Yes.

Sadly. even a crash in prices of 50% won't do much to resolve the affordable housing crisis,  Most of the price drops will come in Luxury Housing for the rich.  Even if prices come down a little with the low end housing, there's still not enough of it because it hasn't been profitable to build it, and falling prices will not inspire capitalist builder to break ground on more of it.  In addition, with recession coming, job losses will result in still MOAR people getting evicted or foreclosed on, leading to bigger homeless numbers.

Timing is important alsi here, since if it hits before the election, that mat affect the voting significantly.  Not that it matters much who wins.

https://www.noradarealestate.com/blog/will-the-next-housing-crash-be-be-worse-than-2008/

Will the Next HOUSING CRASH Be WORSE Than 2008?

RE

You found a self serving website.  Of course they want lower interest rates.  They are on the selling side.  They are chock full of short term fixes.  They got their mind on their money and the money on their mind.

The current housing situation is the result of years of inaction.  Total political social bad faith, and sloth.  Failure to regulate 'the market' has now priced most Americans out of the housing market to a point where it can no longer be ignored.  Blind faith in the unregulated manifestation of capitalism has screwed the pooch.

The wisdom of the market however is capable of fixing things.



Inflation to the rescue.  Billionaires become trillionaires.  Houses are affordable after the savings of the working class is drained.  That is the key point.  After 'everyone' is broke and everybody in a service job now earns a hundred bucks an hour.  Houses are affordable again.  Decimation has cleaned things out.

It works because not everyone goes broke.  The owning class still owns the same stuff, and more since the middle class is wiped out.  If you have enough money, your money knows how to stay ahead of inflation.  Enough being far more than the average person has.

Shit always rolls downhill under current arrangements.  A holder-over from medieval times.  The system survives and current arrangements are maintained.

NIMBY is real problem also. People like the idea of greater housing stock and lower prices but God forbid you build a real estate around the beautiful countryside that MUST be preserved! If houses get built I might have to associate with the chavs so build it somewhere or else I will vote my local MP out! It is this attitude that leads to a horrendously complex planning code that stifles development.

The other major factor in houses not being built is no one wants to develop cheap accommodation. Everyone wants to build luxury apartments because the profit margins are larger. That is why proper social housing has only been the domain of governments as their primary concern has not been about profit maximization. Issue is most governments don't have the appetite for this and even if they did, they are too broke to build houses at scale. Due to this the problems get worse as housing stock does not match population growth. This is especially the case in the big cities where the jobs are.

Nice 2 hear from U Monsta!    Howz collapse progressing in Jolly Old England?

RE

Quote from: monsta666 on Aug 04, 2024, 01:12 AMThe other major factor in houses not being built is no one wants to develop cheap accommodation.

Homes have been built where I live at a steady rate for twenty years. The newest development is about half a mile away.  I live at the last place around Lake Washington to be developed.  The new development paves over the last hobby farm in the area.  It had a few horses.

No home near us has been built smaller than ours in all that time, and we have 1700 square feet.  Americans can't afford them, but there seems to be a never ending stream of Chinese Ex-pats ready to buy them. 

I did not buy Halloween candy last year.  We had no kids.  Every year there were fewer kids until there were none.  New families can't afford to live here.  But the new schools all could win architectural awards.

Older Chinese women have no fashion sense.  They like to take walks for exercise wearing a mismatched patchwork of colors.  Usually alone.  Indian women always walk with someone else.

Quote from: RE on Aug 04, 2024, 08:04 AMNice 2 hear from U Monsta!    Howz collapse progressing in Jolly Old England?

RE

Yes, good to hear from you Monsta.  Are you hearing anything about things?

I tend to follow British events and a follow few of your presenters.  I get the impression quality of life has taken a hard hit where you are in the last couple of years.

Thanks for the well wishes. Not sure if things are worse in the UK than elsewhere. We got the same issues you see everywhere i.e. the cost of living is increasing at a faster rate than wage growth. Fortunately for me I do get yearly wage increases which is more than what can be said for others.

As for news, the biggest thing doing the rounds are the riots taking place in various cities. It is ostensibly about immigration but really it mostly racist idiots running amok. The catalyst for the whole thing was a stabbing but it turned out the culprit was a native British citizen. His nativity is only called into question simply because of the colour of his skin. In any case with him not being an immigrant or a Muslim their primary argument does not apply.

It is not the first riot nor would I expect it to be the last one. I do think it will die down once people get bored and the new football season starts in two weeks time. I expect the people who are currently rioting will soon rather be watching the footie. I suppose you could say that is similar to the games in Rome. Things change but don't change.

Sad to hear it is racially based.  But since it is, our news has suppressed the identity of the perpetrator and the motivation of the miscreants.  Any reference to the triggering event is children murdered.  No elaboration whatever.

QuoteWhat started as targeted anti-immigration demonstrations quickly descended into directionless disorder. A library in Liverpool, reopened in 2023 as an "education to employment" service for people of all abilities, was set ablaze.

All we get from our mainstream media is lies.

It's about time.  This movement needs to go global.  It also should be the main Platform the Dems run their next POTUS candidate on.  I am working on the details of this platform now.  I'll publish it this month before the election.

RE