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Those most effected by job loss are mostly the same class of people who are not people who are home buyers in the first place. Meanwhile people are finding out they can work just fine from home and so why stay in expensive cities where taxes continually go up and Mayors tolerate violent mobs in the streets. I have at least 2 family members who sold in New York and New Jersey and have moved to SC and Georgia, both who telecommute and got twice the house for half the price.
they Sold in NY during the past 8 mo of Pandemic? And people bought it at market value?
Yea they can all go back. Can’t find a decent apt for a decent price for my 20 yr old grand. Ridiculous! They come here to Vote
The rent in NYC has to come down much, even on the high dollar apartment. Grandson just moved into his own. Still 2000 a month for a tiny 1 bed, almost in the Bronx.
How could housing not be on fire when a 30-yr fixed rate is 2.75% with no points?
This is the Feds pumping up the economy. You are witnessing Keynesian principles at work. Enjoy the show.
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It could not be on fire if people didn't have income to get and pay for a mortgage. Obviously low to middle income people are able to come up with the funding, which begs the question of how if things are as bad as some people believe.
Precious metals are also really high...which is typical in a bad economy. We're absolutely in a bubble.
Yes, I believe we are in a little bubble too. The housing bubble really has taken off because more and more households have two incomes. Both people are working, so they are willing to pay more. Have a two income household would seem like a benefit (and it sometimes is), but if you consider the extra income people pay in housing costs, automobile costs, etc than people did when there were more one income families, we are not really that far ahead. In some ways we have gone backwards with everyone so busy and stressed. The people who get screwed with the rise of two income households are single income households. I don't know how they can afford to make it.
Low interest rates and the need to stay at home more space is desirable.
What about the income required to get said mortgage? How do people have the income, if they don't have a job? I hear people saying all the time how much worse off people are financially, yet here we are in a historic home buying situation.
It could not be on fire if people didn't have income to get and pay for a mortgage. Obviously low to middle income people are able to come up with the funding, which begs the question of how if things are as bad as some people believe.
There's a lot more foreign investment in property and single family homes being made into rental properties than low income people buying houses.
How are builders able to build so many homes? How are low to middle income families able to afford all these homes? If the economy is dancing on the edge of a depression like some believe, how are people affording all these homes? These are not all rich people buying homes. The data shows it is across the board with a special surge in first time home buyers and move up homes.
Ive noticed this as well, imo, its all 'fake'.
I do not have a clue how its done, but I believe the stock market has been kept high 'artificially'...its a great way to give people hope, (when it really isnt due).
When we were in the middle of the Covid lockdowns a few months ago, I had to laugh when the stock market remained high, and even gained many days! It should have went down drastically during this time!
The Govt does have the power and authority to take steps like this, especially if the security and safety of the nations economy is at risk, FEMA regulations say they can 'alter or withhold' news or information, ultimately to protect national security, the security/safety of the nations economy.
Just too bad for them when prices drop like crazy, and they loose hundred of thousands of dollars on their new homes. Maybe they should wait.
You don’t lose money unless you sell, and even then it is market specific. If you buy a home to stay in for at least 5 years, you can most likely recoup any lost value. Real estate bubbles burst but the market inevitably recovers.
Meanwhile, you are in your own home with a very low interest rate. Your rent doesn’t go up, you can improve your property however you like, and all the rest.
How are builders able to build so many homes? How are low to middle income families able to afford all these homes? If the economy is dancing on the edge of a depression like some believe, how are people affording all these homes? These are not all rich people buying homes. The data shows it is across the board with a special surge in first time home buyers and move up homes.
Cheap credit and debt.... you have to include that as part of your notion of economy.
Similarly... I live in a very tiny home with 5 persons... It is the same starter home (approaching 100 year old home now) I purchased 6 months out of college 20 years ago. We will be paid off in a year or two and leverage small amount of relative debt. We don't buy nice cars... People think we are poor... but in reality our current net worth is probably ranked towards the top of most of my immediate neighborhood.
There's a lady down the street that complains all the time to us about being hard up for money. Granted she lost her job (husband employed). However, they just bought a new expensive car and live in a house nearly 3x the size of ours. Cue in small violin.
You don't get the full picture just looking at a person's possessions. Similarly you don't get the full picture of the economy just looking at the housing market.
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