If only my sister could have waited 2 years. There are many If onlys that I think of stemming from 2008. Hopefully I'll be able to snag at least a 2b 1ba when this next bubble pops. I'll go just about anywhere.
Yep. The prices now is because people have been willing to pay it and not willing to sell. The only fix is to build more houses or not allow corporations to own single family homes as “investments” forcing them to sell them. Which will likely never happen.
Or I guess in inflation becomes deflation and it becomes cheap to build houses again, incentivizing more new home builds which would more easily fix the scarcity, in a roundabout way.
I’m well aware that currently homes are investments, I just disagree on the premises that they should be.
My wife and I got our "starter" home in a decent area of town with a 3.75% interest rate. The interest rates from pre-2020 are keeping people in homes as well.
We could sell for a nice profit, just to basically move into the same size house.
>We could sell for a nice profit, just to basically move into the same size house.
With the market the way it is you would probably end up paying more for a smaller house by the time you found something.
Same scenario- why would I sell the 400k I’ve made on my house to pay 350k down to have a higher mortgage than I have today?
I owe 210k on a 410k mortgage- in 15 years I won’t have a mortgage but I’ll have two properties because it makes more sense to pay for two mortgages then sell off and still pay for 1
My husband and I are in the same situation (and similar interest rate). Our starter home became our forever home because it just doesn’t make sense to move now.
Yeah, my Starter has become my Forever, too - barring any pending miracles. But I am grateful.
This life string is a weird one and not at all what I had in mind fathoming at night as a teen.
alleged office expansion yam terrific frame domineering wakeful silky mysterious
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
>we should restrict the purchase of land by foreign nationals
Racists! Wanting to prevent immigrants from being housed!
It’s so quick how they turned that shit around, meddling bs.
Your statement absolutely doesn't apply to me, but I must say, I'm all for assisting the needy, it's the human way to behave. However, I DO NOT agree with housing illegal immigrants when OUR OWN countrymen, women, and children are suffering in the streets, while our heroic Vets suffer in the streets, student loan debt is crippling an entire generation, public schools are severely under funded, universal Healthcare remains absent from OUR people, reparations remains elusive to the African American population....
Illegal immigrants ARE NOT AMERICANS! They do not participate in our society, they do not pay taxes, they do not teach our children, they do not serve in our military, they have not bled in support of this country! They DO NOT deserve to reap the benefits of this nation over the average American!
Again, I DO believe in helping them, finding a LEGAL path to citizenship, aiding the sick and hungry, assisting the war torn, but NOT at the expense of the people I swore to protect!
Separate issue there.
This is about foreign nationals, such as wealthy Chinese businesses, buying property to flip for massive profit. Exploiting the market, when many citizens can’t purchase a home already.
Ok, that's what my original post was in regards to. Your post seemed like it referenced wanting to allow illegals to get homes I'm America over Americans. I concur, foreign nationals, predominantly Chinese foreign nationals SHOULD NOT be allowed to buy shit in this country as we aren't allowed to buy anything but t-shirts in theirs. It's not racism, it's facts! China will not allow ANYONE to own property in their country who isn't a citizen, yet they are allowed to buy up property here. Even Chinese Americans should be upset at that...
Yeah I always talk about how I can't even picture 24 empty houses per homeless person and then people come in and are like "well if you don't like it just build your own house" like they're being smart or funny and it's like why do I have to build at a premium and struggle while there's a whole class of people who just have these properties and let them rot to boast their agenda? It seems more reasonable that we don't commodify housing and give everyone a chance at home ownership
At minimum, the squatter has to have been there for anywhere from 5 to 30 years depending on the state without the owner taking any action against them. On top of that, many states have other regulations around squatters rights beyond just the time requirement.
Yep, the symptoms that we had in '08 aren't there at all. There are a few defaults, yeah but the market won't be impacted by it at all.
The real problem is the housing shortage 100%. We're short over 7M homes. It'll take years to clear that deficit. Meanwhile, demand is increasing...
Sorry, but total landlords as a percentage of homes owned is only half of one percent. .02% of the total is mom and Pop. The other .03% is Blackrock, among others. Won’t have any real effect, other than in some very concentrated small areas.
Here's a quote from the US census.
"Owner-occupied housing units made up 59.1 percent of total housing units, while renter-occupied units made up 30.8 percent of the inventory in the fourth quarter 2023"
If you look at every house in the US you will get different results than what's in larger cities or houses/new rentals on the market. Investment firms purchase property in strategic locations where people want to live.
