Joe Biden is once again taking a ‘wrecking ball’ to America’s housing market

[Lisa558]

Investment companies are buying-up older homes in my AO and renting them.....If you were one-at-a-timing then it would not make sense but if you have 50 rentals clearing your company 10K a year each it makes a lot of sense.

Hell I've already had a "vulture" offer for the house and the lot next to it by a local builder who wants to tear the house down and put three duplexes on the lots but I think I can do better selling the house in this market and then holding on to the lot for a while and see how things play out.

Yes, true if it’s an investment company as opposed to a one-off by an individual.

I’ve been getting calls from realtors. They’re so short on inventory that they’re cold-calling entire neighborhoods.

 

[TroglocratsRdumb]

Housing is finally recovering from Bush's Recession. That's actually kind of nice.

I know the condo I bought in 2021 for 155K is now worth 190K. This is actually kind of awesome in that it increases my net worth for when I retire.

Clintons mortgage policies caused the housing bubble recession.

 

[Chillicothe]

"It’s a bad market when people are trapped into keeping their houses because they don’t want to give up their 3% mortgage..."

"I’ve been getting calls from realtors. They’re so short on inventory that they’re cold-calling entire neighborhoods."

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What a devastating imaginary tragedy some Snowflakes hyperventilate over: Houses sell for high prices and sell promptly....yet, it is a "bad market"?

For Snowflakes the sky is always falling, the glass is always half-empty, threats lurk around every corner, and whining is a competitive sport.

IMHO

 

[Lisa558]

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What a devastating imaginary tragedy some Snowflakes hyperventilate over: Houses sell for high prices and sell promptly....yet, it is a "bad market"?

For Snowflakes the sky is always falling, the glass is always half-empty, threats lurk around every corner, and whining is a competitive sport.

IMHO

And….tyoical for Bidenidiots….you don’t negate what I said: the market is at a standstill because of Biden’s high interest rates. Owners don’t want to sell because they’ll lose their Trump 3% rate, and buyers can’t buy because the short inventory has created a bubble in prices, and together with the doubling of mortgage rates, they can’t afford it.

No wonder you Biden voters think Bidenomics is working.

 

[Lisa558]

Clintons mortgage policies caused the housing bubble recession.

I think it was more than just that. The Democrat Congress in the early 2000s wanted….tada!…..EQUITY, where low-income people get to buy houses just like the middle class. Created an entire segment of subprime, no-doc loans, and eventually the shit hit the fan.

That’s what happens when idealists/socialists/Democrats think everyone should be equal, and that the waitress making $35,000 a year is entitled to own a house, just like a college-educated accountant.

 

[Moonglow]

The Joe Biden motto: Another day, another way to do harm.

The mess just keeps on going. And some of you cheer this guy on only because you were told to believe that Trump is a bad man.

Would you be willing to save a few hundred dollars on a car purchase if the seller seemed squirrely and didn’t have the title to the car?​

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Unfortunately, you will be on the hook for Joe Biden’s latest vote buying scheme to subsidize mortgages for houses with shaky titles.​

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In his State of the Union address, Biden proclaimed, “My administration is also eliminating title insurance on federally backed mortgages.” What could possibly go wrong?​

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Title insurance protects homeowners against financial loss if there is a defect in the title to their property.​

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“Wrecking ball benevolence” — my phrase in a 2004 Barron’s article that was quoted in a 2017 federal appeals court decision — leveled the housing sector.​

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As Rep. Patrick McHenry (R-NC), chairman of the House Financial Services Committee, declared in 2013, “Rank cronyism, Enron-style accounting and outright financial fraud made [Fannie and Freddie] so powerful and unaccountable that they were able to wreck our economy.”​

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Despite the debacles earlier in this century, Team Biden is championing “no clean title, no problem” mortgage loans.​

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Biden policymakers believe they are so smart that they can turbo-charge housing demand while removing the guardrails — and nothing bad will happen (except Biden’s reelection). ​

