drbubb Posted April 24, 2019 Author Report Share Posted April 24, 2019 Borrowing Our Way To Prosperity: Non-Housing Debt Up 60% to $4 Trillion Since 2009 Millennials continue to face the struggles of living in a world where they are deep in debt and the idea of buying a home is becoming more of a farfetched pipe dream. As recently as 2009 non-housing debt stood at $2.5 trillion. Today it is over $4 trillion, a 60 percent increase in 10 years. Of course, it is no surprise that 2009 is the official end of the Great Recession and much of the recovery has come at the expense of going into massive debt. Millennials continue to face struggles in purchasing homes because they are saddled with $1.46 trillion in student debt. Non-housing debt is already creating deep pressures on the balance books of Millennial households. Toxic debt There is a big problem with the amount of non-housing debt floating in the economy. Much of this is tied to non-wealth building areas: Read more: WHAT REALLY HAPPENED | The History The US Government HOPES You Never Learn! http://www.whatreallyhappened.com/#ixzz5lzIxxw2B Link to comment Share on other sites More sharing options...
drbubb Posted May 26, 2019 Author Report Share Posted May 26, 2019 Young homebuyers scramble as prices rise faster than incomes... SALT LAKE CITY (AP) — For millennials looking to buy their first home, the hunt feels like a race against the clock. In the seven years since the housing crash ended, home values in more than three-quarters of U.S. metro areas have climbed faster than incomes, according to an Associated Press analysis of real estate industry data provided by CoreLogic. That gap is driving some first-timers out of the most expensive cities as well as pressuring them to buy something before they are completely priced out of the market. The high cost of home ownership is also putting extreme pressure on 20- and 30-somethings as they try to balance mortgage payments, student loans, child care and their careers. In this April 27, 2019, photo, Andy and Stacie Proctor stand in front of their new home in Vineyard, Utah. For some millennials looking to buy their first home, the hunt feels like a race against the clock. The Proctors ultimately made a successful offer on a three-bedroom house for $438,000 in Vineyard. (AP Photo/Rick Bowmer) SALT LAKE CITY (AP) — For millennials looking to buy their first home, the hunt feels like a race against the clock. In the seven years since the housing crash ended, home values in more than three-quarters of U.S. metro areas have climbed faster than incomes, according to an Associated Press analysis of real estate industry data provided by CoreLogic. That gap is driving some first-timers out of the most expensive cities as well as pressuring them to buy something before they are completely priced out of the market. The high cost of home ownership is also putting extreme pressure on 20- and 30-somethings as they try to balance mortgage payments, student loans, child care and their careers. “They do want all the same things that previous generations want,” said Daryl Fairweather, chief economist for the brokerage Redfin. “They just have more roadblocks, and they’re going to have to come up with more creative solutions to get the homes that they want.” A Redfin analysis found these buyers are leaving too-hot-to-touch big-city markets — among them, San Francisco and Seattle, where the tech boom has sent housing prices into the stratosphere. The brokerage found that many millennials are instead buying in more reasonably priced neighborhoods around places like Salt Lake City, Oklahoma City and Raleigh, North Carolina. That, in turn, is driving up housing prices in those communities. Jake and Heather Rice, both 35, moved to Utah last year from Mountain View, California, where the biggest employers are tech giants such as Google, Symantec and Intuit and the median home price is a dizzying $1.4 million or so. The couple and their three children settled into a 4,500-square-foot house in fast-growing Farmington, just far enough away from Salt Lake City to feel rural but minutes from a major shopping center and Heather’s sister. They did not disclose the purchase price for the sake of privacy, but they said their monthly mortgage payments will be $3,000, roughly the same as the rent for their former two-bedroom, 1,000 square-foot apartment in Mountain View. “We didn’t expect to stay in California because of how ludicrous the prices had become,” said Jake, a mechanical engineer who works in the medical device sector. Nationally, home prices since 2000 have climbed at an annual average rate of 3.8%, according to the data firm CoreLogic, while average incomes have grown at an annual rate of 2.7%. And in the metro areas with the strongest income growth — for example, parts of Silicon Valley — home prices have risen even faster. Link to comment Share on other sites More sharing options...
