https://www.democraticunderground.com/100215290944TreasonousBastard (37,469 posts)
All those years of economics courses and I am still dumbfounded...
Maybe I should have gone for the PhD.
Anyway, here we are dumping trillions into the economy to help small businesses and people rubbing their last dimes together. I see the poverty and the lines at food banks.
But, somehow there's a whole bunch of people bidding housing prices sky high. Just saw a listing where in one day there were a dozen or so cash bids and went to contract as soon as the lawyers could get off their asses. There's a huge building boom around here, and the builders are so busy they won't answer the phone. Start thinking of a half million to get a bungalow.
This does not add up.
Moostache (8,595 posts)
2. Bubbles are obvious post-fact...
The housing market is currently inflated beyond all reason, but I fear that the inflated prices cannot last much longer. I think the peak is either right now, or just past us...but either way the OP is right - this does not add up.
Hugh_Lebowski (20,483 posts)
3. Easy credit and super-low interest rates ...
And foreign investors buying US properties cause it's a safe investment.
And the perception that prices will keep going up.
Which they will as long as those conditions hold.
For however long that is.
BigmanPigman (41,282 posts)
4. A local realtor in San Diego said that the inflated prices
are not sustainable and he expects them to come down soon.
KPN (11,958 posts)
7. Did you hear or see this in the media or in a
personal conversation? Realtors here where I am are all saying the housing market and houses always increase in value. But this market seems irrational, just like the stock market. Or, the dollar is already worth that much less — which means consumer staples, goods and services are going to see similarly inflated costs as well?
Will wages keep up?
Are we condemning entire generations of working class people to a life of relative poverty?
These are the questions that run through my mind.
Oh, here's a smart question! I wonder if $15/hour is actually a living wage now? I wonder if this DUmmie can realize the more you increase the minimum wage, the more things are going to cost and the rise continues from both sides until someone yells uncle and makes it stop.
stopdiggin (4,369 posts)
5. And .. let's not forget that the past year or so
has been awfully darned good -- for a percentage of people. True, it hasn't been spread around very evenly -- but that was never really the point.
(having said that .. would I be buying a house, or condo, in certain parts of the country today? Not hardly!)
KPN (11,958 posts)
6. This is a serious issue. Rental homes are being put on the market
here in coastal Oregon at twice the price they were sold for just two years ago -/ and 25-30% of that increase had occurred in the past couple months alone. Renters who are already paying exorbitant and often barely affordable rates are having their shelter pulled out from under them in an already tight rental market. They can’t afford to buy a home at these inflated prices, and if they do will be paying a higher monthly and property taxes that reflect the new market (sale) value!
I don’t see how this is not going to end up a catastrophe in one form or another.
It’s discouraging. America seems to have become totally overwhelmed with greed — especially in this past year, the year of the pandemic.
Well now, they are SO close to actually coming out and saying it, aren't they. MAYBE we shouldn't have been giving out all this 'free' money. MAYBE inflation is real and this is how it starts.
They are also so close to having an understanding of what is happening, but since they didn't "get the Phd" ...
Welcome to Joe Biden's America, DUmmies.
LOL. Smartest people on the internet, yes sir.
KC
