From CNN:
US home prices hit another record high in October, rising for the ninth straight month
US home prices continued to rise in October, hitting a new record high and marking the ninth-consecutive month of increases, according to data released Tuesday. Together with soaring mortgage rates that month, rising home prices have made this the least affordable housing market in a generation.
Even as mortgage rates lingered above 7% in October, reaching the highest levels in 23 years, historically low inventory continued to push up the price of a home.
Prices rose 0.6% from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index.
Compared to a year ago, the national composite index covering all nine U.S. census divisions reported a 4.8% annual change in October from the year before, up from a 4% change in the previous month.
“U.S. home prices accelerated at their fastest annual rate of the year in October,” said Brian D. Luke, head of commodities, real and digital assets at S&P DJI in a statement.
This marked the strongest national growth rate since 2022.
Part of the reason prices have climbed was because of stubbornly low inventory. People that could absorb higher mortgage rates or who were paying cash competed for the few homes available. Combined with the fear from many buyers that if they don’t buy now, interest rates could increase even more, prices moved higher.
…
Each index — the 10-city, 20-city and National Index — remained at all-time highs, with eight of 20 cities registering all-time highs: Miami, Atlanta, Chicago, Boston, Detroit, Charlotte, New York and Cleveland.
Detroit kept pace as the fastest growing market for the second month in a row, registering an 8.1% annual gain.
San Diego followed with 7.2% annual gains, and New York with a 7.1% gain.
First Bitchez!!!!
Missed it again!
The Saddle Brook, million dollar cape coming to a theater near you.
Fast: And Fairlawn too!
LAX up all night in CA.
How to explain housing prices?
Most say it’s a supply squeeze, right?
Why isn’t new home building rising to compensate?
Interesting chart of new housing starts since 1960.
Looks like the latest observation for starts is close to the historical average, after being below average from 2008-2018
https://fred.stlouisfed.org/series/HOUST
Another notable statistic: the average cost to build a new home in 2011 was $184k, ($223k in 2009) and in 2022 leaped to an all time high $392k, according to the National Association of Home Builders.
Case-Shiller price had a dip in 2022 that bottomed in January 2023, and has re-risen to a new high by August.
Good morning peoples.
I see the market continues its slow and steady march up to new records. I do really hope you all listened to me. I’m minting money at this point. Didn’t think it would happen this quickly, though I’m not surprised. A FED with bullets in the chamber. Now that’s something I never thought I would see again.
Debt, schmedt. The government will bail you out. No worries.
WTF is this Pumpkin rant? Did Stu just announce the top?
Libturd says:
December 27, 2023 at 10:05 am
Good morning peoples.
I see the market continues its slow and steady march up to new records. I do really hope you all listened to me. I’m minting money at this point. Didn’t think it would happen this quickly, though I’m not surprised. A FED with bullets in the chamber. Now that’s something I never thought I would see again.
Debt, schmedt. The government will bail you out. No worries
9:45 hahaha yeah
Far from it. Sure, there may be some consolidation and I know this weeks and last weeks gyrations mean little. But this rally is going to have legs.
Better yet, as we approach each FED meeting, the markets are going to run up in anticipation of the next interest rate cut. And if the economy sours a bit, especially the labor market? The markets are going to run up in anticipation of the next interest rate cut. About the only danger I can see is inflation returning, and I simply don’t see it happening in any significant way, unless Biden starts sending out some more 10K checks to everyone.
LAX,
Did Bridget Ziegler come over late at night to show you and your wife how not to promote LGBTQ+ in school?
Bridget is hot AF. Not gonna lie!
Lib – Flow of funds in your tea leaves? Large Cap ETFs are seeing the largest inflows since the housing crash. Lots of cash to be put to work, these funds own about 1/3 of all us stocks, another big bump in mutual funds as well. Just to point out all the cash sloshing around the world foreign investors included etc, I don”t see investing in Russia or Europe’s in general. Maybe when the war ends.
