Sunday, April 3, 2011

Days Of Home Ownership Are Over... For Many Years

You see a surge of interest in renting rather than owning. Why?
Several things are going on now that have implications for home buying. First, there's a massive loss of wealth in the middle class through their housing equity, which is where most middle-class wealth is. This ripples through the generations, because younger people aren't going to have family wealth to help them buy.
Another factor in the loss of wealth is student debt. It's preventing many people from being able to afford a lot of things because they're paying off student loans.
The loss of wealth and greater debt make home buying, or even renting, unaffordable for many young adults.
Where is this going to be felt the most?
It's turning young adults away from buying. The 25-to-29 age group, which is traditionally when the transition takes place to homeownership, is saying, "No, it's not for me, I'm not going to make the mistake that my parents made. They're trapped in their homes, and I'm going to try to be more flexible." Plus, high unemployment rates and uncertainty in the job market make it too risky for young adults to commit to buying.
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  1. It's not that 25-29 year olds don't want to buy the homes, we just can't. Renting is obviously more expensive. We're stuck paying the student loans when we do have jobs, and our loans just get bigger and there are penalties added on when we don't.

    A $100k loan paid off in exactly 10 years at about $1400 /mo will have you paying about $185k if you make every single payment. Stretch that out to 30 years and about $500 a payment, and it's about $280k.

    That's a mortgage in of itself. But how many people have jobs that they can even make that first payment amount every month, let alone pay for a house on top of that? Not many, not at those ages, and not past those ages either.

    Our government sold us up the river on both the sub prime loans and with student lending. The banks were failing because we can't afford the payments for these ridiculous terms. Rather than let the banks fail and let the free market take care of itself, the government insisted on forcing the entire middle class to subsidize the banks.

    The banks now go back to screwing everyone over. The taxes were spent on the wrong people, as per usual.

    If I spend money on a major corporation, lend them money for whatever, and then they fail, what happens to my money? I lose it. The corp declares bankruptcy and I get pennies on the dollar, if anything. And that's considered the capitalist way.

    But when the banks make bad investments the market is not allowed to correct it. We insist on sticking students and Americans into debt slavery for their entire lives, and the media has brainwashed the average American into thinking that's a good thing.

    Well, once we're all reduced to third world status except for the elite few, who will live in mansions and hire security to protect themselves, maybe all these older Americans will be happy. It's not like we can fund Social Security when we're broke ourselves. It's not like the elite rich care either, they'll just move overseas, where most of their money is.

  2. in other words 145
    our goverment is guilty of treason unjust wars
    and making us into slaves.
    most americans are just not pissed off enough yet.

    but soon they will be.
    bushs clintons obama and congress are guilty of treason. nafta gata ,
    and the mega rich will give you food stamps to remain calm.

    like gerald celente has said expect a major revolution like in the rest of the world.
    look at england its happening now,
    i voted for obama because i hated bushs guts.
    ill vote for anyone but obama again what a buffoon he is.
    wheres the next buffoon

  3. Don't read this if you are in a good modeApril 4, 2011 at 7:59 AM

    1:45 said much well.

    Third World America is most conspicuous whenever you go to stores. I've never imagined seeing such misery in this nation.

    For every five people walking about you have one person who isn't 100 pounds overweight. And that doesn't necessarily say they're in good shape either. In other words nobody cares about the way they treat their bodies!

    Many men, not under half, come out with 30 packs of beer loaded up. Surprisingly this is not limited to Fridays and Saturdays for a group of people. This seems to be on weekdays and for themselves. I also see a number of young women grabbing bottles of Vodka this same way. Seems women prefer liquor more than men.

    Along with that, in my neighborhood I have several neighbors that are potheads, no joke. Everyday they're outside drinking and smoking grass, they each have several kids too! My sister coincidentally has her entire street doing this. Nobody even supervises their children.

    Now kids at eight and nine years old behave like delinquents would at 15. Throwing eggs, rocks, cussing, etc. In the 1950s boys at 16 and 17 would get a thrill to split one of their dad's beers. Now kids at 10 have experimented with cocaine and meth thanks to their big brothers or sisters. Kids at 10 should still be playing cops and robbers, girls perhaps barbies or dress up. Those conditions are just totally old school now.

