Darth Powell
@VladTheInflator
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There is no "wealth effect" in high real estate prices, it's merely a wealth TRANSFER. Low real estate prices are BETTER for an economy.
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RIP Tesla
Samsung Just Showed a 600-Mile Solid-State EV Battery that Charges in 9 Minutes
Toyota and Samsung have agreed to begin mass production of SS batteries in 2027, with Toyota noting that its premium Lexus vehicles will be among the first to benefit from this new tech.
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Toyota owners finding GPS trackers on their new cars
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The boomers stole so much wealth that younger generations didn't have kids and now the boomers have no one to sell their overpriced "assets" to.
LOL
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The common person has ZERO idea what is happening in housing.
ZERO idea what's coming
Like zero, none, nada
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My friends wife who literally only ever worked for the government will have a 90% of base salary pension from the US taxpayer until she dies.
From 55-death......$100k/yr + full medical.
That pension is worth millions of dollars.
What do you, the taxpayer funding it get?
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When I worked at a large investment broker/dealer:
Net worth:
$1-5m - almost always a doctor
$5-20m - almost always a company owner
$100m+ - almost always some questionable foreign diplomat
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"we lost so much fucking money we'll literally never pay taxes again"
She really posted this shit
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The American Dream is now buying a $100,000 house cash in Italy and retiring before you turn 40.
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"There are more new single family houses for sale than any time since Feb 2008."
Buckle....the fuck......UPPPPPPPP
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You have lost a quarter of your purchasing power in 4 years and no one is rioting.
You literally were made 25% poorer so the government could spend more money to hand out to their friends.
The entire fucking country.
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Two $1,000 stimmy checks cost you $16,157.92 per year forever.
Hope it was worth it
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They boomers stole so much prosperity that young people stopped being able to afford to have kids and now the boomers have no one to offload their 70% overpriced assets on.
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I am blown away by just how badly the US Government is fucking us now.
If you made under $500k (2015 dollars) back in 1913, you paid 1% income tax.
What the actual fuck is happening here
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Imagine you're an average moron.
You make $25/hr and bought a brand new BMW for $50,000.
A catastrophic financial decision that should leave you bankrupt/homeless or both.
Then the US Government decides it's going to offer 15yr 1% interest rate loans on all BMWs.
Your BMW is
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Future of real estate sales:
Listing commission $500
Buying commission $500
All done online
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OpenDoor, a company that never made a dime of profit, who's stock is down 81%. This is where the former CEO lives now
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I'm not making this up.
The government can literally freely decide to replace items in the inflation calculation that go up in price too much.
Steak went from $10 to $30/lb!?
Ok, but cricket burgers went from $1.20 to a $1.30. Lets just say cricket burgers are the same as
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Imagine you're a dumbass who makes $50,000/yr and buys a $40,000 Kia Sorento.
You can't afford it and begin to fall behind on payments and the repo man is chasing you around.
During this time, some old white guy who bought 400 Kia Sorentos decides to bribe some
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.04% of Bitcoin addresses own 62% of all BTC
But its totally decentralized and for the people LOL
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I know everyone is confused as to how homes are priced, so let me simplify.
If your home was "worth" $462,107.54 at 2.7% mortgage rates in 2021.
It's worth $280,898.82 at 7% mortgage rates in 2024.
Just a matter of time before everyone realizes that all at once.
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I really don't give a fuck what anyone says. No one can afford all these fucking houses.
I know the math. My math is being proven by sales volumes.
Nothing fixes this except a 40% decrease in payments or a 40% increase in wages.
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Median list prices in FL are in full on collapse.
-14% in a single year in Ft Lauderdale
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Guys I'm starting to think all the "rich" people were just broke people with mortgages larping as successful people
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If every fucking bartender, stripper and moron you knew becoming a "real estate professional" from 2016-2022 wasn't an indicator to you, nothing else will be either.
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The thing that annoys me about "Rich Dad Poor Dad" is the only reason he got rich was because interest rates fell for 40 years.
If the opposite was true, he'd be learning from the Dad who worked for a living and the dad that gambled in real estate would have gone broke.
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2020 homebuyers in 2026 after missing the opportunity to sell their houses for a massive gain
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Imagine how much American wages would go up if the US deported 20m illegal immigrants.
Imagine how much rents would collapse along with home prices.
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You think the housing industry is bad now?
Wait until everyone loses their jobs, the stock market falls 30% and home prices collapse.
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People are going to look back and be like "wait, you let someone take 6% of the sales price of your home as a commission?!?"
Not your equity, not a flat fee, but a % of your home price......
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I'm not making this shit up.....
DEFLATION in the 1800s gave birth to the middle class.
Inflation being necessary is 100% propaganda used by the rich to stay in power. To steal more and more of your money with zero effort.
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Realtors melting down before they go back to serving tables
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Young people should be able to legally opt out of Social Security and get a refund with interest
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I'm not making this shit up.....
DEFLATION in the 1800s gave birth to the middle class.
Inflation being necessary is 100% propaganda used by the rich to stay in power. To steal more and more of your money with zero effort.
