Have you seen or heard these facts from the MSM talking heads? They are building more houses and apartments today than any time in history. We have entered a recession and the Fed is raising interest rates. The feckless politicians and Wall Street whores aren’t warning anyone that this would be the worst time in history to buy a house. I’m warning you. Don’t be a fool, like those who bought at the top in 2005/2006.
“Combined, there are a record 1.680 million units under construction. This is above the previous record of 1.628 million units that were under construction in 1973.” – Via Calculated Risk
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It is my sincere desire to provide readers of this site with the best unbiased information available, and a forum where it can be discussed openly, as our Founders intended. But it is not easy nor inexpensive to do so, especially when those who wish to prevent us from making the truth known, attack us without mercy on all fronts on a daily basis. So each time you visit the site, I would ask that you consider the value that you receive and have received from The Burning Platform and the community of which you are a vital part. I can't do it all alone, and I need your help and support to keep it alive. Please consider contributing an amount commensurate to the value that you receive from this site and community, or even by becoming a sustaining supporter through periodic contributions. [Burning Platform LLC - PO Box 1520 Kulpsville, PA 19443] or Paypal
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1973? Good God man, how much larger is the population now vs then? Also, I heard there are over 3,000,000 invaders coming across the border every year.
Best time to buy. Lever up and buy multiple properties. It’s the can’t miss investment of a lifetime.
Are you joking or serious? Buying now or in two years from now?
After all, YOU were the one that sarcastically mentioned how the apartment saga was an indicator of your superior real estate investment skillz.
Sarcasm
206 million in 1973. About 346 million now. All the result of immigration.
And 50 million in 2025. All the result of Deagel.
20% more housing units being built today than at the 2006 peak. I’m sure this time we won’t have a 6 year decline, with home prices falling 30%. Right?
This time is different/s
No, because Blackrock will buy them up with unlimited help from daddy government.
Admin, I’m only taking the opposite view as you so as to make it a 2-sided argument.
Try 60% or 70% declines in some of the bubbliest markets.
25+ yrs. ago. Tract homes, Cranberry township, Pa. Started @ 450K. Property (75 -90 % ‘School’) tax at nose-bleed levels, even then.
WTF?! i inquired of myself. Turns out, a nascent example of ‘interest ONLY’ semi-locally.
they’re still building like crazy around cranberry/adams/forward/jackson townships, always creeping north, away from allegheny county.
talk to people in butler and they ask, “who’s buying all these places (not all but many ryan homes)?”
nobody seems to know, but i know in one of the large developments it’s majority indian/pakistani peeps.
I am looking for land to build my retirement home. One parcel I am interested in sold for $50k in 2021. Now on the market for $147k, wont take a penny less.
A house I considered in 2020 went back on the market and sold less than 18 months later for $100k over the original price.
More housing is sorely needed but not leveraged McMansions and that is all I see being built.
Yep, where I live, there is no such thing as a starter home being built.
Even if you can pay for the house, property tax and ulitity bill will likely increase drastically along with food.
Buy a small house but have a big savings account.
We’ve stayed in our starter house for that very reason. We put kids through Christian School, payed cash for college, and built a retirement all while my wife was able to stay home and be mom to the kids rather than another paycheck. They payoff will come in a few years when I get to play with my grandkids.
Beautiful.
both the land and lumber prices are coming down here in Northern Idaho (redoubt) after a 200% increase from people escaping CA. In a year or two, land will be back down to reasonable, and lumber stabilized.
Wolf Richter, a few days ago….
Prices of New Houses Plunge, Sales Crater to Lockdown Level, Inventories Pile Up to Highest since 2008
New house sales plunged in every region compared to June last year, but plunged the most in the Northeast:
Northeast: -37.9%
West: -32.9%
Midwest: -22.1%
South: -8.7%.
