Your friendly government drones at the BLS are telling you inflation over the last year is 1.4%. The charts below, based on actual prices, beg to differ. In addition, they say the owner’s equivalent rent is only up 2.2%, while the real prices for houses is up 14% over last year. Are Americans so obtuse they do not realize actual inflation is 5 to 10 times higher than their government is telling them it is? And the government uses this 1.4% bullshit number to increase senior citizen SS payments every year. The shit is so deep, you need to wear hip boots.
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Right. And Epstein killed himself.
Anyone who believes anything that comes out of any government entity is a mental deficient.
I have been saying this for well over a year now…housing is WAY WAY out of whack to the point that the same piece of crap, 1890 triple decker in Worcester, with balloon framing and lead paint, has gone up 17% from 2019-2020. With a previous increase of 16% from 2018-2019
That is a ridiculous amount and not supported when wages are flat and unemployment is still sky high.
It’s only been made possible by the good people at the Fed, who have held interest rates at artificially low amounts. 2.88% for a 30 year fixed mortgage.
So people are paying much more and thinking it’s “affordable”. Anything is affordable until it ceases to be affordable for the person paying the bills.
And if you have been unable to collect rent lo this past year due to Covid moratoriums, nor can you excise the non payer from your domicile, then it becomes very unaffordable. Because while you may be able to keep paying the mortgage, you are still basically letting strangers live for free, use your water, sewer, trash services, fixing shit, paying taxes, all the while collecting ZERO.
So affordable.
When the market takes a big, steamy, hairy dump it’s going to be really bad. That 420,000 you paid for your 131 year old fire trap will be a fart in the wind amongst all the other 400K fire traps inhabited by non-paying, EBT collecting, non-producers.
You will contact me and plead for a short sale, to which I will tell you you have a better chance of meeting Jesus at the Walmart.
Owners will walk away, en masse, and leave the banks to deal with the roaches, trash, broken doors, hookers, crack pipes, and unpaid taxes and water bills.
That same 420K triple decker will now be worth about 80K, which is really at it ever was worth anyway.
And anyone with more than 2 brain cells to rub together who has cash will buy them.
And the cycle will start all over again.
Can you feel the unity? Feels affordable, doesn’t it?
I saw the real estate market tank in OK in the early 80’s. The house I paid $82K for with an 8.5% mortgage in ’81 appraised at $40K in ’85 and there were more than 40,000 houses either on the market or in foreclosure in OKC metro area. It was impossible to sell anything.
I lived in Houston when the poo hit the fan, 10’s of thousands of home were underwater. People I know just left the keys on the counter and walked. It was a depression, but hey CA and the North East kept going up in value till the 87 crash.
In 81 when I was living in Prince George the interest rates went to 21% and people still bought houses… No depth to stupid. There were many many homes where people could not afford the payments and just walked away from the house, only to find few places to rent.
That scenario taught me that there were cycles in markets, metals, stocks, housing etc. I stayed out of the markets and went real estate and later metals. Only thing I’ve done well at. Now I’m biding my time for the right piece of dirt, more remote, that we can toss some chicken and hogs onto again.
High interest rates are the best time to buy a house, no?
Buy high, sell low. What can go wrong?
Price is highest with lowest rates, no? Price is lowest with highest rates, no?
Price goes up or down when rates go lower over a decade or 2? Price goes up or down when rates go up over a decade or 3?
You won’t be sorry. Sounds like what a lot of people should be doing right about now.
Have they been grocery shopping or bought gas for the car? Even Howdy Doody the clown at Transportation is going to raise gas taxes. Working from home while smoking a big bowl full of Colorado’s finest is a self defeating action.
“Are Americans so obtuse they do not realize actual inflation is 5 to 10 times higher than their government is telling them it is? ”
I laughed until I cried.
I laughed until I cried.
Better that than no laughing at all. I don’t know of ANYTHING that hasn’t gone up in price. My leebrul siblings trashed Trump and worship Biden. I wonder how much worship they will continue to heap on the braindead insect once the effects of all of his ‘executive orders’ hit home. Inflation and stagnant or no wages…yeah buddy.
Biden didn’t do this, but it’s a good example. Kroger is closing down their two properties in Long Beach, a Food 4 Less and a Ralph’s due to the city council’s decision a sizable portion of their staff deserves “Hero Pay” which is an extra $4 an hour FROM THE COMPANY.
I’m looking for a retraction story or the council rescinding the order and begging Kroger to stay. Supermarkets bring in a ton of tax revynew!
Obviously, they do not go to the grocery store or they would see the inflation on food that we all buy each month. Xiden has driven the price of gasoline up from $1.82 pre-election to $2.29 and rising. Most of us buy gasoline regularly. Clothing is up, even though we don’t all buy clothing regularly. Don’t even get me started on the cost of toilet paper and paper towels.
The dept coming up with these numbers should be named the BS Dept.
You can always make your own toilet paper. Here’s a handy reference that not only makes toilet paper but is also loads of fun for the entire family….
https://www.ehow.com/how_4514690_make-toilet-paper.html
And, never toss those mismatched socks…
?q=50&fit=crop&w=740&h=967&dpr=1.5
OTOH- During warmer months, leaves are free for the picking. 🙂
Inflation buster tip for the day.
Just make sure you grab the right kind of leaves…..and….never flush those well used leaves, compost them instead. Yum.
I just hope they’re not stupid enough to flush those things.
Unleaded regular at the Chevron down the street here in SoCal is $3.69. Newslum just increased the gas tax a few month’s ago. Haven’t seen any of that go into fixing our roads.
Silly Deplorable, taxes are to give handouts to illegals, not to fix roads. Tsk, tsk, how 20th century of you.
And let’s not forget “shrinkflation…” Does anyone not using trendy chemical mood modifiers actually believe that eight rolls of Charmin is equal to twelve rolls of “the other guys?…”
I have an old roll of TP that I have had under the sink for around 3 years, as a backup and it is at least 1″ wider than the current rolls. it was a “double” roll that is bigger in diameter than the “8 = 24 triple” rolls we buy now.
No soup for you!
Shussssssss, don’t make em’ mad. I hear we’re getting a 1.3% increase in SS payments this year.
I tried to downvote myself X 1000 but couldn’t.
BASTARDS.
That extra $15 – 20 bucks a month will sure come in handy.
Well as long as no one eats, drives or heats their houses, we’re going to be just fine.
They are pissing on our heads and telling us it is raining.
Might make you feel a little better, knowing that the US is not the only ship in this shitstorm.
Clearly the BLS statisticians are on a gov’t Cadillac healthcare plan. Because if they were paying the insane rates that we are paying on the private market, they be squealing like scalded hogs about inflation.
A lot of it is in how they weigh things. The stuff you provide graphs for makes up, what,4.5% of the index. Actually much less. Food is only 14% of the index. The wacky balances that they use are bizarre when you look at it. For instance, non-alcoholic beverages make up 0.9% of the index, and fuel oil makes up 0.08% while alcohol is 1% and tobacco products is 0.6%. Thus, to the BLS, booze is 12 times more important than fuel oil and just a bit more important than non-alcoholic beverages. Milk and airline fairs are of essentially equal weight. I don’t know about you, but in *my* life, milk is much more important than a ticket to Vegas. They don’t have to play with the actual prices — they just have to play with the weights they give each one.
You forgot rent. Most of the want to be rentier class can’t absorb 3 months of a vacancy without losing their property as their deplorable “renters” carry 100% of debt and have their deposits stolen for capital improvements, not wear and tear, upon termination of the tenancy.