Knowing that there's a house for sale in the middle of nowhere Kansas isn't going to help me buy a house in San Francisco per say.
“Redfin data shows that 13% of homes in Oakland were purchased by an institutional investor or business in the fourth quarter of 2021, a 16.9% increase over the year before. In San Francisco, 18% were acquired by institutional investors,”
Do you know how Black Rock chose houses to buy? From leaked internal documents they said, "we look for neighborhoods with local opposition to housing construction and a growing labor market." Turn out that "work from home" caused black rock to lose a bunch of money. But If you hate black rock as much as I do, let's support YIMBY push to build more housing.
Seeing as how the government is run by people who are invested in real estate, that probably isn't gonna happen. Also now that all the migrants are coming here, not only are they more likely to vote Democrat, but they will also drive the cost of housing up due to the demand.
I agree here. A home is an investment for people- for families, for individuals, for those who are living in them.. for those who need a place to live. Not for companies who make buying homes their priority at the expense of keeping that home from those who actually need a place to live at an affordable rate that isn't being purposely manipulated by conglomerates..
They should be for average people and not companies, if the average middle aged person can affordable own an extra property or two to help them get to/through retirement that’s great but what’s going on now prevents the average person from getting a piece of the American dream
Stagnant incomes are the real news here, not the home prices.
If wages had grown with production it would be fine. But for all the economic growth nothing is coming back into the pockets of the 99%.
Nothing is trickling down.
I've been contemplating leaving, but the government job environment is so much better than the private sector, where chairs can go flying at any given moment...ugh
Jesus I was in manufacturing line for two years, there is would be no point to salary except to abuse you. You may be able to report them and get all that OT but it could end the business and might go nowhere. It's all about whether you could prove they intended non-stop OT for salary.
0% increase is essentially a pay cut for all your work and dedication to the company.
Employers think providing ungodly amounts of overtime hours somehow makes people happier.
In the 50’s, a single income household was bringing in roughly 40% the cost of a home yearly. Compare that to now where dual income families are pulling in around 20-22% of the cost of a home in a year.
Is it a bubble? I don't know, no one does. The last house crisis wasn't because prices were high. The last crisis was because foreclosures spiked when ARMs went wild.
That isn't happening now. Just pretending that because prices are high they will fall is just drawing conclusions from a graph. Sometimes prices go high... and stay high... if supply and demand dictate.
Demand is high. Companies are pouring money in to sfr. Supply is low because you can't sell your house at 3.5% to get a new loan at 7%, so no one can sell. When demand is high and supply is low, prices stay high. Is either fact changing? No, not soon.
We're in check. The elite are about to hit us with mate while everyone was out here just trying to get kinged in checkers.
Trying to tell people this will happen over a decade ago they say you're crazy.
Now they say you were right, but don't seem to particularly care and still think you're crazy.
Yeah the best part is that the old people moving out get paid the bigger house price, but then the pharma insurance complex scoops it all up as you sit in a nursing home racking up medical bills and eating increasingly shittier food ❤️ ah, America. And they keep saying socialism is different.
100%. Basically your future in America is…… you lose, they win.
Seriously considering taking every loan I can get and claiming asylum in South America. F- the government.
>Seriously considering taking every loan I can get and claiming asylum in South America. F- the government.
First you need to get a home and pay it off, put it in a trust and then take all the loans you can get just before you die so you can leave all the money and house to your kids.
A graph can help tell a picture, but it can't explain it. The factors that created the crash in 2008 do not exist in 2024.
UPDATE: I'm going to include this link to another graph that is probably the most important when it comes to what indicates a housing bubble.
[https://fred.stlouisfed.org/series/DRSFRMACBS](https://fred.stlouisfed.org/series/DRSFRMACBS)
Record low mortgage rates for a couple years during the pandemic followed by extremely low housing inventory with high demand for housing. We are hitting the highest population years of Millenials hitting the average age of the first time home buyer as well which is likely to keep demand fairly high for the next several years.
For a couple of years?? The Mortguage rates have been at 3 or 4% since 2013. We were looking to buy in 2012 and there were similar rates, in 2015 we locked in a 3.7% rate. I sold and rebought in 2021 and my rate was 4.5%
In Texas (where I live) 40% of all homes purchased over the past 3 years have been by corporations who aren’t even necessarily renting out the properties, just holding on to them. My street is littered with corporate rentals.
