From the NAR:
Profile of Home Buyers and Sellers 2024
First-time home buyers in the last year shrunk to an historic low of just 24 percent of all buyers. Prior to 2008, the share of first-time buyers had a historical norm of 40 percent. In the last two years, first-time home buyer household income has grown by $26,000. This year’s report shows that the median household income of first-time home buyers was $97,000. Underscoring the hurdles to entering the housing market, first-time home buyers’ median age reached an all-time high of 38 years old. In the 1980s, the typical first-time home buyer was in their late 20s.
The housing market appears bifurcated between repeat home buyers and first-time home buyers. Repeat buyers can enter the housing market with large downpayments (median of 23 percent), and 31 percent paid cash and did not finance their home. This is likely due to the increase in housing equity. If repeat home buyers are financing their home purchase, a larger downpayment helps to offset their mortgage payment due to the higher mortgage interest rate they could have. For repeat buyers, this is the highest downpayment seen since 2003. This year, downpayments also grew for first-time buyers, as they may need to make a more substantial offer among all-cash buyers. The typical downpayment for first-time buyers was nine percent, which is the highest share since 1997.
Repeat buyers also have the highest median age seen in the report’s history of 61. As half of repeat home buyers are over the age of 61, they are driven by the desire to purchase a home to be closer to friends and family at 17 percent. It should be noted that while this is the top reason to purchase a home, neighborhood preferences have also changed. Among all buyers, the quality of the neighborhood (59 percent) and convenience to friends and family (45 percent) are the top neighborhood factors.
Convenience to the home buyer’s job has declined incrementally and is now at 34 percent, down from 38 percent last year and down from 52 percent in 2014.
Overall, 83 percent of buyers were White/Caucasian, up from 81 percent last year. However, among first-time buyers, 36 percent are non-white home buyers. Nine percent of all buyers were born outside the U.S., which is true for 13 percent of first-time home buyers.
Among all home buyers, 62 percent are married couples, 20 percent are single women, and eight percent are single men. Multi-generational living remains popular, with an all-time high of 17 percent of all buyers purchasing a home that will house different generations. The most common reasons are for cost savings, elder care, and young adults moving back. The share of buyers with children under the age of 18 dropped to the lowest level seen at 27 percent of all buyers.
First
To summarize, if you’re not already in the game, it’s really difficult to get in the game. Once again, if rates don’t fall substantially bringing inventory to the market, the slog will remain.
I assume these north west winds have fueled the fires around Pompton/Ringwood? I can smell the smoke again.
Our current weather is intriguing—in some ways it’s what you might expect for mid-November, with 27 mph wind gusts on a blustery day. Except that it’s not happening against an overcast sky on a cold wet day, it’s 65F and clear outside. These dry warm November winds are very ominous.
Just looking at the aftermath of the election. To be clear, I don’t care who won. I am an analyst and just desire certainty so I can strategize.
That said, if I was an undocumented person, the motivation to commit a crime in the last week has dropped off a table. Even common citizen criminals must be hearing footsteps. It is not the reality yet, but I don’t know if most are situationally aware enough to see the nuance.
If crime doesn’t grind to a halt, just temporarily, I would be shocked.
If crime doesn’t grind to a halt, just temporarily, I would be shocked.
Violent criminals, terror1sts, and other assorted miscreants will be shown the door quickly. The hard-working cats and kittens just wanting a piece of the dream will be over-looked.
Ten 439. Bounced hard off 430 resistance.
I’m not really sure how one makes this determination about people who posses neither government names nor identification documents.
Who’s feeling vibes and joy this morning?
Anyone?
“Violent criminals, terror1sts, and other assorted miscreants will be shown the door quickly. The hard-working cats and kittens just wanting a piece of the dream will be over-looked.”
And on Wednesday, construction will begin on the J6 Memorial.
Apple kills its 3D program….Rumor is the headsets are going away.
Hahahahaha
President-elect Donald Trump has picked the South Dakota governor, Kristi Noem, to serve as the next secretary of the Department of Homeland Security, CNN reported on Tuesday, citing two sources.
