You need to be very afraid of what is coming to the housing market.

[Mikeoxenormous]

A little history on what Marxists/Demofascists do to the housing market.

Here's what really caused the housing crisis

“Under Clinton’s Housing and Urban Development (HUD) secretary, Andrew Cuomo, Community Reinvestment Act regulators gave banks higher ratings for home loans made in ‘credit-deprived’ areas. Banks were effectively rewarded for throwing out sound underwriting standards and writing loans to those who were at high risk of defaulting.
What’s more, in the Clinton push to issue home loans to lower income borrowers, Fannie Mae and Freddie Mac made a common practice to virtually end credit documentation, low credit scores were disregarded, and income and job history was also thrown aside. The phrase “subprime” became commonplace. What an understatement. … Tragically, when prices fell, lower-income folks who really could not afford these mortgages under normal credit standards, suffered massive foreclosures and personal bankruptcies.”

Now what is coming down from our illustrious government.

MSN

A bill being introduced to Congress will prohibit hedge funds and other institutional investors from buying single-family homes.
The bill comes as housing supply continues to dry up in the U.S. with prices climbing 20 percent since 2021. Low housing supply is driving up prices, and hedge funds are partly to blame for that, according to the bill's sponsors, U.S. Senator Jeff Merkley (D-OR) and Representative Adam Smith (D-WA).

Any time the government gets involved other than in wars and our border(which is failing at both of those) there is no way the government should get involved in housing. Just like when Obama got involved with college tuition, that drove up the price of higher education through the roof, you can bet the prices of housing with either come crashing down hard(like under the Andrew Cujo plan) or drive the prices even higher. Ronald Reagan said it best.

 

[1srelluc]

Blackrock, you listening?

 

[Lemmi]

I bought a single family home in 1976 at 7% interest. Paid it off 20 years ago and I'm still living in it.

 

[Mikeoxenormous]

Blackrock, you listening?

i heard that in the Marxist/Demofascist run states, that housing cant be sold even for real cheap, because no one wants to live in a shithole place like San Fransicko and New Pork City. Shitcago is a mess because you cant even walk out the front door without a full suit of body armor on...

 

[Mikeoxenormous]

I bought a single family home in 1976 at 7% interest. Paid it off 20 years ago and I'm still living in it.

I could of done that, but i am not the typical middle class type of guy. After contracting in Saudi Arabia for 5 1/2 years, i knew i could to a lot better and now i live in a small house of just over 8,000 sf.

 

[1srelluc]

I bought a single family home in 1976 at 7% interest. Paid it off 20 years ago and I'm still living in it.

I bought a year later at 7.34%......Lived there till I paid it off, rented it out for 12 years, then sold it to mostly pay for my current home which has been paid off since 2008.

 

[Mikeoxenormous]

I bought a year later at 7.34%......Lived there till I paid it off, rented it out for 12 years, then sold it to mostly pay for my current home which has been paid off since 2008.

I wont have my house paid off for another 28 years, but at 3.25% it is a very good deal.

 

[The Duke]

A little history on what Marxists/Demofascists do to the housing market.

Here's what really caused the housing crisis
Now what is coming down from our illustrious government.

MSN Any time the government gets involved other than in wars and our border(which is failing at both of those) there is no way the government should get involved in housing. Just like when Obama got involved with college tuition, that drove up the price of higher education through the roof, you can bet the prices of housing with either come crashing down hard(like under the Andrew Cujo plan) or drive the prices even higher. Ronald Reagan said it best.

Ya know, institutional investors with tons of capital should not be allowed to compete with single families for homes.

That's just common sense. I'm all for this thing.

Yes, housing prices will drop, and they should.

Mega Corporations should not be allowed to buy up tons of houses and be competing with regular people for them.

 

[JackOfNoTrades]

A little history on what Marxists/Demofascists do to the housing market.

Here's what really caused the housing crisis
Now what is coming down from our illustrious government.

MSN Any time the government gets involved other than in wars and our border(which is failing at both of those) there is no way the government should get involved in housing. Just like when Obama got involved with college tuition, that drove up the price of higher education through the roof, you can bet the prices of housing with either come crashing down hard(like under the Andrew Cujo plan) or drive the prices even higher. Ronald Reagan said it best.

And from this, spawns more than 40 years of chasing and trying failed "conservative" policy implementations. Sad.

 

[The Duke]

And from this, spawns more than 40 years of chasing and trying failed "conservative" policy implementations. Sad.

Historically, predatory buying up of houses by big groups of investors was not allowed, so what changed to allow that in

the 1st place?

 

[okfine]

I could of done that, but i am not the typical middle class type of guy. After contracting in Saudi Arabia for 5 1/2 years, i knew i could to a lot better and now i live in a small house of just over 8,000 sf.

Didn't you say you made your money (millions) from investments?

Tell us all about your new story.

 

[mamooth]

Ah, the "DERP, IT'S THE MINORITIES" BigLie. I haven't seen that tripe for over a decade. Conservative zombie lies never die.