    Teenagers even in the 80s would have enough respect to look their elders in the eye and say hi. The youth today won't even hold doors for grandma. However, they have enough strength to beat the crap out of another kid and film it for youtube. And I just love seeing young men spit loogies in groups of people, or young women belching out loud nonchalantly while their thongs show. So inspiring. But why condemn the youth for this barbaric behavior!? Adults in their 40s act like this now!

    And has anybody watched TV recently? I came across a few new hip shows on HBO and STARZ. True Blood and Spartacus. What filth are people flooding their brains with? These shows have zero intelligence behind them, takes no mental energy away from the writers.

    Spartacus, this show has almost no relation to Spartacus (or Rome). The scenes of the entire show seem to consist only of gore and sex scenes where the ladies are, contrary to real life, never failed at getting orgasms. If people today read anything about Rome they'd learn something and that would take too much power to do. Nope... instead they watch these fight scenes and would get violently angry at any historically educated person that told them they aren't realistic or accurate in any way.

    Do shows and movies represent the level of sophistication, and fantasies of the people? If they do then we are in bigger trouble than what is expected...

  4. Recently I was listening to Talk Radio and cop went on to speak about what is the unspoken disease...Prescription Drugs and how they are probably changing people's chemistry and thought process.

    Makes sense...A hard drug junkie is easy to recognize but one on Paxil, Prozac, oxycotin, any ADH meds etc isn't...Till they do something weird...Then everyone can't believe that quiet kid did THAT.

    All generations complain about the new generations...BUT doing a Devil's Advocate, I have to say kids 18-35 are weirdly apathetic, lazy and unskilled.

    I've dated enough college girls in their early 20's to realize that it's not just a generation gap but a whole thought process...As many seem to just be waiting for their parents to die and inherit $$$ or the house without working...Or honestly most live a Less Than Zero life...Just getting by for today and never worrying about tommorow.

    As a whole they have no skills, work ethic or morals...At first it was fun now it's scary at how void they are of reality...They will be the ones in charge sooner or later and we will be old and screwed...Spooky times.

    This isn't late 1970's Punk apathy which actually was very creative and strong...This is lazy, half ass drugged/drunk apathy that wants no responsibilities but the benefits apathy.

    As far as video games, music and movies MAKING people change?...BS only if you have no character/personality to start off with...Plus at 8 or so everyone knows right from wrong.

    Children are way more aware of the evil now that they were when I grew up...So no more excuses based on age unless it's an infant...It's that we have many sociopaths walkig among us.

  5. So ,this is the freedom and "end of history" result of the victory of the "moraly superior" ,capitalist individualist, but religious family value supporting civilisation that the cold war ,wars against drugs and the third world peoples were and are all fought for?

    An insolvant bankrupt system where the bulk of the accumalated social wealth after 200 years is in the hands of the one percent succsessful capitalist elite class .

    who are continuing that process by looting the remaining savings and housing wealth of the middle class

    A society for overweight sexualy frustrated sociopath materialists wankers ,ranging from bailed out wall st bankstas to a mixture of bad mannered suburbian gangsta culture drug and video game addicted dropouts , lady gaga american idle fans and unplemployed student loan debt peons living on food stamps with no work future for escaping underemployment ,exept possibly as servile, lickspittle shoe shine or knob polishing ,or perhaps as minumum wage hamburglers ,in a de-industrialised nation of unproductive service workers in hock to their eyeballs to the elite.

    What you sow is what you and your children reap as values .

    May god continue to bless america and its antisocial capitalist crudaders 'judeo/christian" individualist "anti-socialist" cultural values!

    America is gonna need all the help it can get!

  6. Oh, but the pure Free Trade idealist ,ideologues and apologists for the elite capitalists will declare:

    “But that wasn’t “real” capitalism .

    Big government by liberals and Wall St. stuffed it all up for creative small business!

    As capitalism in America always had one hand tied behind its back ,being relentlessly destroyed by “socialists’ and liberals insisting , first of all an end to slavery and then on minimum wages , 40 hour weeks and the like 'human rights" drags on profits , preventing heaven on earth being delivered by the truly benevolent spirit of the invisible hand of usury and greed!" .


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