CDZ The Blue Wall Housing Collapse?

[william the wie]

CNBC's real estate desk is reporting that CA house prices are starting to join NY and IL in loss of real estate value. If electing Ds correlates with real estate losses the next two years are going to be interesting

 

[jwoodie]

I don't think home prices will be affected by the election. Rather, the SALT limitations and rising interest rates are simply making it more expensive to buy a house.

 

[william the wie]

I don't think home prices will be affected by the election. Rather, the SALT limitations and rising interest rates are simply making it more expensive to buy a house.

You should have asked for stupid D stunts for $1,000.

When the Ds raise the cost of buying and paying off a house it has a high interest compounding effect on the affordability of housing, doubling or tripling carrying costs. That makes houses in IL NY and CA an expanding bubble.

Then rent control gets tacked on and when the property burns down the owner and tenants with renter's insurance takes the money and runs to a red state, if possible. A friend of mine, a retiree here in northeast FL, may have to move to another state to find an affordable retirement home within a month. Jim is pushing 70 so that will be a nightmare. and that is all due to blue state flippers heading here to get away from stupid D tricks.

 

[Toronado3800]

CNBC's real estate desk is reporting that CA house prices are starting to join NY and IL in loss of real estate value. If electing Ds correlates with real estate losses the next two years are going to be interesting

There is a cause and effect missing.

In the Repblican census tract I grew up in a couple black families bought houses.

Then the most racist of the Republicans moved out. No new Republicans wanted to move into these 2500 sq ft houses, with full basements because like 3% of them were owned by blacks and you could see the writing on the wall.

The house values stagnated. Its easier to buy a new house than a 30 year old one that needs repainted anyways.

Guess what happened next?

 

[william the wie]

housing collapsed.

 

[Toronado3800]

housing collapsed.

yeah, not the big one that made national news though. As soon as 30%, 40% or whatever of the middle class white buyers won't buy there goes demand. When demand goes there goes value. Then you get poor minorities moving in and the neighborhood tumbles into this cycle of rising crime and falling home values.

It also goes Democrat because them Republicans fled.

All of a sudden you have a Democratic voting neighborhood which sucks. Does it suck because of the Democrats? Not really, they just moved in. They certainly aren't fixing our greater supply and demand issue though. That's a basic economic principle.

The above cycle I can see in effect in the Midwest here since the 60's. I'm not sure about before especially in the South. I THINK since FDR's time its been the trend in the rest of the country. FDR twisted the D's apart with his long reign and New Deal.

 

[CrusaderFrank]

Dems say the 1% don't pay their fair share so they should like this, no?

 

[william the wie]

MLK sr.nailed it when he said about a visit to NYC that the north was more racist than the south.

 

[Toronado3800]

MLK sr.nailed it when he said about a visit to NYC that the north was more racist than the south.

I dunno. Its the Midwest that I have the greatest experience with. From what I know of visiting NY, neighborhoods seem to change slower. The South rather has a reputation it earned, but "less bad" would be my description of what I've seen elsewhere. Vegas was weird unsettled and weird though. Almost cosmopolitan.

This is this path through North St Louis and into the I-70 Corridor of St Charles County where the same white families have been fleeing neighborhoods for 90 years at the first sign of a neighbor who didn't need sun tan lotion to mow the yard lol.

 

[william the wie]

Expect gentrification by blue state refugees soon

 

[TomFitz]

CNBC's real estate desk is reporting that CA house prices are starting to join NY and IL in loss of real estate value. If electing Ds correlates with real estate losses the next two years are going to be interesting

No, it's more likely that if this trend holds, it is a reflection of the Trump tax bill, which put a cap on mortgate interest deductibility, radically increasing the cost of home ownership in states with high real estate prices.

 

[Picaro]

The 'boom' in high end housing came from overseas buyers, mainly Red Chinese 'businessmen'; as reported some of them are actually hotels for wealthy pregnant Chinese women coming into the U.S. to have their kids so they can claim 'citizenship'. It's a big business; they have travel agencies specifically catering to that demographic in Red China, and around the world, for that matter. I guess all the 5th columnists will get jobs chauffeuring all the wealthy Democrats in the Senate and Congress around, to make it easier for the traitors to pass on all our secrets to their heroes in Peking, at least the ones Wall Street and the big multi-nationals don't rush over to give them.

Like all markets catering to the top 1%, the customer base is small and they only buy so much; it's a very limited market size, but some people have some delusion it's endless.

 

[Picaro]

MLK sr.nailed it when he said about a visit to NYC that the north was more racist than the south.

Most people today don't know that most states outside the South exempted themselves from most of the laws in the Civil Rights Acts imposed on the southern states. It wasn't until Nixon's first term, when they came up for sunset provision reviews, that they were applied nationwide; Nixon pushed it all through in an effort to get back black voters, including turning AA into a quota system. New York and California, along with some 18 other states, required literacy tests prior to Nixon's reforms; Mississippi had a higher rate of black voters than New York city did, for instance. Same with segregation; northern and western schools actually re-segregated to levels more discriminatory than the Souths' were from 1950's on until the 1970's.

Many of us are old enough to remember the school busing riots in 'liberal' Massachusetts and all over the northeast in the 1970's and after, where all those 'enlightened and educated Yankees' we keep hearing all about were tossing bricks and lit torches at buses full of kids; reminded me of those faux 'Palestinians' and their hobby of firing rockets and tossing grenades into school buses. In fact most of the worst rioting was in the northern states and California, and still is today.

 

[Picaro]

Expect gentrification by blue state refugees soon

Already been happening for a while now. Texas was overrun by Red River wetbacks in the 1980's and after, now California plates are all over the place here. They already swarmed Oregon, WA, Ar, and Nv. years ago. That's why illegals are so important to the crooks in Cali. they lose around 12 seats in Congress without them counted in their census numbers. The whole state needs to be audited from top to bottom.

 

[william the wie]

CNBC's real estate desk is reporting that CA house prices are starting to join NY and IL in loss of real estate value. If electing Ds correlates with real estate losses the next two years are going to be interesting

No, it's more likely that if this trend holds, it is a reflection of the Trump tax bill, which put a cap on mortgate interest deductibility, radically increasing the cost of home ownership in states with high real estate prices.

Sped it up yes but IL and CA were in technical default 20 years ago. IOUs pre-dated the Governator but he refused to pay interest on the ones he issued. IL pays more than food trucks for supplies because they started slow paying back in the 90s. NY was bailed out of default by presidents Ford and T Roosevelt. The structural problems of the Blue Wall date way back.