"Under Joe Biden's administration, mortgages have doubled to the highest level in history & double the cost to rent,"

[surada]

Grant Cardone Exposes Housing Cost Surge Under Biden — 'Mortgages Have Doubled To The Highest Level In History & Double The Cost To Rent'

Real estate investor Grant Cardone highlighted a striking rise in mortgage rates under President Joe Biden's administration in a May 3 post on X. "Under Joe Biden's administration, mortgages have doubled to the highest level in history & double the cost to rent," Cardone posted. "April 2020...

finance.yahoo.com

Imagine what it’s like to be a working class person in this country and to hear a democrat brag about the equity of their house going up in value. Which by the way means nothing when that person wants to sell their home and buy a new home at a jacked up price With a higher interest rate. It reminds us of the neo conservatives bragging about how American soldiers don’t have to die in the Russian war in Ukraine, as if the Ukrainian lives mean nothing. It really has to be a form of evil. What else is there to say what other words are there to use?


The cost of living is the most important thing in a country. That’s what separates for example countries with extreme levels of poverty to what people generally believe is the case in the western countries. It’s what separates the so-called third world from the first world. And there are by the way countries in the east they have extraordinary wealth and prosperity like Singapore, Saudi Arabia, the United Arab Emirates etc

"Under Joe Biden's administration, mortgages have doubled to the highest level in history & double the cost to rent," Cardone posted. "April 2020: $1,480. April 2024: $2,890 (record high). Will you buy a house this year?"

Biden supporters, the multi millionaire celebrities, and the Hollywood left will continue to support Joe Biden, and they will continue to make whatever excuse they want for the high price of inflation. But the fact is the bottom line is the work class Americans don’t want to hear what they have to say. they want a better economy. They want to be able to afford the American dream. For many Americans across the country they are in a state of being furious wondering if they will ever have a chance at the American dream. God willing whether it’s a Democrat or a Republican, who is elected in 2024 or 2028 that we do have a better future. Because currently the economy is horrible for working class people.

During the Carter administration mortgage rates went to 17%.
.

 

[FranklinRoosevelt_FTW]

Home builders have not kept pace with household formation for quite a while.

U.S. HOUSING GAP HITS 7.2 MILLION AFTER MORE THAN A DECADE OF UNDERBUILDING​

Realtor.com just came out with a report highlighting the current housing shortage in the U.S. Despite the increase in new construction, household formation over the past decade has outpaced housing starts, resulting in a shortfall of 7.2 million homes.

U.S. Housing Gap Hits 7.2 Million After More than a Decade of Underbuilding - BAM

A new Realtor.com report shows a 7.2 million unit gap between housing formation and housing supply, due to more than a decade of underbuilding.

nowbam.com

Apparently, Mr. Cardone was not around in the 80's when mortgage rates were well above 10%. I know, I had one.

surada

In the 80's when mortgage rates were well above 10%. I know, I had one.

I understand that ^ but that’s not the point being made. This is the point.

mortgages have doubled to the highest level in history & double the cost to rent,"​

Regardless of who becomes president, do you think that the cost of living will remain in a status quo for years to come? Or Will it go up sooner than later or will it go down sooner than later?

 

[Thinker101]

During the Carter administration mortgage rates went to 17%.
.

True, but I'd rather pay 17% on a $100,000 house than 7.5% on a $500,000 house.

 

[FranklinRoosevelt_FTW]

Despite these financial challenges, homeownership remains a central component of the American Dream, with 78% of Americans viewing it as such, according to Bankrate's Home Affordability Report. Affordability remains a major hurdle, with a significant proportion of nonhomeowners citing lack of income, high home prices and the inability to afford a down payment and closing costs as their main barriers to purchasing a home.

Address this Biden supporters …. will things get better for the working class American sooner than later. Will things get worse or will we continue with the current status quo for years to come?

 

[boilermaker55]

This certainly will not fit into your biased editorial....

Investors bought a record share​

of homes in 2021. See where.​

An analysis of 40 major metro areas revealed unequal levels of investor activity,​

with southern cities and Black neighborhoods disproportionately affected.​

So as you love to run a biased report, look fully into the definite reasons for housing costs...

Last year, investors bought nearly one in seven homes sold in America’s top metropolitan areas, the most in at least two decades, according to the realty company Redfin.

Those purchases come at a time when would-be buyers across the country are seeing wildly escalating prices, raising the question of what impact investors are having on prices for everyone else. Investors were even more aggressive in the final three months of the year, buying 15 percent of all homes that sold in the 40 markets.

https://www.washingtonpost.com/business/interactive/2022/housing-market-investors/

Real estate investors can be large corporations, local companies or wealthy individuals, and they generally don’t live in the properties they are buying. Some look to flip homes to new buyers, while others rent them out.

