Hat Tip VSG & Chi – From the WSJ:
Boomers Bought Up the Big Homes. Now They’re Not Budging.
Baby boomers bought up many of the big homes across the U.S. when they were raising their families. Now they’re staying put, even though their kids are all grown up.
Boomers are on top in a housing market where tight inventory, higher interest rates and steep prices are making homeownership less affordable for the average family. Many of these older homeowners paid off their mortgages on properties that have appreciated tremendously in value.
Some are happy with their big houses. Others would like to downsize, but are deterred by the same high costs that are restraining other prospective buyers on lower rungs of the housing economy. Many are working longer or planning on an active retirement, and are in no rush to move to a retirement community.
About 28% of all U.S. homes with three or more bedrooms are owned by people between the ages of 60 and 78 living by themselves or with another adult, according to a Redfin analysis of 2022 census data. Millennials living with children own just 14% of these bigger homes. A recent Fannie Mae survey found that most Americans 60 and older don’t intend to ever move.
Just a decade earlier, empty-nesters in the silent generation, who at the time were about 67 to 84, owned 16% of homes with three or more bedrooms. Meanwhile, members of Generation X with kids, who were 32 to 47, owned 19% of those large homes, Redfin found.
Boomers own half of all of the $32 trillion in home equity in the U.S., according to a Redfin analysis of Federal Reserve data.
For years, some have predicted that boomers would start selling off their big houses en masse, flooding the market with properties. Instead, many aren’t budging, similar to younger homeowners who don’t want to give up their low-rate mortgages.
The problems, though, are deeper than boomers not moving.
Frist
There is a squirrel that comes to my back door early in the morning and at dusk for a couple of shelled peanuts. His name is ‘Tim the Enchanter’ or Timmy for short. I open the door, he steps into the house, I drop two shelled peanuts on the floor, he carefully stuffs them in his mouth and then leaves. Besides the seven-digit price tag on my house, IF and WHEN I decide to sell, the contract will include a clause that Timmy must be fed.
There’s also a few female deer that stop by once and a while, too. One is called ‘Mama’ because she will walk right up to you when she recognizes a voice. Mama had two babies in my yard two years ago. One was lame, could not walk. I didn’t want to watch a fox maul it in my yard. (The fox occasionally lays on the pool cover to sun. That’s another story.) When Mama went to feed, we scooped up the lass and brought it a facility in Franklin Lakes. They either put the animal down or rehabbed it. They wouldn’t tell us. Anyway, Mama will come with a few family members and friends and they get some apples. Mama takes it right from your hand.
There’s also a rabbit that will feed from your hand as well but that one takes patience. You sit on the ground, staying still with a lettuce leaf in hand and wait! Eventually, the rabbit will nibble as you hold it.
Long story short, the contract will include feeding of the animal kingdom, full price tag accepted only and maybe a clause to put the Chex Mix table out for the Gen-Zer’s.
The continuing fall of California:
https://finance.yahoo.com/news/gov-newsom-california-show-why-092613827.html
These boomers do not understand markets….if they did, they would all be running over each other to sell. That 2.5 million price is for a select few….how many people do you think can afford that?!! The fact that boomers own a significant amount of the market is very very scary. Stock market too…they are going to take it down. They own too much of it. This is what happens with massive population booms in the population….they create bubbles over and over as they age. They dominate the rest of the demographics. That’s all you older posters have seen your entire life….the impact of boomers on assets.
This is going to hurt some of you, but there has not been an easier generation to be in to make money. Think ponzi….they blew up whatever they touched due to an overwhelming population wave that inflated whatever they touched. You are not a savvy investor, you are the complete opposite. Had training wheels while you invested your entire career. For god’s sake, the house you bought to live in turned into the greatest investment of your life….enough said. That will not happen for other generations….maybe millennials, but you left them with so much debt that I don’t know if it will be the same for them.
“The couple traded up to their current Westwood, Mass., home 22 years ago. They paid $1.5 million for the 5,000-square-foot, five-bedroom property because they liked the top-rated school district and family-oriented vibe. The couple also have a Martha’s Vineyard home and rent an apartment in Boston to take advantage of the city’s restaurants and theaters. They estimate the Westwood home could sell for $2.5 million. They own both of their properties outright”
Like the idea that all you have to do is passively invest in an index fund….will that continue to work with most of the world’s population growth coming to a crawl? It worked with the boomers for obvious reasons….will it work after them? I am not so sure. Maybe AI can send productivity through the roof…we will see.
No one,
Sad part, you would never ever invest in a company where your workers WFH. You know it, and I know it. The chit is a joke.