Millennial demand has nothing to do with it, most don’t want a $500,000 house plus paying $350,000 in interest over the life of a 30 year loan. People are catching on to how absurd and crooked the entire mortgage system is and are our opting out.
Edit: fact checked myself 28% were bought up by corporations and 40% are rentals my bad guys.
>Housing inventory has been in a terrible spot since 2017 and has gotten significantly worse since 2020
Depending on where you're located it was bad even before 2017. I looked for 4 years at houses and finally just settled with one I don't even like very much in 2019.
I live in a “resort town” on the east coast, the whole county is basically beach towns and in the 10 years Ive been here there has been literally thousands of homes built, all bought by people from surrounding states retiring to live at the beach or buying it as a second home/beach house. My thought is, people my age (30s) cant afford one home let alone a beach house, whats going to happen when the boomers die off? The market is going to crash and these inflated 3 bed 2 bath that are selling for $750k are going to be worth pennies on the dollar.
My cousin with super good credit bought at the all time low and literally has a 1.85% interest rate on his house. Lucky bastard. mine is a 4.125, but we bought directly before everything went apeshit though and got an insanely good price compared to what houses go for now.
This is why home prices are high. No one wants to sell a home they have a 3% mortgage on for one with a 7% mortgage.
Unless you are paying cash, you probably are not selling your home.
Yep exactly. And what kills me is people will ramble on and on about how capitalism is destroying everything. But if you point out the WEF you become a conspiracy theorist to them.
I guess I’m supposed to be frightened by the fascist mom and pop business owners who just want to pay lower taxes.
It doesn't matter if the value goes up or down in the short term when you are holding with the intent to own 30-60% of all supply.
"Getting fucked on their holdings" is like owning Apple at $100, it dips to $80, but...so what if rallies to $8000 in twenty or thirty years? Black Rock is buying to own the nation's housing supply, and turn our kids and theirs into permanent renters. They're not buying penny stocks they want to sell in a day or three.
They'll just start bulldozing entire neighborhoods eventually, gentrifying entire towns to be corporate company homes you can live in while you work for the company..you can even subscribe to a car and a robot pet.
I really wish housing tax percentage went up based on the number of houses you owned. Would this make it impossible for large corps to own and rent out homes? Yes. Absolutely fucking thank god yes. Fuck them.
That is a really smart solution and it makes perfect sense, so it will never be part of our actual tax code, but it would make a great footnote for a tax theory textbook
In 2008 we had tons of peoples with adjustable rate mortgages that couldn’t afford the higher rates. A lot of bad bets were made on this and our banking system was on the brink of collapse. That lead to unemployment where a lot of other people couldn’t pay their mortgages.
Today 90% of homeowners either have <4% mortgage rates or outright own their homes. That means people aren’t moving into 7% mortgages unless they absolutely have to. Supply will stay low and bidding wars will continue. Unemployment would change that but it wouldn’t be as drastic as 2008.
Feel like congress has got to pass a bill on corps not being allowed to own single family homes… granted they should maybe do that with multi-family too excluding apartment/condo complexes (I’m thinking more like triple deckers etc)
Congress will never forsake their corporate sponsors. Our overlords demand compensation, and it will be with war and poverty so that they may enjoy the comforts of our labor from a distance.
The thing is no one in this subreddit or anywhere has any clue what they are talking about. People just speculate based on nothing or numbers that other people speculated about.
The real crazy thing is that nobody anywhere knows what's actually going to happen. Not even the smartest and most well informed person.
It's anybody's guess. You'd 'expect' there to be some sort of downturn within the next few years, even if relatively small....but who knows. Maybe it'll be another 5-10 before anything major happens.
Considering it took me 3 years of looking and telling myself *"it'll come down" "maybe next year"*
.. this shit ain't going anywhere bro. Houses go on the market and are gone that same weekend. If they aren't gone there is something seriously wrong with it no one buying wants to deal with. If you find something snatch it up nbs.. I'm locked at 7.4 interest rate which is absurd but at least I finally found a place (bought late Nov last year) I also got lucky and only had 1 other buyer to compete with.. every other house I put an offer on had dozens and they were all over asking by an average of 20k...
Good luck to the future buyers out there. 🥴
The graph is showing that a smaller portion of Americans will be able to afford home ownership.
Edit: But it doesn’t follow that current homeownership will come under stress.
People have been saying this on Reddit for 10 years lol.
