The prices of houses are more inflated than they've ever been in human history

[Remodeling Maidiac]

Keyword, "metro"

That's how real estate works. The closer to the convenience of the big cities the more you pay. It's that way everywhere.

Move to the burbs

Yeah several of guys at work did that...had the 60 mile commute to work and ending up losing the house when prices must necessarily rise policy doubled the cost.....brilliant

60 miles is not the burbs, it's the next fucking town.

Good grief

Please ......distance needed for a sufficient price break to make the sacrifice of time and gas pay off.....

Wrong lol

Says dumbass who doesnt live here

I've lived all over the country and the same housing principles apply everywhere.
You're just wet behind the ears kiddo

 

[BuckToothMoron]

I completely agree with your assessment. As usual, once government starts meddling in business and finance, everything they touch turns to gold for those advancing credit. Imagine the possibilities if both mortgage practices and student loans were governed by market forces? Government interference kills competition.

It's government and the banks knowing they're going to be able to repossess your home eventually.
You can't give a 22 year old making 50K/year a 700K mortgage.

Banks don't make loans with the hope of foreclosure, that's silly. OREO is a non-earning asset on the balance sheet, the bane for any bank. Too many foreclosure and the bank fails.

 

[Muhammed]

Due to a lack of halfway decent topics on USMB once again, and after being unhappy with how much I spent on groceries for only 2 people...I got to thinking about how much I pay on property taxes...on land that I freaking own. I was in a position to buy a historical house that needed A LOT of work done to it. Sure I bought it for a steal, but the work to get it livable was not at all a steal (thank god my family is in construction and excavation). Not many were in my fortunate position to get heavy equipment necessary for cheap.

Learn from your mistakes. Don't sink a lot of money into a fucking money pit again.

 

[Indeependent]

I completely agree with your assessment. As usual, once government starts meddling in business and finance, everything they touch turns to gold for those advancing credit. Imagine the possibilities if both mortgage practices and student loans were governed by market forces? Government interference kills competition.

It's government and the banks knowing they're going to be able to repossess your home eventually.
You can't give a 22 year old making 50K/year a 700K mortgage.

Banks don't make loans with the hope of foreclosure, that's silly. OREO is a non-earning asset on the balance sheet, the bane for any bank. Too many foreclosure and the bank fails.

Not when the Fed bails them out; especially major institutions like Citibank, Bank of America and JP Morgan Chase.

 

[flacaltenn]

Yeah several of guys at work did that...had the 60 mile commute to work and ending up losing the house when prices must necessarily rise policy doubled the cost.....brilliant

60 miles is not the burbs, it's the next fucking town.

Good grief

Please ......distance needed for a sufficient price break to make the sacrifice of time and gas pay off.....

Wrong lol

Says dumbass who doesnt live here

I've lived all over the country and the same housing principles apply everywhere.
You're just wet behind the ears kiddo

I got 3 times the house. With quality. For 1/2 the price. Scramming out of Cali with my loot. I was looking in the rear view mirror for the sheriff to pull me in for robbing the place all the way to the Arizona border.. It's not all equal. And thank the Constitution for that..

 

[BuckToothMoron]

Basic starter house in metro area in MN is about 225.......absurd rip off

Keyword, "metro"

That's how real estate works. The closer to the convenience of the big cities the more you pay. It's that way everywhere.

Move to the burbs

Or Detroit.

 

[Eaglewings]

Due to a lack of halfway decent topics on USMB once again, and after being unhappy with how much I spent on groceries for only 2 people...I got to thinking about how much I pay on property taxes...on land that I freaking own. I was in a position to buy a historical house that needed A LOT of work done to it. Sure I bought it for a steal, but the work to get it livable was not at all a steal (thank god my family is in construction and excavation). Not many were in my fortunate position to get heavy equipment necessary for cheap.

To those who want to make fun of millennials living in their parents basement, fuck off. I wish I still did. The prices for houses and housing is more inflated than it's ever been, on top of that, we all encouraged our kids to go to college, where those prices are even more inflated than housing prices. No shit millennials are stuck in their parents basement. They're paying more for school loans than they are a mortgage. My school loans are relatively low...but my girlfriends aren't, and she's on the lower end of what most millennials are paying for school loans. It's nuts...why is it nuts.

Housing: too big to fail...no such thing in capitalism. The big fail all the time when they practice insane business strategies. But since we've instituted too big to fail (both bush and obama), now after the housing crash all the financiers practicing insane strategies knows it's a money maker since govt got their back when it all falls down. And now prices are worse than they were before the crash...not a good sign.

