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ParticipantI made over $80k when I lived in SD last year, and the middle of the road home in my hood was about $750k. Almost 10x my yearly wage! That just pisses me off.
This is happening because people can buy with less than 20% down. What happened is that, through deregulation of the banking industry and securitization of home loans, the barrier to market entry was lowered significantly, drastically increasing the number of participants. Supply held relatively constant, prices have nowhere to go but up. 20% down should be the rule of the land but it’s probably never coming back. Instead we will get this weird socialized debt system, where those willing to go most into debt are subsidized by those who save and live within their means. Like the economy of the old Soviet Union, it is an ideologically-based system — those with the most faith in the glory of the “free” market will borrow the most and overextend themselves because they’re sure everything will work out in the end. When it doesn’t, those of us who are ideologically unfaithful (i.e., save our money and live within our means) get punished with higher taxes for bailouts and deflation of our money through currency debasement . In the end of course, the market is completely rigged and anything but “free”, but those faithful to the prevailing ideology (borrow and spend as much as possible) are rewarded with big fancy custom homes and new BMWs while the rest of us live in apartments and drive 10-year-old Hondas.
Depressing, isn’t it?
ParticipantI made over $80k when I lived in SD last year, and the middle of the road home in my hood was about $750k. Almost 10x my yearly wage! That just pisses me off.
This is happening because people can buy with less than 20% down. What happened is that, through deregulation of the banking industry and securitization of home loans, the barrier to market entry was lowered significantly, drastically increasing the number of participants. Supply held relatively constant, prices have nowhere to go but up. 20% down should be the rule of the land but it’s probably never coming back. Instead we will get this weird socialized debt system, where those willing to go most into debt are subsidized by those who save and live within their means. Like the economy of the old Soviet Union, it is an ideologically-based system — those with the most faith in the glory of the “free” market will borrow the most and overextend themselves because they’re sure everything will work out in the end. When it doesn’t, those of us who are ideologically unfaithful (i.e., save our money and live within our means) get punished with higher taxes for bailouts and deflation of our money through currency debasement . In the end of course, the market is completely rigged and anything but “free”, but those faithful to the prevailing ideology (borrow and spend as much as possible) are rewarded with big fancy custom homes and new BMWs while the rest of us live in apartments and drive 10-year-old Hondas.
Depressing, isn’t it?
ParticipantI made over $80k when I lived in SD last year, and the middle of the road home in my hood was about $750k. Almost 10x my yearly wage! That just pisses me off.
This is happening because people can buy with less than 20% down. What happened is that, through deregulation of the banking industry and securitization of home loans, the barrier to market entry was lowered significantly, drastically increasing the number of participants. Supply held relatively constant, prices have nowhere to go but up. 20% down should be the rule of the land but it’s probably never coming back. Instead we will get this weird socialized debt system, where those willing to go most into debt are subsidized by those who save and live within their means. Like the economy of the old Soviet Union, it is an ideologically-based system — those with the most faith in the glory of the “free” market will borrow the most and overextend themselves because they’re sure everything will work out in the end. When it doesn’t, those of us who are ideologically unfaithful (i.e., save our money and live within our means) get punished with higher taxes for bailouts and deflation of our money through currency debasement . In the end of course, the market is completely rigged and anything but “free”, but those faithful to the prevailing ideology (borrow and spend as much as possible) are rewarded with big fancy custom homes and new BMWs while the rest of us live in apartments and drive 10-year-old Hondas.
Depressing, isn’t it?
ParticipantTrade gold for silver and buy an electric car. Power is the last thing that goes out when civilization collapses. You may not be able to buy gas, but I bet that the power will stay on.
Learn how to make bio-diesel!
Speaking of these topics, in the car this morning I realized that someone needs to make a turbo-diesel plug-in hybrid car. Turbo diesels get great gas mileage and can run off of biodiesel. The hybrid technology would extend the mileage even further, and the plug-in option could make it totally electric for short trips. Why isn’t there one of these out there yet? I’d buy one if I could 🙁
Oh, as for gold who knows. We are in uncharted waters here, folks. The country owes trillions of bucks to everyone else, we don’t make anything anymore except weapons, and we’re printing money like it’s going out of style. On the flip side, war is always good for business (at least the weapons business) and the rest of the world needs us to buy their crap. I think we’re headed for a worldwide inflationary scenario as the central banks get in a printing contest with each other. Will gold go up? Maybe but of course who’s going to buy it when everyone is broke…
ParticipantTrade gold for silver and buy an electric car. Power is the last thing that goes out when civilization collapses. You may not be able to buy gas, but I bet that the power will stay on.
Learn how to make bio-diesel!
