From the NYT:
‘It’s Never Our Time’: First-Time Home Buyers Face a Brutal Market
First-time buyers account for the smallest share of the market in the 41 years that the National Association of Realtors has tracked such data. In the year from July 2021 to June 2022, first-time buyers accounted for just 26 percent of home buyers. Normally, they account for around 40 percent of the market. They were replaced by repeat buyers who were older, wealthier and whiter than they had been in decades, according to a recent survey by the trade association.
The share of white buyers jumped to 88 percent during the survey year, representing the largest share of white buyers since 1997. The share of Black buyers fell to 3 percent from 6 percent, and Asian/Pacific Islander buyers fell to 2 percent from 6 percent from the previous survey year. The median age for all buyers was 53 years old, the oldest they’ve been since 1981, when the association first conducted its survey.
…
Even buyers with large budgets and significant down payments are struggling to compete against an all-cash competition. Around 27 percent of repeat buyers paid for their homes in cash, while only 3 percent of first-time buyers could make such offers in the year from July 2021 to June 2022, according to the National Association of Realtors.
First
Around 27 percent of repeat buyers paid for their homes in cash…
Oofa. I’d have to leave the state and buy a quad in a retirement community for that to happen. And what’s with the older, whiter crowd taking all the glory? The millennial/Gen Z crowd needs to turn the screws on “The Machine” since this is obviously unfair. After all, 70% of youngsters voted democrat so payback is in order. I propose the 3.7 trillion dollar “First Time Homebuyers Supplemental Act” to allow new buyers live the American dream!!
Fast
All them younguns money is in crypto and NFTs. Cause owning unique digital cartoons is the key to wealth and prosperity.
Beer,
I hope those digital NFTs are enough to pay for mercenaries when we’re invaded because the glass touchers will be too busy ranting on s0cial media about right wing fasc1sts.
I can’t look away…
https://www.youtube.com/watch?v=6U_fsRgoxgA
“Even buyers with large budgets and significant down payments are struggling to compete against an all-cash competition. Around 27 percent of repeat buyers paid for their homes in cash, while only 3 percent of first-time buyers could make such offers…”
“Struggling to compete” is the market telling you something very clearly…don’t try.
Don’t really see the news here, except that the NYT can find a new area to further focus on race using data that should be entirely expected and pedestrian…
Newsflash: If you own a home during a time of wildly appreciating prices you are infinitely more likely to be able to use the proceeds of your sale plus some additional funds to make an all cash offer than someone who does not have proceeds from having owned a home that has appreciated.
Same for the age side of the equation…is anyone really surprised that a 53 year old with all the savings and asset appreciation of most of a lifetime has more liquid assets than someone younger to deploy in a heated housing market environment? Especially since the former is more likely to already own a home with meaningful equity, while the former may land in the first time bucket?
Caroline Ellison… an emblem of the future of our country. These are the new leaders that will usher in a new America! Vote democrat, vote often! Pimp, sell, debase, embezzle, steal, tax, frame, fabricate and lie in any manner whatsoever… as long as I get a s0cial security check when I retire, I am ALL IN BABY!
“Who cares about GA now? No one going to spend money on Walker.”
Interesting thought…couple views.
While the headline of Senate control has disappeared from the GA race it is still very relevant.
For the Ds winning greatly diminishes Manchin’s (and to a lesser degree Sinema’s) power within the Senate. It also locks a seat for the Ds for six years, especially important as the Ds are very exposed in the 2024 race as they are defending twice as many seats as the Rs including at least a few in red states.
Mirror image for Rs…easier to flip Senate in 2024 with a higher base, and keep Manchin a thorn in the side of the Ds, especially as he is up for re-election in a solid red state so will have to continue to move away from D theocracy.
The overriding question is whether the Rs can/will pull their heads from asses after this recent debacle, or if they are going to continue to fight like children.
Are Caroline Ellison and Cathy Wood the same person? Hard to tell them apart.
“I can’t look away…[FTX CEO interview]”
“Total cringe, yet VCs gave them 1oos of millions….”
Not only did top VCs fall over each other giving specifically these two individuals hundreds of millions, they did so fully knowing there was no formal Board, no CFO, and a near entire lack of anything even resembling corporate structure or accountability…if that isn’t a sign of a market top I don’t know what is…
Yet novices all over the internet still somehow believe that the IPO class of the same vintage – with less diligent investors and even more plentiful money available – somehow escaped this massive bubble of free liquidity and will rise again…lol.
Left-
Manchin and Cinema go from holding the Ds prisoner, to having a prisoners dilemma if Warnock wins.
https://www.marketwatch.com/story/mortgage-rates-dip-below-7-millennials-should-jump-at-a-6-mortgage-like-bears-grabbing-for-honey-11668192368?mod=mw_latestnews
Love these headlines some times. 6%? How could you go wrong?
VCs don’t care whether or not a business is viable. They just want to dump it at IPO for inflated values.
Millennials/Zs wouldn’t know the difference between 6% or 9%, math can’t be manipulated so they tend to stay away from it. If a number can’t be debated, then there’s no use discussing it.
The Great Pumpkin says:
March 11, 2022 at 7:44 pm
Just bought back into crypto. Looks like this is the bottom zone. Instead of diversifying, bought back into ETH only. It’s currently staked for 4.5% and in exchange i can’t sell till they upgrade to ETH 2.0.
I’m reminded of this post from Pumpkin. I don’t know what exchange your on Pumps, but I would try to get out whatever you have because the whole your money is trapped until the Eth 2.0 upgrade sounded like a mechanism to prevent you from withdrawing to run a ponzi.
Grim: Yep! And that passes for financial advice, bears and honey.