Schooling: Duh...I shouldn't have to mention this, but federal loans. Since many (including our universities) associate federal money with free money...obviously they think they can charge more...and get away with it...which they very clearly have. Guess what, it's not free money. Just like pensions, someone's going to be footing the bill down the road. Most people think hey, it's not going to be me, so fuck it, let's make some money off of it. If you're parents racked up their credit card bills before they were ready to croak, would that not piss you off?? Seriously, do some simple math. Obviously what have going on isn't working. And don't blame capitalism, because it's government intervention causing this.

The Chinese make education a priority , while American republicans want to make it impossible to get a education without bankrupting yourself for life.

In the San Francisco bay area the oversea's Chinese are buying up the best areas with the best schools across the country. These dumb ass blind republicans do not see what is going on. The Chinese don't even have to live here, so many of the homes are ghost homes.

They over bid for the homes so the local young folks don't even have a chance, jacking up the prices so you basically have to be a rich google tycoon to be able to afford anything.

This greed has caused the culture to leave, making it impossible for anyone starting out in life.

Most jobs will not hire you unless if you have a college degree

I agree with your frustration.

 

[Eaglewings]

60 miles is not the burbs, it's the next fucking town.

Good grief

Please ......distance needed for a sufficient price break to make the sacrifice of time and gas pay off.....

Wrong lol

Says dumbass who doesnt live here

I've lived all over the country and the same housing principles apply everywhere.
You're just wet behind the ears kiddo

I got 3 times the house. With quality. For 1/2 the price. Scramming out of Cali with my loot. I was looking in the rear view mirror for the sheriff to pull me in for robbing the place all the way to the Arizona border.. It's not all equal. And thank the Constitution for that..

I once had a lay over in Arizona , it was so hot there I couldn't even breath. I guess some people like that heat...But no thank you..

 

[Manonthestreet]

60 miles is not the burbs, it's the next fucking town.

Good grief

Please ......distance needed for a sufficient price break to make the sacrifice of time and gas pay off.....

Wrong lol

Says dumbass who doesnt live here

I've lived all over the country and the same housing principles apply everywhere.
You're just wet behind the ears kiddo

I got 3 times the house. With quality. For 1/2 the price. Scramming out of Cali with my loot. I was looking in the rear view mirror for the sheriff to pull me in for robbing the place all the way to the Arizona border.. It's not all equal. And thank the Constitution for that..

you werent the only one....saw lot of similar stories...never did find where the avg person lives in San Diego......just money as far as eye could see

 

[Remodeling Maidiac]

60 miles is not the burbs, it's the next fucking town.

Good grief

Please ......distance needed for a sufficient price break to make the sacrifice of time and gas pay off.....

Wrong lol

Says dumbass who doesnt live here

I've lived all over the country and the same housing principles apply everywhere.
You're just wet behind the ears kiddo

I got 3 times the house. With quality. For 1/2 the price. Scramming out of Cali with my loot. I was looking in the rear view mirror for the sheriff to pull me in for robbing the place all the way to the Arizona border.. It's not all equal. And thank the Constitution for that..

I didn't say the prices from region to region are the same. I said that housing principles are the same EVERYWHERE. If you want to live in the cities you're gonna pay for that location whereas you can get a similar house for less by getting out of the city.

 

[Manonthestreet]

Yeah several of guys at work did that...had the 60 mile commute to work and ending up losing the house when prices must necessarily rise policy doubled the cost.....brilliant

60 miles is not the burbs, it's the next fucking town.

Good grief

Please ......distance needed for a sufficient price break to make the sacrifice of time and gas pay off.....

Wrong lol

Says dumbass who doesnt live here

I've lived all over the country and the same housing principles apply everywhere.
You're just wet behind the ears kiddo

Youre old and out of touch....dumbass

 

[Remodeling Maidiac]

60 miles is not the burbs, it's the next fucking town.

Good grief

Please ......distance needed for a sufficient price break to make the sacrifice of time and gas pay off.....

Wrong lol

Says dumbass who doesnt live here

I've lived all over the country and the same housing principles apply everywhere.
You're just wet behind the ears kiddo

Youre old and out of touch....dumbass

I'm more in touch than most of this board dummy. I work in the industry to boot.

 

[Jimmy_Chitwood]

Due to a lack of halfway decent topics on USMB once again, and after being unhappy with how much I spent on groceries for only 2 people...I got to thinking about how much I pay on property taxes...on land that I freaking own. I was in a position to buy a historical house that needed A LOT of work done to it. Sure I bought it for a steal, but the work to get it livable was not at all a steal (thank god my family is in construction and excavation). Not many were in my fortunate position to get heavy equipment necessary for cheap.