As an owner, I don’t care if you get the job done at home. What I care about: you are present and available in person when I need you. I don’t care if you are sitting there playing with yourself and crying to me that you could be doing something at home, I am paying you to be present and available. So stfu with your incessant crying about coming into the office. Cry me a river…man up.
WFH is for the weak minded business owner. The owner that is scared to hurt these people’s feelings.
Sell to Whom?
6,000 boomers die every day. In a decade the youngest boomer will be in their 70s, so expect plenty of homes to hit the market in the next five years. Take a look up and down your street you can easily predict which home will go up for sale, about one out of every five homes is a boomer in New Jersey.
And if those Avian Flu experiments pan out the boomer death count will be even higher.
You would think after Covid this kind of testing would have at least stopped. Nope we sent another million dollars to China to test avian flu strain gain of function research.
https://www.dailymail.co.uk/health/article-13314917/Lab-leak-bird-flu-China-army-USDA.html#:~:text=Earlier%20this%20year%20it%20was,gain%2Dof%2Dfunction%20research.
Juice: You can’t make this stuff up! Simply unbelievable.
8:43…..This aint Texas 🎶🎶🎶
I used to catch a baby rabbit every time I needed to mow the lawn. Must have been abandoned. When it grew up, he just followed me around the garden. I think a fox got him a few years ago though.
This aint Texas
Cali is definitely not Texas, thank God. Texas, South and North Carolina, Florida, Idaho, Utah, Tennessee and a few other states are where people are flocking to. CA, NY and IL are states where folks are leaving en masse.
The liberal left is labeled as progressive which is not accurate. The liberal left should be labeled as regressive since their ideas, when implemented, result in failure on many levels. True progressives are for advancement and production. It’s logical and intuitive. Purple hair, bathroom confusion, numerous genders and claiming men can become pregnant doesn’t equate to anything positive. It allows those with mental illness and misaligned thought processes to sideline the debate of fundamental ideas instead of clown acts and circus tricks.
It’s all the boomer effect….they priced their kids out. They then decided to try to game the system by retiring to these “once” cheaper locations. Really has nothing to do with politics, and everything to do with boomers blowing up costs and then trying to escape.
Fast Eddie says:
April 17, 2024 at 10:29 am
This aint Texas
Cali is definitely not Texas, thank God. Texas, South and North Carolina, Florida, Idaho, Utah, Tennessee and a few other states are where people are flocking to. CA, NY and IL are states where folks are leaving en masse.
Fast: The Left/ Progressives are silent on the Death to America chants and burning of the American flag. I should be shocked, but I am not.
Damn boomers! How to poison the 65 plus crowd?
Hmmm….
3b,
Many of our father’s defended this country, came home and worked as civic servants in honor of that flag. If there’s anyone in my physical presence that attempts to ignite the American flag, I will act. This is not boasting as some sort of hero but I will not stand aside and do nothing. I am not 6’2″ and 230 lbs. but I will not stand idle and do nothing.
Well bless your heart.
I’m still shocked that Maga went much further than chanting by attempting a coup d’etat.
And rightwingers/republicans are silent about the treasonous insurrection.
3b says:
April 17, 2024 at 10:54 am
Fast: The Left/ Progressives are silent on the Death to America chants and burning of the American flag. I should be shocked, but I am not.
And they get Socialist Universal Healthcare for the 65 and older.
The Great Pumpkin says:
April 17, 2024 at 10:39 am
It’s all the boomer effect….they priced their kids out. They then decided to try to game the system by retiring to these “once” cheaper locations. Really has nothing to do with politics, and everything to do with boomers blowing up costs and then trying to escape.
Fast Eddie says:
April 17, 2024 at 10:29 am
This aint Texas
Cali is definitely not Texas, thank God. Texas, South and North Carolina, Florida, Idaho, Utah, Tennessee and a few other states are where people are flocking to. CA, NY and IL are states where folks are leaving en masse.
I hate to undermine people whose politics I find counterproductive, but based on my personal experience, I sadly have to completely agree with this statement.
Fast Eddie says:
April 17, 2024 at 10:29 am
It allows those with mental illness and misaligned thought processes to sideline the debate of fundamental ideas instead of clown acts and circus tricks.
DNA 85 cents
On the biotech front, PACB, an ARKG company I shorted from 30 down to 5 and every fake rip after that jumped up to 15 back down to 1.46. It lost half of it’s value in a single day a few days ago with their largest insider selling out. At one point this was 5% of ARKG, just like DNA. She increased her holdings all along the way. Last time I checked, ARK is the largest holder with 13% of the company. What is it gonna look like if she is ever forced to liquidate that useless position?
