America's Looming Housing Crisis

[rlg]

The problem is the supply is low from the foreclosure moratorium and to some extent the eviction moratorium even before corona. So the big companies like blackrock and others are trying to corner the market and push prices up.

Zillow is playing there part as well having access to huge amounts of data, buying up homes and doing other little tricks like removing the price history when they bought a home and have to mark it down.

This will all end in spectacular fashion but I can't say for sure when.

 

[Json]

I’m seeing houses sitting here in Richmond.

It might take a while for the actual hot housing markets to settle back but the middle of nowhere cities should be falling back.

 

[Bubba T]

It’s a sellers market right now it is what it is. It was a buyers market for a long ass time that shyt wasn’t gonna last forever. You couple that with the current inflation and here we are. But this shyt is completely different than what happened in 08 which was the direct result of predatory loans

Its crazy its been a sellers market for years now. When I bought my house in 2017, the house was listed that morning, I went on a tour that afternoon, and made an offer that evening. There were 6 other offers the seller had and I didn't even offer the most money.

 

[BmoreGorilla]

Its crazy its been a sellers market for years now. When I bought my house in 2017, the house was listed that morning, I went on a tour that afternoon, and made an offer that evening. There were 6 other offers the seller had and I didn't even offer the most money.

Yea it’s definitely been a sellers market for a few years. Before that it was a buyers market for at least five years. I’m glad I copped my house in 2014

 

[RareHunter]

Owning a house is not the only way to build wealth.

it’s one of the primary ways and it passes down wealth. Even if u own a building or land. What’s happening now is a purposeful effort to prevent ownership and soon coerce ownership from the population. It’s apart of “sustaiinable development “. They governments and regulatory bodies say this publicly.

 

[Black Magisterialness]

There's a "homelessness" crisis not necessarily a "housing" crisis.

When people think of housing crisis they think of 08. Which was a shyt ton of sub-prime mortgages getting doled out like candy in the 90's and 2000's. Then all at once it all bottomed out. Too much inventory, too much debt and not enough money to go around. My mother's crib lost almost 40% in value from 05 to 08. That's a lot of wealth wiped out.

This time around the issue is affordability. Which isn't particularly the housing market's fault. They contribute but it isn't a MAJOR factor like 08. Now what the bigger issues are is stagnating wages, higher cost of living, debt/income ratio (which is EXPONENTIALLY worsened by student debt) and lack of upward mobility.

Compound those things and what SHOULD be affordable housing to most of America simply isn't. Combine that with a year of no new construction, logging or mining for raw materials (because of COVID) and you have a shyt ton of eligible buyers competing over one of the smallest inventories in generations. Now, if this paradigm continues for another 10 years or so then those who don't own NOW will NEVER be able to afford in the future.

Home/Land ownership is the first step to true wealth in America.

 

[the bossman]

There's a "homelessness" crisis not necessarily a "housing" crisis.

When people think of housing crisis they think of 08. Which was a shyt ton of sub-prime mortgages getting doled out like candy in the 90's and 2000's. Then all at once it all bottomed out. Too much inventory, too much debt and not enough money to go around. My mother's crib lost almost 40% in value from 05 to 08. That's a lot of wealth wiped out.

This time around the issue is affordability. Which isn't particularly the housing market's fault. They contribute but it isn't a MAJOR factor like 08. Now what the bigger issues are is stagnating wages, higher cost of living, debt/income ratio (which is EXPONENTIALLY worsened by student debt) and lack of upward mobility.

Compound those things and what SHOULD be affordable housing to most of America simply isn't. Combine that with a year of no new construction, logging or mining for raw materials (because of COVID) and you have a shyt ton of eligible buyers competing over one of the smallest inventories in generations. Now, if this paradigm continues for another 10 years or so then those who don't own NOW will NEVER be able to afford in the future.

Home/Land ownership is the first step to true wealth in America.