Neighborhoods where a majority of residents are Black have been heavily targeted, according to a Washington Post analysis of Redfin data. Last year, 30 percent of home sales in majority Black neighborhoods were to investors, compared with 12 percent in other Zip codes.
“We know historically that places where minorities live are undervalued or lower priced,” Redfin’s Sheharyar Bokhari said. That, he said, makes them more attractive to investors, driving up prices for residents.
’05
’10
’15
’20
’21
The growing number of investor purchases has drawn increasing scrutiny from Democratic lawmakers on Capitol Hill, particularly as buyers target minority neighborhoods.

“One of the reasons housing prices have gotten so out of control, is that corporate America sensed an opportunity,”
And on and on for the those afforded the opportunity to take advantage of breaks given by your guild

Grant Cardone Exposes Housing Cost Surge Under Biden — 'Mortgages Have Doubled To The Highest Level In History & Double The Cost To Rent'

Real estate investor Grant Cardone highlighted a striking rise in mortgage rates under President Joe Biden's administration in a May 3 post on X. "Under Joe Biden's administration, mortgages have doubled to the highest level in history & double the cost to rent," Cardone posted. "April 2020...

finance.yahoo.com

Imagine what it’s like to be a working class person in this country and to hear a democrat brag about the equity of their house going up in value. Which by the way means nothing when that person wants to sell their home and buy a new home at a jacked up price With a higher interest rate. It reminds us of the neo conservatives bragging about how American soldiers don’t have to die in the Russian war in Ukraine, as if the Ukrainian lives mean nothing. It really has to be a form of evil. What else is there to say what other words are there to use?


The cost of living is the most important thing in a country. That’s what separates for example countries with extreme levels of poverty to what people generally believe is the case in the western countries. It’s what separates the so-called third world from the first world. And there are by the way countries in the east they have extraordinary wealth and prosperity like Singapore, Saudi Arabia, the United Arab Emirates etc

"Under Joe Biden's administration, mortgages have doubled to the highest level in history & double the cost to rent," Cardone posted. "April 2020: $1,480. April 2024: $2,890 (record high). Will you buy a house this year?"

Biden supporters, the multi millionaire celebrities, and the Hollywood left will continue to support Joe Biden, and they will continue to make whatever excuse they want for the high price of inflation. But the fact is the bottom line is the work class Americans don’t want to hear what they have to say. they want a better economy. They want to be able to afford the American dream. For many Americans across the country they are in a state of being furious wondering if they will ever have a chance at the American dream. God willing whether it’s a Democrat or a Republican, who is elected in 2024 or 2028 that we do have a better future. Because currently the economy is horrible for working class people.

 

[FranklinRoosevelt_FTW]

A one-bedroom APT in mostly pricey MTN. View CA (Silicon Valley area) was ~$1000-$1350 per month. near El Camino and Shoreline.

I have little doubt the same unit is over $2000 at this time.

That’s a great point. Reminds me of a video from Danny Mullens YouTube channel showing this home in LA going for over $1 million.

Words can’t really describe it. For the super wealthy none of this really matters they’re fine. But the working class in this country is going through a tremendous struggle that they haven’t gone through in many years. It’s even worse and critical aspects compared to how it was during great recession of 2009. for example, the monthly costs for owning a home is now more on average compared to the cost of renting.

That picture above speaks volumes. It’s really unimaginable to think that’s such a house is going for over $1 million.

 

[boilermaker55]

Your propaganda is just that!

That’s a great point. Reminds me of a video from Danny Mullens YouTube channel showing this home in LA going for over $1 million.

View attachment 953673


Words can’t really describe it. For the super wealthy none of this really matters they’re fine. But the working class in this country is going through a tremendous struggle that they haven’t gone through in many years. It’s even worse and critical aspects compared to how it was during great recession of 2009. for example, the monthly costs for owning a home is now more on average compared to the cost of renting.

That picture above speaks volumes. It’s really unimaginable to think that’s such a house is going for over $1 million.

 

[FranklinRoosevelt_FTW]

This certainly will not fit into your biased editorial....

Investors bought a record share​

of homes in 2021. See where.​

An analysis of 40 major metro areas revealed unequal levels of investor activity,​

with southern cities and Black neighborhoods disproportionately affected.​

So as you love to run a biased report, look fully into the definite reasons for housing costs...

Last year, investors bought nearly one in seven homes sold in America’s top metropolitan areas, the most in at least two decades, according to the realty company Redfin.