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In lieu of title insurance, the Biden administration will approve granting subsidized mortgages based on “attorney opinion letters” that assert a lawyer believes someone owns a house.​

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Such form letters can now be purchased for $199 in some locales. This sounds on par with the $99 online deals selling “emotional support animal letters” people exploit to “prove” they need their dog, cat, kangaroo or squirrel with them at all times.​

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Having a page of pablum on fancy law-firm letterhead will be no competition for a clean deed — or a tangled land dispute that could go back generations.​

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A recent report by FundingShield found that home title fraud risk “reached an all-time high” late last year.​

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The title insurance waiver is part of a blizzard of housing interventions to portray Biden as a savior.​

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But foolish federal policies have made homes less affordable than ever before.​

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Joe Biden is once again taking a ‘wrecking ball’ to America’s housing market

Joe Biden is wrecking the housing market by ditching things such as proper title insurance.

nypost.com

I have my pet worm I could never live(he's dead I crushed him) without.

 

[Moonglow]

I think it was more than just that. The Democrat Congress in the early 2000s wanted….tada!…..EQUITY, where low-income people get to buy houses just like the middle class. Created an entire segment of subprime, no-doc loans, and eventually the shit hit the fan.

That’s what happens when idealists/socialists/Democrats think everyone should be equal, and that the waitress making $35,000 a year is entitled to own a house, just like a college-educated accountant.

Anyone can buy a home if they qualify or have the dough.

 

[Chillicothe]

"No wonder you Biden voters think Bidenomics is working".

Houses sell quickly at higher than expected prices = Bad Market.
Yeah, me too.
I don't get it either.
I suspect that that is only a 'Bad Market" in ChickenLittleland.
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Anyone can buy a home if they qualify or have the dough.

That is the America we all know and love. And work so hard within.

The American Dream ain't a gift.....it's a goal.
An achievable goal for the hard-working, thrifty, responsible, and optimistic.
The American Dream will always.....has always.....been out of reach for the Ne'er-Do-Wells, the Snowflakes and the Chicken Littles.

In my humble opinion.

USA! USA! USA!

 

[Burgermeister]

Raising the risk profile of loans backed by my tax dollars. This should go through congress. I have no faith that congress would protect my interests but I'd like them to have to go through the motions at least. The executive branch is not supposed to have all this authority without a check from the other two branches. All these departments have circumvented the idea of a representative government.

 

[Moonglow]

Houses sell quickly at higher than expected prices = Bad Market.
Yeah, me too.
I don't get it either.
I suspect that that is only a 'Bad Market" in ChickenLittleland.
---------------------------------------------------------------


That is the America we all know and love. And work so hard within.

The American Dream ain't a gift.....it's a goal.
An achievable goal for the hard-working, thrifty, responsible, and optimistic.
The American Dream will always.....has always.....been out of reach for the Ne'er-Do-Wells, the Snowflakes and the Chicken Littles.

In my humble opinion.

USA! USA! USA!

I have been a homeowner since 1986, I hate renting.

 

[Lisa558]

Houses sell quickly at higher than expected prices = Bad Market.
Yeah, me too.
I don't get it either.
I suspect that that is only a 'Bad Market" in ChickenLittleland.
---------------------------------------------------------------


That is the America we all know and love. And work so hard within.

The American Dream ain't a gift.....it's a goal.
An achievable goal for the hard-working, thrifty, responsible, and optimistic.
The American Dream will always.....has always.....been out of reach for the Ne'er-Do-Wells, the Snowflakes and the Chicken Littles.

In my humble opinion.

USA! USA! USA!

Houses selling quickly isn’t the sign of a healthy housing market. I explained why the rare house that comes on the market gets snapped up - because it IS so rare. That drives up costs, and keeps hardworking Americans locked out of home ownership.

Under Biden, the cost of a monthly mortgage has doubled, and because house prices are so high, more people are forced to remain renters. And THAT drives up rent prices too! (Supply/demand.) And all that is on top of the inflation that has grocery prices 20% higher than when Trump left office.

