376
I've also noticed in my area, a very active growth area, that builders are stamping out subdivisions left and right AND apartment complexes are sprouting like weeds.
My question though is WHO. WHO can afford this currently? Interest rates are still up, cost of liviing is way up, income levels are stagnant. How are people able to save enough money for a down-payment, let alone the earnest money needed to build?
Are there some fancy new loans out there? Remember the ARMS, Jumbos, 2-tiers and others out there that locked people into a vicious cycle of debt that they're probably still feeling the effects from? Also remember how those loans were bundled and sold making a few POS investors and banks a ton of money?
Yeah...we see where that ended up... (cough...Madoff...cough)
My adult daughter lives at home with me along with her 3yo daughter. She works as a hair stylist at a popular men's salon chain. She makes decent money but hardly enough to get a house let alone rent an apartment. Subsidized housing has years-long waitlists and if, only if, you get a spot you wind up in a ghetto pretty much.
I see her situation as a common one for folks in their late 20s/early 30s. They lack the ability to "move up" (out). If she's the medium of the control group, again I question WHO. (see above). Who's moving to these new houses and new apartments for 1800+ montly rent?
A lot of folks say it's all the people from CA moving here (TX) but if that were the case, are housing prices in CA declining from the supposed "mass exodus" ?
Again...I can envision a scenario where these new neighborhoods and complexes begin to empty. People won't be able to affort to live in them. I highly doubt that housing costs will decrease. Has it ever? These dormant properties will sit and companies will begin to struggle and they'll be prime for Big Gubment to come swooping in (with the help of 3rd parties of course) and attain control
My question though is WHO. WHO can afford this currently? Interest rates are still up, cost of liviing is way up, income levels are stagnant. How are people able to save enough money for a down-payment, let alone the earnest money needed to build?
Are there some fancy new loans out there? Remember the ARMS, Jumbos, 2-tiers and others out there that locked people into a vicious cycle of debt that they're probably still feeling the effects from? Also remember how those loans were bundled and sold making a few POS investors and banks a ton of money?
Yeah...we see where that ended up... (cough...Madoff...cough)
My adult daughter lives at home with me along with her 3yo daughter. She works as a hair stylist at a popular men's salon chain. She makes decent money but hardly enough to get a house let alone rent an apartment. Subsidized housing has years-long waitlists and if, only if, you get a spot you wind up in a ghetto pretty much.
I see her situation as a common one for folks in their late 20s/early 30s. They lack the ability to "move up" (out). If she's the medium of the control group, again I question WHO. (see above). Who's moving to these new houses and new apartments for 1800+ montly rent?
A lot of folks say it's all the people from CA moving here (TX) but if that were the case, are housing prices in CA declining from the supposed "mass exodus" ?
Again...I can envision a scenario where these new neighborhoods and complexes begin to empty. People won't be able to affort to live in them. I highly doubt that housing costs will decrease. Has it ever? These dormant properties will sit and companies will begin to struggle and they'll be prime for Big Gubment to come swooping in (with the help of 3rd parties of course) and attain control
