still insanely too high!!

But you know what and I say this as a home owner of 9 years who has no mortgage, I hope we have a crash worse than 2008 and a flat line of prices at the bottom after the crash for a long long long time afterwards like e very thing thought we would in 2011 though unfortunately they were wrong. I am sick of punishing our grand children and punishing savers who want to pay cash for a home because prices rise too fast because of lackluster down payments and dirt cheap interest rates and entitled people using their homes as piggy banks.

I hope it all blows up much worse than 2008. Nit just homes. But deflation in prices of automobiles and everything else and cash is king and gains lots of purchasing power!! I seriously hope and will be cheerleading if that happens!!

For anyone that says careful what you wish for, I have no mortgage nor any other forms of debt and $73K of cash in checking and savings account combined. So even if I lose my job, I will be ok as I can look for another and get by on a low wage job as I have no debt. And maybe my wish of being able to work with my friends again before my old company were beyond cruel to us in July 2017 during such a deflationary reset as in fact my 2 friends started there in October 2008 during last crash before I cam onboard in April 2012. As for my brother and his wife, his wife is a teacher and teacher jobs are generally safe through most conditions, so they will be fine. And my parents are retiring and have gotten conservative so stock market if it tanked in such situation will not hurt them much.

But enough is enough. For too long we have had a society in a everything bubble with outrageous inflation in some things especially now in more than just housing and education that I welcome a deflationary spiral and reset!!

And I have little money in stocks anyways except 401K, so I do not care if stocks take 25 years to recover as I am young and ways from retirement.

But like C2BP said it is time for everything bubble to deflate big time!!

Maybe then all the people who refuse to work will actually take jobs as all the white collar jobs at zombie companies disappear and make restaurants and oil refineries more productive. My god gas prices are beyond insane because refineries have worker shortages like almost everywhere else and cannot produce enough. Yes oil prices too are high, but they are not that high that gasoline should not be beyond record levels at $4.59 and rising despite oil being flat at $109 to $111 a barrel for 1 month now. Gasoline last time oil was this high was like $3.85 to $4.00

Last edited by Wolverine607; 05-23-2022 at 12:16 PM..
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Old 05-23-2022, 12:14 PM
 
26,198 posts, read 21,662,286 times
Reputation: 22772
Quote:
Originally Posted by Wolverine607 View Post
We are not only in a housing bubble, but an everything bubble due to ZIRP and stupid crappy olending little to no downpayment and QE policies.

Cant count the number of times I have seen Rocket Mortgage commercials about people looking for money in their house and taking about turning equity into cash. LMAO. Was anything learned from 2008. Heck no!!! Lenders still encouraging people to use their homes as piggy banks!! Degusting. I swear at the TV whenever I see such commercials when watching the NBA and NHL Playoffs!! The only way to realize money in your home should be to sell it for crying out loud!!. Otherwise there is no money in your home!!

I do think in general we are in a bit of a housing bubble, but unfortunately, I do not think a crash like 2008-2009 bad will happen, rather a correction back to 2019 prices when the FED does QT and keeps raising rates. But 2019 prices were still insanely too high!!

But you know what and I say this as a home owner of 9 years who has no mortgage, I hope we have a crash worse than 2008 and a flat line of prices at the bottom after the crash for a long long long time afterwards like e very thing thought we would in 2011 though unfortunately they were wrong. I am sick of punishing our grand children and punishing savers who want to pay cash for a home because prices rise too fast because of lackluster down payments and dirt cheap interest rates and entitled people using their homes as piggy banks.

I hope it all blows up much worse than 2008. Nit just homes. But deflation in prices of automobiles and everything else and cash is king and gains lots of purchasing power!! I seriously hope and will be cheerleading if that happens!!

For anyone that says careful what you wish for, I have no mortgage nor any other forms of debt and $73K of cash in checking and savings account combined. So even if I lose my job, I will be ok as I can look for another and get by on a low wage job as I have no debt. And maybe my wish of being able to work with my friends again before my old company were beyond cruel to us in July 2017 during such a deflationary reset as in fact my 2 friends started there in October 2008 during last crash before I cam onboard in April 2012. As for my brother and his wife, his wife is a teacher and teacher jobs are generally safe through most conditions, so they will be fine. And my parents are retiring and have gotten conservative so stock market if it tanked in such situation will not hurt them much.