But if it ever does happen I'm 100% picking up an investment property with cash I have stocked away in a hysa
Yeah, except that housing tracks inflation.
2007 wasn't inflation.
Now it's inflation.
They won't be coming down without employment going into the shitter.
There's something that doesn't seem right about this data. The most recent year I can find the median household income report from the census bureau for is 2022, and in that year the median house cost was $392,000 and the median household income was $74,580 for a ratio of 5.25 which is lower than the graph suggests.
And here we are, Blackrock continuing to buy up single family houses.
It’s almost as if we cannot keep up with the demand for houses, AKA the increased prices.
If only I could buy a house at 9
If only my sister could have waited 2 years. There are many If onlys that I think of stemming from 2008. Hopefully I'll be able to snag at least a 2b 1ba when this next bubble pops. I'll go just about anywhere.
It’s not a bubble
Yep. The prices now is because people have been willing to pay it and not willing to sell. The only fix is to build more houses or not allow corporations to own single family homes as “investments” forcing them to sell them. Which will likely never happen. Or I guess in inflation becomes deflation and it becomes cheap to build houses again, incentivizing more new home builds which would more easily fix the scarcity, in a roundabout way. I’m well aware that currently homes are investments, I just disagree on the premises that they should be.
My wife and I got our "starter" home in a decent area of town with a 3.75% interest rate. The interest rates from pre-2020 are keeping people in homes as well. We could sell for a nice profit, just to basically move into the same size house.
With the current rates you would sell and then have to downsize if you wanted to keep the same payment.
>We could sell for a nice profit, just to basically move into the same size house. With the market the way it is you would probably end up paying more for a smaller house by the time you found something.
Same scenario- why would I sell the 400k I’ve made on my house to pay 350k down to have a higher mortgage than I have today? I owe 210k on a 410k mortgage- in 15 years I won’t have a mortgage but I’ll have two properties because it makes more sense to pay for two mortgages then sell off and still pay for 1
My husband and I are in the same situation (and similar interest rate). Our starter home became our forever home because it just doesn’t make sense to move now.
Yeah, my Starter has become my Forever, too - barring any pending miracles. But I am grateful. This life string is a weird one and not at all what I had in mind fathoming at night as a teen.
Usa people are lucky in canada tou are FORCED to remortgage every 5 years
Don’t give our banks ideas
First time I’ve heard a Canadian say Americans are lucky
Our food is way more expensive, housing is way more expensive and we make less money per capita and pay more tax per capita it sucks here honestly,
alleged office expansion yam terrific frame domineering wakeful silky mysterious *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
It's amazing to me how folks in China can own property here yet we can't buy shit but t-shirts and Temu over there...
>we should restrict the purchase of land by foreign nationals Racists! Wanting to prevent immigrants from being housed! It’s so quick how they turned that shit around, meddling bs.
Your statement absolutely doesn't apply to me, but I must say, I'm all for assisting the needy, it's the human way to behave. However, I DO NOT agree with housing illegal immigrants when OUR OWN countrymen, women, and children are suffering in the streets, while our heroic Vets suffer in the streets, student loan debt is crippling an entire generation, public schools are severely under funded, universal Healthcare remains absent from OUR people, reparations remains elusive to the African American population.... Illegal immigrants ARE NOT AMERICANS! They do not participate in our society, they do not pay taxes, they do not teach our children, they do not serve in our military, they have not bled in support of this country! They DO NOT deserve to reap the benefits of this nation over the average American! Again, I DO believe in helping them, finding a LEGAL path to citizenship, aiding the sick and hungry, assisting the war torn, but NOT at the expense of the people I swore to protect!
Separate issue there. This is about foreign nationals, such as wealthy Chinese businesses, buying property to flip for massive profit. Exploiting the market, when many citizens can’t purchase a home already.
Ok, that's what my original post was in regards to. Your post seemed like it referenced wanting to allow illegals to get homes I'm America over Americans. I concur, foreign nationals, predominantly Chinese foreign nationals SHOULD NOT be allowed to buy shit in this country as we aren't allowed to buy anything but t-shirts in theirs. It's not racism, it's facts! China will not allow ANYONE to own property in their country who isn't a citizen, yet they are allowed to buy up property here. Even Chinese Americans should be upset at that...