Stu. Joking
Ten year 3.81
Any ideas on a quick get away in February, somewhere in Fla, maybe St. Thomas , VI. Reasonable prices. Took a quick look as St. Thomas, some really expensive pricing. People are spending money, whatever that all means.
2023 returns published will draw moths to bright light.
Fatten up everyone for the kill. Then we get a correction to smack the new money as big boys short. I think starting in March is the true return to trend.
Bottom line, don’t fight the Fed. Yellen messed with the curve with issuance tomfoolery. Powell released the doves.
Stu, I think you have it right, the bureaucrats have your back. The game is rigged. Don’t get cocky though.
Juice.
I stopped wasting my time making believe international funds/ETFs will revert to mean against our local markets. I used to keep nearly a third in them. For decades, too. If they didn’t do anything then, it’s unlikely they will now. Now I always anchor with SPY. And yes, the money flow is absolutely nuts. Almost hard to comprehend. But this happens every single time the market/RE market rallies. Plus lots and lots of inheritance money, which is the one good thing the boomers were good at.
We were at a Christmas social event yesterday evening, nice crowd mix of young and old and in between. The young people were chatting about effectively being shut out of the housing market “forever” . A few must have been Wall Street/ finance types who were talking about the Fed lowering rates next year, and prices will go even higher. The other young folks shocked even more. I know quite a few of these young people, all well educated, good jobs, double incomes. I stayed out of the conversation, just listens politely. I feel for these young people.
3b,
What are your activity interests?
Cancun seems to always be significantly cheaper than Florida, and warmer, and with better service at the resorts. If you’re just looking for a beach and pool and sun.
My club’s resort in FL is super pricey. Would only recommend if you were into the golf and tennis courts they have.
3b, have you considered Colombia? I was in Medellin and Cartagena recently. Inexpensive with good food and plenty to do.
No One: Just somewhere warm to unwind, beach, pool, good restaurants. Would have considered Cancun, but my wife is concerned about recent incidents with drug gangs in Cancun. She won’t feel comfortable going back again. Key west prices are ridiculous.
No One says:
December 27, 2023 at 10:48 am
LAX,
Did Bridget Ziegler come over late at night to show you and your wife how not to promote LGBTQ+ in school?
Bridget and the other chick set up the husband in order to get rid of him.
Once LAX invites her into the bedroom with his wife, he will be out the door on a rape charge. Then his wife will do this:
https://youtu.be/xTzpFvl0F7Y?t=31
Key west prices are ridiculous.
You should know by now that there’s no such thing as high prices for American destinations, hotels, attractions and food. We continue to be an example to the world that money is not an object when it comes to our wants. Any wish becomes reality thanks to the heartfelt goodness of banks to lend us nearly any amount to fulfill our dreams. Take as long as you want to pay it back, minimal payments are the earmarks of success along with the paunch that pudgy muppets sport oh so well. And thank goodness for Ozempic and Wegovy! We can now enjoy as much foie gras and macaroni and cheese as our arteries can handle without recourse!
No chips for you. Biden’s chip act has its first CEO casualty. I gather the new CEO of TSMC is going to shift most production back to Taiwan.
https://www.tomshardware.com/tech-industry/semiconductors/rumors-swirl-that-tsmc-chairman-mark-liu-was-forced-to-retire-over-arizona-fab-debacle
Meanwhile ASML Holding NV’ has record orders from China, and Tsinghua University, Nanjing University, the Chinese Academy of Sciences and the firm Specreation all filing patents for EUV technology in the last year trying to surpass companies like ASML.
We fiddle with wokeism here in our top universities while the Chinese are hard at work trying to reverse engineer then secret sauce to 2 nanometer EUV lithography.
It will be all over soon. Shanghai Micro Electronics Equipment is expecting to release China’s first 28 nm lithography machine and will soon figure out how to make the bleeding edge chips as well.
We may never see a commercially successful run out of the plants being build here. They are all behind schedule a year or more.
Stomach flu for the whole family starting last night. Ooof…rough one.
