New home sales surge to 10 year high MAGA

Werbung:

MAGA defined as "Mindless Androids Genuflect Again. From your article:

"More than two-thirds of the new homes sold last month were either under construction or yet to be started."

Now, what of existing homes which is what most working class people can afford to buy:

https://finance.yahoo.com/news/hurricanes-harvey-irma-expected-impact-173000298.html
  • “The housing market’s potential for existing-home sales declined between July 2017 and August 2017, as home building permits, a leading indicator of future housing stock, have declined in recent months.”
  • “The market performance gap widened as actual existing-homes sales declined in July because of increasingly tight supply. According to the National Association of Realtors (NAR), the number of homes listed for sale has declined for 26 consecutive months, dropping 9.0 percent over the past 12 months.”
  • “The combination of home price appreciation driven by inventory shortages and the rise in mortgage rates over the year prior has had a meaningful impact on affordability. According to the First American Real House Price Index, affordability is down 9.3 percent in July compared to a year ago.”
 
Last edited:
Depends on where you are.
Along the California coast, houses routinely go for over a million bucks.
Not mansions, just houses.
In London and some of the larger cities the price of buying or even renting is astronomical, thus nurses and school teachers and similiar "neccessary" lower paid workers just don't have asnowballs chance in hell of affording to live near where they work. At the moment we have various initiatives to build houses/apartments that are part subsidised part financed by local authorities so that these people can actually get to work from where they live.

I assume you guys have roughly the same?

We are told that there is a housing shortage and since we have let in 100s of thousands of immigrant workers over the past decade is there any bloody wonder!!
 
In London and some of the larger cities the price of buying or even renting is astronomical, thus nurses and school teachers and similiar "neccessary" lower paid workers just don't have asnowballs chance in hell of affording to live near where they work. At the moment we have various initiatives to build houses/apartments that are part subsidised part financed by local authorities so that these people can actually get to work from where they live.

I assume you guys have roughly the same?

We are told that there is a housing shortage and since we have let in 100s of thousands of immigrant workers over the past decade is there any bloody wonder!!
Sounds about right. People have long commutes to work in those expensive areas, unless they can somehow afford to lay out 8 or 10 grand a month for a mortgage, or spend 3/4 of their income on rent.
 
Depends on where you are.
Along the California coast, houses routinely go for over a million bucks.
Not mansions, just houses.

Not just Cal., look at places like Bullhead City, Az., or Lake Havasu, Az. Then there is Bend, Oregon where the average price has topped 400,000. Wages have never kept up with the inflation of housing especially since the last recession.
 
Not just Cal., look at places like Bullhead City, Az., or Lake Havasu, Az. Then there is Bend, Oregon where the average price has topped 400,000. Wages have never kept up with the inflation of housing especially since the last recession.
How are you guys dealing with this situation? I mean how do teachers or lower paid workers afford to live in these places, is there (decent) subsidised housing schemes?
Its great building houses but if know one can afford to get on the bottom rung of the houseing ladder how does that affect those further up it wanting to move?
Buy to let schemes still won't work as the rents you need to charge to service the mortgage interest still mean that those lower end of the wage scales are struggling to pay the rent. This is the problem here there are more and more people living with parents because they cannt simply afford to move out even when they are in full time employment.
 
How are you guys dealing with this situation? I mean how do teachers or lower paid workers afford to live in these places, is there (decent) subsidised housing schemes?
Its great building houses but if know one can afford to get on the bottom rung of the houseing ladder how does that affect those further up it wanting to move?
Buy to let schemes still won't work as the rents you need to charge to service the mortgage interest still mean that those lower end of the wage scales are struggling to pay the rent. This is the problem here there are more and more people living with parents because they cannt simply afford to move out even when they are in full time employment.
We are dealing with the situation by continuing to build houses that the average person can't afford. Small houses are difficult to find in areas where people actually want to live, so they buy houses that they can't afford and then often lose them.

It's a lot like the situation back in '08, only they're not building quite as many as back then.
 
Werbung:
Obviously we are not dealing with it.
Best example near me is the DC area. They keep developing in the area bringing more people into there but with an unbalanced ration of commercial to residential.
We don't know how to say no to development.
After a while you are full, but developers keep gobbling away. It's a big country, you don't have to locate on NOVA.
 
Back
Top