From CNN:
Renters are growing pessimistic they will ever own a home as prices keep rising
Faced with a white-hot real estate market, renters are losing confidence they will ever own a home.
On average only 43.3% of renters expect to own a home at some point in the future, down sharply from 51.6% in 2021, according to a Federal Reserve Bank of New York survey released on Monday.
That’s the lowest level since the NY Fed began asking the question in 2015.
High prices appear to be a driving factor: Twenty-two percent of households in the survey report they planned to buy a home but now view renting as a better financial decision. Most respondents either prefer to rent (36%) or said they were waiting for prices to come down before buying (42%).
The findings come after home prices spiked last year by the most on record, surpassing even the blockbuster growth of the early 2000s housing bubble. Some people who had hoped to buy have been priced out of the market, forcing them to rent instead. That in turn has helped to drive up rental rates.
The shift in sentiment in the NY Fed survey was driven by families with less college education and lower income.
FIRST
Pay up y’all
https://www.dailymail.co.uk/news/article-10729927/Supreme-Court-REJECTS-bid-Democratic-states-challenge-SALT-tax-deduction-limit.html
Fed s Bullard won’t rule out a 75 bp hike, does not expect it, but he won’t rule it out, but he said it.
F the double tax. That’s what it really is. It expires in 2025. So when everyone else is getting a tax raise as trump tax cuts expire, at least we will be getting a tax cut.
Hold my beer says:
April 19, 2022 at 7:40 am
Pay up y’all
https://www.dailymail.co.uk/news/article-10729927/Supreme-Court-REJECTS-bid-Democratic-states-challenge-SALT-tax-deduction-limit.html
I thought the dems wanted the “rich” to pay their fair share. So, the 10K limit stays. F.uck you, pay me.
Ten touched 292.5
The 10k SALT won’t be going away. When the republicans retake congress it will get extended.
Look at you sounding like Bernie. Yea, the radicals on the left love it. Glad you have something in common with the radical left like Bernie and AOC. Let that sink in.
Fast Eddie says:
April 19, 2022 at 9:31 am
I thought the dems wanted the “rich” to pay their fair share. So, the 10K limit stays. F.uck you, pay me.
Hold,
Dream on. Congress is useless these days. They will fight and fight….and the law will just expire.
Pretty bad when you lose at two Federal courts – unanimously at the Second Circuit – and then SCOTUS essentially flips you the bird by not taking your case, without comment no less. LOL.
This move is so fast that it is not registering……. soon will come the the sob stories…. also the whiners that are “trapped” in their homes because they can’t afford to move and give up their current mortgage….. upside down home owners are on-tap…
chicagofinance says:
April 19, 2022 at 9:37 am
Ten touched 292.5
Keep SALT and no wiping out student loan debt. I’m all for the government paying down/off a certain amount of student debt for each year the borrower joins the military or works full time for some sort of community or social service organization.
“The 10k SALT won’t be going away. When the republicans retake congress it will get extended.”
Agree, but you don’t even need an R takeover of either chamber. The expiry has such a ‘cost’ from a budgeting perspective that upon expiry in some way, shape, or form it will need to stay. Or that budget gap needs to be otherwise filled.
With a Dem House, Senate, and President you even capable of just tweaking it in an environment where the pocketbooks of Congress and the Fed were wide open because you couldn’t find an agreeable budget offset. Thinking SALT deductions are coming back at the law’s expiry is a pipe dream.
Also in the background is that it is likely the most effective tax on the cohort of the wealthy with the most taxable income…that group of households with the highest incomes but who are not part of the slimmest level of the elite that have so much financial flexibility as to avoid most egregious taxation altogether.
Lastly, there is no political ‘juice’ to re-instating the deductions….the voters in the States it would impact have no leverage as they are already committed deep blue…ie, their votes are already in the bag, screwing with SALT doesn’t change any electoral outcome in those States.
Shouldn’t have sold your votes long ago. Pay up, muthafuckas.