I spoke to all the millenials who are “shut out” of the market. While I do have sympathy, I also don’t. 2 master degrees each. Weekly trips to NYC to see shows. You’re approaching 40 still without a kid meaning, where the heck did all your money go? German automobiles. My wife and I were literally in the same spot in 2006-2008. Prices were equally out of control with no justification relative to income. Just hunkered down, cheap 1 BR apartment, worked extra jobs, drove our cars on their last legs, banked another $150k and swooped in a few years later at the right time. The situation sucks, but the way around it is discipline. It would be nice to have normal market conditions but it’s just not going to happen.
3b – I too have capitulated on housing, at least in my mind, as the clear division between the haves who bought pre-2019 and those that have been shut out for at least a decade, is reinforced by media, industry, pricing, and policy. Even my LL is acting more predatory as of late which is tightening the screws a bit more.
I’ve always viewed housing as a consumable, but as I age I want to lock in my costs and put them behind me.
Money is not the issue here. I’m just pissed that I am being forced to partake in the insanity for what I perceive to be subpar housing. i.e. if I don’t take on the debt, the next moron will be happy to do so
3B,
Costa Rica. Airfare same as Florida. Everything else will be 1/3rd the price of Florida.
As for feeling like housing will never be affordable, the same phenomenon was occurring from 2004 to 2007. Gator and I completely screwed up in buying that multi then. That house could have been had for 175K in 1999. Now that’s what we needed for the 20% downpayment. A year later, the house would be worth over 700K. Only to drop down to about 400K two years later.
Something will probably happen to curtail home increases. None of us really know what that is. You would think home builders would be stupid building write now.
right not write. Rushing.
where the heck did all your money go? German automobiles.
U Joke. Today’s high value women don’t want to be seen in a Toyota.
You wanna date a young woman today, taking her to the movie ain’t it.
Your first date better be a vacation to Utah, with your ride to the airport in a Tesla, or you ain’t gettin’ none.
These girls be TikTok’n, and they can smell money a mile away.
Oh yes it is. Now, more than ever. It’s exactly the issue. The only issue.
Boomer Remover says:
December 27, 2023 at 2:31 pm
Money is not the issue here.
Something will probably happen to curtail home increases. None of us really know what that is.
A Storm Shadow exploding in Moscow.
Old: My brother went to Medellin earlier this year, and lived it. Would definitely consider it for a longer trip. We are just looking for a gotta get out of here for 3 or 4 days for sun, warm and dinners and booze
Lib; Thanks on Costa Rica suggestion, I will look into that.
Boomer: That’s what it is, insanity, and if you want in now, tog have to partake in the insanity. Some are more than able to stomach the cost bd just do it, write the check so to speak. All these people buying in Saddle Brook, and Fairlawn and Hawthorne, Bergenfield, River Edge and all these other everyday towns, are for the most part I would say dependent on salary, checks every two weeks to pay the monthly mortgage and all the other expenses, and that’s 2 incomes. One income goes away, then what happens? I don’t know how they sleep at night.
Lib: As to something happening, does the good step in and backstop it, like they did last time?Much as Larry Kudlow talks about free market capitalism, risk/ reward the reality is something else.
Phoenix, another reason the 90s was a better time. You could pull up in an old hot rodded muscle car and the girls liked it.
BRT: For many I would agree that’s the case, but others are playing by the rules ( for what it’s not worth), and the goal gets further away. Maybe some just don’t care anymore and say what’s the point, and so just enjoy themselves.
In the 70s, if you had a car, you got the girl. In the 80s, you had to have a cool looking car to get the girl. In the 90s, you had to at least have a foreign car to get the girl. In the 2000s the car had to be German to get the girl. In the 2010’s it was either a Prius or a Maserati. Today, as long as you own it outright, you get the girl.
BRT, I feel your pain, my wife and I traded in Covid for subsequent bouts of this stomach virus, impacting both ends. Just getting over it now, but still have lingering coughs .
Guess that pedestrian accident avoidance feature doesn’t work as well as you think. OTOH you probably get a nice 4K video of the face of the guy when he realizes he is a goner.