And THIS is why nearly half of Americans are struggling financially.

If you think the housing market is healthy, you really are too ignorant to vote.

 

[Moonglow]

Houses selling quickly isn’t the sign of a healthy housing market. I explained why the rare house that comes on the market gets snapped up - because it IS so rare. That drives up costs, and keeps hardworking Americans locked out.

If you think the housing market is healthy, you really are too ignorant to vote.

It's burning hot in NW Arkansas.

 

[Harpy Eagle]

Here is an idea....if you want to buy Title Insurance, buy it. Why do you need the Nanny Govt to make it mandatory?

 

[JoeB131]

LOL

Thanks to Fannie and Freddie, play things for Democrats. That's' what really happened, feds involvement.

Freddie and Fanny existed for decades before the 2008 collapse, stupid. Fannie has existed since 1938, and Freddie since 1970. It was only after the banking industry realized that the Republicans weren't going to enforce the laws on the books that the banks engaged in some shenanigans.

 

[1srelluc]

The American Dream ain't a gift.....it's a goal.

Well put......When the wife and I started out we rented for about 9 months but the GOAL was to have a home.

We sacrificed no end to save up for a down payment and did. Our first home was just a new brick 1K sq. ft. 1 bath/3 BR rambler on a crawlspace. It was what was called a starter home at the time.

Over the years we set our GOAL on a larger home, sacrificed, bought a lot first, sacrificed some more (we rented out our 1st home) while at the same time our earning potential grew, then we built the home I'm in today on the lot we held for a few years while we saved.

During the Clinton/W housing bubble we sold our first home for stupid money (at the time) and paid off the newer one with the proceeds.

Nothing happened quickly and it took a lot of effort to get where we are today, retired and financially secure.

 

[JoeB131]

Except that people can’t afford houses, and there‘s very little inventory.

Very little inventory seems like an industry problem, not a government one.

We could fix that by getting the government back into the house-building industry instead of just handing every poor family a voucher and hoping they can find a place.

 

[JoeB131]

They’re snapped up pronto because the inventory is so low. Not much is coming on the market.

It’s a bad market when people are trapped into keeping their houses because they don’t want to give up their 3% mortgage, and when people who won’t to buy have few options and can barely afford to buy a tiny house.

I locked into a 3.25% mortgage in 2021. I'd be crazy to move now.

My property is worth 30% than what I paid for it in 2021. While I have no interest in borrowing against that (I have a pretty substantial surplus) it does increase my net wealth.

 

[1srelluc]

Very little inventory seems like an industry problem, not a government one.

We could fix that by getting the government back into the house-building industry instead of just handing every poor family a voucher and hoping they can find a place.

I bet you and Barney Frank are asshole buddies.

 

[JoeB131]

And….tyoical for Bidenidiots….you don’t negate what I said: the market is at a standstill because of Biden’s high interest rates. Owners don’t want to sell because they’ll lose their Trump 3% rate, and buyers can’t buy because the short inventory has created a bubble in prices, and together with the doubling of mortgage rates, they can’t afford it.

No wonder you Biden voters think Bidenomics is working.

Except it wasn't Trump's 3% rate. Interest rates have been below 3% since Bush wrecked the economy in 2002 (and again in 2008). They probably SHOULD have gone up a lot sooner than they did, because no one was investing in savings accounts.

I actually made money off of interest on my savings account for the first time in 20 years last year.

 

[DGS49]

It has been a few years ago, but when I was in law school, I was told by a person who was in a position to know that there had NEVER BEEN A SUCCESSFUL CLAIM on a title insurance policy. There are so many disclaimers in the policy that if a problem comes up, they just point to the helpful clause and tell you to go fuck yourself. The Title Insurance premium was, at the time, the bulk of the attorney's earnings on a real estate closing. I would assume that a title search could be done in half hour or less with today's technology.