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  • Re: Mortgage demand from homebuyers drops

    From JAB@21:1/5 to All on Thu Aug 24 11:13:15 2023
    On Thu, 24 Aug 2023 08:17:50 -0400, Retrograde <fungus@amongus.com>
    wrote:

    Maybe

    Do read

    https://www.billtrack50.com/blog/investment-firms-and-home-buying/

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  • From Retrograde@21:1/5 to All on Fri Aug 25 08:58:52 2023
    What percentage of houses are bought by investors?

    According to data reported by the PEW Trust and originally gathered by CoreLogic, as of 2022, investment companies own about one fourth of
    all single-family homes. Last year, investor purchases accounted for
    22% of American homes sold.Jan 31, 2023

    https://www.billtrack50.com/blog/investment-firms-and-home-buying/

    Good article. Investors make it hard to buy a home, so young families
    are forced to rent. Then they jack up the rent so young families can't
    afford to save enough for a downpayment to buy. Situation seems ripe
    for a legislative fix.

    Too bad our legislators are mostly bought by corporate interests. Not
    all, but their job definitely requires the market to keep going up.

    Bad times.

    --
    Retrograde <fungus@amongus.com.invalid>

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  • From JAB@21:1/5 to All on Fri Aug 25 12:04:45 2023
    On Fri, 25 Aug 2023 08:58:52 -0400, Retrograde <fungus@amongus.com>
    wrote:

    Investors make it hard to buy a home

    In a larger city, several years ago, my niece was in a bidding war
    with an investor for a home owned by an individual. She has a six
    figure salary, so she was able to buy this home in a suburban area.

    There are short and long term investments being made. But, I suspect
    many local buyers will suffer when a biding war happens.

    California retires also impact some markets cause they have extra cash
    after selling their California home. In Colorado, unreal how much
    over the appraised price they will go to get a house. I don't follow
    Florida market, but I suspect the same bidding game by those from CA.

    So investors and retired Californians (and East Coasters) are screwing
    home ownership in various markets.

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  • From Michael Trew@21:1/5 to Retrograde on Fri Aug 25 22:21:55 2023
    On 8/25/2023 8:58 AM, Retrograde wrote:

    What percentage of houses are bought by investors?

    According to data reported by the PEW Trust and originally gathered by
    CoreLogic, as of 2022, investment companies own about one fourth of
    all single-family homes. Last year, investor purchases accounted for
    22% of American homes sold.Jan 31, 2023

    https://www.billtrack50.com/blog/investment-firms-and-home-buying/

    Good article. Investors make it hard to buy a home, so young families
    are forced to rent. Then they jack up the rent so young families can't afford to save enough for a downpayment to buy. Situation seems ripe
    for a legislative fix.

    I still say that people are looking in the wrong location. It's not
    feasible to live on the west coast or most large cities unless you are
    very wealthy. In my town, nice homes can be bought for $30k and up.
    Much of the mid-west is similar. I suspect this is the case in some
    other areas, but real fixer-upper condemned homes can be had for under
    $5k sometimes. I've owned several of them.

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  • From JAB@21:1/5 to michael.trew@att.net on Sat Aug 26 07:02:33 2023
    On Fri, 25 Aug 2023 22:21:55 -0400, Michael Trew
    <michael.trew@att.net> wrote:

    I still say that people are looking in the wrong location.
    In my town,

    Even is smaller cities, housing prices can be overpriced.

    Around here, overpriced homes...few built, so this skews price upwards
    since those looking have few choices. It's cheaper to buy homes in a
    larger city some 60 miles away.

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  • From Michael Trew@21:1/5 to JAB on Mon Aug 28 16:57:35 2023
    On 8/26/2023 8:02 AM, JAB wrote:
    On Fri, 25 Aug 2023 22:21:55 -0400, Michael Trew
    <michael.trew@att.net> wrote:

    I still say that people are looking in the wrong location.
    In my town,

    Even is smaller cities, housing prices can be overpriced.

    Around here, overpriced homes...few built, so this skews price upwards
    since those looking have few choices. It's cheaper to buy homes in a
    larger city some 60 miles away.

    Typically, housing is built in an on-demand type basis. In my shrinking
    area, homes are being torn down, not built.

    In your area, it sounds like people need to either build, or move
    elsewhere. May I suggest somewhere with cheaper homes?

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  • From JAB@21:1/5 to michael.trew@att.net on Mon Aug 28 18:26:26 2023
    On Mon, 28 Aug 2023 16:57:35 -0400, Michael Trew
    <michael.trew@att.net> wrote:

    May I suggest somewhere with cheaper homes?

    They do exist, but a person's commute time increases.

    Finding employment is the issue...where few jobs exist, generally,
    home prices are much lower out here.

    If a person can work at home, then not an issue....

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  • From rdh@21:1/5 to Michael Trew on Tue Aug 29 09:34:23 2023
    On 8/28/23 15:57, Michael Trew wrote:
    Typically, housing is built in an on-demand type basis.  In my shrinking area, homes are being torn down, not built.

    In your area, it sounds like people need to either build, or move elsewhere.  May I suggest somewhere with cheaper homes?

    Housing is not built on demand, it's built when developers feel they can
    make money on it. In the United States and Canada, housing is a
    commodity, giving people a place to live is not even a consideration.

    --
    ~rdh

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  • From JAB@21:1/5 to rdh on Tue Aug 29 10:59:14 2023
    On Tue, 29 Aug 2023 09:34:23 -0500, rdh <rdh@tilde.institute> wrote:

    In the United States and Canada, housing is a commodity,
    giving people a place to live is not even a consideration.

    GOP totally agree, but Democrats oppose...

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  • From Michael Trew@21:1/5 to JAB on Fri Sep 1 11:06:46 2023
    On 8/28/2023 7:26 PM, JAB wrote:
    On Mon, 28 Aug 2023 16:57:35 -0400, Michael Trew
    <michael.trew@att.net> wrote:

    May I suggest somewhere with cheaper homes?

    They do exist, but a person's commute time increases.

    Finding employment is the issue...where few jobs exist, generally,
    home prices are much lower out here.

    Around here, you do have to drive 45+ minutes toward Pittsburgh for good
    work.

    If a person can work at home, then not an issue....

    I've seen some communities advertising cheap property for remote-work
    types, hoping to attract people to settle down.

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  • From Michael Trew@21:1/5 to rdh on Fri Sep 1 11:07:40 2023
    On 8/29/2023 10:34 AM, rdh wrote:
    On 8/28/23 15:57, Michael Trew wrote:
    Typically, housing is built in an on-demand type basis. In my
    shrinking area, homes are being torn down, not built.

    In your area, it sounds like people need to either build, or move
    elsewhere. May I suggest somewhere with cheaper homes?

    Housing is not built on demand, it's built when developers feel they can
    make money on it. In the United States and Canada, housing is a
    commodity, giving people a place to live is not even a consideration.

    True, but if there's a demand, they will be built. Where I live in
    eastern Ohio, there surely is no demand.

    --- SoupGate-Win32 v1.05
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  • From JAB@21:1/5 to michael.trew@att.net on Fri Sep 1 11:01:46 2023
    On Fri, 01 Sep 2023 11:06:46 -0400, Michael Trew
    <michael.trew@att.net> wrote:

    If a person can work at home, then not an issue....

    ... hoping to attract people to settle down.

    Here's one: "Westcliffe, CO is truly a one-of-a-kind town. It's one of
    the last places you can live surrounded by natural beauty of this magnitude-without crowds, traffic, and eye-popping real estate prices.
    More and more, it's a refuge for people seeking an escape from the
    Front Range congestion."

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