Those purchases come at a time when would-be buyers across the country are seeing wildly escalating prices, raising the question of what impact investors are having on prices for everyone else. Investors were even more aggressive in the final three months of the year, buying 15 percent of all homes that sold in the 40 markets.

https://www.washingtonpost.com/business/interactive/2022/housing-market-investors/

Real estate investors can be large corporations, local companies or wealthy individuals, and they generally don’t live in the properties they are buying. Some look to flip homes to new buyers, while others rent them out.

Neighborhoods where a majority of residents are Black have been heavily targeted, according to a Washington Post analysis of Redfin data. Last year, 30 percent of home sales in majority Black neighborhoods were to investors, compared with 12 percent in other Zip codes.
“We know historically that places where minorities live are undervalued or lower priced,” Redfin’s Sheharyar Bokhari said. That, he said, makes them more attractive to investors, driving up prices for residents.
’05
’10
’15
’20
’21
The growing number of investor purchases has drawn increasing scrutiny from Democratic lawmakers on Capitol Hill, particularly as buyers target minority neighborhoods.

“One of the reasons housing prices have gotten so out of control, is that corporate America sensed an opportunity,”
And on and on for the those afforded the opportunity to take advantage of breaks given by your guild

That’s an issue in fact, corruption among corporations, has always been an issue(probably not too much during the post World War II economic boom when we had a wealthy class but also a strong middle class that we don’t have today)

...but your posts itt do not negate the fax reported on in the original post.

Working class Americans across the country are specifically citing things like a lack of income to afford the costs of living. So you should address this. Forget for a moment who becomes president in 2024.



Despite these financial challenges, homeownership remains a central component of the American Dream, with 78% of Americans viewing it as such, according to Bankrate's Home Affordability Report. Affordability remains a major hurdle, with a significant proportion of nonhomeowners citing lack of income, high home prices and the inability to afford a down payment and closing costs as their main barriers to purchasing a home.

Address this Biden supporters …. will things get better for the working class American sooner than later. Will things get worse or will we continue with the current status quo for years to come?

You can call people propagandist doesn’t make a difference. Forget about who will become president in 2024 or 2028 and answer these concerns, my friend.

 

[boilermaker55]

Oh contraire, but it does. However, if you refuse to adjust your one-sided thinking. that is definitely your problem.
All factors involved determine the affect on the situation.
So, you being one of those individuals that use blinders, enjoy your muddled thinking.

​

That’s an issue..but it does not negate the fax reported on in the original post. Working class Americans across the country are specifically citing things like a lack of income to afford the costs of living. So you should address this. Forget for a moment who becomes president in 2024.

Despite these financial challenges, homeownership remains a central component of the American Dream, with 78% of Americans viewing it as such, according to Bankrate's Home Affordability Report. Affordability remains a major hurdle, with a significant proportion of nonhomeowners citing lack of income, high home prices and the inability to afford a down payment and closing costs as their main barriers to purchasing a home.

Address this Biden supporters …. will things get better for the working class American sooner than later. Will things get worse or will we continue with the current status quo for years to come?

You can call people propagandist doesn’t make a difference. Forget about who will become president in 2024 or 2028 and answer these concerns, my friend.

 

[FranklinRoosevelt_FTW]

Widespread home ownership is an anathema to the Democrats. No middle class person has a greater stake in a stable economy, peace, and security than a home owner, whose home is his or her most important financial assett.

Wealthy celebrities, woke corporate execs, foreign billionaires, and people who live in public housing can afford to be much more cavalier about economy-damaging moves like "ending fossil fuel use" and giving jobs based on "equity," because the poor have little to lose, and the uber wealthy left can afford to lose something as unimportant as the building they happen to live in at the moment. They'll buy another.

I guess that's why all the wealthy leftists who claim that global warming will raise sea levels don't mind buying beach property in Martha's Vineyard.

This is a very informative point you’re making. We can recall the amount of left-wing multi millionaires who support things like Al Gore on his climate agenda. Yet they travel all over the world on private jets. They live in gated mansions. The blm riots of 2020 which caused billions of dollars worth of damage, saw 25 people get killed, thousands of people injured had little to no effect on the elitist class in America.

A strong middle-class is what made America great. It is what brought us things like Ellis Island. The fact they are being that many people around the world immigrated to America to find a better life. And to attain the American dream, the idea of voting their own home and raising a family. Now today under Joe Biden attaining the American dream is harder than it has been in decades.

 

[rightwinger]

I have my home. The problem is not about me and mine....it's about my community and other communities.