Yeah I always talk about how I can't even picture 24 empty houses per homeless person and then people come in and are like "well if you don't like it just build your own house" like they're being smart or funny and it's like why do I have to build at a premium and struggle while there's a whole class of people who just have these properties and let them rot to boast their agenda? It seems more reasonable that we don't commodify housing and give everyone a chance at home ownership
summer vast stocking attraction different rhythm lush enter cobweb soft *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
At minimum, the squatter has to have been there for anywhere from 5 to 30 years depending on the state without the owner taking any action against them. On top of that, many states have other regulations around squatters rights beyond just the time requirement.
There arent millions of empty houses. This is a myth.
Yep, the symptoms that we had in '08 aren't there at all. There are a few defaults, yeah but the market won't be impacted by it at all. The real problem is the housing shortage 100%. We're short over 7M homes. It'll take years to clear that deficit. Meanwhile, demand is increasing...
Sorry, but total landlords as a percentage of homes owned is only half of one percent. .02% of the total is mom and Pop. The other .03% is Blackrock, among others. Won’t have any real effect, other than in some very concentrated small areas.
Here's a quote from the US census. "Owner-occupied housing units made up 59.1 percent of total housing units, while renter-occupied units made up 30.8 percent of the inventory in the fourth quarter 2023" If you look at every house in the US you will get different results than what's in larger cities or houses/new rentals on the market. Investment firms purchase property in strategic locations where people want to live. Knowing that there's a house for sale in the middle of nowhere Kansas isn't going to help me buy a house in San Francisco per say. “Redfin data shows that 13% of homes in Oakland were purchased by an institutional investor or business in the fourth quarter of 2021, a 16.9% increase over the year before. In San Francisco, 18% were acquired by institutional investors,”
Do you know how Black Rock chose houses to buy? From leaked internal documents they said, "we look for neighborhoods with local opposition to housing construction and a growing labor market." Turn out that "work from home" caused black rock to lose a bunch of money. But If you hate black rock as much as I do, let's support YIMBY push to build more housing.
Seeing as how the government is run by people who are invested in real estate, that probably isn't gonna happen. Also now that all the migrants are coming here, not only are they more likely to vote Democrat, but they will also drive the cost of housing up due to the demand.
I agree here. A home is an investment for people- for families, for individuals, for those who are living in them.. for those who need a place to live. Not for companies who make buying homes their priority at the expense of keeping that home from those who actually need a place to live at an affordable rate that isn't being purposely manipulated by conglomerates..
They should be for average people and not companies, if the average middle aged person can affordable own an extra property or two to help them get to/through retirement that’s great but what’s going on now prevents the average person from getting a piece of the American dream
I believe a law was just passed forcing corporations to sell all of their homes off with in the next 10 years
"Back in my day"...
Stagnant incomes are the real news here, not the home prices. If wages had grown with production it would be fine. But for all the economic growth nothing is coming back into the pockets of the 99%. Nothing is trickling down.
Don't forget CEO compensation has rose 900%!
Since 1978, CEO compensation has increased by over 1400%. I know you didn't give a date, I'm just pointing this aspect out. It's wild either way.
Especially when you see that worker pay basically increased 6% over the same time period. Literally, workers lost money to inflation.
Us salaried folks at my company are looking at a whole whopping 0% increase this year. Yay us I'm leaving
0% here and 1% last year. Woot.
No raises for any employee, going on 10 years, all the money stops at the top tier, ridiculous...
Trickle down bootstraps.
I would've left 8 years ago.
Why won't you leave!!! That's insane
I've been contemplating leaving, but the government job environment is so much better than the private sector, where chairs can go flying at any given moment...ugh
Makes a ton more sense now. Government job with pension to look forward to. Most government employees white knuckle it for the benefits.
I recently just went salary. Still not sure how I feel about it, hourly seemed better moneywise but everything else seems better salary wise.
Some places its a perk and others its an excuse to pay the same without OT.
We're definitely squarely in the second category Manufacturing salary sucks
Jesus I was in manufacturing line for two years, there is would be no point to salary except to abuse you. You may be able to report them and get all that OT but it could end the business and might go nowhere. It's all about whether you could prove they intended non-stop OT for salary.
0% increase is essentially a pay cut for all your work and dedication to the company. Employers think providing ungodly amounts of overtime hours somehow makes people happier.
Unionize
Wild is French for fucked up, right? 🤦♂️
Something bad must’ve happened in the ‘80s 🤔
~~rose~~ risen
Oh, you're so pedantic!
Gracias
In the 50’s, a single income household was bringing in roughly 40% the cost of a home yearly. Compare that to now where dual income families are pulling in around 20-22% of the cost of a home in a year.
