Welcome to City-Data.com Forum!
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 05-24-2022, 11:21 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,366 posts, read 8,611,109 times
Reputation: 16716

Advertisements

Quote:
Originally Posted by Lowexpectations View Post
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
Lol I should have read your posts before I posted about this clown.
Reply With Quote Quick reply to this message

 
Old 05-24-2022, 11:34 AM
 
Location: Orange County, CA
4,909 posts, read 3,372,830 times
Reputation: 2977
Quote:
Originally Posted by Wolverine607 View Post
Yup exactly. And for all of those who say it is different this time and lending standards are not like 2008. Well we still have little to no money down loans. We still have HELOCs which means people are treating their homes like piggy banks. That is a big part of what got us into this mess.

Only real difference may be not as much overbuilding and lack of inventory. But that is largely because of the dirt cheap financing available like the pre-2008 days. Only thing changed is the complete no doc loans, but even that has loopholes people use to get loans they cannot afford. See frankrj's posts.

Only sad difference now is builders have intentionally created an artificial shortage of homes encouraged by government and entitled home owners who are irresponsible and use HELOCs/treat homes like piggy banks to ensure these products are available while pricing others out forever without them drowning in worst ever mortgage debt for at least 30 years if not more. Itrs this obsession from the government and many home owners that home fast rising home values and home equity that can be used as HELOCs is needed for a strong economy when in reality there are other ways such as before the 1990s!! Its a shame really and I hope it blows up!!
You don't want the average home price to be $1 million+ dollars to prop up the economy and jobs in the real estate industry?

You absolutely heartless monster! /Sarc
Reply With Quote Quick reply to this message
 
Old 05-24-2022, 11:36 AM
 
Location: Orange County, CA
4,909 posts, read 3,372,830 times
Reputation: 2977
If real estate is one of the few industries that is propping up the decrepit corpse called the US economy, then this country is in much worse shape than anyone could ever imagine...
Reply With Quote Quick reply to this message
 
Old 05-24-2022, 11:52 AM
 
956 posts, read 513,097 times
Reputation: 1015
Quote:
Originally Posted by Lycanmaster View Post
If real estate is one of the few industries that is propping up the decrepit corpse called the US economy, then this country is in much worse shape than anyone could ever imagine...
Exactly well said!! Its been a ponzi scheme since the turn of the millennium to make our economy dependent on rising home prices.

What a piece of sh**t dumb a** fool Ben Bernanke was saying that housing was a key ingredient missing from economic recovery even in tight inventory situation and buyer demand increasing and prices already flirting with fast increases as he wanted prices to increase rapidly even more, not just more real estate transaction activity in late 2012 for his reasoning to do operation twist to and more QE to put mortgage rates at record lows after lows in order for home prices to rise really fast when unemployment was already improving. Like as if prices were low then sarcasm... They were down from grossly inflated levels and sadly at that time started to rocket up very fast on the way back to outrageously inflated levels and way way beyond!!

I think unemployment would have continued to improve and be fine if interest rates and QE were tightened then to slow or halt rising home prices. But oh no. Those who had little equity in their home or had 2nd properties lost wealth and could not use HELOCs I feel so bad for them..... sarcasm!!

Last edited by Wolverine607; 05-24-2022 at 01:09 PM..
Reply With Quote Quick reply to this message
 
Old 05-24-2022, 03:30 PM
 
Location: Las Vegas & San Diego
6,913 posts, read 3,403,157 times
Reputation: 8630
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.
Just who is going to pay for that debt forgiveness - that is a really bad idea, encourages more bad behavior if think will be bailed out.
Reply With Quote Quick reply to this message
 
Old 05-24-2022, 03:35 PM
 
16,703 posts, read 8,409,578 times
Reputation: 11538
Default re

Quote:
Originally Posted by Lycanmaster View Post
You don't want the average home price to be $1 million+ dollars to prop up the economy and jobs in the real estate industry?

You absolutely heartless monster! /Sarc
They already are in places near many cities.
Reply With Quote Quick reply to this message
 
Old 05-24-2022, 08:34 PM
 
956 posts, read 513,097 times
Reputation: 1015
Quote:
Originally Posted by msRB311 View Post
They already are in places near many cities.
The Bay area has been well over $1 million or above that for years already. Sadly LA and Seattle are closing in on it per Zillow in the high $900K range.
Reply With Quote Quick reply to this message
 
Old 05-25-2022, 02:15 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,366 posts, read 8,611,109 times
Reputation: 16716
Quote:
Originally Posted by ddeemo View Post
Just who is going to pay for that debt forgiveness - that is a really bad idea, encourages more bad behavior if think will be bailed out.
Why everyone else of course except him.
Actually it would be funny to see them take his 70k and some of his home equity and that of his family to pay others debt. I’m sure he would have no aversion to that.
Reply With Quote Quick reply to this message
 
Old 05-25-2022, 07:15 AM
 
2,288 posts, read 1,593,059 times
Reputation: 3873
Another very bad sign just like the years leading up to 2007 were the conforming loan limits were raised each year.
Look how long the conforming limit stayed at $417k

https://www.hsh.com/mortgage/a-histo...an-limits.html

The largest increase ever since 1970 occurred in 2022! nearly $100,000 signed by the govt agency known as FHFA.

Fed Chairman Powell and the FHFA, have made critical errors. It's one reason why Elizabeth Warren was correct about Powell being a "dangerous man". His record has proved it.

Whoever thinks this is sustainable doesn't under simple math or mean reversions.
Reply With Quote Quick reply to this message
 
Old 05-25-2022, 07:20 AM
 
16,703 posts, read 8,409,578 times
Reputation: 11538
Default re

Quote:
Originally Posted by Wolverine607 View Post
The Bay area has been well over $1 million or above that for years already. Sadly LA and Seattle are closing in on it per Zillow in the high $900K range.
Boston isnt far behind. If you move here now and want a good school district anywhere close to Boston expect to pay a million.
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
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

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

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 36, 37 - Top