Because they hate the Giants?
Yeah, the owning a house part is alarming. I can only advise that young people take an interest in education early on and stay in school. Once reaching a college go to all ther classes, study long and hard and stick to a good major that is in demand and will remain in high demand. Presto, expensive houses will fall into your lap.
My mother made Millions of real estate. She promised it to me when I was in my early 20s.Then she got dementia and squandered every penny, gambling, buying junk on TV and giving it to the most slovenly people, even given a larger share to an ex con who spent time in prison for raping his own daughter than she gsve me. She left me with 5% of a dwindled estate that she divided among a little over a dozen families, many of whom were bad drug addicts. One of my cousins got 20% and his useless children got another 20%. My cousinspent six months in jail and was addicted to cigsrettes, alcohol, pot and maybe other drugs. During her latter years she was going through about a quarter Million a year with nothing to show for it. We were estranged for about 5 of the last 5 1/2 years of her life. Oh yeah, she told everyone she knew how bad I was. Do you know how much it hurts to have your own mother hate you?
My income is proportionally higher than when I had a $60,000 house mortgage and not a pot to pee in. We ate a lot of homemade chicken noodle soup.We made the noodles with flour and water.
I advised my son down south to buy land and not an over inflated box to live in...later build your house on it..he's going to start with the temp living space on his land and when the price of material slows down...build his own house new....houses are actually really expensive boxes...what I'd look for is what I bought...land with drinkable water and a fresh water spring.....
And the Fed Reserve can foreclose on those companies real fast and acquire the properties.
My wife just talked to a lady who lives in the next development next to ours (deep suburbs). There is one rather odd house (about 5 years old, 1600-1700 ft2) in her ‘hood that sits on a corner (tiny lot), backed up to a semi busy (and getting busier) street and has the entrance on the side of the house rather than the front(?). It has sold at least twice before since it was built. According to my wife’s friend, a bigger real estate company just came in and bought it for $600K, with plans to flip it. That house is NOWHERE NEAR worth $600K, regardless of what the market might be doing today. Our neighbors across the street just sold a similar sized house (but about 15 years older) on a similar sized lot for $460K. But then, because of the frenzy in trying to find another place that doesn’t get sold out from under them, the neighbors took the very first offer (the day it went on the market) rather than wait. Had they hung on for another week or two I have no doubt they could have gotten at least $5ooK. It’s getting crazy. And yes, companies are buying houses sight unseen for ridiculous prices. It’s all about profit and fuck affordable housing. Capitalism at its’ worst. They rent them for ridiculous figures until they feel they can get what they need by selling them. They’re the ones helping to fuck it up for everyone. and when the bottom drops out they’ll laugh all the way to the bank. Welcome to America in the 21st century……….
