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

[Manonthestreet]

Blue Book works for cars because they are not a finite product. Very seldom do you have buyers for cars competing unless it's a limited production vehicle. At that point KBB goes right out the window.

Blue Book works for cars because they are not a finite product. Very seldom do you have buyers for cars competing unless it's a limited production vehicle. At that point KBB goes right out the window.

Doesnt matter......shouldnt be able to charge same price for shit as ya do for new......called fraUD

It's called SUPPLY & DEMAND

Just because you can price it there doesn't mean it's worth that price UNLESS you have interested parties. Houses like every other commodity sell for what a buyer is willing to pay.

It's not supply and demand, it's called dealerships getting the government to force people to only buy new only from them, and then getting government to force out any other dealerships in their region, eliminating ALL competition...and then making a killing off of it. That whole depreciation "once you drive off the lot" its complete bullshit. What's really going on is you on average overspent by at least 8 grand, so of course once you actually buy it for 8 grand more than it's actually worth, at that moment, you move drastically closer to what it's actually worth. Buy a new car and try to sell it back the next day with only putting 10 miles on it, see what happens. That's not depreciation, that's you getting duped. And because we inflate so much initially, that price stays inflated for about 5 years...probably loner when you factor in that if cars were on average 8 grand cheaper, many more people would be going for newer cars vs older ones.

I'm assuming you must ride a moped to work in protest then.

You know, putting your money where your mouth is and all that?

What has that got to do with discussion.......lllmmaoooo

 

[sakinago]

Blue Book works for cars because they are not a finite product. Very seldom do you have buyers for cars competing unless it's a limited production vehicle. At that point KBB goes right out the window.

Blue Book works for cars because they are not a finite product. Very seldom do you have buyers for cars competing unless it's a limited production vehicle. At that point KBB goes right out the window.

Doesnt matter......shouldnt be able to charge same price for shit as ya do for new......called fraUD

It's called SUPPLY & DEMAND

Just because you can price it there doesn't mean it's worth that price UNLESS you have interested parties. Houses like every other commodity sell for what a buyer is willing to pay.

It's not supply and demand, it's called dealerships getting the government to force people to only buy new only from them, and then getting government to force out any other dealerships in their region, eliminating ALL competition...and then making a killing off of it. That whole depreciation "once you drive off the lot" its complete bullshit. What's really going on is you on average overspent by at least 8 grand, so of course once you actually buy it for 8 grand more than it's actually worth, at that moment, you move drastically closer to what it's actually worth. Buy a new car and try to sell it back the next day with only putting 10 miles on it, see what happens. That's not depreciation, that's you getting duped. And because we inflate so much initially, that price stays inflated for about 5 years...probably loner when you factor in that if cars were on average 8 grand cheaper, many more people would be going for newer cars vs older ones.

I'm assuming you must ride a moped to work in protest then.

You know, putting your money where your mouth is and all that?

I bought 4 years used with cash...no payments bitch.

 

[Remodeling Maidiac]

Blue Book works for cars because they are not a finite product. Very seldom do you have buyers for cars competing unless it's a limited production vehicle. At that point KBB goes right out the window.

Blue Book works for cars because they are not a finite product. Very seldom do you have buyers for cars competing unless it's a limited production vehicle. At that point KBB goes right out the window.

Doesnt matter......shouldnt be able to charge same price for shit as ya do for new......called fraUD

It's called SUPPLY & DEMAND

Just because you can price it there doesn't mean it's worth that price UNLESS you have interested parties. Houses like every other commodity sell for what a buyer is willing to pay.

It's not supply and demand, it's called dealerships getting the government to force people to only buy new only from them, and then getting government to force out any other dealerships in their region, eliminating ALL competition...and then making a killing off of it. That whole depreciation "once you drive off the lot" its complete bullshit. What's really going on is you on average overspent by at least 8 grand, so of course once you actually buy it for 8 grand more than it's actually worth, at that moment, you move drastically closer to what it's actually worth. Buy a new car and try to sell it back the next day with only putting 10 miles on it, see what happens. That's not depreciation, that's you getting duped. And because we inflate so much initially, that price stays inflated for about 5 years...probably loner when you factor in that if cars were on average 8 grand cheaper, many more people would be going for newer cars vs older ones.