To those who want to make fun of millennials living in their parents basement, fuck off. I wish I still did. The prices for houses and housing is more inflated than it's ever been, on top of that, we all encouraged our kids to go to college, where those prices are even more inflated than housing prices. No shit millennials are stuck in their parents basement. They're paying more for school loans than they are a mortgage. My school loans are relatively low...but my girlfriends aren't, and she's on the lower end of what most millennials are paying for school loans. It's nuts...why is it nuts.

Housing: too big to fail...no such thing in capitalism. The big fail all the time when they practice insane business strategies. But since we've instituted too big to fail (both bush and obama), now after the housing crash all the financiers practicing insane strategies knows it's a money maker since govt got their back when it all falls down. And now prices are worse than they were before the crash...not a good sign.

Schooling: Duh...I shouldn't have to mention this, but federal loans. Since many (including our universities) associate federal money with free money...obviously they think they can charge more...and get away with it...which they very clearly have. Guess what, it's not free money. Just like pensions, someone's going to be footing the bill down the road. Most people think hey, it's not going to be me, so fuck it, let's make some money off of it. If you're parents racked up their credit card bills before they were ready to croak, would that not piss you off?? Seriously, do some simple math. Obviously what have going on isn't working. And don't blame capitalism, because it's government intervention causing this.

I do not believe the housing market is functionally normally.

Clearly there was a bubble pre-2008.

But then the market has been propped up by the government overpaying for all the crappy mortgages combined with an unprecedented long period of ultra low interest rates.

 

[flacaltenn]

Please ......distance needed for a sufficient price break to make the sacrifice of time and gas pay off.....

Wrong lol

Says dumbass who doesnt live here

I've lived all over the country and the same housing principles apply everywhere.
You're just wet behind the ears kiddo

I got 3 times the house. With quality. For 1/2 the price. Scramming out of Cali with my loot. I was looking in the rear view mirror for the sheriff to pull me in for robbing the place all the way to the Arizona border.. It's not all equal. And thank the Constitution for that..

I didn't say the prices from region to region are the same. I said that housing principles are the same EVERYWHERE. If you want to live in the cities you're gonna pay for that location whereas you can get a similar house for less by getting out of the city.

Then you find a city that RISING -- rather than falling. And within a decade -- you got everything "urban" that you need. Nashville for instance has absolutely BOOMED since I got here. And it's now new and flashy and trendy living for ALL incomes.

Play the statistical bulges and trends. Just like on the stock market. You'll find the differences.

 

[BuckToothMoron]

I completely agree with your assessment. As usual, once government starts meddling in business and finance, everything they touch turns to gold for those advancing credit. Imagine the possibilities if both mortgage practices and student loans were governed by market forces? Government interference kills competition.

It's government and the banks knowing they're going to be able to repossess your home eventually.
You can't give a 22 year old making 50K/year a 700K mortgage.

Banks don't make loans with the hope of foreclosure, that's silly. OREO is a non-earning asset on the balance sheet, the bane for any bank. Too many foreclosure and the bank fails.

Not when the Fed bails them out; especially major institutions like Citibank, Bank of America and JP Morgan Chase.

You're ignorant. The only guys who got bailed out were the giants, and it was a one time event. It was caused by the government, especially liberal douche bags like Barney Frank, who decided he'd retire shortly afterwards so he wouldn't have to answer any,ore questions about his role in the whole mess.
Frank's fingerprints are all over the financial fiasco - The Boston Globe
The pressure to make more loans to minorities (read: to borrowers with weak credit histories) became relentless. Congress passed the Community Reinvestment Act, empowering regulators to punish banks that failed to "meet the credit needs" of "low-income, minority, and distressed neighborhoods." Lenders responded by loosening their underwriting standards and making increasingly shoddy loans. The two government-chartered mortgage finance firms, Fannie Mae and Freddie Mac, encouraged this "subprime" lending by authorizing ever more "flexible" criteria by which high-risk borrowers could be qualified for home loans, and then buying up the questionable mortgages that ensued.

 

[Manonthestreet]

Please ......distance needed for a sufficient price break to make the sacrifice of time and gas pay off.....

Wrong lol

Says dumbass who doesnt live here

I've lived all over the country and the same housing principles apply everywhere.
You're just wet behind the ears kiddo

Youre old and out of touch....dumbass

I'm more in touch than most of this board dummy. I work in the industry to boot.

Shockingly ignorant if thats true

 

[Remodeling Maidiac]

Wrong lol

Says dumbass who doesnt live here

I've lived all over the country and the same housing principles apply everywhere.
You're just wet behind the ears kiddo

I got 3 times the house. With quality. For 1/2 the price. Scramming out of Cali with my loot. I was looking in the rear view mirror for the sheriff to pull me in for robbing the place all the way to the Arizona border.. It's not all equal. And thank the Constitution for that..