Good summary. Middle class is basically getting eroded right now. It used to be that you bought a 'starter home' or even condo for 100-150k then trade up after a couple years. Wash, rinse, repeat.

Them days are LONG gone. It's quickly becoming either you got it or you don't. Millenials have it rough but the generation after is facing a whole nother level of economic despair. Essentially getting locked out from being able to participate in the generation of wealth

 

[50CentStan]

I put a offer in for a 500k crib in Houston, same as asking. Agent hit me with we have a better offer and the buyer is paying title transfer waiving inspections etc etc. Basically everything short of giving the seller a BJ. Smh.

Oh and it was on the market for a day

 

[Micky Mikey]

Good summary. Middle class is basically getting eroded right now. It used to be that you bought a 'starter home' or even condo for 100-150k then trade up after a couple years. Wash, rinse, repeat.

Them days are LONG gone. It's quickly becoming either you got it or you don't. Millenials have it rough but the generation after is facing a whole nother level of economic despair. Essentially getting locked out from being able to participate in the generation of wealth

This makes me so angry. There needs to be a revolution in this country. The guillotines should have came out decades out. We are just letting this country turn into a neo feudalist state with no real push back. The wealthy elites give no fukks about the average worker in this country because there is no accountability.

 

[BeeCityRoller]

Don't want to play the Race Card, but I have to. Its funny how the housing crisis is only a housing crisis because this is hitting white millennials hard. Back when black people were the least likely to get approved for a loan and most likely to lose their homes from 2000-2012 it was all good. The same time they were also calling black people lazy and said we didn't want to work, but now I see so many black workers in restaurants you would think its black-owned.

As for the video, there are good points, but has an obvious socialist agenda towards the end, which I am against because it will always benefits other groups more than us. We get two slices, everyone else gets a whole pie



Timestamped "Once upon a time, owning a home was in reach for almost every American." Would any of you in this thread like to go back to that time?

There are homes available, but nobody wants to live in small towns 45 minutes or more from major cities. I hate that I saved for 3 years to put down 20% then prices skyrocketed as I was ready to buy. Even the home I bought needs work but I know I will be way better off in the end than renting.

 

[SleezyBigSlim]

Prices will have to drop in order to make it affordable, especially on the two coast

Nah be American allows foreign investors. Before the housing crisis foreign land lords were snapping up property over here buying whole blocks sometimes. This is what created the problem. America letting none American citizens buy houses over here driving up prices. It's not just the California people driving up prices.

 

[BmoreGorilla]

This makes me so angry. There needs to be a revolution in this country. The guillotines should have came out decades out. We are just letting this country turn into a neo feudalist state with no real push back. The wealthy elites give no fukks about the average worker in this country because there is no accountability.

They never gave a fukk about the average worker to begin with. Historically most people could never own a home unless they owned land and built on it. There’s really two maybe three generations that really benefited from a real middle class and all that was due to WW2

 

[Wild self]

Please put a sock in it with this shyt. This situation is not as simple as "evil" landlords.

Them, ans banks, is why you not able to save to build wealth. They want you as a permanent tenant.

 

[Wild self]

This makes me so angry. There needs to be a revolution in this country. The guillotines should have came out decades out. We are just letting this country turn into a neo feudalist state with no real push back. The wealthy elites give no fukks about the average worker in this country because there is no accountability.

You gotta kill off their enablers, too.

 

[bourgeoisie tall freak]

846 Springside Ct NE, Atlanta, GA 30342


1/17/1996 Sold $456,700
12/8/1998 Sold $540,000
9/20/2021 Listed for sale $950,000


That's one helluva investment. If that doesn't show you that homeownership is key to true wealth in this country, I don't know what will...

nahhhhh. that's barely a double up after 20 years lol. you are better off putting that in a 401k or maybe stock market if you wanted the best investment. but yeah if you are just living there and not into investing i guess it's not a bad return.