I'm assuming you must ride a moped to work in protest then.

You know, putting your money where your mouth is and all that?

I bought 4 years used with cash...no payments bitch.

So you still overpaid... whatever. I buy new with 0% interest. Bitch?

 

[Remodeling Maidiac]

He bought someone else's used shit and then proclaimed victory lol

Interesting logic I guess.

 

[Indeependent]

Blue Book works for cars because they are not a finite product. Very seldom do you have buyers for cars competing unless it's a limited production vehicle. At that point KBB goes right out the window.

Blue Book works for cars because they are not a finite product. Very seldom do you have buyers for cars competing unless it's a limited production vehicle. At that point KBB goes right out the window.

Doesnt matter......shouldnt be able to charge same price for shit as ya do for new......called fraUD

It's called SUPPLY & DEMAND

Just because you can price it there doesn't mean it's worth that price UNLESS you have interested parties. Houses like every other commodity sell for what a buyer is willing to pay.

It's more than Supply & Demand...someone has to approve a loan that can't possibly be paid back.

Different subject. I'm talking housing & you're talking bankers. And besides, I've seen no evidence of mass defaults again.

35% mortgage default on Long Island and banks making a killing.
The average time for eviction is 9 years and 2017 - 9 = 2008...how shocking!

 

[yiostheoy]

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.

Due to a glut of old housing with the Baby Boomers retiring and the Millennials not finding jobs or moving out of their parents' homes, I expect a huge crash in housing prices very soon.

 

[Marion Morrison]

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..

Was it a barracks house?

It has a front porch, you go in,kitchen's ahead on left, living room on right, 3 bedrooms, and the back porch is small.

 

[sakinago]

Doesnt matter......shouldnt be able to charge same price for shit as ya do for new......called fraUD

It's called SUPPLY & DEMAND

Just because you can price it there doesn't mean it's worth that price UNLESS you have interested parties. Houses like every other commodity sell for what a buyer is willing to pay.

It's not supply and demand, it's called dealerships getting the government to force people to only buy new only from them, and then getting government to force out any other dealerships in their region, eliminating ALL competition...and then making a killing off of it. That whole depreciation "once you drive off the lot" its complete bullshit. What's really going on is you on average overspent by at least 8 grand, so of course once you actually buy it for 8 grand more than it's actually worth, at that moment, you move drastically closer to what it's actually worth. Buy a new car and try to sell it back the next day with only putting 10 miles on it, see what happens. That's not depreciation, that's you getting duped. And because we inflate so much initially, that price stays inflated for about 5 years...probably loner when you factor in that if cars were on average 8 grand cheaper, many more people would be going for newer cars vs older ones.

I'm assuming you must ride a moped to work in protest then.

You know, putting your money where your mouth is and all that?

I bought 4 years used with cash...no payments bitch.

So you still overpaid... whatever. I buy new with 0% interest. Bitch?

Drastically less than buying new. You're the one who got raked over the coals.

 

[Iceweasel]

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.

How is that "the Republicans" fault? And most jobs don't require a college education, don't know where you got that. Many fields, do many don't. Lots of degrees are not applicable in the real world. The young are idealistic and higher ed capitalizes on it and laughs all the way to the bank.

 

[Remodeling Maidiac]

It's called SUPPLY & DEMAND

Just because you can price it there doesn't mean it's worth that price UNLESS you have interested parties. Houses like every other commodity sell for what a buyer is willing to pay.

It's not supply and demand, it's called dealerships getting the government to force people to only buy new only from them, and then getting government to force out any other dealerships in their region, eliminating ALL competition...and then making a killing off of it. That whole depreciation "once you drive off the lot" its complete bullshit. What's really going on is you on average overspent by at least 8 grand, so of course once you actually buy it for 8 grand more than it's actually worth, at that moment, you move drastically closer to what it's actually worth. Buy a new car and try to sell it back the next day with only putting 10 miles on it, see what happens. That's not depreciation, that's you getting duped. And because we inflate so much initially, that price stays inflated for about 5 years...probably loner when you factor in that if cars were on average 8 grand cheaper, many more people would be going for newer cars vs older ones.

I'm assuming you must ride a moped to work in protest then.

You know, putting your money where your mouth is and all that?

I bought 4 years used with cash...no payments bitch.