I didn't say the prices from region to region are the same. I said that housing principles are the same EVERYWHERE. If you want to live in the cities you're gonna pay for that location whereas you can get a similar house for less by getting out of the city.

Then you find a city that RISING -- rather than falling. And within a decade -- you got everything "urban" that you need. Nashville for instance has absolutely BOOMED since I got here. And it's now new and flashy and trendy living for ALL incomes.

Play the statistical bulges and trends. Just like on the stock market. You'll find the differences.

Nothing you said disproves my point. The only situations in which you can get a better deal in the cities is if you buy in the shitty neighborhood or foreclosures or under special urban development plans. Otherwise you will always get more for your dollar by moving "out"

 

[flacaltenn]

Please ......distance needed for a sufficient price break to make the sacrifice of time and gas pay off.....

Wrong lol

Says dumbass who doesnt live here

I've lived all over the country and the same housing principles apply everywhere.
You're just wet behind the ears kiddo

I got 3 times the house. With quality. For 1/2 the price. Scramming out of Cali with my loot. I was looking in the rear view mirror for the sheriff to pull me in for robbing the place all the way to the Arizona border.. It's not all equal. And thank the Constitution for that..

you werent the only one....saw lot of similar stories...never did find where the avg person lives in San Diego......just money as far as eye could see

Mostly "funny money" -- UNLESS you cashed out and went out of State. It's hysterical to see my 1st Cali home going for even $600K recently. It was WW2 TEMPORARY housing for war vets. They promised to move them OUT in 10 years. That was like 40 YEARS after I paid something like $240K for it in the late 80s.. It was just silly. If you had ever lived elsewhere. Honestly -- the housing stock is old and decrepit and should mostly be redone..

 

[Indeependent]

I completely agree with your assessment. As usual, once government starts meddling in business and finance, everything they touch turns to gold for those advancing credit. Imagine the possibilities if both mortgage practices and student loans were governed by market forces? Government interference kills competition.

It's government and the banks knowing they're going to be able to repossess your home eventually.
You can't give a 22 year old making 50K/year a 700K mortgage.

Banks don't make loans with the hope of foreclosure, that's silly. OREO is a non-earning asset on the balance sheet, the bane for any bank. Too many foreclosure and the bank fails.

Not when the Fed bails them out; especially major institutions like Citibank, Bank of America and JP Morgan Chase.

You're ignorant. The only guys who got bailed out were the giants, and it was a one time event. It was caused by the government, especially liberal douche bags like Barney Frank, who decided he'd retire shortly afterwards so he wouldn't have to answer any,ore questions about his role in the whole mess.
Frank's fingerprints are all over the financial fiasco - The Boston Globe
The pressure to make more loans to minorities (read: to borrowers with weak credit histories) became relentless. Congress passed the Community Reinvestment Act, empowering regulators to punish banks that failed to "meet the credit needs" of "low-income, minority, and distressed neighborhoods." Lenders responded by loosening their underwriting standards and making increasingly shoddy loans. The two government-chartered mortgage finance firms, Fannie Mae and Freddie Mac, encouraged this "subprime" lending by authorizing ever more "flexible" criteria by which high-risk borrowers could be qualified for home loans, and then buying up the questionable mortgages that ensued.

I know too many people in the industry who are doing this all the time.
The banks can only make money by charging fees and commissions.
I also know many people who are in foreclosure and the banks are now kicking out the debtors to make way for the new owners.
You are living in a Right Wing world where Wall Street does no wrong.

 

[Manonthestreet]

Wrong lol

Says dumbass who doesnt live here

I've lived all over the country and the same housing principles apply everywhere.
You're just wet behind the ears kiddo

I got 3 times the house. With quality. For 1/2 the price. Scramming out of Cali with my loot. I was looking in the rear view mirror for the sheriff to pull me in for robbing the place all the way to the Arizona border.. It's not all equal. And thank the Constitution for that..

you werent the only one....saw lot of similar stories...never did find where the avg person lives in San Diego......just money as far as eye could see

Mostly "funny money" -- UNLESS you cashed out and went out of State. It's hysterical to see my 1st Cali home going for even $600K recently. It was WW2 TEMPORARY housing for war vets. They promised to move them OUT in 10 years. That was like 40 YEARS after I paid something like $240K for it in the late 80s.. It was just silly. If you had ever lived elsewhere. Honestly -- the housing stock is old and decrepit and should mostly be redone..

Why I think a blue book for real estate would put an end to this crap