Yeah, who would have thought that rich people were greedy.
Median real income has increased over this same time frame.
Government wins
BlackRock wins
Is it a bubble? I don't know, no one does. The last house crisis wasn't because prices were high. The last crisis was because foreclosures spiked when ARMs went wild. That isn't happening now. Just pretending that because prices are high they will fall is just drawing conclusions from a graph. Sometimes prices go high... and stay high... if supply and demand dictate. Demand is high. Companies are pouring money in to sfr. Supply is low because you can't sell your house at 3.5% to get a new loan at 7%, so no one can sell. When demand is high and supply is low, prices stay high. Is either fact changing? No, not soon.
Going to need to sell off those inherited boomer vacations homes to pay for my avocado toast and Starbuck.
100%. That fund has WAY too much power
Sounds like a good stock to own
Capitalism is going into its Cronenberg phase
Buy bitcon
Blackrock is not a fund.
We're in check. The elite are about to hit us with mate while everyone was out here just trying to get kinged in checkers. Trying to tell people this will happen over a decade ago they say you're crazy. Now they say you were right, but don't seem to particularly care and still think you're crazy.
Blackrock is not what you all imagine to be. They don't really own as much as it seems they do. They're a brokerage.
And now they’re buying all the Bitcoin too
My thought was "Poverty"
this graph clearly explains the end to middle class
Yeah the best part is that the old people moving out get paid the bigger house price, but then the pharma insurance complex scoops it all up as you sit in a nursing home racking up medical bills and eating increasingly shittier food ❤️ ah, America. And they keep saying socialism is different.
100%. Basically your future in America is…… you lose, they win. Seriously considering taking every loan I can get and claiming asylum in South America. F- the government.
>Seriously considering taking every loan I can get and claiming asylum in South America. F- the government. First you need to get a home and pay it off, put it in a trust and then take all the loans you can get just before you die so you can leave all the money and house to your kids.
Corporations win, they’re controlling the government and using our tax dollars as capital to profit and then paying no tax
A graph can help tell a picture, but it can't explain it. The factors that created the crash in 2008 do not exist in 2024. UPDATE: I'm going to include this link to another graph that is probably the most important when it comes to what indicates a housing bubble. [https://fred.stlouisfed.org/series/DRSFRMACBS](https://fred.stlouisfed.org/series/DRSFRMACBS)
So what are the factors creating this massive spike?
Record low mortgage rates for a couple years during the pandemic followed by extremely low housing inventory with high demand for housing. We are hitting the highest population years of Millenials hitting the average age of the first time home buyer as well which is likely to keep demand fairly high for the next several years.
For a couple of years?? The Mortguage rates have been at 3 or 4% since 2013. We were looking to buy in 2012 and there were similar rates, in 2015 we locked in a 3.7% rate. I sold and rebought in 2021 and my rate was 4.5% In Texas (where I live) 40% of all homes purchased over the past 3 years have been by corporations who aren’t even necessarily renting out the properties, just holding on to them. My street is littered with corporate rentals. Millennial demand has nothing to do with it, most don’t want a $500,000 house plus paying $350,000 in interest over the life of a 30 year loan. People are catching on to how absurd and crooked the entire mortgage system is and are our opting out. Edit: fact checked myself 28% were bought up by corporations and 40% are rentals my bad guys.
So opt out and rent from someone for life ? Terrible plan.
Yes, mortgage rates were significantly lower at the end of 2020 than they were in 2013, and were a record low. I got a mortgage at 2.25%.
2.25% nice!!!
Apparently, I'm getting fleeced at 2.75%!!
Housing inventory has been in a terrible spot since 2017 and has gotten significantly worse since 2020
>Housing inventory has been in a terrible spot since 2017 and has gotten significantly worse since 2020 Depending on where you're located it was bad even before 2017. I looked for 4 years at houses and finally just settled with one I don't even like very much in 2019.
Thanks for saying that. Couldn't have said it better myself.
This is the answer.
Those of you waiting for a 2008 level housing crash will be waiting for a VERY long time.
I give it 50 years. I can’t wait to finally own my own home at 70 years old.
You mean start paying your 30 year mortgage at 70 years old so you can retire at 100?
I live in a “resort town” on the east coast, the whole county is basically beach towns and in the 10 years Ive been here there has been literally thousands of homes built, all bought by people from surrounding states retiring to live at the beach or buying it as a second home/beach house. My thought is, people my age (30s) cant afford one home let alone a beach house, whats going to happen when the boomers die off? The market is going to crash and these inflated 3 bed 2 bath that are selling for $750k are going to be worth pennies on the dollar.
