HOUSE VALUES will DECLINE NEXT as house sales PLUMMET!

[BattleofHodow]

Lowering taxes on the rich...which seems to be the aim of all Republicans...is damn near ALWAYS harmful to the regular people.

Housing prices are going to plummet...and will not recover for a very long time. It will be a lag recovery aspect.

Tax cuts on the rich often just lead to playing monopoly.

As for middle class tax cuts they increase consumerism.

[cawacko]

Low interest rates maybe the bigger cause,,still taxes on the rich do similar.

No. Obama raised taxes on the rich and the housing market boomed and it was because of the Fed and cheap money. It's not even a comparable topic.

[cawacko]

Lowering taxes on the rich...which seems to be the aim of all Republicans...is damn near ALWAYS harmful to the regular people.

Housing prices are going to plummet...and will not recover for a very long time. It will be a lag recovery aspect.

That's not a bad thing is it if you are poor or working class or are young and looking to buy a home.

[dukkha]

Your material interests are in contradiction to mine boomer. I work. I rent. That's nothing but good that comes to me if property values fall. You joined in on the ponzi scheme and were wildly happy at your home inflated to prices me and my generation will never be able to afford . Go fuck yourselves.

funny I have gen X and Millenials in my neighborhood owning houses.
Get out of DC and you can buy one too

[dukkha]

You don't every realize that your political views are a natural result of your material interests ! You are seriously blind to that and think this ponzi scheme is in everyone's best interests! Yes millennial, just work a few years and you can afford two million dollars for a home just like mine in no time! What a bargain right!

$2 million? in a few years? not even boomers could pull that off!

[Centerleftfl]

No. Obama raised taxes on the rich and the housing market boomed and it was because of the Fed and cheap money. It's not even a comparable topic.

So DID CLINTON! Our house doubled x 2 in his short 8 years. Crashed during BUSH by 1/2. Obama, back to CLINTON values. And now here we are....

[dukkha]

housing prices go up and then come down..why is this news? dont speculate and you wont get burned

[cawacko]

So DID CLINTON! Our house doubled x 2 in his short 8 years. Crashed during BUSH by 1/2. Obama, back to CLINTON values. And now here we are....

You have such a partisan mindset that you cannot see the big picture. I don't know what else to tell you. It's not marginal tax rates that drive the housing market it's the Fed and interest rates.

[Frank Apisa]

That's not a bad thing is it if you are poor or working class or are young and looking to buy a home.

Almost the entire of middle-class America's wealth is in the home. Take away the wealth of the home...and even the middle middle-class becomes almost destitute.

Yeah...some young people are going to be able to buy middle-class homes at a bargain price. The only cost will be to the poor suckers who worked and saved...mostly by buying a home...having to give up that part of the nest egg at a garage-sale price.

It is a zero-sum situation. The rich are going to get richer. The super rich are going to get a hell of a lot richer than the rich. And everyone below rich...is gonna get fucked.

That's the way it works in an economy like ours.

The ONLY equalizer (and it is not a fail-safe) is that our economy is TOTALLY consumer driven. People have to spend money in order for it to work. (It works like a slot-machine. Run the money through enough times, the house will keep it all...only in economy's case, it is the rich who keep it.)

Supposedly, if the rich and super rich squeeze the suckers at the bottom too much, consumer spending dries up. Can't have that. But the way the rich and super rich handle that...is to ask all the other rich and super rich to slack off.

It is a circus.

[Centerleftfl]

Almost the entire of middle-class America's wealth is in the home. Take away the wealth of the home...and even the middle middle-class becomes almost destitute.

Yeah...some young people are going to be able to buy middle-class homes at a bargain price. The only cost will be to the poor suckers who worked and saved...mostly by buying a home...having to give up that part of the nest egg at a garage-sale price.

It is a zero-sum situation. The rich are going to get richer. The super rich are going to get a hell of a lot richer than the rich. And everyone below rich...is gonna get fucked.

That's the way it works in an economy like ours.

The ONLY equalizer (and it is not a fail-safe) is that our economy is TOTALLY consumer driven. People have to spend money in order for it to work. (It works like a slot-machine. Run the money through enough times, the house will keep it all...only in economy's case, it is the rich who keep it.)

Supposedly, if the rich and super rich squeeze the suckers at the bottom too much, consumer spending dries up. Can't have that. But the way the rich and super rich handle that...is to ask all the other rich and super rich to slack off.

It is a circus.

It's a rigged game. By design.

[cawacko]

Almost the entire of middle-class America's wealth is in the home. Take away the wealth of the home...and even the middle middle-class becomes almost destitute.

Yeah...some young people are going to be able to buy middle-class homes at a bargain price. The only cost will be to the poor suckers who worked and saved...mostly by buying a home...having to give up that part of the nest egg at a garage-sale price.

It is a zero-sum situation. The rich are going to get richer. The super rich are going to get a hell of a lot richer than the rich. And everyone below rich...is gonna get fucked.

That's the way it works in an economy like ours.

The ONLY equalizer (and it is not a fail-safe) is that our economy is TOTALLY consumer driven. People have to spend money in order for it to work. (It works like a slot-machine. Run the money through enough times, the house will keep it all...only in economy's case, it is the rich who keep it.)

Supposedly, if the rich and super rich squeeze the suckers at the bottom too much, consumer spending dries up. Can't have that. But the way the rich and super rich handle that...is to ask all the other rich and super rich to slack off.

It is a circus.

No sir, our economy is not a zero game. That is untrue. In capitalism wealth is created which improves the overall standard of living.