Typo corrected: With a Dem House, Senate, and President you weren’t even capable of just tweaking it in an environment where the pocketbooks of Congress and the Fed were wide open…
SALT ain’t going away too much money for the cash hungry politicians, the Dems are just paying lip service to repeal. Can’t talk about the wealthy paying more, than repealing SALT. I think 10k limit is more than reasonable.
Hold: As I understand it, wiping out stud loan debt will benefit mainly the people who have the means or will eventually have the means career wise to pay it back. You borrowed it, you pay it back.
Dream on if you guys think congress will extend trump tax cuts. One can dream…
Bingo.
“that group of households with the highest incomes but who are not part of the slimmest level of the elite that have so much financial flexibility as to avoid most egregious taxation altogether.”
At the end of the day, salt doesn’t hurt the wealthy at all. Oh wow, they don’t get to deducts their property taxes, meanwhile trump tax cuts put how much in their pocket. Those tax cuts override any loss from the salt tax deduction for the rich by a mile. So at the end of the day, it really is a tax on the middle and upper middle class living in blue states.
Why do you think it was not repealed? You know the rich run the govt. They make off better with the salt tax in place because it pays for their huge tax break. Wake the f up.
2.95 inches of rain last night, sump pump was going off the whole night.
“This move is so fast that it is not registering……. soon will come the the sob stories…. also the whiners that are “trapped” in their homes because they can’t afford to move…”
Saw on CNBC this morning on release of the New Residential Construction numbers homebuilder commentary that their backlog is in motion as buyers that would have been previously qualified are no longer qualified with mortgages run at the new higher rates…
Man, there are some names I’m dying to jump into but I’m holding out for them to be further on sale….I wish we didn’t have that conflict in Ukraine…a wildcard fucking up basic analysis…the day we get a cease-fire is going to be a face ripping rally….
Amazing how ones politics becomes schizophrenic, when their own vested interests are affected.
punkn hed,
I was being facetious. I’m not sure why I need to explain. I do hope your instincts as a teacher (are you really?) are more apt to better assist students’ needs.
Chi,
Honest question. What the hell is going on? Does the bond market not trust the Fed to bring inflation down despite rate hikes and QT? It’s looking more and more like the FED has no intentions of stopping inflation in the next year or two. It’s also looking like no recession as 5y5y keeps making new highs. This market is all over the place and almost impossible to make sense of.
Are you referencing the hypocrisy in republicans supporting double taxation because they are not impacted (one’s that live in red states)?
Anyway, wake up, politics is all about how you are impacted. Why do you think you vote? You do what’s right for yourself. It’s the purpose of voting.
3b says:
April 19, 2022 at 10:43 am
Amazing how ones politics becomes schizophrenic, when their own vested interests are affected.
I was just busting your balls.
Fastest Eddie says:
April 19, 2022 at 10:51 am
punkn hed,
I was being facetious. I’m not sure why I need to explain. I do hope your instincts as a teacher (are you really?) are more apt to better assist students’ needs.
Why I stated republicans living in red states…remember what happen in nj and other blue states….republicans voted out all politicians that supported that salt tax. How many republicans lost their seats because of that bs law. So it’s comical to hear Republicans supporting a double tax on other republicans that live in a blue state….dog eat dog world.
“Are you referencing the hypocrisy in republicans supporting double taxation because they are not impacted (one’s that live in red states)?”
“Amazing how ones politics becomes schizophrenic, when their own vested interests are affected.”
Seriously.
Bunch of East Coast liberals debating three distinct expensive treatments for their high end lawns and whether the budget at Disney ought to be $400 or $600 per person per day based on which exclusive day pass one uses from their on-premise condo rental moaning over loss of a tax break when the median household income in the US is $68k…Pretty sure the typical Midwestern Democratic household is not concerning itself with ‘pre-emergent’.
Truly can’t identify the emotion engendered but it is not positive…
I suppose it’s very easy to be ‘liberal’ in spending, when it is other people’s money….
Starting to hear some murmurs about adjustable rate mortgage resets. Apparently people were using these products over the last few years. Odd, but they were.