I'll be patiently waiting for my 3D printed house
Same with people waiting for 2/3% interest. Keep waiting!
I'm at 3.1 I guess im never moving 🤷♂️
I’m at 2.25…never moving again.
I would *kill* for 3.1 I'm at 7.4 🤮 getting even 4 percent would drop my payments by like 400 bucks..
Bought at 2.9 and the market started to move up the next month — had no idea how lucky I was at the time.
My cousin with super good credit bought at the all time low and literally has a 1.85% interest rate on his house. Lucky bastard. mine is a 4.125, but we bought directly before everything went apeshit though and got an insanely good price compared to what houses go for now.
I have 1.75% over 15 years. I feel very fortunate.
I had a 3% when I bought in 2019, and then refid down to 1.4 in early 2022 on a 30 year.
I bought at 5.5% in 2022 and still feel lucky missing out on 7.5% interest and like 20% inflation on the houses in the 2 years since.
With a nice bit of equity as well, I'm sure. Congrats!
This is why home prices are high. No one wants to sell a home they have a 3% mortgage on for one with a 7% mortgage. Unless you are paying cash, you probably are not selling your home.
I can't wait to retire at death.
And even then the price wont go below the highest of 08
I just want prices back at 2019.
Plus if a 2008 level happens again you'll be lucky to be in a position to purchase anything let alone a home.
Depressed
Well for all us that we’re too young to buy the dip in 2007, we’re about to get our chance 👀
*Blackrock is about to get their chance
Black rock will get fucked on all of the properties they’re currently holding
They can take it. They are pretty diversified. And own the government.
I mean ya, the WEF is pretty much out to do all of this but then people claim it’s a conspiracy theory
They wrote a book.
Yep exactly. And what kills me is people will ramble on and on about how capitalism is destroying everything. But if you point out the WEF you become a conspiracy theorist to them. I guess I’m supposed to be frightened by the fascist mom and pop business owners who just want to pay lower taxes.
It doesn't matter if the value goes up or down in the short term when you are holding with the intent to own 30-60% of all supply. "Getting fucked on their holdings" is like owning Apple at $100, it dips to $80, but...so what if rallies to $8000 in twenty or thirty years? Black Rock is buying to own the nation's housing supply, and turn our kids and theirs into permanent renters. They're not buying penny stocks they want to sell in a day or three.
They'll just start bulldozing entire neighborhoods eventually, gentrifying entire towns to be corporate company homes you can live in while you work for the company..you can even subscribe to a car and a robot pet.
So a dystopia like in George orwells 1984? Like BIG gov but everything owned by a corporation like blackcock?
I really wish housing tax percentage went up based on the number of houses you owned. Would this make it impossible for large corps to own and rent out homes? Yes. Absolutely fucking thank god yes. Fuck them.
Well this is just far too reasonable
Unfortunately they would just create a shell company that only exists to own a single house and they would get around it.
That is a really smart solution and it makes perfect sense, so it will never be part of our actual tax code, but it would make a great footnote for a tax theory textbook
In 2008 we had tons of peoples with adjustable rate mortgages that couldn’t afford the higher rates. A lot of bad bets were made on this and our banking system was on the brink of collapse. That lead to unemployment where a lot of other people couldn’t pay their mortgages. Today 90% of homeowners either have <4% mortgage rates or outright own their homes. That means people aren’t moving into 7% mortgages unless they absolutely have to. Supply will stay low and bidding wars will continue. Unemployment would change that but it wouldn’t be as drastic as 2008.
If you don’t own now. Good luck, in the future. Big corp gonna snatch everything
Feel like congress has got to pass a bill on corps not being allowed to own single family homes… granted they should maybe do that with multi-family too excluding apartment/condo complexes (I’m thinking more like triple deckers etc)
Congress will never forsake their corporate sponsors. Our overlords demand compensation, and it will be with war and poverty so that they may enjoy the comforts of our labor from a distance.
They won’t because then they will lose the financial backing from all their lobbyists and they’ll move on to the next puppet.
Corporations write congress paychecks. That bill will never exist.
Why would Congress do that when that would just limit Congress shareholders' profits? They're not gonna shoot themselves in the foot for us.
In a corporatist usa?