I've worked my entire career in real estate. I've invested in properties. I own properties now. So it's a topic I'm passionate about.

You are old enough to remember a time when housing was "affordable". Not everyone owned of course but young couples could buy homes in most parts of the country. Clearly not the case today. So yeah, if you've owned your home a long time clearly you've benefited from these housing bubbles and housing inflation. If you're young or working class you have no chance in certain areas.

Assets bubbles benefit the upper middle class/rich or those who bought a long time ago.

[Frank Apisa]

No sir, our economy is not a zero game. That is untrue. In capitalism wealth is created which improves the overall standard of living.

I've worked my entire career in real estate. I've invested in properties. I own properties now. So it's a topic I'm passionate about.

You are old enough to remember a time when housing was "affordable". Not everyone owned of course but young couples could buy homes in most parts of the country. Clearly not the case today. So yeah, if you've owned your home a long time clearly you've benefited from these housing bubbles and housing inflation. If you're young or working class you have no chance in certain areas.

Assets bubbles benefit the upper middle class/rich or those who bought a long time ago.

The exchange of home equity...is a zero-sum situation...or as close as any economy gets.

I sold real estate for 25 years. You know as well as I...the couple who bought a house for $100,000...and now it is worth $300,000...and they think that what they can do is sell it for $300,000...and buy a house that was valued at $300,000 back when they bought it.

Does not happen.

What they can afford is another house at that same level.

In any case, my point was that of course having house prices go down allows for new ownership. BUT THE PEOPLE SELLING at the new low price are getting screwed...or at least they feel they are getting screwed.

Our house is all paid for...and even with the housing bust, it is worth more than what we bought it for and what we updated. But make no mistake, it is worth a hell of a lot less than it was just 6 months ago. Someone buying a house today will buy it much cheaper than they would have 6 months ago...but the seller is losing what the buyer is gaining.

[cawacko]

The exchange of home equity...is a zero-sum situation...or as close as any economy gets.

I sold real estate for 25 years. You know as well as I...the couple who bought a house for $100,000...and now it is worth $300,000...and they think that what they can do is sell it for $300,000...and buy a house that was valued at $300,000 back when they bought it.

Does not happen.

What they can afford is another house at that same level.

In any case, my point was that of course having house prices go down allows for new ownership. BUT THE PEOPLE SELLING at the new low price are getting screwed...or at least they feel they are getting screwed.

Our house is all paid for...and even with the housing bust, it is worth more than what we bought it for and what we updated. But make no mistake, it is worth a hell of a lot less than it was just 6 months ago. Someone buying a house today will buy it much cheaper than they would have 6 months ago...but the seller is losing what the buyer is gaining.

Ok, sure. In that sense you are definitely correct regarding the views of buyers and sellers and that interaction. I still don't agree with Bernanke and Yellen who pushed for QE and low interest rates to create the "wealth effect" which was asset prices increasing, thus making people 'feel' wealthier and therefore they would go out and spend more. Homes shouldn't be viewed as ATM's. And I hate NIMBY's who fight new development under the guise of 'neighborhood character' when in reality they want to keep their property values higher which hurts the younger generation and makes our economy less dynamic.

[Frank Apisa]

Ok, sure. In that sense you are definitely correct regarding the views of buyers and sellers and that interaction. I still don't agree with Bernanke and Yellen who pushed for QE and low interest rates to create the "wealth effect" which was asset prices increasing, thus making people 'feel' wealthier and therefore they would go out and spend more. Homes shouldn't be viewed as ATM's. And I hate NIMBY's who fight new development under the guise of 'neighborhood character' when in reality they want to keep their property values higher which hurts the younger generation and makes our economy less dynamic.

Agreed!

Bottom line...damn near anything the Fed or the Congress does...benefits the rich more than those of us further down on the ladder. We simply cannot let this relentlessly increasing wealth disparity continue.

Don't get me wrong. I do not have the solution in mind. I just with the people with brains and know-how would come up with an idea that would move us in that direction.

AND...I really would like a politician or two to come on the scene who are focused on how to make life easier for us all. Every politician talks about how his/her ideas will result in more jobs!

Shit...more jobs means more work. At some point we have go to head toward a bit LESS work. Everyone should be enjoying their trip through life a LOT more...with a LOT less drudgery and toil. After all, we now have BILLIONS of willing slaves (machines, robots, computers) doing much of the work. Time for us to work shorter hours, shorter work-week, have more vacation time...and earlier retirement.

But lur system just does not seem to allow for any of that.

[cawacko]

Agreed!

Bottom line...damn near anything the Fed or the Congress does...benefits the rich more than those of us further down on the ladder. We simply cannot let this relentlessly increasing wealth disparity continue.

Don't get me wrong. I do not have the solution in mind. I just with the people with brains and know-how would come up with an idea that would move us in that direction.

AND...I really would like a politician or two to come on the scene who are focused on how to make life easier for us all. Every politician talks about how his/her ideas will result in more jobs!

Shit...more jobs means more work. At some point we have go to head toward a bit LESS work. Everyone should be enjoying their trip through life a LOT more...with a LOT less drudgery and toil. After all, we now have BILLIONS of willing slaves (machines, robots, computers) doing much of the work. Time for us to work shorter hours, shorter work-week, have more vacation time...and earlier retirement.

But lur system just does not seem to allow for any of that.

I'll tell you what man, after being stuck at home for the past several weeks I'm ready to get back to work! Haha. Sitting at home is not for me.