Noem, once seen as a possible running mate for Trump, is currently serving her second four-year term as South Dakota’s governor after a landslide re-election victory in 2022. She rose to national prominence after refusing to impose a statewide mask mandate during the Covid-19 pandemic.
Who’s feeling vibes and joy this morning?
I am!
Dry trails = bad for fires, but good for mountain biking. Planning a visit to a buddy in Oregon for some back-country skiing this winter. Also trying to put together a spring fly-fishing trip in Maine…
Trump won; the sun still rose the next day; life’s too short to be consumed with stuff beyond your control.
And retirement is good. ;)
Eddie,
Feeling good, but very tired. Oh, and never flying to Haiti.
Haiti: Airlines suspend flights as Spirit plane hit by gunfire
And retirement is good. ;)
I’m jealous!
And on Wednesday, construction will begin on the J6 Memorial.
There was a lot of red, white and blue on that day. Will the memorial capture the colors and details like a Gian Lorenzo Bernini masterpiece?
More of a Riefenstahl vibe.
Probably have to look that one up, or maybe not.
10:49 don’t forgot the shit and piss colors from the Patriots who crapped all over the place. Imagine if those folks were “colored”….
Hughesrep,
Ah, do we have to march in goose-step fashion when visiting the memorial?
“good psychology is good social change. Authoritarian power is derived from fear of repression, isolation from each other, and exhaustion at the utter chaos. We’re already feeling it.
Thus, for us to be of any use in a Trump world, we have to pay grave attention to our inner states, so we don’t perpetuate the autocrat’s goals of fear, isolation, exhaustion, or constant disorientation.”
Using this?
https://www.amazon.com/Alasum-American-national-independence-printing/dp/B0C84F5SCL
11:03 Gary, recognizing the truly stupid among us and ignoring their malady is also key to a happy life.
Distrust fuels the flame of autocracy because it makes it much easier to divide. We can see that in the casual nature of Trump’s rhetoric—telling people to distrust immigrants, Democrats, socialists, people from Chicago, women marchers, Mexicans, the press, and so on.
Wasn’t that the dog killing chick?
Here fido BANG BANG!!!!
A dog is a man’s best friend, not a woman’s. Hehe.
She rose to national prominence after refusing to impose a statewide mask mandate during the Covid-19 pandemic.
Distrust fuels the flame of autocracy because it makes it much easier to divide.
Yup.
They call this a comedy.
Acutually it’s a bit closer to real life than one would be comfortable knowing.
https://www.youtube.com/watch?v=gW10jqTCcwg
I’ve had choices
Since the day that I was born
There were voices
That told me right from wrong
If I had listened
I wouldn’t be here today
The next group to storm the Capital:
https://www.washingtonpost.com/style/of-interest/2024/11/12/perimenopause-moment/
Coming out of covid this has been a depressed country 2020 – 2024. Like a shrink once said, if you are depressed, everything is negative. And this applied to the Biden term. Great data, but the people are/were depressed and everything has been viewed negatively
If 50% of the population finds it positive to have a dictator with a cape make everything look rosy, so be it.
Only time will tell, what it really means. What it means to our kids and their pockets.
People from Chicago are great. Whenever you feel as if you could lose a few. Getting a little paunchy. A little fat in the face. Go to Chicago. Suddenly you feel fine. Have a meal of deep dish, a Vienna sausage and a few beers. Life is good.
EX says:
November 12, 2024 at 11:06 am
Distrust fuels the flame of autocracy because it makes it much easier to divide. We can see that in the casual nature of Trump’s rhetoric—telling people to distrust immigrants, Democrats, socialists, people from Chicago, women marchers, Mexicans, the press, and so on.
Is Trump planning to “undo” globalization?
Is that “giant sucking sound” that Ross Perot talked about when Ol’ Billy Boy Clinton signed NAFTA gonna turn into a “giant blowing sound?” Hehe.
Better buy that new car now before the ‘murican price doubles, and you get the car built by workers high on legal gummies throwing the last bucket of screws inside the door so you get that “maraca” sound going over potholes.
San Luis Potosí is one of several Mexican cities that have become little Detroits, producing Volkswagens, Audis, Mercedes, Fords, Nissans and Chevrolets. In the first nine months of this year, Mexican factories produced more than three million vehicles, of which two million were exported to the United States, according to the Mexican Automobile Industry Association.
