Posted on 05/01/2024 5:09:54 AM PDT by Kaiser8408a
Housing in the US is simply unaffordable, particularly after HUD levied new regulation rising the cost of new housing up to $31,000. Wait for this to kick into the data for mortgage demand!
Mortgage applications decreased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 26, 2024.
The Market Composite Index, a measure of mortgage loan application volume, decreased 2.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1.4 percent compared with the previous week. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 14 percent lower than the same week one year ago.
The Refinance Index decreased 3 percent from the previous week and was 1 percent lower than the same week one year ago.
How is the Biden Regime making homeownership more affordable? They aren’t. The are using regulations, to drive the cost of new housing way up. New HUD energy rules will raise the cost of home construction by imposing stricter building codes. The National Association of Home Builders says the energy rules can add as much as $31,000 to the price of a new home. Payback time is 90 years (how long it will take the recoup the initial investment).
Under Biden’s “leadership” we are all addicted to gov. But at least Ukraine and Zelenskyy will be getting a guaranteed 10 years of financial support from the US … while E Palestine Ohio and Maui remain destroyed.
(Excerpt) Read more at confoundedinterest.net ...
one of many reasons why homes are so expensive now, government wont allow inexpensive homes to be built anymore.
One of the tenets of freedom is the right to own property. These actions take away that freedom.
There's no 'right' to own property - there's opportunity to own property and that pervert Biden is destroying that opportunity for young people.
Destroying the American dream
Otherwise known as “Hope and Change” (2008)
And Boosh joined right up with him; along with Bill and Hillary.
“One of the tenets of freedom is the right to own property.”
Then we have not had freedom for a long time. You’re only renting your property from the government in the form of property taxes.
I’ve said that for years that property tax is the ‘vig’ you give the government (organized crime) to keep what you’ve legally bought.
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One of the tenets of freedom is the right to own property. These actions take away that freedom
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Yet another abject failure of our Constitution, property taxes hand-in-hand (& in DIRECT conflict) w/ our founding [How can govt tax that which is ‘owned’, let alone confiscate for failure to pay said tax(es) w/o violating the 5th A. directly].
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There’s no ‘right’ to own property - there’s opportunity to own property and that pervert Biden is destroying that opportunity for young people.
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Except that one does not OWN property in reality (what happens the tax man is denied?)
Course, not a single PEEP from the (R)N(C)-wing of the Uniparty in:
1) Lowering taxes
2) Abolishing that which should not exist to begin (HUD)
a/o
3) Reducing GOVT in the slightest, saving People’s Rights AND $$ (”smaller govt” finally died during 2016 election)
There is no right to own property. There is a right to be secure in one's rightfully owned property. See the 7th Commandment.
LOL. Rip Robert Palmer. He has been dead for ~20 years or so.
All data is regional and Zillow Zestimates are a lagging indicator, but what I’m seeing in Denver metro are frequently more “comp killers”. That’s my own term for fully renovated listings at or near the price of fixers in the area. Home prices are coming down here.
The American dream is now living in your parents basement and playing video games.
Foreigners are buying up houses, because they still think the US is a safe haven.
It’s also because now real estate is looked upon more as an “Investment” than as a place to live.
Inexpensive homes don’t make as much money for the bureaucracy in property tax states.
Although in Upstate NY, we know folks who are paying in the mid to high four figures for older existing homes around 2,000 sq ft that AIN’T McMansions.
And the folks selling are having to sell for less than assessed value.
if cities would allow homes to be built like they were in the 50’s
No insulation, no central air or heat, no appliances, on blocks instead of foundations, and various other things, affordable homes could still be built anyplace the lots are not too much
The other problem is that where you can find affordable homes, they are not in safe areas.
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