Work quantity

[Joe Flacco]

 

[J Grant]

Biden is proposing building 500,000 new homes for "affordable" living. The question is how is "affordable" even possible when prices jumped 40% in 3 years? And to house who? The 15 million immigrants that barely speak English? That means more debt to subsidize this housing. And more bodies to compete mostly for low paying jobs will only depress wages.

This is just an anti-Biden post pretending to be about appraisals. It is off-topic. Put it in the water cooler

I wish there was one rule on the board that the agenda-driven could manage to stick to wrt leave politics out of the appraisal topics. Every post they make has to stick it to Biden, even in approval topics. You are not going to change anyone's vote doing it. Just derail the thread and side-track it. Drag in immigrants of course. Give it a rest.

 

[Joe Flacco]

I would say these yellow box areas were all very good years. But it is all beacuse rates were in a long term downtrend. Rates are not in a long term downtrend anymore.

I think it is possible that the mortgage applications stay below the blue line for a decade or more. The only way it would spike above it is if rates stay in this 6-8% range for a few years then dip lower. Then there would be few years of 6-8% range buyers that will be able to benefit from a refinance.

 

[Terrel L. Shields]

This is just an anti-Biden post pretending to be about appraisals.

Nope. He proposed housing that is "affordable". But who will be housed if not with a subsidy? And again, even Paul Krugman admitted that "Globalization" had hurt US workers by depressing wages. How do you suddenly add 11-15 million new people to the country and do what? They have to work. They want to work. And who are they competing with? The very lowest paid jobs in the nation.

 

[J Grant]

Nope. He proposed housing that is "affordable". But who will be housed if not with a subsidy? And again, even Paul Krugman admitted that "Globalization" had hurt US workers by depressing wages. How do you suddenly add 11-15 million new people to the country and do what? They have to work. They want to work. And who are they competing with? The very lowest paid jobs in the nation.

It has NOTHING to do with this topic. Put it int he watercooler.

 

[Terrel L. Shields]

It has NOTHING to do with this topic. Put it int he watercooler.

Why not? It's a fact that 500,000 houses would provide sales in a tight market. And it is a fact that keeping a job may be critical to avoiding a housing meltdown similar to 2008. That sort of contagion thing Bernanke said wouldn't happen. We do have a housing crisis. We are short inventory and agents cannot sell what does not exist. It is pie in the sky talk to say we'll send all these people back. We won't. Maybe a few. But we have no place for them to live and the status quo is unsustainable. It will impact our business...and hopefully appraisers can capitalize upon it. If we don't then these immigrants will do what they do in France, gather in one area and create riots. If we don't either integrate or expel these people, what will happen? We don't want to create a new ghetto of immigrants.

 

[Mark K]

.... upgrading their licenses and skills to CG level, ...

That would be nice if there were any CGs taking on trainees. The classes are easy, its finding a mentor that's nearly impossible.

 

[Mark K]

Hope they learned their lesson and stop using those high interest rate credit cards.

They never learn their lesson. Its a 'rinse-repeat' scenario that will never end. To a lot of people, excess credit availability on their CC is the same as money in the bank.

Of course the question is, Why So Much Credit Card Debt Now? I thought unemployment rates were low and wages were up. Seems a lot of folks have slipped between the cracks and are lacking INCOME!

The credit card debt level is nothing new. Its happened before but cheap mortgages and real estate appreciation has made it simple to refi and roll it over. Not so easy now. BTW, real income compared to inflation has not increased; many people are going backwards financially.

Real incomes going down.
Stubborn inflation
Credit card and car loan defaults going up.
Business layoffs.
AI
Inverted yield curves.
Just a matter of time before we see a lot of foreclosures.

The only reasonable conclusion is a recession on the horizon. Not like the 07-09 crash, but like a slow moving train wreck.

 

[J Grant]

Why not? It's a fact that 500,000 houses would provide sales in a tight market. And it is a fact that keeping a job may be critical to avoiding a housing meltdown similar to 2008. That sort of contagion thing Bernanke said wouldn't happen. We do have a housing crisis. We are short inventory and agents cannot sell what does not exist. It is pie in the sky talk to say we'll send all these people back. We won't. Maybe a few. But we have no place for them to live and the status quo is unsustainable. It will impact our business...and hopefully appraisers can capitalize upon it. If we don't then these immigrants will do what they do in France, gather in one area and create riots. If we don't either integrate or expel these people, what will happen? We don't want to create a new ghetto of immigrants.

Teh thread is bout the market NOW wrt how busy appraisers are

If you want to take into future impact of business with 500,000 affordable housing units, fine, but then you extend it into immigrants, riots, etc. Half of the appraisal topics now are filled with this, mostly from the Right aisle folks who cant stop preaching about Biden for a moment, regardless of how it affects anybody else or derails threads.

There is water cooler section for it

 

[Joe Flacco]

Most homeowners are in better shape financially today than they were before the pandemic. For all the people who owned homes before the pandemic, their home equity increased significantly and their monthly payments decreased at the same time.