US Home Prices Set Record New High

2/3 of undocumented immigrants have lived in the US 10 years or more. They would not represent any new surge in housing demand. And if new arrivals are creating a demand surge, then they must have the money to do so. Meaning, they are working.

Yet, we still have a 500,000 person shortage in construction workers. And currently about 1/4 of current construction workers are undocumented. Really think the answer to the housing shortage is mass deportations?

 

So, deport nearly 8 million working persons at a time when we have less than 6 million unemployed and over 8 million job openings? What do you think will happen to the economy if we have 15 million job openings and 6 million unemployed?

 

You refuse to answer any of my questions except with snark or derp derp derp. Please. What happens to the economy if we deport 8 million in our workforce during a time with less than 6 million unemployed and 8 million job openings?

 

MAGA doesn't have answers. Just victimhood and scare tactics.
It would be grand if the Reps could ditch the idiots and get back to governing.

 

Production down, prices up?

 

Housing shortfall 7.4M. Number of undocumented homes owned by undocumented immigrants is well under a million - probably close to half a million. 3.4M undocumented immigrants live in an owned home with a family size around 4 and most of those homes are not owned by the undocumented immigrant, they are just living in a home that is owned. That is definitely not the problem.

The US housing supply is short 7.2 million homes

Profile of the Unauthorized Population - US

 

The Fed is out of bullets. Raise rates any further and you risk recession. Lower them and you will see another housing run. We are stuck for the foreseeable future.

Here in South Florida there are signs of a weakening market in the condo sector, but still nowhere near a buyer’s market. But the SFH market has not budged at all. Houses are sitting around longer but the prices remain sky high. Sellers have no incentive to compromise unless they are in financial distress, and in those scenarios you get into cash bidding wars with other investors. It’s a mess.

 

Don’t know about this. Makes it easier to just walk away?


Zero-down mortgages are making a comeback

https://www.cnn.com/2024/05/30/business/zero-down-mortgages-making-a-comeback/index.html

 

Scary article title, but nothing new. 1st time homebuyers have been getting nothing down financing forever. I did in 1998.

From the article.

"These mortgages are only open to first-time homebuyers and those making no more than 80% of the area’s median income."

 

Yesterday’s treasury auction did not have as much buyer interest as hoped. That’s not a sign that rates are going to decline anytime soon. Lower demand typically results in larger discounts.

 

As are you.

 

8 million working persons????

 

Last Pew Research had 7.8 million undocumented working individuals in the US in 2021. That number has likely risen, but saying approximately 8 million in the workforce is accurate. So is about 6 million on unemployment and over 8 million open positions.

Which begs a good question. What happens if we deport 8 million people in our workforce and the numbers then become 6 million on unemployment and 16 million job openings?

 

The problem wasn't just the zero down mortgages. It was zero down mortgages that were structured as exploding ARMs. Low information purchasers were conned into purchasing homes with adjustable rate mortgages that were virtually guaranteed to become unaffordable to buyers after their teaser rates expired and the mortgages adjusted. Normally lenders wouldn't issue loans under those circumstances. The problem was that the lenders who originated the mortgages immediately sold them on the secondary market were they were sliced and diced into collateralized mortgage obligations by investment banks with investors left holding the bag. The conned purchasers and the investors ended up getting screwed when the loans went into foreclosure while the builders, realtors, lenders and investment bankers made out like bandits.

 

Thank you Biden! Homeownership rates are higher than any Trump year even pre-covid. More Americans own their home now than under Trump. Americans have near record equity, higher than nearly anytime in history. There has been more wealth created for middle America in the last 3 years than at any time in the history of this country.

Homeownership Rate in the United States

Home equity levels are near record highs. Here are 5 ways to access it.