So you still overpaid... whatever. I buy new with 0% interest. Bitch?

Drastically less than buying new. You're the one who got raked over the coals.

So you're whining About what you pay AND sticking your nose into what others pay....

How very liberal & entitled you are

 

[Manonthestreet]

BTW one of the biggest winners in all this is govt with the windfall profits generated by being able to tax cheeseboxes and junk as McMansions......

 

[Eaglewings]

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.

How is that "the Republicans" fault? And most jobs don't require a college education, don't know where you got that. Many fields, do many don't. Lots of degrees are not applicable in the real world. The young are idealistic and higher ed capitalizes on it and laughs all the way to the bank.

I didn't make myself clear how the Chinese focus on education while the Republicans cut the American funds to educate the next generation.

 

[Manonthestreet]

My Grandparents built their house in late forties early fifties for 8 grand. Basic house ..2 bedroom...attic for storage 2 car garage. In the 40 yrs they lived there the price doubled about 2.75 times. Mom sold it for 56. In the decade after that it doubled twice going to 225......Can ya say unsustainable.....knew ya could. What did wages do during that timeframe.........ooooooops

 

[Iceweasel]

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.

How is that "the Republicans" fault? And most jobs don't require a college education, don't know where you got that. Many fields, do many don't. Lots of degrees are not applicable in the real world. The young are idealistic and higher ed capitalizes on it and laughs all the way to the bank.

I didn't make myself clear how the Chinese focus on education while the Republicans cut the American funds to educate the next generation.

So you can't back it up. But funding isn't the problem with education, many many countries without our resources are kicking our asses.

 

[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.

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.

You know people in the mortgage banking business who tell you they want to make bad loans so they can repo? That is a bold face lie! Banks make money several ways with mortgages. Yes, origination and underwriting fees is one source. Other sources are interest paid on the loan which is paid before the loan balance. In other words they get the interest in the first part of the loan term. Many banks sell the loans but continue to collect a fee for servicing the loans. You really don't have a clue of what you're talking about, you best stay in the shallow end little boi.

 

[sakinago]

It's not supply and demand, it's called dealerships getting the government to force people to only buy new only from them, and then getting government to force out any other dealerships in their region, eliminating ALL competition...and then making a killing off of it. That whole depreciation "once you drive off the lot" its complete bullshit. What's really going on is you on average overspent by at least 8 grand, so of course once you actually buy it for 8 grand more than it's actually worth, at that moment, you move drastically closer to what it's actually worth. Buy a new car and try to sell it back the next day with only putting 10 miles on it, see what happens. That's not depreciation, that's you getting duped. And because we inflate so much initially, that price stays inflated for about 5 years...probably loner when you factor in that if cars were on average 8 grand cheaper, many more people would be going for newer cars vs older ones.

I'm assuming you must ride a moped to work in protest then.

You know, putting your money where your mouth is and all that?

I bought 4 years used with cash...no payments bitch.

So you still overpaid... whatever. I buy new with 0% interest. Bitch?

Drastically less than buying new. You're the one who got raked over the coals.

So you're whining About what you pay AND sticking your nose into what others pay....

How very liberal & entitled you are

Overpay if you want, you're getting duped. What I'm whining about is dealerships getting government to give them a regional monopoly, an utter lack of competition...which competition is the driving force of capitalism. America also has the worst internet infrastructure of the developed world, and we pay much more for shitty service, why? Lack of competition, same deal, providers got together and went to government to shut out competition, and our internet speeds asses are getting kicked by socialist countries who have more competition than we do in the apparent "free world." If you're a fan of this, you're probably the actual socialist here. I'm not, I want more competition driving down prices for much better service than the chicken shit we get now with govt interventionism shutting out competition. Sorry if that's too much to ask for for you. I think it's a pretty fair complaint.

 

[Dont Taz Me Bro]

We bought our house here in Vegas in March of last year and a house around the corner from us with the exact same layout and square footage sold a few months ago for $20k more than we paid. Now the house two houses down from us just went up for sale and they are asking almost $40k more than we paid. I don't think they'll get that price, but the prices are definitely rising fast. One explanation I read for this was after the crash hit in 2008 and homes were getting foreclosed on all over the country everyone stopped building new homes. Now that the economy has largely recovered since then there are more buyers than sellers driving the prices up.