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Millennials after their 3rd asset bubble, 4th major military conflict, all while paying for the boomers to burn through all the SS and Medicare and bailing out unions, local governments and the rich.
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Ok guys I figured it out...I need help from the Amish
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If you bought $1,000 of Intel stock in May 1997, you now have $1,000
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Real Estate agents are describing families not wanting to pay 3% commissions as having "chips on their shoulders"
LOL
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Gold is telling you the Federal Reserve is full of shit.
Not a single person on earth thinks inflation is 3%
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90 year old U.S. Air Force veteran from New Hampshire tries to pawn jewelry to help his wife who has dementia.
Pawn shop won't accept his jewelry, instead GIVE him $1,300 they collected AND start a GoFundMe. $316,000 so far.
This is America
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Realtors are rage posting about buyers only offering to pay $500 and response comments are about what you'd expect
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Too many people's entire "success" story is: I bought something with debt, now the price is higher.
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Being poor is very expensive.
I went through 6-7 $150 office chairs over a 5 year period. Finally bought a $550 full grain leather office chair 4years ago.
My back no longer hurts and its like new quality to this day.
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Here home sellers, I'm going to explain how math works.
You paid $925,000 at 3% mortgage rates
It's worth $605,000 at 8% mortgage rates
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The housing market is still PRICED at 3% mortgage rates.
Either people get 40% real increases to their wages or
Housing market prices fall 40%
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Ummmm so did anyone else see that you can take a $1,000 withdrawal from your 401k penalty free....
To fix your car....
They're panicking folks, this must be fucking BAD
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HOLY FUCK, the Covid forbearance ENDS end of THIS month? What the actual fuck is going on.
People haven't paid a mortgage for 3 fucking years.
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Arizona and FL are fucked, inventory is skyrocketing.
Many homes with more for sale than 2019
"This time is different"
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Without question, this is a larger/worse housing bubble than 2008
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Arizona LOL, this is ONLY single family houses keep in mind
Like rats off the titanic
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$120/mo rent to be 10min walking distance from white sand beaches in the Philippines
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Peloton, who's stock is now down 87%. This is where the CEO lives now
h/t
@Lizatthebeach
OpenDoor, a company that never made a dime of profit, who's stock is down 81%. This is where the former CEO lives now
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The fact that this isn't being sold in the US is a crime against humanity
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If you asked 1,000 boomers how they were able to buy a home, 1,000 of them will say hard work and good decisions.
Exactly zero have any idea what's happening and why median income families can't afford a median home temporarily.
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Demand from home sellers is skyrocketing.
"We have a 33% increase in people asking to sell their home."
- Redfin CEO
Except ya, there no buyers
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Young people aren't having kids because boomers used interest rates to inflate the prices of assets boomers bought for cheap.
Let's stop fucking pretending otherwise.
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25 Most Dangerous cities in the US according to US News
1. Memphis, TN
2. St. Louis, MO
3. Detroit, MI
4. Birmingham, AL
5. Little Rock, AR
6. New Orleans, LA
7. Cleveland, OH
8. Kansas City, MO
9. Myrtle Beach, SC
10. Denver, CO
11. Minneapolis, MN
12. Milwaukee, WI
13. Salt
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Me explaining to the wife how we're able to afford chipotle twice a week
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If your home was worth $450k at 2.5% mortgage rates, it's worth $280k at 7%
Sorry just math
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IRS auditor says PPP loans went to buy real estate, not pay to keep employees
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If any one of you make a billion dollars and date this, I will personally fly out and kick you in the balls.
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"FHA mortgages already at over 10% delinquency which was the peak of 2010."
mother of god......
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Mortgage applications continue to collapse.
The last time we had this few was 1995 and 1978
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My old coworker drives a $70k Audi, lives along in a $500k house, hasn't been making payment on her Student Loans which are well over $100k.
Thanks to taxpayers for letting her live in luxury for the last 3 years
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This is BEFORE a trillion dollars in student loan debt is turned back on. Before people.....before
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When you ask boomers how they could afford a $2m house having never made more than $60,000/yr.
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Why are real estate agents needed?
Sounds like RE agents aren't really needed at all honestly.
Find property - MLS
Value property - Appraiser
Inspect property - Inspector
Fill out contracts - Paralegal
Title - Title Company
Issue with land - Surveyor
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Simple math says your house is worth 35% less at 6.5% mortgage rates than it was at 3%.
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@nope_its_lily
Now imagine you're a 70yr old American who cash-out refid 20 times in 40 years retiring with a full pension blaming young people for not working hard enough
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One of the most hilarious dynamics is currently playing out in diamonds.
A former monopoly (de beers) is watching as the entire world just prints their product.
Even funnier are all the people who paid $10k, $20k, $200k for stones that are now being mass produced
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Imagine you lied and took $20,000 in PPP loans.
Now you have to worry about going to prison for the next 10 year as they slowly go after more and more people.
LOL
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This was the best financial interview I've ever watched.
These 3 minutes with THE Dr Lacy Hunt should be required listening
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