This situation causes essentially carpetbaggers to come in and control the entire market. Basically a wealthy elite ruling class having a monopoly on who gets to live and work in an area.

We don't want an oligarch system.

I love watching conservatives whine about the plight of the poor and working Americans

You have held down wages and benefits for decades

 

[FranklinRoosevelt_FTW]

Oh contraire, but it does. However, if you refuse to adjust your one-sided thinking. that is definitely your problem.
All factors involved determine the affect on the situation.
So, you being one of those individuals that use blinders, enjoy your muddled thinking.

​

There is no muddled thinking going on. There are reported facts that we can understand like middle-class or working class Americans citing a lack of income as a barrier to them affording the cost of living today. Layoff the personally directed posts. I even agreed with a part of what you were saying on corporate greed.

Can you please respond to the following. Or not if you don’t want to the conversations over. Frankly, whether it occurs under Biden or Trump or whoever it might be I want the middle-class to be attainable for more Americans. Respond to the following

Despite these financial challenges, homeownership remains a central component of the American Dream, with 78% of Americans viewing it as such, according to Bankrate's Home Affordability Report. Affordability remains a major hurdle, with a significant proportion of nonhomeowners citing lack of income, high home prices and the inability to afford a down payment and closing costs as their main barriers to purchasing a home.

Address this Biden supporters …. will things get better for the working class American sooner than later. Will things get worse or will we continue with the current status quo for years to come?


Let’s also put it this way. Do you think that working class Americans will experience income growth in the next four or eight years?

 

[rightwinger]

Inflation causes what is called the "Dog Days of Retirement" for the elderly because food has gotten so expensive that you can only afford pet food to eat.

Pet food is expensive

 

[DigitalDrifter]

You know the old saying, "the buck stops here".
This is the way it works for presidents.
Less than eight months into Herbert Hoover's presidency, the stock market crashed.
Guess who got the blame?

 

[rightwinger]

Address this Biden supporters …. will things get better for the working class American sooner than later. Will things get worse or will we continue with the current status quo for years to come?

First of all, Biden has no control over home prices.


If you want the government to do something to make housing more affordable, it won’t be forcing down home prices.
It is the employer that must raise wages so that their workers can afford to live in their communities

 

[FranklinRoosevelt_FTW]

surada
boilermaker55

A poll from The Washington Post finds widespread agreement among Americans on what it means to be middle class. But just over a third of U.S. adults have the financial security to meet that definition, according to a Post analysis of data from the Federal Reserve.

https://www.washingtonpost.com/business/2024/02/15/middle-class-financial-security/

I am a traditional Democrat recognizing how Democrats of the middle 20th century brought us a great prosperous post World War II economic boom. Also working with Republicans to do so.

Today we do not have as strong a middle-class compared to what we had under Trump or FDR, Eisenhower or JFK. Do you folks think regardless of who is elected in 2024…. will things get better, worse or will there remain a status quo for years to come for the American middle class?

 

[22lcidw]

Was Reagan at fault in the 80s when mortgage rates were 10% and higher?

Every time I found a house I could barely afford the rate and jumped up a couple points and taken it out of reach.

I didn’t like Reagan one bit but I didn’t blame him for that. It was the product of things that had begun a decade earlier

Just like now

Ooh that smell.

 

[g5000]

mortgages have doubled to the highest level in history & double the cost to rent,"​

.

That's a lie. Total horseshit.

April 2024 Rent Report

National rents remained positive in March, with the median price for an apartment rising by just over three-quarters of a percentage point. While last

www.rent.com

The national median price of an apartment in March was $1,987. On an annual basis, rents grew in March by 0.77 percent, while month to month, rents rose by 0.30 percent. Since January, rents have risen by 1.17 percent, or $23.

 

[JohnDB]

I love watching conservatives whine about the plight of the poor and working Americans

You have held down wages and benefits for decades

I am NOT a conservative or liberal.

And YES...wages are being artificially held down low by a number of factors.

And YES...in the past "republicans" have created an unfair economic advantage environment over working class. (Except in these modern times Democrats are equally as culpable as Republicans for the mess we are currently in)
This is precisely what caused the issues that led to the civil war. The Northern "Republicans" created an unfair economic advantage over Southern Farmers who then resorted to slavery to produce agricultural products.

 

[g5000]

Home prices have NOT doubled.

The median home sales price is $420,800 as of the first quarter of 2024. That's a 28% increase from the first quarter of 2020, when the median was $329,000.

Average house price by state

The average house price in the United States as of the fourth quarter of 2023 is $417,700. See how states compare here.

www.fool.com