Anyway, wake up, politics is all about how you are impacted. Why do you think you vote? You do what’s right for yourself. It’s the purpose of voting.
I vote to end public education because it doesn’t benefit me personally.
Left: My comment was an indirect comment to one person, and my use of the word schizophrenic, was key. One thing to have different views on different topics, and I think that is perfectly normal, and in fact healthy and as it should be. But, to have views that radically fluctuate between one end or the other based solely on one’s own vested interests and then loudly proclaim you are this and not that, is in my mind schizophrenic. My views are my views, and are not solely predicated on how I am personally impacted. One thing I do have a problem with is those who come from a modest background and have done well, look down on those from that same humble background, while in the same breath, proclaiming loudly how much you care about them.
Grim: I am not surprised some people were using them.
Starting to hear some murmurs about adjustable rate mortgage resets. Apparently people were using these products over the last few years. Odd, but they were.
Is it possible that the individual(s) writing adjustable rate mortgages got a commission for pushing the product on borrowers?
Listen I certainly miss the SALT deduction(it’s like an 80k deduction for me) but I know full well if the dems put it back they will make it so narrow it has no effect. My suspicion is to appease their leftwing base if the SALT deduction were to come back the income level will be like 150k so they can claim they are only giving the middle class a break and at that most of these people only use the standard deduction anyway so it is a moot point. I know I’m not getting it back unless 2025 comes and congress is totally deadlocked, which maybe the best result as all personal tax cuts expire.
Pumps, the rich absolutely do care about SALT. Think about how much in income tax a rich person in CA pays(it’s on the order of 13%), that’s a big deduction to lose.
Canada to bar foreign home buyers for 2 years.
Grim I had a coworker who bought over million dollar home in Basking Ridge about 8 years back. He was 65 at the time. He literally said, “I’ll sign a 10 year ARM, what the heck do I care what the interest is, I’ll be 75”. He’s probably in a great position to flip it for more to exit.
I guess you lost the bet?
3b says:
April 19, 2022 at 11:29 am
Left: My comment was an indirect comment to one person, and my use of the word schizophrenic, was key.
“I was just busting your balls.”
Be careful. I’m sure Gary is very sore from his Tucker Tanning session.
https://twitter.com/RonFilipkowski/status/1515817464533291018
Joyce: No I did not, before I took the bet, I did say I may at times make indirect comments, and this was the first one in 13 days.
I could have chose not to address Lefts comment, but I wanted it to be clear that I don’t have any issues with anyone else and their politics or how much they spend on their upscale lawns.
I also said I would self correct if my indirect comment was too close to the rail; I believe it was not, and the comment would have stood alone, only for the fact I thought it should be clarified.
I’m with Joyce. You blew it.
Chgo: Fine. I will pay the bet, and start over, and for my own purposes I will extend the date by one day. I believe the bet was a $100.00 purchase of grim s product.
Interesting politics around SALT . . . not much discourse that asserts that “if high-tax states don’t like the SALT tax change, then they should CUT their state and local SPENDING!”
Ridiculous Canada policy on foreign home buying. Same here in the US with the absolutely ridiculous discourse surrounding institutional housing unit buying.
The solution to Canada’s house prices, if they want it, is YIMBY. Build it tall, build it with low parking (parking users can pay $$$ for parking), build it where rich people don’t want it.
Or, Canada could reduce immigration. Rounding up a bit, Canada admits about 300k immigrants per year, with a total popultation of 30M. So, they have 1% pop growth per year from immigration ALONE (not including the children born to these immigrants and natural native pop growth).
On institutional buying in US . . . if Invitation Homes wants to buy a house for $400k, which will need a $20K roof, $30k basement waterproofing and a new $5k sewer line replacement within the first few years of ownership; and it rents for $2,500/month or whatever, let them enjoy the “benefits” of owning. Sure, in this hot market, owning is the winning position, but it didn’t necessarily need to work out this way, and it doesn’t necessarily need to continue to be true in the future.
Be careful. I’m sure Gary is very sore from his Tucker Tanning session.
Never again will any man suffer from blue balls!