Randy Rafael Reyes Duran was struck by a Tesla near Passaic Avenue shortly before 6:30 p.m. Monday, Passaic County Prosecutor Camelia M. Valdes and Clifton Police Chief Thomas Rinaldi said in a brief announcement on Tuesday.
He was pronounced dead at the scene, they said, adding that the driver remained there.
3b says:
December 27, 2023 at 3:03 pm
checks every two weeks to pay the monthly mortgage and all the other expenses, and that’s 2 incomes. One income goes away, then what happens? I don’t know how they sleep at night.
Hitting the wall isn’t the age, it’s this:
The problem feminists are facing. Being sold a bill of goods stating they don’t need a man, they can have it all. With their single feminist paycheck.
You could buy a house in the 90’s.
Women want houses. It’s why they take them from men.
BRT says:
December 27, 2023 at 3:14 pm
Phoenix, another reason the 90s was a better time. You could pull up in an old hot rodded muscle car and the girls liked it.
3:30 I drove a 76 914 in the nineties.
Boomers are going to bankrupt Costa Rica.
Don’t underestimate them, their Karen attitude, and their locust appetites.
Enough get there and it will become like a Favala in Brazil.
I don’t know 3b. When something gets extremely expensive, typically competitors enter the market and steal some of the margin until the product gets cheap. Well the problem with housing is that the home itself isn’t expensive. It’s the land it’s on that is. And we can’t make more land. So what can the younger one’s do to counter the annual price increases?
I would think the answer lies in between two options. First, people are going to have to be willing to move where the land is cheaper. We’ve already seen this with the higher growth in the red states than in the blue states. It’s no wonder Texas is exploding. There appears to be infinite land in Texas.
2nd is for the banks to come up with products to get people with less skin saved into these more expensive homes. Perhaps move to the 50 year mortgage? No one stays in their homes for more than 5 years anyway. I’m sure Wall Street is champing at the bit to help out.
We’ll see. Though I’m not that concerned. In the 70s and early 80’s, kids typically rented the basement for a few years to save up for their down payments. Bet this happens again.
Pizza Hut stock doubles this morning:
Pizza Hut lays off 1,200 delivery drivers in California ahead of Governor Gavin Newsom’s new $20 fast-food minimum wage – after McDonald’s and Chipotle warned of menu price hikes in the Golden State
Two Pizza Hut franchise owners are eliminating all of their delivery drivers
They will rely solely on third-party apps like DoorDash and UberEats instead
Haven’t had much luck this year. When I was in Vegas/Grand Canyon, I had norovirus. Just not my year on vacations. 2024 can only be better.
I know more than a few cases where the feminist paycheck was better than the husbands, the husband stays home and plays homemaker for 5 years.
So what can the younger one’s do to counter the annual price increases?
Charge the boomers more for everything. Stop giving them tax breaks on their houses. Double the cost of health insurance based on age, as they use it more.Make them pay for the ambulance ride. Young contractors should double the cost of any repairs. Tax their 401k’s and health insurance. No government flood insurance, or hurricane insurance. Tax their pensions so hard that they give their house away and all head to Costa Rica.
Oh, and bill them for every dollar of debt their is in the treasury based on how many years they have existed on the planet.
And if they vote for a war, send them a bill.
“there is”
And lastly, disband shielding of money in family trusts. It can all go to the US Treasury to pay back debt and support Medicare, Medicaid, and Social Security.
BRT says:
December 27, 2023 at 3:54 pm
I know more than a few cases where the feminist paycheck was better than the husbands, the husband stays home and plays homemaker for 5 years.
The guy ain’t getting a good deal doing that. She will attack later, call him a loser and deadbeat when she has been able to Monkey Branch to a higher energy level like an electron.
Phoenix,
my father’s old partner was female. Her husband was a deadbeat Iranian immigrant that never worked. He somehow got a $7k a month alimony from the judge. And this was like 20 years ago.
The way for the youth to get these homes is to get themselves elected and to pass laws allowing them to take back what has been taken from them.
Respect them like they respect you. Oh, yeah, that’s already not happening.