drbubb Posted May 26, 2019 Author Report Share Posted May 26, 2019 UNEXPECTED CONSEQUENCES? Anti-Capitalism Democrat Alexandria Occasional-Cortex Ran Amazon’s HQ2 Out of New York; Now Virginia is Benefiting From a Housing Boom Link to comment Share on other sites More sharing options...
drbubb Posted July 23, 2019 Author Report Share Posted July 23, 2019 Wealthy New Yorkers are ditching city’s high taxes for Miami Call it fight and flight. Affluent New Yorkers, financially distressed by recent changes to the nation’s tax laws, are bucking the Big Apple’s high costs and heading for an economic paradise — Florida’s Miami-Dade County area. The famed resort is luring the disgruntled urbanites with the prospect of a considerable annual tax and cost-of-living savings of between $20,000 and $120,000 for high earners. One tongue-in-cheek sales campaign for 5,000 residential units and other properties in a tony Miami suburb has even posted the letter of resignation New Yorkers can sign and deliver to family. “After careful thought and consideration, I’ve officially decided to leave the Big Apple to move to the true apple of my eye: Downtown Doral in Florida,” states the boilerplate letter on the Unhappy New Yorkers website of Downtown Doral. The federal Tax Cuts and Jobs Act signed into law in late 2017 brought with it sweeping changes that limited deductions on state and local taxes — with taxpayers particularly hard hit in New York, New Jersey and Connecticut, which are among the states with the highest income and property taxes. According to US Census Bureau data, Florida had the highest number of migrants from other states, with New York contributing the most — 63,722 people during the 12 months ended in July 2018. Miami-Dade is catching particular interest from dissatisfied New Yorkers. A local executive says New York’s tax woes have been as positive for business as Venezuela’s socialist government, credited for thousands of Venezuelans who have fled to Florida. Link to comment Share on other sites More sharing options...
drbubb Posted September 26, 2019 Author Report Share Posted September 26, 2019 LOW RATES are having an impact Link to comment Share on other sites More sharing options...
drbubb Posted September 28, 2019 Author Report Share Posted September 28, 2019 Miami Real Estate Is About To Collapse… September 25, 2019 Miami has a highly cyclical property market where the magnitudes of the booms and busts dwarf anywhere else in the country. In my experience, trends in Miami real estate also tend to lead national trends by a few quarters. Therefore, smart guys always watch Miami. Roughly a year ago, I noticed that Miami property prices started to decline after a two or three-year period ... Read More Link to comment Share on other sites More sharing options...
drbubb Posted October 2, 2019 Author Report Share Posted October 2, 2019 Manhattan housing prices in near 'free fall'... NEW YORK - The Manhattan real estate market stumbled in the third quarter of 2019, new reports show, as prices plunged and fewer buyers were willing to purchase higher-priced properties in the wake of two recent tax increases. The median sales price for properties fell 17 percent from the same quarter last year, to $999,950, according to new data from CORE. The average sales price dropped 12 percent, to $1.64 million. Condo sales fell 8 percent, logging 946 transactions. Co-op sales, on the other hand, were up a modest 2 percent year over year. “The third quarter of 2019 was undoubtedly the most challenging quarter in recent memory, especially for condo sales,” Garrett Derderian, managing director of market analysis at CORE, said in a statement. “Market prices have gone from what was once described as the kindest, gentlest correction to a near free-fall. The last time conditions were described in such a way was in the height of the recession.” Consequently, nearly 30 percent of the inventory on the market was priced above $3 million. MORE REAL ESTATE COVERAGE FROM FOX 5 It’s worth noting that many buyers rushed to purchase properties before an increase in the city’s mansion tax and transfer tax took effect in July. . . .As previously reported by FOX Business, more than 25 percent of new condos that have been built in New York City since 2013 remain unsold. In terms of units – of the 16,242 condos built since 2013, about 12,133 have sold. That means more than 4,100 have not. Experts have said the trend could be indicative of a potential future recession. Falling real estate prices come as concerns mount over the new tax law’s impact on high-tax states – particularly a $10,000 cap on state and local tax (SALT) deductions. Some people have begun fleeing states like New York and New Jersey, headed for lower-tax areas like Florida and Texa Link to comment Share on other sites More sharing options...
