Bidumbnomics

[Elliott]

Bidenomics: Renters and New Homeowners for Biden?

(WSJ 12/11/23)



"It is now less affordable than any time in recent history to buy a home, and the math isn’t changing any time soon. Home prices aren’t expected to go back to prepandemic levels. The Federal Reserve, which started raising rates aggressively early last year to curb inflation, hasn’t shown much interest in cutting them. Mortgage rates slipped to about 7% last week, the lowest in several months, but they are still more than double what they were two years ago.

Typically, high mortgage rates slow down home sales, and home prices should soften as a result. Not this time. Home sales are certainly falling, but prices are still rising—there just aren’t enough homes to go around. The national median existing-home price rose to about $392,000 in October, the highest ever for that month in data that goes back to 1999."

 

[Charles West]

Bidenomics: Renters and New Homeowners for Biden?

(WSJ 12/11/23)

View attachment 82742

"It is now less affordable than any time in recent history to buy a home, and the math isn’t changing any time soon. Home prices aren’t expected to go back to prepandemic levels. The Federal Reserve, which started raising rates aggressively early last year to curb inflation, hasn’t shown much interest in cutting them. Mortgage rates slipped to about 7% last week, the lowest in several months, but they are still more than double what they were two years ago.

Typically, high mortgage rates slow down home sales, and home prices should soften as a result. Not this time. Home sales are certainly falling, but prices are still rising—there just aren’t enough homes to go around. The national median existing-home price rose to about $392,000 in October, the highest ever for that month in data that goes back to 1999."

It's a wonderful thing from my perspective.

 

[Terrel L. Shields]

Slowly, slowly slowly things are really going downhill. Pickup makers and EV makers are discounting up to $16,000. On one hand, high prices, on the other high costs and a glut results in hemorrhaging money.

 

[Charles West]

Slowly, slowly slowly things are really going downhill. Pickup makers and EV makers are discounting up to $16,000. On one hand, high prices, on the other high costs and a glut results in hemorrhaging money.

I'm hoping car sales are really bad around this coming June as the MB lease is over with. It would be nice to be able to negotiate a good deal, the new Teslas are supposed to be tight and if can get $15,000 off the top of $10,000 in rebates it might be the move in the land of $6 gas.

 

[Elliott]

"Mortgage payments on a new home have risen 90% under Biden’s presidency
By Social Links for Mary K. Jacob
Published Dec. 13, 2023, 2:08 p.m. ET


Data from real estate investment firm CBRE illustrates a stark reality: average monthly payments on a new home soared to $3,322 in the third quarter of this year, marking a staggering 90% increase since late 2020 when it hovered at just $1,746 before Biden took office."

Mortgage payments on a new home have risen 90% under Biden’s presidency

Still, real estate experts advise potential buyers against waiting for a market shift and brace for an extended period of higher interest rates.

nypost.com

But President Biden will tell you, "Its coming down!"

 

[Terrel L. Shields]

 

[IlliniApp]

Slowly, slowly slowly things are really going downhill. Pickup makers and EV makers are discounting up to $16,000. On one hand, high prices, on the other high costs and a glut results in hemorrhaging money.

I can't shed any tears for these vertically integrated A-holes.

 

[Terrel L. Shields]

these vertically integrated A-holes.

The impact of such on small farms was to force family farms to be single crop farmers - you were either "all in" dairy, or hogs, or chickens, or economy of scale required you to have large machinery and large fields. When I was growing up we had milk cows, beef cows, grew our own clover and hay, planted corn, raised chickens, hogs and sheep. Plus dad ran a Walker foxhound kennels.

A milk truck picked up milk in 10 gallon cream cans. We sheared the sheep. Chickens were loaded in crates and weighed by a small platform scale brought to the farm. They weighed the "tare" - crate- then loaded chickens into same, weighed it again. Loaded on a flatbed 2 T truck and off to market - which was one of about 10 or more local small processing plants - literally butcher shops. When milk was too cheap you could feed it to the hogs. When cow markets were down, the sheep and chickens softened the blow. Diversification kept farmers afloat. Specialization puts you at risk every year and if it wasn't for crop insurance, most farmland today would be investor-owned by REITs and Insurance Companies. Farmers would be the new serfs of the land.

 

[OSU Beavers]

 

[ucbruin]

Trump Tells Iowa Crowd Biden Is Pushing U.S. to a ‘Depression’ Like Nobody ‘Has Ever Seen’ — Hours After Market Hit All-Time High​

Trump Tells Iowa Crowd Biden Is Pushing U.S. to a ‘Depression’ Like Nobody ‘Has Ever Seen’ — Hours After Market Hit All-Time High

MSNBC on Thursday discussed President Biden’s reelection campaign and the impact new economic data has had on the likely 2024 rematch between him and Trump

www.mediaite.com