But Mexico’s pivotal role in the global auto industry is now at risk. President-elect Donald J. Trump has threatened to impose punitive tariffs of 100 percent or higher on cars from Mexico, which would violate a trade agreement his first administration negotiated with Canada and Mexico.
Video
The BMW factory in San Luis Potosí has 3,700 employees.CreditCredit…Bénédicte Desrus for The New York Times
The consequences for the auto industry would be profound, affecting the price in the United States of popular models like Ford Maverick pickups, Chevrolet Equinox sport-utility vehicles and several variations of Ram trucks.
Mr. Trump has said the tariffs would encourage more automotive manufacturing in the United States. And BMW executives say that the tariffs would hurt their business but that the plant in San Luis Potosí would still make financial sense for the company, because so many of the cars produced there are sold in other countries.
Well said Rentlord.
Just like the temperature. There is an actual number, like 18 degrees, but then there is a “feels like” temperture.
“Well, if it feels like 18, it’s f’n 18. I’m trying to go outside, I’m not planting corn.” Raffi Bastos.
RentL0rd says:
November 12, 2024 at 11:37 am
Coming out of covid this has been a depressed country 2020 – 2024. Like a shrink once said, if you are depressed, everything is negative. And this applied to the Biden term. Great data, but the people are/were depressed and everything has been viewed negatively
But Mexico’s pivotal role in the global auto industry is now at risk. President-elect Donald J. Trump has threatened to impose punitive tariffs of 100 percent or higher on cars from Mexico, which would violate a trade agreement his first administration negotiated with Canada and Mexico.
Wonder what those mexicans in the auto industry will do if they get laid off?
Maybe try to get work (legally or illegally) in another country?
Or maybe go work for a cartel smuggling fentanyl.
Ten 443
I really disagree. It is a rationalization.
Libturd says:
November 12, 2024 at 11:47 am
Well said Rentlord.
I have to run into work. But I think it played into the current state of things Chi. Combined with the Dems focusing on the wrong things (they are living in an echo chamber) and not admitting to any of their faults (of which there were plenty). I think the Covid madness added to the willingness of the majority of voters in this country to believe in Trump’s bullshit.
I am not trying to call anyone a nazi here, though it was similar times in Germany that allowed the Nazi’s to get into power on the back of scapegoating and the belief in terrible lies. I wonder if they will deport the immigrants by train? Maybe Trump should have allowed himself to get jailed so he could find a Bannon and together they could write their own Mein Kampf.
Seriously though. I am worried about our country. There is more to life than the economy. We are going backwards in time when it comes to humanism. It’s like that movie Idiocracy.
Fuck Biden (insert air bl0wjob here)
And then there is the environment.
Chi, If in 2028, inflation is higher, getting work done is harder – but people (the 51%) are way happier, then my theory is right. Until then, of course we don’t know what this phenomenon is – that blows every logical mind.
A project I am working for a big healthcare company (billions in revenue) – about making healthcare more equitable, got scrapped for 2025. I had to let go of a bright dude because of it. I was trying to explain to him the political nature of things and how it possibly affected the project.
And his response – “But Trump is good for business, right?”
I did not know how to explain this to him after that.
Waymo launched in LA.
Won’t be long now before driverless Taxis are everywhere.
https://www.cnbc.com/2024/11/12/waymo-opens-robotaxi-service-to-anyone-in-los-angeles.html
My thoughts on Apple’s headset fiasco.
1) Why is this a stand alone device, complete with a massive processor, ram, storage, etc? This is a display, a peripheral. Anyone using this thing would just as easily pair it with an existing device – tablet, laptop, phone, etc. Easily 1/3rd of the cost of this thing is duplicative with the capabilities on a device already near or on the user. Worse, the additional weight of the damn thing on your head because of the duplicity, and the stupid battery dongle to power it. All of this could have been slimmed down. Cheaper, lighter, more integrated. They should have focused on making this thing small, slim, streamlined, more portable.