Supply of unsold new houses spiked to 9.3 months of sales, same as in May 2010, and both had been the highest since April 2009, during the depth of the housing bust. This is a huge amount of supply…
Potential homebuyers gaze at holy-moly mortgage rates
The average 30-year fixed mortgage rate, according to Freddie Mac’s measure, was 5.54% in the last reporting week and has been above 5% since mid-April. With each increase in mortgage rates, entire layers of potential buyers abandon the market as long as prices remain too high…
Homebuilders struggle with the worst construction-cost inflation ever
Construction costs of single-family houses – excluding the cost of land and other non-construction costs – spiked by 17% year-over-year, and has been in that range since December last year, the worst spike in construction costs ever in the data going back to 1964
Was over to Vegas this past week, housing going up in every direction.
If the national birthrate is down, they why the crazy housing boom? Are the Federal Thuggery importing that many immigrants?
Leveling off and being price reduced. I believe the Vegas valley homes sales are leading the nation in canceled offers now.
No one was ever held accountable for 2008.
And Main Street was punished for their acquiescence. But, as usual, BTFD.
Vote Zelensky for Global Pharaoh. He promises more straw for our mud bricks.
Daughter works for a national mortgage company and has been travelling throughout her region closing branches. They were hiring people and adding branches 2 years ago.
At least we are not officially in a recession. /s
We talked to some masked builders in the Salida, CO area in October 2020.
They said they have a 3-4 year wait time to begin construction on a house. I wonder how it looks now.
What is a “Masked Builder”?
A builder that puts a surgical mask on as you walk the land together outside. Not someone I want to do business with in any market. Unless he moonlights as a surgeon when real estate crashes. And then not either.
I bought my house in 04/2009 for 30 cents on the dollar at the current at that time valuation, and it’s valued now at 25% higher than it was back when I bought it. That works out today as a housing bubble 25% higher than the bubble back in 2006/2007. I will not be surprised if my house value drops by 60+% from these current levels. I will also not be surprised if my property taxes do not drop along with the property values drop if it comes.
You must live in Illinois, because our property taxes went up quite a bit when our property value decreased by 35% back in 2008.
I’m in Northern California…
and besides the property taxes, I don’t expect property insurance to go down any either. Values go up, fees and taxes go up, values go down, fees and taxes don’t.
Fine,looking for acreage(20+) with some kind of home so I do NOT have to build to new regs.!
I actually see that happening,just going to ride the downside longer,see it locally coming to fruition!
Till then,saw Tesla for the third time this year and not only a excellent show but as always a excellent crowd!
Damn,I love this band!
,this was May show but also played today.
On a side note,notice the old signs in rafters,I.e. Jethro Tull(me favorite band!)hanging from the Aqualung Tour days!
James, what’s your favorite song? Mine is…
Starting around 1998, my company started concentrating on SFR issues, namely out of service heating oil USTs (contaminated soil/groundwater), asbestos & mold/moisture control in crawl spaces, mainly in the Charlotte & Piedmont Triad area (W-S/Greensboro/High Point). Until 2o07, handled 400+ SFRs annually. 2007? 165 through November. Sold my Charlotte condo March 2008, bottom fell out 6 months later. That happened in the Triad late 2007.
They are building HUGE apt/condo complexes like crazy all over Charlotte. 20+ stories, salt water spas, dawg runs/day care, you name it. SFRs outta the aiss into every neighboring county.
2021-22? The scamdemic killed my biz…-60% but started to pick up last December. Died again in mid-July.
This will end badly again, and I sense that BlackRock ain’t immune this time. Tidal wavebankruptcries.
And, we are at the bull market top of NCAA Football. My family has been involved with the SEC since the early 30s. A 3rd cousin is the head of football operations at some skool in West Alabama.
YES but then there’s Florida.
What do you tell your kid about buying or not buying a house in Fl???
Yeah, it frickin nuts and the downside is tremendously steep but then, it’s Florida.
I’m hoping he gets over the idea soon.