drbubb Posted November 29, 2019 Author Report Share Posted November 29, 2019 Despite Startup Millionaires, the Most Splendid Housing Bubbles in America Deflate. Crushed Markets Scramble Higher Link to comment Share on other sites More sharing options...
drbubb Posted January 8, 2020 Author Report Share Posted January 8, 2020 THERE is a Cheaper way... but CA Dems cannot find it Here's a Look Inside LA's New $600,000 to $700,000 Condos for the Homeless By Victoria Taft January 7, 2020 Sure, most of us can't afford a $600,000 condo in a trendy neighborhood, in one of the most expensive places to live in the country. But if you're homeless in Los Angeles, a condo can be yours! The new condo development is the first of 118 projects to be built over the next six years to house the homeless and other needy people in Los Angeles, California, according to the mayor's office. There are studio apartments and one-, two- and three-bedroom apartments with decent-sized kitchens. Screenshot/Twitter The first recipient of a $600,000 condo was a family with five children Last summer, USA Today reported that between the costs imposed by regulations and real estate prices and spiffs, such as fitness centers and homeless services, the costs for these homes are prohibitive: "[The homeless] will receive keys to one of 72 new apartments,complete with a fitness center, in the heart of trendy Koreatown, built at a projected cost of $690,692 for each unit, according to the city controller's office. Two additional projects in the pre-approval phase are expected to top $700,000 per unit in total costs. "This kind of cost is utterly unacceptable," Controller Ron Galperin said. "I believe we need a fundamental course correction." The median cost of housing in LA is $618,000, less than most of the units are costing taxpayers. But at the rate the city is building and with droves of homeless people making their way to California, there's a problem. Link to comment Share on other sites More sharing options...
drbubb Posted January 13, 2020 Author Report Share Posted January 13, 2020 BREAKOUT in West Philly Valuations?? This is a pretty hefty price for a property WEST of 49th street. Looks like the gentrification is spreading stiill 3 bd; 1,320 sqft: $259,000 5531 Catharine St, Philadelphia, PA 19143 Est. payment: $1,244/mo Breakout in Valuation?? Everything is new in this over the top, totally renovated home - new insulation, windows, siding, roof, HVAC, fence, plumbing, flooring, and electrical provide years of maintenance free living. This 3/2/2 home boasts a modern floorplan with a large, open area kitchen, dining, and living room - the heart of the home. Natural light pours in the space allowing the white kitchen, new granite, and stainless appliances to shine.Find a relaxing master suite upstairs with an attached spa bathroom complete with rain head ... read more > https://www.zillow.com/homedetails/5531-Catharine-St-Philadelphia-PA-19143/10454196_zpid/ Type:Townhouse Year built:1925 Heating:Forced air Cooling:Central Parking:No Data Lot:1,062 sqft Price/sqft:$196 Link to comment Share on other sites More sharing options...
drbubb Posted April 26, 2020 Author Report Share Posted April 26, 2020 Is The Housing Market About To CRASH? | Housing CRISIS Is The Housing Market About To Crash? Housing CRISIS coming to the USA... Between mid-2006 and early 2009, home prices dropped by 35% in the first nationwide decline since the Great Depression. Home prices historically sat in a range of 3-4 X median incomes, jumping to 5.1 times in December 2005 before collapsing. This ratio is now at 4.4 times, a level that was unprecedented prior to June 2004. Over 2M people have already requested forbearance in April Let me just explain briefly what happened prior to the 2008 crisis, because there's a lot of misinformation around this. The banks were basically gambling with the housing market, then packaging up your mortgage with thousands of others in a bundle called a CDO which stands for ‘Collateralized Debt Obligation’. Then they were using huge insurance companies like AIG to protect that gamble. However, the insurance companies thought there was no way the housing market would ever crash, so they didn't keep the money they needed in reserves in order to payout any claims. == Link to comment Share on other sites More sharing options...
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