Speaking of these topics, in the car this morning I realized that someone needs to make a turbo-diesel plug-in hybrid car. Turbo diesels get great gas mileage and can run off of biodiesel. The hybrid technology would extend the mileage even further, and the plug-in option could make it totally electric for short trips. Why isn’t there one of these out there yet? I’d buy one if I could 🙁
Oh, as for gold who knows. We are in uncharted waters here, folks. The country owes trillions of bucks to everyone else, we don’t make anything anymore except weapons, and we’re printing money like it’s going out of style. On the flip side, war is always good for business (at least the weapons business) and the rest of the world needs us to buy their crap. I think we’re headed for a worldwide inflationary scenario as the central banks get in a printing contest with each other. Will gold go up? Maybe but of course who’s going to buy it when everyone is broke…
ParticipantTrade gold for silver and buy an electric car. Power is the last thing that goes out when civilization collapses. You may not be able to buy gas, but I bet that the power will stay on.
Learn how to make bio-diesel!
Speaking of these topics, in the car this morning I realized that someone needs to make a turbo-diesel plug-in hybrid car. Turbo diesels get great gas mileage and can run off of biodiesel. The hybrid technology would extend the mileage even further, and the plug-in option could make it totally electric for short trips. Why isn’t there one of these out there yet? I’d buy one if I could 🙁
Oh, as for gold who knows. We are in uncharted waters here, folks. The country owes trillions of bucks to everyone else, we don’t make anything anymore except weapons, and we’re printing money like it’s going out of style. On the flip side, war is always good for business (at least the weapons business) and the rest of the world needs us to buy their crap. I think we’re headed for a worldwide inflationary scenario as the central banks get in a printing contest with each other. Will gold go up? Maybe but of course who’s going to buy it when everyone is broke…
ParticipantTrade gold for silver and buy an electric car. Power is the last thing that goes out when civilization collapses. You may not be able to buy gas, but I bet that the power will stay on.
Learn how to make bio-diesel!
Speaking of these topics, in the car this morning I realized that someone needs to make a turbo-diesel plug-in hybrid car. Turbo diesels get great gas mileage and can run off of biodiesel. The hybrid technology would extend the mileage even further, and the plug-in option could make it totally electric for short trips. Why isn’t there one of these out there yet? I’d buy one if I could 🙁
Oh, as for gold who knows. We are in uncharted waters here, folks. The country owes trillions of bucks to everyone else, we don’t make anything anymore except weapons, and we’re printing money like it’s going out of style. On the flip side, war is always good for business (at least the weapons business) and the rest of the world needs us to buy their crap. I think we’re headed for a worldwide inflationary scenario as the central banks get in a printing contest with each other. Will gold go up? Maybe but of course who’s going to buy it when everyone is broke…
ParticipantTrade gold for silver and buy an electric car. Power is the last thing that goes out when civilization collapses. You may not be able to buy gas, but I bet that the power will stay on.
Learn how to make bio-diesel!
Speaking of these topics, in the car this morning I realized that someone needs to make a turbo-diesel plug-in hybrid car. Turbo diesels get great gas mileage and can run off of biodiesel. The hybrid technology would extend the mileage even further, and the plug-in option could make it totally electric for short trips. Why isn’t there one of these out there yet? I’d buy one if I could 🙁
Oh, as for gold who knows. We are in uncharted waters here, folks. The country owes trillions of bucks to everyone else, we don’t make anything anymore except weapons, and we’re printing money like it’s going out of style. On the flip side, war is always good for business (at least the weapons business) and the rest of the world needs us to buy their crap. I think we’re headed for a worldwide inflationary scenario as the central banks get in a printing contest with each other. Will gold go up? Maybe but of course who’s going to buy it when everyone is broke…
ParticipantDo you think people will drain their 401Ks to keep afloat in hopes that the housing market will bounce back? I’m worried that that will drag things out even longer…
ParticipantDo you think people will drain their 401Ks to keep afloat in hopes that the housing market will bounce back? I’m worried that that will drag things out even longer…
ParticipantDo you think people will drain their 401Ks to keep afloat in hopes that the housing market will bounce back? I’m worried that that will drag things out even longer…
ParticipantDo you think people will drain their 401Ks to keep afloat in hopes that the housing market will bounce back? I’m worried that that will drag things out even longer…
ParticipantDo you think people will drain their 401Ks to keep afloat in hopes that the housing market will bounce back? I’m worried that that will drag things out even longer…
ParticipantHeck, half of ’em aren’t even finished yet. There are tons of buildings still under construction downtown. So the supply end of it is just going to get worse and worse. A lot of these are going to end up as some kind of rentals I think, although that could take years to pan out.
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