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

[JoeB131]

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.

Biden doesn't control the interest rates, the Fed does, and it's an independent body. You know, for a people who are known for their money-grubbing ways, you should know this.

 

[Lisa558]

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.

Biden is the one acting like a dictator (or king), both of which the Dems accuse Trump of. Masters of projection.

 

[Lisa558]

It's burning hot in NW Arkansas.

Nationwide it’s not.

 

[Lisa558]

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.

Goodie for you. Half of Americans can barely put food on the table since Biden took over.

 

[Moonglow]

Nationwide it’s not.

Move.

 

[Chillicothe]

"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."

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Google is your friend, good poster Lisa.

There are rational understandable reasons for higher mortgage rates; for increased house prices; for rent increases; and grocery inflation.

You can read about all of that and learn that it ain't Biden, it wasn't Trump, more and larger issues were and are at play.

Too many Americans bitch about American inflation....despite it being amongst the lowest inflation rates in the industrial world. Neither Biden or Trump caused high inflation in the UK or the Ukraine. So get over the Whinefest.

Mapped: Inflation Projections by Country, in 2024

Global inflation projections look optimistic in 2024, but risks of a second wave of price pressures remain due to geopolitical shocks.

www.visualcapitalist.com

Also, to address the whiners and complainers about high mortgage rates....well, how else can a country restrict demand (key part of inflation) other than make buying stuff more expensive. Remember inflation doesn't just happen, it is too much demand for too little supply. Duh!

Reduce demand and commodities become plentiful and prices are reduced to move inventory. (like what happened to gasoline in the first year of Covid, when demand plummeted, so did the price).

Until our Fed feels their inflation goals are achieved they will keep interest rates high in order to dampen that demand. Duh!

Honest, earnest poster Lisa, Google is your friend. Use it and learn stuff.
Good luck.

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It's burning hot in NW Arkansas.

As it is in our city home. The price of our residence there doubled within two years after we purchased it. That was the most dramatic increase for any of the 12 homes we've owned across the U.S. over the last 50yrs. We've always made money when selling one to go to the next career opportunity. But a 100% pop in two years did impress the bejesus outta us.

Ps....we still use that house much of the year. We are happy there. Life is good. Have no motivation to sell it and reap that equity-pop. Homes are meant to be lived in, raise families in........and should only be 'financial investments' tangentially. IMHO

 

[Moonglow]

Goodie for you. Half of Americans can barely put food on the table since Biden took over.

I suggest a veggie garden in the yard.

 

[Moonglow]

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Google is your friend, good poster Lisa.

There are rational understandable reasons for higher mortgage rates; for increased house prices; for rent increases; and grocery inflation.

You can read about all of that and learn that it ain't Biden, it wasn't Trump, more and larger issues were and are at play.

Too many Americans bitch about American inflation....despite it being amongst the lowest inflation rates in the industrial world. Neither Biden or Trump caused high inflation in the UK or the Ukraine. So get over the Whinefest.

Mapped: Inflation Projections by Country, in 2024

Global inflation projections look optimistic in 2024, but risks of a second wave of price pressures remain due to geopolitical shocks.

www.visualcapitalist.com

Also, to address the whiners and complainers about high mortgage rates....well, how else can a country restrict demand (key part of inflation) other than make buying stuff more expensive. Remember inflation doesn't just happen, it is too much demand for too little supply. Duh!

Reduce demand and commodities become plentiful and prices are reduced to move inventory. (like what happened to gasoline in the first year of Covid, when demand plummeted, so did the price).

Until our Fed feels their inflation goals are achieved they will keep interest rates high in order to dampen that demand. Duh!

Honest, earnest poster Lisa, Google is your friend. Use it and learn stuff.
Good luck.

---------------------------------------------------------------------------

As it is in our city home. The price of our residence there doubled within two years after we purchased it. That was the most dramatic increase for any of the 12 homes we've owned across the U.S. over the last 50yrs. We've always made money when selling one to go to the next career opportunity. But a 100% pop in two years did impress the bejesus outta us.

Ps....we still use that house much of the year. We are happy there. Life is good. Have no motivation to sell it and reap that equity-pop. Homes are meant to be lived in, raise families in........and should only be 'financial investments' tangentially. IMHO

I like to buy land to stretch out upon and grow food.

 

[Lisa558]

--------------------------------------------------------------------

Google is your friend, good poster Lisa.

There are rational understandable reasons for higher mortgage rates; for increased house prices; for rent increases; and grocery inflation.

You can read about all of that and learn that it ain't Biden, it wasn't Trump, more and larger issues were and are at play.

Too many Americans bitch about American inflation....despite it being amongst the lowest inflation rates in the industrial world. Neither Biden or Trump caused high inflation in the UK or the Ukraine. So get over the Whinefest.

Mapped: Inflation Projections by Country, in 2024

Global inflation projections look optimistic in 2024, but risks of a second wave of price pressures remain due to geopolitical shocks.

www.visualcapitalist.com

Also, to address the whiners and complainers about high mortgage rates....well, how else can a country restrict demand (key part of inflation) other than make buying stuff more expensive. Remember inflation doesn't just happen, it is too much demand for too little supply. Duh!

Reduce demand and commodities become plentiful and prices are reduced to move inventory. (like what happened to gasoline in the first year of Covid, when demand plummeted, so did the price).