CRA was passed in 1977. No changes were made between that time and the 2006 housing bubble. 75% of the subprime loans came from institutions not covered by CRA. Defaults in CRA and non-CRA loans were pretty much the same. Depending on which source you use, one or the other comes out a little worse, but there's little difference either way.

Commercial real estate bubbled up worse than residential. That's not a minority thing.

It wasn't minorities buying McMansions to flip and then defaulting on the loans. It wasn't minorities refinancing McMansions, cashing out big, and then defaulting, which was the majority of the defaults.

The primary issue was allowing banks to securitize loans. Banks bundled up the loans and sold them to others as securities. Once banks no longer had to hold their own loans, they lost any incentive to make good loans. They started giving loans to anyone with a pulse.

Securitization has been around since the 1980s, but it grew through the 1990s, and exploded in the 2000s. Give the Fed some blame too. The Fed lives to prop up Republicans, so under Bush, they cut interest rates to absurdly low levels.

No, Fannie Mae and Freddy Mac didn't start the housing bubble. They tried chasing the housing bubble, and like everyone who chased it, they were left holding the bag when the bubble popped.

Dodd-Frank was passed under Obama, and that regulates securitization more.

 

[Oddball]

I wont have my house paid off for another 28 years, but at 3.25% it is a very good deal.

Pay 2 extra payments per year toward principal, and you'll be paid off in 7 years.

 

[airplanemechanic]

I wont have my house paid off for another 28 years, but at 3.25% it is a very good deal.

Not if you knew how much you were paying in interest.

I financed $58000 for my house. 4.75% was the best I could get under Obama. I paid the house off 23 years early under Trump and saved about $45,000 in interest payments.

 

[Mikeoxenormous]

Ya know, institutional investors with tons of capital should not be allowed to compete with single families for homes.

That's just common sense. I'm all for this thing.

Yes, housing prices will drop, and they should.

Mega Corporations should not be allowed to buy up tons of houses and be competing with regular people for them.

How many houses do you think billion dollar hedge funds have? How many hedge funds are out there? If all of them were required to sell off their houses with losses, what would that do to the economy? Just asking for a friend?

 

[Mikeoxenormous]

Historically, predatory buying up of houses by big groups of investors was not allowed, so what changed to allow that in

the 1st place?

Well color me purple. Didnt a certain 1/2 white president assume to office right after this started? ACORN anyone...

2008

• According to 2 sources

Following the 2008 housing crisis, large private equity firms and hedge funds bought substantial portfolios of foreclosed homes as an investment opportunity. The federal government enabled this growth through bulk sales of federally-backed mortgages and foreclosed properties.

Merkley, Smith Lead Bicame…​

merkley.senate.gov

 

[The Duke]

How many houses do you think billion dollar hedge funds have? How many hedge funds are out there? If all of them were required to sell off their houses with losses, what would that do to the economy? Just asking for a friend?

People could buy houses cheaper, as they should be able to.

 

[Mikeoxenormous]

People could buy houses cheaper, as they should be able to.

And what happens to the people who have already bought houses at the much higher prices? Oh yeah, many of them ended up underwater..Leave well enough alone, get government out of the way, and soon the economic recovery will happen in all aspects of finances.

An underwater mortgage is a home purchase loan with a higher principal than the free-market value of the home. This situation can occur when property values are falling. In an underwater mortgage, the homeowner may not have any equity available for credit.

Underwater Mortgage: Meaning, Overview, History - Investopedia​

www.investopedia.com/terms/u/underwater-mortgage.asp

 

[The Duke]

Well color me purple. Didnt a certain 1/2 white president assume to office right after this started? ACORN anyone...

2008

• According to 2 sources

Following the 2008 housing crisis, large private equity firms and hedge funds bought substantial portfolios of foreclosed homes as an investment opportunity. The federal government enabled this growth through bulk sales of federally-backed mortgages and foreclosed properties.

Merkley, Smith Lead Bicame…​

merkley.senate.gov

Yep, looks like government did that. To me it looks like leftover from Bush days tbh.

Very bad. The lenders should have been let to fail and depositors paid off 1st and then everything liquidated.

BoA? Shoulda died.

 

[The Duke]

And what happens to the people who have already bought houses at the much higher prices? Oh yeah, many of them ended up underwater..Leave well enough alone, get government out of the way, and soon the economic recovery will happen in all aspects of finances.

An underwater mortgage is a home purchase loan with a higher principal than the free-market value of the home. This situation can occur when property values are falling. In an underwater mortgage, the homeowner may not have any equity available for credit.

Underwater Mortgage: Meaning, Overview, History - Investopedia​

View attachment 870172
www.investopedia.com/terms/u/underwater-mortgage.asp

There needs to be a correction. The current trajectory is unsustainable.

With how things currently are, housing prices will keep going up, rent will keep going up, taxes will keep going up, until

nobody can afford a damn thing and corporations will own almost all the housing and property.

Right now, right now..taxpayers are paying rent for people that corporations make profit on and the locals know it so they jack their

tax rates to get a piece of that Fed/corporate housing pie.

And people get screwed going and coming.