Gee, I wonder what would happen to housing prices and rent if about 10 million people, who are not supposed to be here, went back to their home country. Econ 101 - supply and demand.
But, nevertheless, all these houses have someone living in them. You would think someone would tell them they can’t afford the house they have....
I guess people are not getting upside down on their mortgages so much any more.
Thinking:
If you have money to invest, where are you going to invest?
I am at the point of “spend it before the govt destroys your wealth.”
The home is the most logical investment. At least I can enjoy my house. Demand strips supply. The inflated cost to build brings up the price of old homes.
My daughter and her husband moved from Studio City, CA to the Phoenix areea. They are accountants that found jobs at the same pay. However, a crappy bungalow on a busy street where they used to live cost $650k and had California style property taxes, etc. They bought a nice almost 3k sq ft house in AZ with a beautiful in-ground swimming pool and two car garage for $240k.
I don’t know why people even stay in CA. Sure, there are a lot of attractions, but you pay dearly and the traffic is so bad you don’t bother.
Mr. Mercat and I just put our home on the market. #1 listing in our area on Zillow.
Does the use of “new” in these charts refer to BRAND NEW homes, previously unoccupied? If so, seems like this doesn’t necessarily co-relate exactly to the affordability of ALL homes (JMHO).
If housing is unaffordable, who is buying all the houses?
Why is the TV daily blitzed with HARP adds?
Funny how that wasn't mentioned much in the media. Hmmmmmm.
From $166k to $326k, in 17 years...
The progressive elites don’t want peons like you and me in their neighborhoods.
Interest Rates were purposely (politically) held to low levels while Lord Obama was POTUS to help him out.
Now that Trump is POTUS, there have been six (?) Interest Rate increases that push up Mortgage Rates.
Just sayin’...
Guess we had to invent the word Unaffordability to support Liberal dogma.
A house in my hood just sold for 49k over asking. listed for 689k and sold for 738k.