They are learning. Don’t watch what a boomer says, watch what they do.
The rest is just lies. Look at King Murphy. Or Menendez. Tax breaks for boomer while hiding gold bullion in the basement.
BRT says:
December 27, 2023 at 4:04 pm
Phoenix,
my father’s old partner was female. Her husband was a deadbeat Iranian immigrant that never worked. He somehow got a $7k a month alimony from the judge. And this was like 20 years ago.
so is the problem the deadbeat, or the legal system. Notice I don’t call it a justice system, it’s an order system.
Here is a video. Guy filming outside a business. He is annoying, but not doing anything illegal. Is cop stupid or lying? You decide. Guy filming is testing the law, like you load test a battery.
Law fails. Every time. Cause it’s interested in order, not legality. The failure of law is at the weakest link, the police officer. Why not tell the store the truth, that the guy can legally film there all he wants? No, she is “uncomfortable” and it’s all about her “comfort” vs his legal right to film.
So do we follow the law, or do we follow the “uncomfortable” woman. Guy makes excellent points. The police follow the woman, when they should know or purposely don’t follow the law that they are supposed to uphold. Always. That is their job, but they lie and gaslight the guy.
You either have law or you don’t. And every day you are seeing how much closer we are becoming to don’t, as those whose jobs it is to apply it don’t choose to apply it correctly, they choose to lie.
https://youtu.be/vIulOa-7Il8?t=607
Interesting survey, if accurate. Question is why? Are they more informed than the older generation? Has more data came out since the whole situation unfolded that makes them think this way? Do they think they have been lied to by their own government? Inquiring minds want to know.
One in five young Americans has a POSITIVE view of Osama Bin Laden: Disturbing Daily Mail poll results also reveal three in 10 Gen-Zers think the views of the 9/11 mastermind were a ‘force for good’
Alarming poll results show some voters under 30 are sympathetic to Bin Laden
Families of 9/11 victims told DailyMail the findings are ‘horrifying’
responding to a couple of threads in this post:
“Maybe some just don’t care anymore and say what’s the point, and so just enjoy themselves.”
I see this argument on reddits all the time. I imagine it would be more applicable to the 3-5% down crowd, they blow it on a car or some other low iq impulsive move… which is how they were in that position to begin with. Anyhow these people are the lower 75% of HHI distribution and are the walking dead.
“50 year mortgages” Lib, you suggesting 50 year mortgages is the epitome of I got mines, [expletive] you. WTH? I don’t deserve an unencumbered asset (50 years is functionally not in my lifetime), and I should be happy with equity pay down and whatever appreciation only?
3b, I get paid once per month. I really do think that it is better from a budgeting perspective… five digits hit the account, that’s a sum you can divide instead of seeing 100% of it go to bills or whatever the bottom half is doing every two weeks.
I got the the first liquid milli the old fashioned way, mostly saving, not gonzo real asset appreciation.
Sidebar: Something like 30% of my xmas gifts were late. I ordered items on December 12th and they just got to me today. Anyone else had their stuff in transit for longer than usual? Sucks for them, as it’s all going back.
Boomer Remover says:
December 27, 2023 at 4:40 pm
“50 year mortgages” Lib, you suggesting 50 year mortgages is the epitome of I got mines, [expletive] you. WTH? I don’t deserve an unencumbered asset (50 years is functionally not in my lifetime), and I should be happy with equity pay down and whatever appreciation only?
Some people say a man is made outta mud
A poor man’s made outta muscle and blood
Muscle and blood and skin and bones
A mind that’s a-weak and a back that’s strong
You load 16 tons, what do you get?
Another day older and deeper in debt
St. Peter, don’t you call me ’cause I can’t go
I owe my soul to the company store
I was born one mornin’ when the sun didn’t shine
I picked up my shovel and I walked to the mine
I loaded 16 tons of number nine coal
And the WORK FROM HOME boss said, “Well, a-bless my soul”
You load 16 tons, what do you get?