2) Useless, albeit expensive, features like the pass-thru AI eyeball visualization. Huge cost for a feature that’s creepy as hell, and adds nearly zero value. Thinking that you can bridge this valley and allow the wearer to interact with a non-wearer THROUGH the device? Most folks would just lift the visor and engage with the other human in a very natural way. They should have focused on making this transition easier.
3) Apple’s typical design language doesn’t fit with a headset. Metal, glass, billet chassis, etc. These make elegant tablets and laptops, it makes heavy as hell headsets. Lightweight should have been the main focus, softer, plastic is far more friendly for something someone sticks on their face. Meta KILLED IT with their Rayban project. Yeah, dorky as all hell, but far more accessible.
4) Price would have been far more accessible if they’d done the above. They needed to target a $999 price tag, which is impossible when you try to make it an all-in-one integrated computer, use wildly expensive materials, add all sorts of meaningless features that are directly between the user and device.
11:39 Those were a very good 5 years for me!! Loved living there.
Roscoe village, Lincoln Square, Lakeview. Those winters and that food make for an extra 20 lbs!
Grim, I need those headphones so I can block civilization for the next 4 years.
Talking about trimming the DC fat, Trump is coming with a chain saw. $2 trillion in debt, on the chopping block!
8:57 to be offset by tax cuts that end up
In deficit mode in no time. Rinse & repeat.
Corruption, cronies, bureaucracy, anti-American lawfare hawks and forever appointees… gone.
Breaking News: As part of DOGE effort, this blog and part of the internet will be shut down. This chatter is inefficient, and everyone here needs to be fired. To heck with Firefighters.. let’s call them when there is a real fire. And anyone in back office – sorry, you are not needed.
All departments except Sales will be let go.
Efficiency, baby!
Now, everyone can edge to Vivek and Elon
What does “blows every logical mind” mean?
RentL0rd says:
November 12, 2024 at 1:10 pm
Until then, of course we don’t know what this phenomenon is – that blows every logical mind.
If doge king lays off 80% of workforce as he did in Twitter, as X became a cesspool of misinformation, disinformation, plentiful porn and violence, government agencies will turn into AI-powered chatbots and non-responsive mailboxes. Good luck to people waiting to get assistance from the fed govt, including veterans, government employees and pensioners. Service only for people who know who to call or donate to djt enterprise.
Grief is well a universal human experience that can be caused by many types of loss, such as an ass kicking like the loss of the presidency, the senate and the house.
Every experiences the stages differently, some for example will be in denial forever such as Trump”s loss in 2020.
Denial
Anger
Bargaining
Depression
Acceptance
They don’t always occur in this order. So If you’re experiencing grief that’s interfering with your daily life, you should talk with your doctor. Over the past decade, since the ass kicking election loss of 2016 medical science has developed antidepressants, and especially selective serotonin reuptake inhibitors (SSRIs), which have been widely demonstrated to be effective in reducing symptoms, including, sadness, suicidal ideation, and intrusive thoughts.
Gepirone (Exxua) FDA Approved in 2023 – An Antidepressant Breakthrough. …
Esketamine (Spravato) FDA Approved in 2019 – A Revolutionary Nasal Spray
Brexanolone (Zulresso) FDA Approved in 2019 – Addressing mainly Postpartum Depression
Dextromethorphan-Bupropion (Auvelity) FDA Approved in 2022 – Dual Action for Enhanced Efficacy…
As well as other treatments…This message was sponsored by the pharmaceutical industry. Take your pills and be well.
“Blows every mind” – the desire for people to believe that Trump will deliver, even though logic defies it. The Barnum or Forer effect.
Ok, I may have had a bit too much to drink.
We are in fact living in an unreality now based on MEMEs.
Trump taps Musk to lead a ‘Department of Government Efficiency’ with Ramaswamy
Aka DOGE
https://www.npr.org/2024/11/12/g-s1-33972/trump-elon-musk-vivek-ramaswamy-doge-government-efficiency-deep-state
Talking about trimming the DC fat, Trump is coming with a chain saw. $2 trillion in debt, on the chopping block!
Trump is not going to trim $2 trillion (or anything close to that) from the budget.
I’ll believe he’s serious about budget cuts when he targets agricultural subsidies.