In 1968, my parents had twin babies, owned a row home in Philadelphia, 2 cars, my mom didn’t work and my dad was making $11,000/year. Yeah, good luck doing that today!
Part of the problem, of course, is that the builders build the most profitable properties, and also that many localities prohibit the building of multiple-family housing that might make housing affordable. Yeah build affordable housing but NIMBY.
When I bought my first home in 1973 my interest rate was 8.5 percent and that was a good deal. Today’s first time home buyers don’t have that frame of reference and whine about 7% as a rip off. I have friends older than me (I am 75) who had mortgages at 13%. And they survived! LOL
MARCH 15-The National Association of Realtors settled the lawsuit against them and if approved by the court, along with paying $418 Million to compensate home sellers could cut real estate fees by up to 30%
Supply, demand, and a dollop of taking advantage. The population is growing, therefore demand is increasing. Supply stagnated during the pandemic, to the point where it was to costly to sustain construction when supply was available. Inflation took over the world as a result of the pandemic. In other parts of the world, it’s well over 10% still. Inflation hasn’t stopped rising here, but it’s well short of what it was just a year ago. Interest rate hikes helped cool inflation, but made it harder for people to get loans.
It’s likely that the worst is over. But it’s an American’s duty to complain. We have no concept about how lucky we are that we weren’t born in so many other parts of the world.
Concretionist 2 months ago
Home prices around here are starting to soften a bit…
Kurtass Premium Member 2 months ago
The investment firms are buying houses to rent out. The rich get richer and the middle class gets screwed.
robcarroll1213 2 months ago
In 1968, my parents had twin babies, owned a row home in Philadelphia, 2 cars, my mom didn’t work and my dad was making $11,000/year. Yeah, good luck doing that today!
Dangerguy 2 months ago
Part of the problem, of course, is that the builders build the most profitable properties, and also that many localities prohibit the building of multiple-family housing that might make housing affordable. Yeah build affordable housing but NIMBY.
billopfer Premium Member 2 months ago
When I bought my first home in 1973 my interest rate was 8.5 percent and that was a good deal. Today’s first time home buyers don’t have that frame of reference and whine about 7% as a rip off. I have friends older than me (I am 75) who had mortgages at 13%. And they survived! LOL
timbob2313 Premium Member 2 months ago
MARCH 15-The National Association of Realtors settled the lawsuit against them and if approved by the court, along with paying $418 Million to compensate home sellers could cut real estate fees by up to 30%
lamberghini1956 2 months ago
Bought my home in 1974 @ 5.2 percent interest rate. That was considered a high rate then.
A# 466 2 months ago
This is what happens when interests rates are at present levels and most of what’s available in new construction are tacky McMansions.
I Play One On TV 2 months ago
Supply, demand, and a dollop of taking advantage. The population is growing, therefore demand is increasing. Supply stagnated during the pandemic, to the point where it was to costly to sustain construction when supply was available. Inflation took over the world as a result of the pandemic. In other parts of the world, it’s well over 10% still. Inflation hasn’t stopped rising here, but it’s well short of what it was just a year ago. Interest rate hikes helped cool inflation, but made it harder for people to get loans.
It’s likely that the worst is over. But it’s an American’s duty to complain. We have no concept about how lucky we are that we weren’t born in so many other parts of the world.