Chgo/ Joyce: I have a proposal I make a hundred dollar contribution to Grims blog as a penalty, for indirect comment ( which is long overdue) and the bet continues with the original terms in place. Does that work?
Wow, Libs of Tiktok. That’s some unwatchable stuff.
They had some teacher doing a video walking through the “Gender Unicorn”. Then, there is the “Genderbread Person”.
I don’t know what age they are aiming this at. But, it seems extremely inappropriate to me because it is Donald Duck-style characters but teaching fringe sexual orientation and sexual identity concepts. I’d probably be frustrated if the schools brought this to my children.
Like, if the kids are old enough to hear this, they no longer have affinity for Donald Duck; if they have affinity for Donald Duck, they are too young.
Wonder if some of the arm murmur is more related to interest only products, which are almost always ARM products as well.
crushed,
we were told very clearly 13 years ago as teachers, no public social media accounts, nothing good comes out of them. Then at some point, they started telling teachers to tweet their classrooms out at the lower levels (this requires all kinds of parental permissions and is a nightmare). And, I have no respect for it, as you aren’t supposed to be doing this during class. Fast forward to today, these young teachers are public posting their opinions for everyone to see. Almost nobody in the professional world is willing to do this for fear of losing their job…but these people are. They all deserve to get fired for being complete morons.
All the teachers I know use pseudonyms on FB. Usually some play on their name or creative misspellings.
Any teachers use the pseudonym “LemmiwinksLuvr”?
In my district, I would be fired as soon as they found out I was posting on social media. I wonder where these teachers are from that are posting this…What state?
What kind of professional would do this? So think about what type of individual is posting this on social media. Has to be a non-tenured idiot. Now they will use this to attack other teachers and public education, which they are already doing.
This is the least professional generation of 20 somethings that I have ever seen. They want to be taken seriously, but don’t act the part. No one wants to work or dress professionally, but they all want to be paid top dollar. Hope they grow up. Maybe I’m wrong and just getting old…but it’s how I see it.
BRT says:
April 19, 2022 at 2:02 pm
crushed,
we were told very clearly 13 years ago as teachers, no public social media accounts, nothing good comes out of them. Then at some point, they started telling teachers to tweet their classrooms out at the lower levels (this requires all kinds of parental permissions and is a nightmare). And, I have no respect for it, as you aren’t supposed to be doing this during class. Fast forward to today, these young teachers are public posting their opinions for everyone to see. Almost nobody in the professional world is willing to do this for fear of losing their job…but these people are. They all deserve to get fired for being complete morons.
I remember when a 15% tip was considered good (back when I was a waiter). Now you are criticized as being cheap if you leave anything under 20%. Best part, service sucks these days. Oh well…
3b, don’t take yourself out of play…ice I wouldn’t skate on but more importantly, why?
The fool has been targeting you, he’s like that disaffected kid in the back of class hitting you with spitballs for attention. You keep wanting to fall for it.
At another time I could have jumped on his inane SALT posting…quoting some Twitter idiot on a mangled interpretation of double taxation which in his alleged role as a teacher of history/civics he should at least have some passing familiarity but he decides instead to publicly expose his ignorance…
I cannot tell you how calming and relaxing it was to read his post, think “I have a bet, no response here”, and move on….no mental energy, no time wasted….hell, I looked at some stocks and threw a Zillow trade on that’s making me some instead…
Call it how you want, I’m fine, I see no foul…or hit grim up, or do a double or nothing, whatever…just do yourself a favor and use this bet to fly right over his idiocy for your own benefit.
I said at the beginning we’d be like two drunks holding eachother up…you keep wanting to fall for this and that may actually be the case!!
“13 days Pumpkin-free”
Left: Thank. I thought it was close, but wanted to clarify, and will leave it there. My intent was good whether that means anything. It definitely has been a positive experience, and I am surprised at how well overall I have been doing, as the big guns were definitely out.
You were right definitely like 2 drunks as you said. Thanks for catching me on this one. Will make a contribution to Grim, and our bet is still on.
13 days comment free ( with a warning)
Wow, NFLX.
