Posted on 08/20/2022 5:34:55 AM PDT by PK1991
When your enemy writes books, builds stone monuments, and generally won’t shut up about something, the prudent man heeds the warning.
The fool ignores it.
The enemy tells you you’re crazy for taking notice.
No, I just got 20 year loans from the bank and typically put 15% down. Most of the small 2 bedroom condos near the University were selling for about 35-40 thousand at the time. I only needed to save up five thousand or so for each down payment.
The condos were renting for $500-700 all day long with up to a one year waiting list. You could buy the same condo for $250 a month. If you could save up the $5000 or so needed for the downpayment. So I started to pinched my pennies and eventually saved up the first downpayment to purchase one for myself.
This is in Texas or course, not some liberal hell hole.
Are you familiar with the show Fixer Upper (that used to be on HGTV)? Those are friends of mine.
You’re assuming the existence of a free market.
I wouldn’t.
Good luck even getting a call back when you try to buy land suitable to build in many places (especially foreclosures). And you’ll need even more luck when you try to build.
The bidding and permit process has become so ridiculous in many places by design so only good ole boy insiders can come out on top.
Development corps with gubmint connections buy up the land and build rows of packed identical boxes that sell for several times more than building your own home used to cost.
It is equivalent to buying up all the gas in town after a hurricane and selling it to your desperate neighbors. Many towns have called for outlawing this behavior but some will still call these people good capitalists and blame the neighbors for not being first to cash in on this “great idea”
This has to be outlawed. The residential housing market is meant for people and their lives not as a financial product for financial institutions and billionaires.
Is that the white guy and Asian girl?
By way of contrast, Blackrock has about $10 trillion of Assets Under Management (AUM), most of which seem to be equity funds. This is not a pile of cash that Mr. Fink can use to buy homes. AUM is simply the market value of all funds with the Blackrock name on it...it includes your retirement fund, 401(k) assets, etc.
Fantasies about Blackrock et al owning everything is born out of ignorance. This same idiocy was on display in the 80s, when people thought Japan Inc. was going to own us. Japanese investors bought Pebble Beach and Rockefeller Center. And guess what happened? They lost those properties in bankruptcy.
The price of freedom is eternal vigilance. It is wise to keep up with emerging developments in the marketplace. But the growing mindless consumption of economic fearporn/snake oil on the right is outright embarrassing.
Some elements on the right are becoming like the dopey leftists circa 2000 who shrieked HALIBURTON every other day. Today's righties simply shriek BLACKROCK, SOROS, or some other boogeyman.
Despite different nouns, they share the same facile mindset. They're being lead to slaughter.
Up to a point. There isn't infinite supply of purchasable real estate and that portion which is available to hopeful homeowners is dwindling. You can hardly blame someone for not buying something that someone already owns.
Outlaw mortgages, and you’ve solved that problem.
Of course, hardly anyone would own a home because every home purchase would have to be a cash sale.
The good news is that prices would come way down to meet these new standards.
Well, as I said before I live in Texas, not some liberal hell hole.
There are empty lots all over the place along with tons of small older homes built in the 1920’s that can be purchased for little more than the cost of the land they are sitting on.
If you want to buy something.. you simply go online.. it’s not hard. If you feel that you need help, go talk to a property management company, they will help you find a place to buy and then manage it for you afterwards.
Commies HATE the idea of property ownership. If they can get us all into one mass of undifferentiated ‘being’ … totally dependent on the gov’t., then they can control us much better!
143 million housing units means there are almost 20 million “vacant” homes.
When I start my first job, I had no money in bank. My monthly earnings were $500. Guess what? I drove a 10 year old Jalopy and lived in a romming house with 1 room and a shared bathroom. I was saving half of my wages! When I had $5000 saved, I bought a condo for $25,000 with $5000 down. This was in 1970. Once my condo was paid off, I sold it for a profit and upgraded to a house and repeated this process of upgrading. After owning firsts residence, life becomes easy.
Problem with most young people is they want to spend all their wages and live the best lifestyle possible. That makes them permanent renters.
“I would suggest that mortgage applications are near record lows because anyone who was planning to sell their home or relocate in the next five years decided to do it in the last 18 months.”
I agree 100%
Additionally folks who have lots of money will still build/buy additional homes.
There are three new homes that I can see from my house — one is literally across the street (ATS) — that have been in the building process for almost two years.
The smallest home appears to be 8,000 sq. ft. (ATS) and the other two are in the 15,000+ range with barns.
I’m pretty sure these are cash builds...
Not necessarily correct. Many people own 2nd vacation homes.
People often suffer from tunnel vision.
If you have ever taken a road trip ANYWHERE or flown a plane ANYWHERE, you would know that there is land EVERYWHERE. Expand your search area.
Young people often make the mistake of looking at older people and assuming they always had what they have now. When the truth is, I started out living in a 700-square-foot apartment, with no furniture. I remember breaking down and buying my first two chair (so I would have somewhere to sit.)
Not in Atlanta. We have a serious lack of inventory. Houses sell fast.
quote “After owning firsts residence, life becomes easy.
Problem with most young people is they want to spend all their wages and live the best lifestyle possible. That makes them permanent renters.”
BINGO!!!
Bingo hit the nail on the head! The 1st one is the hardest, because you have to cut expenses to save for that original down payment. But buy something affordable as the first one! Once you have the first one, you now have the difference between what your rent used to be and what your payment is now to help save up for another downpayment.
That's $5.6 trillion of vacant units. No bank consortium will extend that kind of warehouse facility to Blackrock.
Gamestop would end this, then Bezos would have to personally fund it. Not that he would ever personally fund anything.
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