Another day older and deeper in debt
St. Peter, don’t you call me ’cause I can’t go
I owe my soul to the company store
Pro Palestine protest shut down access highways to JFK airport. People seen walking down the highway muscling past the protesters pulling roller bags to make their flights… damn, that’s a long walk to the terminal.
Lib: The land is expensive, that used to be a valid reason, land is expensive, close to the cities with the jobs etc. But is that really the case now, and will it be going forward? WFH, hybrid, access to talent pool world wide . Commercial real estate values have dropped and will continue to drop; specifically office space. Is the land is expensive as a valid reason still as important, or to put it if another way, does it justify a 50/ 75 year old Cape in Fairlawn for 700k?
America needs protests.
Not just for this. For everything. It’s about time.
Boomer Remover says:
December 27, 2023 at 4:53 pm
Pro Palestine protest shut down access highways to JFK airport. People seen walking down the highway muscling past the protesters pulling roller bags to make their flights… damn, that’s a long walk to the terminal.
https://youtu.be/N_UGAnxeCEk?t=44
Regarding Costa Rica, my family had a great time at the Westin Playa Conchal about 6 years ago. A big all-inclusive resort. Bought the whole trip as a package from Costco Travel.
“I would think the answer lies in between two options. First, people are going to have to be willing to move where the land is cheaper…..2nd is for the banks to come up with products to get people with less skin saved into these more expensive homes. Perhaps move to the 50 year mortgage? ”
Or upzone everywhere and BUILD MORE HOUSES. Tell the next gen who can’t afford houses to push for YIMBY policies and vote for YIMBY candidates.
You’re all bright guys. If gas were $10/gallon you’d say “we need to pump more oil!”, not “we need to lower the interest rates on gas credit cards!” or “people need to move to Saudi Arabia where gas is cheap!”
And yet, when it comes to housing, the simple concept of supply and demand seems to escape you.
As Sinclair Lewis would say if he were around today- “It’s difficult to get a man to understand something when his property value depends on not understanding it.”
Oops, that’s Upton Sinclair, not Sinclair Lewis.
OC1,
On the law of supply and demand. Why aren’t the homebuilders building more homes if it’s so damn profitable, which it is? WTF is missing?
https://yhoo.it/3NDuCG3
Good read on the topic du jour
https://www.theguardian.com/us-news/2023/may/10/us-housing-market-prices-increasing
Lib-
In a word- zoning. Single family zoning, setback rules, minimum lot sizes, height restrictions, accessory housing restrictions…
If a town is zoned for single family homes with minumum half-acre lots, and all those lots already have houses on them, there is just no where left to build new housing UNLESS the zoning rules are changed to allow smaller lots, multifamily housing, etc.
…UNLESS the zoning rules are changed to allow smaller lots, multifamily housing, etc.
Who doesn’t want to see towns like River Vale turn into Irvington?
“Who doesn’t want to see towns like River Vale turn into Irvington?”
What makes you think it would turn into Irvington?
Is the NYT lawsuit on OpenAI the Napster moment?
6:40pm, Might be the warning shot.
NYU Marketing prof. Scott Galloway makes a point that when the internet and google got going good, he was made a New York Time Board member, and promptly removed after he said the NY Time should be walled off along with all other newspapers, magazine and media and the Press Association should developed a licensing standard like the Recording and Film industry. Lesson learned and they are prepared for AI.
Not River Vale like Irvington. More like River Vale like Fort Lee. The old Mayor Jack Alter oppossed attached duplexes. Once present mayor and real estate insider Zokolich took over, he changed zoning ordinance.
Fort Lee looks like what Palisades Park used to look 20 yrs ago. Palisade Park looks like Queens now. Just use Google Map street views and compare Abbott Blvd and other residential areas. That is what is coming to Bergen and rest of Jersey.
Oc1: There is always a chance that these developments will get a small bad element, the bigger the development the greater the chance. And Liberals have the same concern about that as conservatives. As well, these developments will increase the school population and that will lead to higher taxes, which people don’t want either. That being said, Paramus is building hundreds of units in the town.
We figured out the culprit. It’s not stomach virus. It was raw pancetta in the salad my wife’s uncle made. Good god.