Guess the new black is 25% down for high multiple growth misses…..
Post-Covid, recent price increases, new alternatives (Disney, etc).
Netflix dropped from 700 to 260…what are we in, deep deep deep value territory now?
Discovery+ and Disney are on regular rotation for us. Netflix is occasional.
Apple for movies.
Cancelled Sling. I could see cutting Netflix.
Here’s where we are with the left and Murphy. Some dude pretended to be a tranny so he could be moved to woman’s prison and then started knocking inmates up. We’ve gone into the abyss.
What’s the innovation that Netflix provides that gives them a lasting advantage? Pandora for music was essentially the same thing. I think something like roku has a lot more potential over the long run. They have a platform.
?
BRT says:
April 19, 2022 at 4:29 pm
Netflix dropped from 700 to 260…what are we in, deep deep deep value territory now?
What is your definition of value?
LOL, not value yet. Declining fundamentals and still a relatively rich P/E even with the haircut now that a growth valuation is off the table.
Recall, last go around we had each of PYPL and FB taking 25% on the chin overnight within days of each other….
Agree on the competition and costs…I will likely ease out of cable going full on cord cut soon. Just reviewed my credit card bills in detail for the first time in, well way the hell too long, and I’ve already canceled a couple subscriptions within the last week. Will cut Sirius when it is scheduled for renewal at EOM. Did subscribe to Peacock recently (college hockey playoffs). May keep. Keeping HBOMax and Netflix, the latter for now. Haven’t used it much honestly.
CNBC on in the background, they are running a live Twitter poll on ‘will you cut a subscription streaming service in the next six months” which is running 60+% ‘yes’.
Left: Thinking of cutting the cord too. FIOS is 220.00 a month, and most of that cost is for cable, with no premium channels. Netflix has been disappointing lately, but will give it time. I have cut a few subscriptions lately, every time I go to cut The NY Times when the promo is up, they extend it, so I continue to get it for $1.00 a week. Should cancel it though, I rarely look at it. I will keep my WSJ.
Chi, Cathie Wood reference
One thing Netflix is going to have to face is what they want to be – are they a streaming platform or a studio that sells their product through streaming.
Lots of long-time Netflix users don’t particularly care for the transition to studio, what happened to being able to watch movies?
3b, we have used Fubo for a several years. Picked it because it had SNY and MSG. Just choose a service that has the channels you want. I know people on all of them and haven’t heard any complaints.
Trick: Thanks for the heads up. My kids have several things they do, one is a particular techie, but listening to what they do, makes my head hurt. Just want something easy and not a lot of remotes.
With fire tv stick its 1 remote, works tv, stereo/sound bar, channel. And setting it up is nothing like the old days.
Yeah, I was right around $220 on Fios, got it down to $180 by cutting a couple boxes (four to two), some other bells and whistles.
Still, with that spend I can cover higher end internet service (or even better, if data works, 5G streaming) and have a lot left over for various apps.
Further enticing me are a couple side issues that are bothersome enough….as I now have two TVs without boxes I’m actually streaming on those. Some channels by Fios aren’t streamable at all (MSG), many can’t be cast without going through the actual provider’s app…with these limits why am I paying for a cable overlay? What’s the point/benefit? Also, sports really pisses me off, seems I can not get what I want under any reasonable umbrella…if that’s the case why not just bounce around streaming apps as needed, like my college hockey Peacock example above, $5 for the month got me all the games. Also – last part of the rant – the editing on cable pisses me off…not just movies but they are doing it on series now (saw it on Two and a Half Men just two nights ago). I haven’t explored the Peacock app deeply enough but if the movies (Scarface is free, may re-watch soon) and the series on there are full length original that will likely be the proverbial straw…I’m basically done, decision made, will just keep Fios for a convenience factor until I’m out end of June. Maybe totally cut it a couple weeks before to get my subscriptions fully in order before the move.