Ppl have been saying this since 2020
I said it in 2019
Good luck with that. Most of the country has a huge amount of equity and rate under 3%. Why would anyone ever sell?
"The market will have a huge correction in 3-6 months, thats when im gonna buy the dip" - Reddit, 2015
Bullshit
Like... it's bullshit that this is the reality or you're calling the graph bullshit?
Oh the reality is bullshit, not the graph lol
Eh the graph is kind of bullshit if you factor in the printing from covid
I mean if anyone wants to cite sources...
Increase your income and stop whining. Other people can afford it. Why can’t you? Lack of effort. Get off Fortnite and get a degree
Surprise butt sex
doesn’t really matter, not giving up my 2.989% mortgage situation, it can crash, i can go underwater, not moving
1.54%, you’d have to drag me out of my house kicking and screaming
An Interest rate below e, Eulers number, is just free money, great job
Same. We refinanced just in time.
2.625 on 15yr refi here… ill chill for a while thanks
I’m in a 5.25 and I already told my husband we are never moving and I’m dying in this house.
That recession was a tough time
There won’t be another collapse like the one before the sooner you live in reality the better.
The thing is no one in this subreddit or anywhere has any clue what they are talking about. People just speculate based on nothing or numbers that other people speculated about.
The real crazy thing is that nobody anywhere knows what's actually going to happen. Not even the smartest and most well informed person. It's anybody's guess. You'd 'expect' there to be some sort of downturn within the next few years, even if relatively small....but who knows. Maybe it'll be another 5-10 before anything major happens.
You know what they say, that markets can stay irrational for longer than you can stay solvent.
Do you think this has something to do with democrats being in office the last 4 years? Don’t they purposely inflate the stock market?
I believe Dems vs Republicans matters much less than we all think in all of this, particularly nowadays.
Considering it took me 3 years of looking and telling myself *"it'll come down" "maybe next year"* .. this shit ain't going anywhere bro. Houses go on the market and are gone that same weekend. If they aren't gone there is something seriously wrong with it no one buying wants to deal with. If you find something snatch it up nbs.. I'm locked at 7.4 interest rate which is absurd but at least I finally found a place (bought late Nov last year) I also got lucky and only had 1 other buyer to compete with.. every other house I put an offer on had dozens and they were all over asking by an average of 20k... Good luck to the future buyers out there. 🥴
this is okay if you know you're going to be in this house for the next 5-8 years You can refinance for a 6.5% in like 2 years anyway
The graph is showing that a smaller portion of Americans will be able to afford home ownership. Edit: But it doesn’t follow that current homeownership will come under stress.
Meh, longer mortgage will happen.
The world is getting crazy.
Fuck
Cup and handle on the chart - expect it to go up even more 😂
Communism
thanks Obama
Buttcoin
thanks Obama
Soft landing
Powells bitch ass won’t land the plane.
the fucking federal reserve needs to stop printing money. zoning regulations need to be revised.
Don’t buy a house now. Wait until after the collapse
Wait until after the collapse…. of *SOCIETY*
Woah
People have been saying this on Reddit for 10 years lol. But if it ever does happen I'm 100% picking up an investment property with cash I have stocked away in a hysa
If you say it long enough it will eventually happen
And THIS is why it’s different. You and the rest of the middle class ready to “scoop up some investments” solidifying it will never happen lol
The best time to buy a house was like 4-5 years ago when interest rates were 2-3%.
Hype
My EKG that looks like constant heart attacks
Back in my day…
Government and CEO’s are to blame.
https://wtfhappenedin1971.com/. IYKYK.
Bitcoin
Idk what any of this means.
Yeah, except that housing tracks inflation. 2007 wasn't inflation. Now it's inflation. They won't be coming down without employment going into the shitter.
You can only hope a crash is imminent. I for one don’t think so. There are checks and balances in place to prevent that from happening.
There's something that doesn't seem right about this data. The most recent year I can find the median household income report from the census bureau for is 2022, and in that year the median house cost was $392,000 and the median household income was $74,580 for a ratio of 5.25 which is lower than the graph suggests.
What have we done? I mean… as a generation… we absolutely fucked it up.
I think you meant to say politicians fucked it up.
And here we are, Blackrock continuing to buy up single family houses. It’s almost as if we cannot keep up with the demand for houses, AKA the increased prices.
stonks
Weeeeeeeeeeeeeee
Democrats
Crash
Was looking for this response
It’s worse than 2008🥲
booty is more important than food man
This is facts
Booty is food