Drive through Hackensack, you’ll see they put up buildings/apartments/condos everywhere they could…all kinds of baron industrial land.
BRT – I rather die from bacon poisoning than anything else.
I hope you are all feeling better soon.
BRT – Did the Hackensack drive a few times over the last few years getting off Rt 80. It is actually better than ever. It was a shit hole for a long time. I bet even main street is coming back.
https://www.youtube.com/watch?v=eoUtoqeEw8U
3b-
Everybody wants their town to stay basically the same way it was on the day they bought it- that’s just human nature.
But you should be thankful that the farmers who first settled your town (or other towns- like Manhattan!) didn’t think that way.
And the next time you’re at a social event and you hear some young couples complaining about how they’ll never be able to afford a house you should just pipe up and tell them that you like your town exactly the way it is, and they just need to suck it up and deal with a 2-hour commute.
Tell them that if they don’t like it, well, then they should have been born 30 years earlier.
OC1: I am not saying it’s right, I am just saying that’s the way it is. And, it’s both those who are Republicans/ Conservatives, or Democrats/ Liberals. And, these young people are looking mostly I would imagine for a single family home, not an apartment in River Vale or some other suburban town. As for piping up at social events , I used to but don’t anymore, what’s the point? Nothing I can do about it. As for the political aspect of it, it is my biggest issue with those Liberal surburbanites who talk about racism/ poverty, and now migrants and we are all human beings etc. It is all virtue signaling on their part, but the reality is they don’t want low income/ affordable housing in their towns, and they certainly don’t want to house migrants as this will negatively impact their housing values, and their rarefied sophisticated air in their towns. Of course, the Republicans are guilty of their own virtue signaling on family values, and God and country.
3b- it’s always convenient when that unchangeble status quo just happens to favor your own economic interests- lucky you!
Oc1: I used to care about a lot of things, and I care very much about the younger generations, and have said they have been screwed, and Boomers have made a mess of a lot of things , including Boomer Powell. In the end however, nothing is going to change the political system is broken and the markets are not free. It’s up to the younger generations now.
Libturd says:
December 27, 2023 at 5:50 pm
“Why aren’t the homebuilders building more homes…”
I’d think it’s more than just zoning. Nature Conservancy estimates that in this century, NJ (all of NJ) will be the first state to be fully built out — when all land is either developed or preserved. Assuming large parts of north/central NJ are almost there already, it means that all development there is actually re-development, which has to be much trickier — beyond just the re-zoning that’s required — than turning farmland into single family homes and condos the way that Hovnanian and others did in the 80s and 90s. Even in a semi-suburban county like Somerset, I bet just about all of the remaining farms are protected. Meanwhile in Florida for instance, where population growth dwarfs NJ, there are still massive cattle ranches abutting I75 within 25-30 miles of places like Tampa and Ft Myers.
My post about the suburban German multifamily manse is stuck in moderation.
Eddie posts NJ slop, which is on a steady upward march. I look at listings elsewhere PHX, Lancaster, etc.. the overwhelming majority of listings are 30-100% more than 2019, not factoring in financing costs of course. Just casual 50% increases over four years… I’d venture to guess the 2020 buyer did the reno and not the 2022 buyer who is now looking to be bought out. It’s just not seen before levels of insane. This would be okay if these were trivial purchases relative to a households monthly budget, but they are not.
h**ps://www.zillow.com/homedetails/721-E-Orange-St-Lancaster-PA-17602/9731834_zpid/
Boomer: Pure madness, and away from this board, no one else appears to see think something is not right.
Build 100 new homes, some hedge fund will buy all of them. Or pay off a town official to make it an apartment complex.
It’s capitalism.
They demolished Karma in Seaside and are replacing it with townhomes.
The $1.4MM side by sides are the only RE worth buying in Fort Lee. Everything else is tired 1960’s warmed over crap. I have seen a few go up when I lived in Fort Lee, I remember a record exec moved into one of them, the facade was warping and leaking first winter in. Was awkward as the developer lived two houses over.