On ‘periodicals’ funny you mention WSJ and NYT. I spend a lot of time on NYT, much less on WSJ…WSJ seems to follow a newspaper room news cycle, little new info published outside of that daily cycle. Just noticed as I reviewed my statements that I’m getting clipped for $40 for WSJ…can’t imagine canning it, and maybe it is just a buck a day basically, but I’m surely not getting $40 monthly of ‘value’ relative to the other streaming/news/analytical sites I subscribe.
Those random $20, $30, $40 monthly charges add up.
Left: I have had my Times for years. I never had an issue with there Liberal bent, on the editorial side, but overall the quality of the paper has declined immensely over the years, and the rhetoric is in almost every article of feature. They don’t even get The Who what where thing anymore, many articles are so poorly written. Agree on the WSJ, but they do have other features I enjoy from time to time. Just FYI I made my blog donation, and so I carry on!!
You took an established tax law that has been in place for over a century. You then changed the law so that you could use it to create funding for other tax breaks. It just “so happens” that the new law targets specific states…and this is at the federal level. Why is a federal tax law specifically hitting blue states and not all states equally? And no one cares because the 7 states being forced to pay this are in the minority. 43-7. They are f’ed. Glad you stand behind this bs while you live in one of the states being directly targeted to pay for the other states tax breaks? Wtf?!
Dude, I try to be nice to you based on what you went through, but you love belittling people. You then tell yourself you are a good guy…like really? Spew so much hate for anyone that goes against your thought process.
“At another time I could have jumped on his inane SALT posting…quoting some Twitter idiot on a mangled interpretation of double taxation which in his alleged role as a teacher of history/civics he should at least have some passing familiarity but he decides instead to publicly expose his ignorance…”
They are still going to hit you up for internet. I was one of the first cord cutters. Saved a lot of money at first, but now, they raised all their prices. Cable is pretty much back in the competition now with the packages they offer. Entertainment costs money, too late to the cost cutting scene, imo.
If you want access to barely any shows, then you win with cost cutting by only having a service or two. But are you really winning …or paying for the small selection you are getting?
I still don’t have cable, but I pay for so many services. So not really saving much money anymore. It sucks, but good luck on whatever you do.
3b says:
April 19, 2022 at 5:22 pm
Left: Thinking of cutting the cord too. FIOS is 220.00 a month, and most of that cost is for cable, with no premium channels. Netflix has been disappointing lately, but will give it time. I have cut a few subscriptions lately, every time I go to cut The NY Times when the promo is up, they extend it, so I continue to get it for $1.00 a week. Should cancel it though, I rarely look at it. I will keep my WSJ.
Pay up y’all v2.0
So you get to cover not just your kids tuitions but also the write offs of someone else…
Education Dept. changes to affect nearly 4M student loan borrowers https://mol.im/a/10732755 via https://dailym.ai/android
Fire sticks are for chumps. The Fire Cube user experience is better in every way. 3b, get a Fire Cube, the hardware is top shelf and it runs everything you throw at it. It’s smooth as all get out. One remote runs everything, comes with IR repeater, so you can hide the whole unit. Setup is easy.
Boomer: Thanks for the trip. I will check it out.
Apple tv streaming box is phenomenal. Check it out.
Netflix is the “canary in the coal mine” for the inflationary damage happening to the consumer.
That Netflix subscription went right to their food and gas costs…gone
Recession coming…netflix says so.
Biden and the Easter Bunny, haha.
“Netflix is a Sun Belt metro that rode a long growth phase of sprawl and now, facing a population growth slowdown, has to pivot to density, neighborhoods, building up core assets, etc. Time to become more like a coastal city than Riverside/San Bernardino.”
Netflix is like a roach, it always comes back from dead….Or is this it’s final ride down?
Oh Bill.
72 years old. What is the rush? You have plenty of money so why fly Jet Blue and complain like this? It’s not this guy’s fault.
Why so angry old man?
EXCLUSIVE VIDEO: ‘You f***ing scumbag!’ Seething Bill O’Reilly is seen threatening JetBlue worker as his flight to Turks and Caicos was delayed for FIVE HOURS – but he says it was the airline employee who was being arrogant
https://youtu.be/Ov1WWcBS_SY?t=48