Come see me when you are done. I like fixing broken bones.
Fast Eddie says:
April 17, 2024 at 10:58 am
3b,
Many of our father’s defended this country, came home and worked as civic servants in honor of that flag. If there’s anyone in my physical presence that attempts to ignite the American flag, I will act. This is not boasting as some sort of hero but I will not stand aside and do nothing. I am not 6’2″ and 230 lbs. but I will not stand idle and do nothing.
Very: What is your point?? What they did on Jan 6 was reprehensible and people are going to jail for it.
Are you Ok with chanting Death to America? Do you condemn it? Yes or no answer the question.
And answer the question from yesterday regarding the young people who did pay their student loans, and the others who are continuing to pay their loans? Should they be reimbursed or forgiven by your boy Joe? Answer the question. Yes, or No?
I spend way more time on YouTube, NYT, Daily Mail, or even here than I spend on either of those sites.
Libturd says:
April 16, 2024 at 11:58 am
“For the nerds on here:”
Good to see you watching something less TikTok/X content-related, for a change.
Fast: My Dad was an immigrant, legal resident alien waiting for his citizenship. Since he was a legal resident he was elected eligible to be drafted, but, since he was not a citizen he could have declined upon which he would have had to return home. He did not decline, he went and proudly served his new country.
Once you start shouting Death to America you have crossed a line. There should be fierce condemnation from Biden, Schumer, AOC and all the rest, instead there is silence.
leftwing says:
April 16, 2024 at 12:26 pm
It’s bullshit liberal policies that take from the productive to encourage and propagate the unproductive.
There is truth in this statement. I won’t disagree. But there are also those who claim to be productive who produce by taking advantage of those who cannot help themselves or making rules that only benefit them.
Remember America was started by “productive” slave owners.
Why you pay taxes.
https://youtu.be/u-Eg74IfIhE?t=488
Yep, agreed. It’s sad to see those feeble minded so easily manipulated.
Chicago says:
April 17, 2024 at 11:51 am
I hate to undermine people whose politics I find counterproductive, but based on my personal experience, I sadly have to completely agree with this statement.
Fast Eddie says:
April 17, 2024 at 10:29 am
It allows those with mental illness and misaligned thought processes to sideline the debate of fundamental ideas instead of clown acts and circus
It’s a shame….good company. It’s all because of rates….wrong time wrong place. Don’t victory lap. Human civilization needs this company to succeed. We all benefit from their success.
BRT says:
April 17, 2024 at 11:52 am
DNA 85 cents
No matter what happens to the company….they are building a huge data set and are helping to push biotech/human civilization in the right direction. I am glad they had the balls to do this….
Dear Taxpayers, The FBI wants to thank you for your donation on 4/15/24. Your donation allows them to continue to suck at their jobs, and for you to pay for their mistakes so they can retire with full pensions.
Thank you American Taxpayer. You are true heroes.
Justice Department agrees to pay out $100M to victims of former Team USA gymnastics doctor Larry Nassar’s sex abuse, citing failures by the FBI
The Justice Department agreed to pay over $100million to Larry Nassar’s victims
FBI agents failed to take reports of Nassar’s abuse seriously
This brings the sum of total payouts to over $1billion
I’m so looking forward to my pension. I took it early. Collect in two years.
No matter what happens to the company….they are building a huge data set and are helping to push biotech/human civilization in the right direction.
Don’t worry, soon enough we will be able to kill based on race, skin color, or gender using DNA.
Hey gals and guys, yes or no on this one? Your style or not?
https://www.trulia.com/builder-community-plan/YoHouse-Homes-Yomodern-339981101
Here’s one more:
https://www.trulia.com/builder-community-plan/YoHouse-Homes-Yobarn-339981102
In two years, i will be a sixty year old man. You laugh you younger mhin,
It’s coming for you the old age. People axe me how i stay so young. It’s the churros.
2:57. People axe me how i stay so young. It’s the churros.
I thought it was not working and sponging off your wife.
3:32 you mad bro?
Today was insanely relaxing, i won’t lie.
LAX says:
April 17, 2024 at 3:37 pm
“Today was insanely relaxing”
Spent sitting on a churro, no doubt…
In any case, seeing as you have yet to post anything of redeeming value, here’s some friendly advice; if you’re about to submit a post, and you realize that it’s not informative, insightful or amusing, just keep relaxing instead.
I didn’t know Lax and Chavez were the same person. I also thought Lax/ Chavez was a teacher, but it know seems he is retired. He appears to be enjoying his life.
Grim – I just noticed your Hat Tip to ChiFi for todays lead article.