But enough is enough. For too long we have had a society in a everything bubble with outrageous inflation in some things especially now in more than just housing and education that I welcome a deflationary spiral and reset!!

And I have little money in stocks anyways except 401K, so I do not care if stocks take 25 years to recover as I am young and ways from retirement.

But like C2BP said it is time for everything bubble to deflate big time!!

Maybe then all the people who refuse to work will actually take jobs as all the white collar jobs at zombie companies disappear and make restaurants and oil refineries more productive. My god gas prices are beyond insane because refineries have worker shortages like almost everywhere else and cannot produce enough. Yes oil prices too are high, but they are not that high that gasoline should be beyond record levels at $4.59 and rising despite oil being flat at $109 to $111 a barrel for 1 month now. Gasoline last time oil was this high was like $3.85 to $4.00


You hope everyone just gets punished and you have a whopping 70k in savings? Lulz makes sense.
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Old 05-23-2022, 12:21 PM
 
956 posts, read 512,953 times
Reputation: 1015
Quote:
Originally Posted by Lowexpectations View Post
You hope everyone just gets punished and you have a whopping 70k in savings? Lulz makes sense.
Well maybe it will actually encourage people to start saving and be forced to take lower end jobs which will end worker shortage at restaurants and oil refineries and it will make things more affordable for working class.

It needs to happen. A deflationary reset back to 2001 prices!! The cost of things have gotten so out of hand we need deflation big time!! Sure there will be some pain, but what about the pain people feel now. Many people cannot afford to fill up their tanks or pay for food already!! Let alone housing!!

What difference if they lose their job and prices of things tank and they have to work a low end job and prices of things crash so things are less expensive anyways to compensate.

For all those with big mortgages who bought more home and automobiles than they can afford or use HELOCs/homes as piggy banks, I have 0 sympathy for them and they get what they deserve in a deflationary crash!

And I am fine for debt forgiveness for those who were poor or could not help it as long as the price stay flat at the afterword's deflationary bust levels.
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Old 05-23-2022, 12:52 PM
 
19,915 posts, read 18,203,793 times
Reputation: 17357
Quote:
Originally Posted by Wolverine607 View Post
Well maybe it will actually encourage people to start saving and be forced to take lower end jobs which will end worker shortage at restaurants and oil refineries and it will make things more affordable for working class.

It needs to happen. A deflationary reset back to 2001 prices!! The cost of things have gotten so out of hand we need deflation big time!! Sure there will be some pain, but what about the pain people feel now. Many people cannot afford to fill up their tanks or pay for food already!! Let alone housing!!

What difference if they lose their job and prices of things tank and they have to work a low end job and prices of things crash so things are less expensive anyways to compensate.

For all those with big mortgages who bought more home and automobiles than they can afford or use HELOCs/homes as piggy banks, I have 0 sympathy for them and they get what they deserve in a deflationary crash!

And I am fine for debt forgiveness for those who were poor or could not help it as long as the price stay flat at the afterword's deflationary bust levels.
The more you post about this topic the more I'm convinced you are playing games. Literally no one who knows anything about economics desires general price deflation in The US today. Deflation is pretty close to the economic death penalty.

I'd love you four or five deflation fans to enroll in macro classes somewhere and throw this nonsense out there fro discussion or better yet try to compose and defend position paper selling the notion of general price deflation as, "good."
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Old 05-23-2022, 12:59 PM
 
5,908 posts, read 4,448,911 times
Reputation: 13452
They apparently don’t understand the feds job is price stability, which means they intervene if there’s deflation or an unhealthy amount of inflation. Every time the fed stops the horrific deflation they think they want, they howl that the fed prevented it.

Yes, it’s their job. Balancing price stability and employment. And deflation annihilates employment.
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Old 05-23-2022, 01:23 PM
 
2,288 posts, read 1,592,639 times
Reputation: 3873
Quote:
Originally Posted by StillinICT View Post
Not going to happen. Not like the last one. That was fueled by renters becoming homeowners. Really!

So, think back. Ready?

What presidential campaign that had both saying. Wait for it.

Every American who wants to be a homeowner should be a homeowner.

Bamm! All those stinking loans got invented.

Boom! Stinky loans no good.