 

[Tehon]

I'm assuming you must ride a moped to work in protest then.

You know, putting your money where your mouth is and all that?

I bought 4 years used with cash...no payments bitch.

So you still overpaid... whatever. I buy new with 0% interest. Bitch?

Drastically less than buying new. You're the one who got raked over the coals.

So you're whining About what you pay AND sticking your nose into what others pay....

How very liberal & entitled you are

Overpay if you want, you're getting duped. What I'm whining about is dealerships getting government to give them a regional monopoly, an utter lack of competition...which competition is the driving force of capitalism. America also has the worst internet infrastructure of the developed world, and we pay much more for shitty service, why? Lack of competition, same deal, providers got together and went to government to shut out competition, and our internet speeds asses are getting kicked by socialist countries who have more competition than we do in the apparent "free world." If you're a fan of this, you're probably the actual socialist here. I'm not, I want more competition driving down prices for much better service than the chicken shit we get now with govt interventionism shutting out competition. Sorry if that's too much to ask for for you. I think it's a pretty fair complaint.

In Europe the "Socialists" forced (regulated) the companies that owned the infrastructure to share it in order to allow for competition. Good!

In America the government didn't force the companies (free market principles) that owned the infrastructure to share. Bad

Man, you are difficult to figure out.

 

[sakinago]

I bought 4 years used with cash...no payments bitch.

So you still overpaid... whatever. I buy new with 0% interest. Bitch?

Drastically less than buying new. You're the one who got raked over the coals.

So you're whining About what you pay AND sticking your nose into what others pay....

How very liberal & entitled you are

Overpay if you want, you're getting duped. What I'm whining about is dealerships getting government to give them a regional monopoly, an utter lack of competition...which competition is the driving force of capitalism. America also has the worst internet infrastructure of the developed world, and we pay much more for shitty service, why? Lack of competition, same deal, providers got together and went to government to shut out competition, and our internet speeds asses are getting kicked by socialist countries who have more competition than we do in the apparent "free world." If you're a fan of this, you're probably the actual socialist here. I'm not, I want more competition driving down prices for much better service than the chicken shit we get now with govt interventionism shutting out competition. Sorry if that's too much to ask for for you. I think it's a pretty fair complaint.

In Europe the "Socialists" forced (regulated) the companies that owned the infrastructure to share it in order to allow for competition. Good!

In America the government didn't force the companies (free market principles) that owned the infrastructure to share. Bad

Man, you are difficult to figure out.

Do you know what it takes to get the government to let you lay your own lines in the US??? It's next to impossible, a billionaire couldn't even buy their way to do it unless they're somehow friends with the big four, and the big four will somehow profit off of it. Again impossible. It's not the sharing of lines, it's the whole not allowing any more lines.

 

[Tehon]

So you still overpaid... whatever. I buy new with 0% interest. Bitch?

Drastically less than buying new. You're the one who got raked over the coals.

So you're whining About what you pay AND sticking your nose into what others pay....

How very liberal & entitled you are

Overpay if you want, you're getting duped. What I'm whining about is dealerships getting government to give them a regional monopoly, an utter lack of competition...which competition is the driving force of capitalism. America also has the worst internet infrastructure of the developed world, and we pay much more for shitty service, why? Lack of competition, same deal, providers got together and went to government to shut out competition, and our internet speeds asses are getting kicked by socialist countries who have more competition than we do in the apparent "free world." If you're a fan of this, you're probably the actual socialist here. I'm not, I want more competition driving down prices for much better service than the chicken shit we get now with govt interventionism shutting out competition. Sorry if that's too much to ask for for you. I think it's a pretty fair complaint.

In Europe the "Socialists" forced (regulated) the companies that owned the infrastructure to share it in order to allow for competition. Good!

In America the government didn't force the companies (free market principles) that owned the infrastructure to share. Bad

Man, you are difficult to figure out.

Do you know what it takes to get the government to let you lay your own lines in the US??? It's next to impossible, a billionaire couldn't even buy their way to do it unless they're somehow friends with the big four, and the big four will somehow profit off of it. Again impossible. It's not the sharing of lines, it's the whole not allowing any more lines.

It's local govts and public utilities that create the obstacles and exorbitant fees. Unless you are Google Fiber. They can get it done.

You want the federal government to step in on this one?