But it was me who first pointed that article yesterday.
Please acknowledge.
I’m Just resting up
For Round 3
Ladies:
https://youtu.be/TpaX4L2oD2w?si=vYjS1REt7mwkGbPn
“Many of our father’s defended this country, came home and worked as civic servants in honor of that flag”
See what they think about this video.
https://www.youtube.com/watch?v=anX8wVLKMjg
3:36
Why would I be mad about a barnacle bro’s lifestyle?
Very Stable Genius says:
April 16, 2024 at 3:17 pm
Boomers Bought Up the Big Homes
WSJ
“ Boomers are on top in a housing market where tight inventory, higher interest rates and steep prices are making homeownership less affordable for the average family. Many of these older homeowners paid off their mortgages on properties that have appreciated tremendously in value. ”
ChiFi can post the entire article if you are interested.
Very Stable Genius says:
April 17, 2024 at 4:28 pm
Grim – I just noticed your Hat Tip to ChiFi for todays lead article.
But it was me who first pointed that article yesterday.
Please acknowledge.
3b
LAX and Chavez have the same writing and content pattern
Hold: Yeah, I should have seen that.
Lib: And the Death to America chants, are they wrong too? Don’t you think yet another line has been crossed this time by the left/ progressives? Isn’t it ironic these people are sympathetic to Iran a religious dictatorship that preaches death to Jews , death to America, the destruction of Israel. A country that also kills women for not wearing the hijab. I could go on. Aren’t these people just as ignorant as the Jan 6 crowd and their supporters?
Yes they are. Absolutely. But I personally don’t know anyone on the left chanting death to america. Know the majority on the right believe the election results were corrupted and see J6 as a positive. Big difference between the two. Quite frankly, I’ve been busy/vacation for the past few weeks and don’t even know what Death to America is in reference to. Honestly. I guess I’ll look it up.
Meanwhile, hang Pence!
Dumb Gaza supporters, whatever. Clearly it was not the sentiment of the crowd and the Imams immediately struck down the chants. Know what is even dumber? 99% of the idiot protestors have tattoos and many are either gay or sympathetic to LBGTQ shit. All forbidden in Muslim countries. When members of the DNC start backing them, then you’ll have a fair argument. The right has walked the plank for PT Barnum.
5:27 maybe ur ghey.
Currently in Israel
https://www.tiktok.com/t/ZTLPf69KK/
Stock up on potassium iodide…
Page 34 of the bill they will ram thru Friday night.
“SEC. 505. (a) TRANSFER OF LONG-RANGE ATACMS
REQUIRED.—As soon as practicable after the date of enactment of this Act, the President shall transfer long range Army Tactical Missile Systems to the Government
of Ukraine”
Lib: I assume most of those chanting Death to America, would consider themselves leftists/progressives. As far as you not hearing anyone on the left condemning those chants, I will be more clear, none of the progressive politicians such as AOC and others have condemned it. As for the more mainstream Democrats starting with Biden and Schumer they have not condemned it either. No matter what the topic, subject, or occurrence of anything done by the left it always comes back to Trump. What will people do when Trump is no longer in the picture.
“Biden’s re-election campaign denounced the “death to America” chants in a statement to Fox News Digital last week.
When asked if the president would court those agitators, Biden campaign spokesperson Charles Lutvak replied, “No.”
Bazzi’s remarks were also denounced by the White House.
Honestly, to me this is a nothing story. If people want to be morons, so be it.
SWING STATE’S DEM GOVERNOR CONDEMNS ‘DEATH TO AMERICA’ CHANTS IN HER STATE MORE THAN A WEEK AFTER PROTEST
“The White House condemns these abhorrent and antisemitic remarks in the strongest terms,” deputy press secretary Andrew Bates told Fox News Digital. “As President Biden has said, America is the greatest nation on Earth and a beacon to the world.”
The campaign initially limited its comments to the chants themselves, largely reciting the White House statement.
Biden’s campaign spokesperson Lauren Hitt told Fox News Digital that the chants had been “condemned” by the campaign. Lutvak reiterated that the “Biden-Harris campaign denounces these disgusting and antisemitic remarks.”
I wouldn’t consider these extremist morons left or right. They are just morons.
Very Stable Genius says:
April 17, 2024 at 4:28 pm
Grim – I just noticed your Hat Tip to ChiFi for todays lead article.
But it was me who first pointed that article yesterday.
Please acknowledge.
You poor little baby , I just wanted to make sure you were acknowledged. Wouldn’t want you to be sulking and pouting. Just like a women you need to be told you are needed, but you aren’t sweetheart. Nothing but an obnoxious Troll… and a women.