It's getting tiresome. someone should post for me that there are still:
1. stated income loans for investors
2. no doc loans for investors; 15% down.
3. liar loans; no tax returns needed; instead of lying about income, they lie about their expenses primary and investors
4. never owned property? you can now as an investor and no doc.
........ high debt ratios to 55, zero down payment and can be all gifted to borrower. no proof of rental history.

big private equity firms and mall mo & pop investors have inflated the market.

Once they liquidate when they see prices are increasing 15-40% per year, it's light's out.

You really think the industry has changed with everything being verified? lol not an alternative income loan.

This time around it will be the irresponsible lending to the many investors, flippers that causes the prices to fall combined with a recession. Once bad unemployment numbers come it's a done deal is most areas. Confirm this with any credible real estate data source(dataquick firsttuesday, etc). rising unemployment and investors triggers housing declines.

Last edited by frankrj; 05-23-2022 at 02:01 PM..
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Old 05-23-2022, 01:50 PM
 
26,198 posts, read 21,662,286 times
Reputation: 22772
Quote:
Originally Posted by Wolverine607 View Post
Well maybe it will actually encourage people to start saving and be forced to take lower end jobs which will end worker shortage at restaurants and oil refineries and it will make things more affordable for working class.

It needs to happen. A deflationary reset back to 2001 prices!! The cost of things have gotten so out of hand we need deflation big time!! Sure there will be some pain, but what about the pain people feel now. Many people cannot afford to fill up their tanks or pay for food already!! Let alone housing!!

What difference if they lose their job and prices of things tank and they have to work a low end job and prices of things crash so things are less expensive anyways to compensate.

For all those with big mortgages who bought more home and automobiles than they can afford or use HELOCs/homes as piggy banks, I have 0 sympathy for them and they get what they deserve in a deflationary crash!

And I am fine for debt forgiveness for those who were poor or could not help it as long as the price stay flat at the afterword's deflationary bust levels.
So we should have an economic system that forces people to work in restaurants for what you feel is acceptable wages? The oil refiners too? It’s love to hear actual cognitive reasoning behind this

Losing your income is certainly a lot different than prices going up. Do you need help with math? If not is should be rather obvious

We aren’t even in a mortgage or car loan sympathy situation. This is just a continuation of your nonsensical emotional ramblings that aren’t based in reality
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Old 05-23-2022, 01:53 PM
 
956 posts, read 512,953 times
Reputation: 1015
Quote:
Originally Posted by EDS_ View Post
The more you post about this topic the more I'm convinced you are playing games. Literally no one who knows anything about economics desires general price deflation in The US today. Deflation is pretty close to the economic death penalty.

I'd love you four or five deflation fans to enroll in macro classes somewhere and throw this nonsense out there for discussion or better yet try to compose and defend position paper selling the notion of general price deflation as, "good."
Price stability my a***. Look at what was happening to home prices starting in late 2012 early 2013. They intentionally allowed them to rise extremely fast and it has not looked back for 9.5 years running with dirt cheap financing!!

But general price deflation forever is not good. But in this case with the most insanely high prices we have for everything, a deflationary bust would be good. Then a good economy rebuild from ground up without insanely high prices.

I never suggested deflation forever and ongoing is good, but with today's out of hand prices for everything it is almost like a necessity to have a deflationary reset. Kind of like how home prices crashing in 2008-2010 was a good thing as they were so outrageously high, they needed to come down and they did. They should have stayed down and flat which unfortunately they did not to the detriment of society.
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Old 05-23-2022, 01:59 PM
 
26,198 posts, read 21,662,286 times
Reputation: 22772
Quote:
Originally Posted by Wolverine607 View Post
Price stability my a***. Look at what was happening to home prices starting in late 2012 early 2013. They intentionally allowed them to rise extremely fast and it has not looked back for 9.5 years running with dirt cheap financing!!

But general price deflation forever is not good. But in this case with the most insanely high prices we have for everything, a deflationary bust would be good. Then a good economy rebuild from ground up without insanely high prices.

I never suggested deflation forever and ongoing is good, but with today's out of hand prices for everything it is almost like a necessity to have a deflationary reset. Kind of like how home prices crashing in 2008-2010 was a good thing as they were so outrageously high, they needed to come down and they did. They should have stayed down and flat which unfortunately they did not to the detriment of society.
You are calling for a crash worse than 2008 and asset prices back to 2001. To pretend you are just asking for a general price decline and not forever while clearing out more than two decades? Get real with your thoughts vs what you are actually saying
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