Until our Fed feels their inflation goals are achieved they will keep interest rates high in order to dampen that demand. Duh!

Honest, earnest poster Lisa, Google is your friend. Use it and learn stuff.
Good luck.

---------------------------------------------------------------------------

As it is in our city home. The price of our residence there doubled within two years after we purchased it. That was the most dramatic increase for any of the 12 homes we've owned across the U.S. over the last 50yrs. We've always made money when selling one to go to the next career opportunity. But a 100% pop in two years did impress the bejesus outta us.

Ps....we still use that house much of the year. We are happy there. Life is good. Have no motivation to sell it and reap that equity-pop. Homes are meant to be lived in, raise families in........and should only be 'financial investments' tangentially. IMHO

Both of you are too far gone to argue with: get back to me when people can afford to buy a house or rent their apartment, and put food on the table.

See the diffeeence between us is that I don’t measure how good the economy is by MY personal situation, which is fine - I am an educated retiree with a townhouse now worth $750,000. I measure it by how my fellow Americans are doing, as a whole, and we have nearly half of all our citizens barely able to afford food.

I‘m not selfish and figure that because I am in decent shape, that Bidenomics is working.

 

[Moonglow]

Both of you are too far gone to argue with: get back to me when people can afford to buy a house or rent their apartment, and put food on the table.

See the diffeeence between us is that I don’t measure how good the economy is by MY personal situation, and that’s because I am an educated retiree with a townhouse now worth $750,000. I measure it by how my fellow Americans are doing, as a whole, and we have nearly half of all our citizens barely able to afford food.

I‘m not selfish and figure that because I am in decent shape, that Bidenomics is working.

I can afford to do all of the above along with the rest of my family and relatives. As do all the people I work with. The only ones I know that can't are burnouts bumming on the street corners and intersections, is one of them you?

 

[JoeB131]

Goodie for you. Half of Americans can barely put food on the table since Biden took over.

Funny, I went to the store the other day, and I see plenty of people filling their carts with all sorts of junk food.

But I'm sure that it's not that way in your imaginary dystopia where there are too many pictures of black people in the store.

 

[Chillicothe]

get back to me when people can afford ..... put food on the table...and we have nearly half of all our citizens barely able to afford food.

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Umm, prolific poster Lisa.....I, for one, know lotsa people who live in rentals ....youngsters and retirees. Their choice. And the rental owners have provided a housing option....and making money doing so. It's sorta kinda what capitalism and investment risk is all about.
Your pearl-fluttering is faux, in my opinion.

As far as 'half of all citizens can barely put food on the table'.

Umm, look mon ami, have you been to a Wal-Mart for groceries lately? have you been to a public beach?

If you haven't been to either.....lemme assure you finding food is not a real big problem for the vast vast majority of Americans.

In fact, the Americans I see pushing loaded grocery carts are often testing the fabric strength of their yoga-pants.
And too many beach-goers have carbo-packed so much they are stretching their tattoos to unrecognizable ink-stains.

Getting enough food ain't really that big of an American problem.

BMI ---Body Mass Index.......ain't a thing for most.

I suspect many many could go 30-days with just Red Bull and rice and be just fine. In fact, it may be healthier for them. Let's call it..."The Poster-Lisa-Whine-Diet'.

 

[JoeB131]

Umm, prolific poster Lisa.....I, for one, know lotsa people who live in rentals ....youngsters and retirees. Their choice. And the rental owners have provided a housing option....and making money doing so. It's sorta kinda what capitalism and investment risk is all about.
Your pearl-fluttering is faux, in my opinion.

As far as 'half of all citizens can barely put food on the table'.

Umm, look mon ami, have you been to a Wal-Mart for groceries lately? have you been to a public beach?

Here's part of the problem. You see, before Trump started fucking with the tax code, it actually made sense to buy and then deduct your interest from your Schedule A. Now, you might as well rent. Renting gets you the same costs without the obligations.

That said, the only good reason to buy is as an investment, and in that case, the current market is doing homeowners a solid, as property values are starting to appreciate again.

 

[sartre play]

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?​

​

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?​

​

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

​

“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.​

​

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.”​

​

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

​

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.​

​

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.​

​

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.​

​

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

​

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

​

...​

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

Have to look this up, sounds hinky,

 

[sartre play]

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.

Good for you & me too. Harder maybe now days, but doable if you don't require a move in ready castle.

 

[justoffal]

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.

You mean the Global money correction of 2008 I think.

 

[JoeB131]

You mean the Global money correction of 2008 I think.

Well, no one ever accused you of thinking.

 

[AZrailwhale]

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.

People stopped “investing” in savings accounts decades ago when the banks started paying tiny rates of interest on them.

 

[AZrailwhale]

Biden doesn't control the interest rates, the Fed does, and it's an independent body. You know, for a people who are known for their money-grubbing ways, you should know this.

Knock it off. You are just being offensive for offensive’s sake.

 

[AZrailwhale]

Here's part of the problem. You see, before Trump started fucking with the tax code, it actually made sense to buy and then deduct your interest from your Schedule A. Now, you might as well rent. Renting gets you the same costs without the obligations.

That said, the only good reason to buy is as an investment, and in that case, the current market is doing homeowners a solid, as property values are starting to appreciate again.

You mean when he stopped the people in the high tax states from screwing the rest of the country by allowing them to deduct their taxes don’t you?