Housing market 'rule of thumb': Whatever Biden does will make it worse, economist says
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- Опубліковано 22 кві 2024
- Heritage Foundation economist Peter St. Onge offers his analysis on the housing unaffordability crisis on 'The Bottom Line.’ #bottomline #foxbusiness
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Great video! For 2024, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
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They aren’t making it worse by accident ?
Economic warfare.
It's a mixture of incompetence and willful destruction.
Ok, TINFOIL!!!
When you've been set up for failure for a few decades you realize that this is all by design f*** Democrats and the establishment everything was better under Trump 24
Obiden admin, getting rid of American citizenry by multiple methods.
You make 40k after taxes you CAN'T afford a house or rent. End of story thats 80% of America.
@KentuckyHillbilly - That's right and they forgot to mention another hidden mandate, PMI. Private mortgage insurance you are forced to buy if you can't pay 15% down. That insurance does not benefit the buyer, if you fail to pay your mortgage for any reason and you house get foreclosed, the lender gets the payoff. The buyer is still the loser and gets the bad credit rating to boot. I have seen new condos her in TN advertising prices in high 200s and others (not luxury) advertising low 300s. Bottom Line: if you don't have at least 45K down, you are forced to pay PMI every month added to your payment.
@KentuckyHillbilly - I meant to say those prices are "starting at" which means the smaller units. Those prices are not for houses, condos and town homes that are multi unit connected which means no yards for any children you might have. And that is only two of the thirty plus new subdivisions along hwy 31 in the Maury County south side of Spring Hill, TN. Intro prices are much higher in Williamson County on the north side of SH, approximately 40 miles south of Nashville.
Everything has massively Increased in the last 3 years. Groceries. automobiles insurance real estate. And the Biden's happy talk that this is a new normal get used to it.🤨
Get used to it.
it's called corporate greed.
Home prices increased FAR more during the Trump admin than during the Biden admin. There's no comparison.
"You will own nothing..." This is the first step, allow Corporations, Governments and foreign entities to own all housing. Basics of life: Shelter, Food, Water...they will control it all. They already taken away collecting rain water, they are clamping down on gardens and gardening...and now housing.
Chicago Mayor was talking about government owned groceries so we are not that far off
Thanks for the advice! I'm new to financial planning and wasn't sure where to start. Any tips on finding a reliable financial adviser or resource to guide beginners?
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Ya im a millennial and im screwed. Houses here in North Idaho are 500k. Average job here is 20 a hour. Ya no fing way
Maybe if you eat some bugs, you might be a bit happier owning nothing.
@@Ravi-rl8tt Well I guess... I mean I was living in my car for a year while working. Wasn't happy. Had some money tho. Didn't own much besides my car. Idk if I'd want to eat bugs tho. Maybe soy prison patties?
@@ajion9070 That’s the problem. You owned a car. Uncle Klaus will not be happy. Just collect some UBI and rent your pod man.
that's how you know things are overpriced, save up your 20% for when things go back down, it should happen again like it did from 2008 to 2013
What if you get 2 jobs? That's $40/hour.
With prices increasing we are so lucky to have our spacious 4 person tent with no mortgage and a easy push shopping cart with no payments. I think people just want too much in today's world.
I just upgraded from cardboard to milk crates.
@@charleslavoie5402 That is great! Keep going and good luck to you. Any upgrade is good.
No more high inflation Joe.
Bidenflation?
it's called corporate greed.
The president runs the US just as much as the queen runs England. Corporate lobbyists don't give billions every year to *all* politicians for nothing
stop federal spending OUR money overseas. then drop interest rates below 5% which makes it fair for home buying.
Stop big corporations from buying cookie cutter homes then renting out on zillow and air bnb
make home owners insurance affordable and accessible since most want to dip out on most states.
the laundry goes on ...that is just the cliff notes.
Sounds like a ton of government intervention in free markets. But I'm sure you're the first person to call Dems Commies.
Again RATES aren't the problem. Prices are too high
Oh yea, rates mean zero!
Rates are the problem. No one is going to sell their home that has a 3% interest rate to buy another house with a 7% interest rate.
This is just the start of the end
USA needs 20 % rates.
And everyone will still vote blue and complain
Its not the rates. We've had high rates before.
1) Its the carrying costs. HOA's, Insurance, property taxes, maintenance cost (due to no skilled labor).
2) its too many middle and upper class owning multiple homes. Leaving many empty and off the market. Thus, driving up prices.
Back to the Obama housing crash!
You are right about this. 😂
great guest. hard to find an economist who's able to simplify the b.s. going on in financial markets and policy like peter
Increase supply, that's the only cure.
So I've been saying this that inflation compounds because if you're a pay goes up, 20% tax is also go up. You may even go into the next bracket and also if my costs go up 20% that means my school district, my county, my township, my state, even the feds all their costs go up. So now my taxes also go up. So don't tell me that a 20% increase in wages which I don't have is going to make up for the rise from inflation
They call it the American dream because you have to be asleep to have it
Tell me one thing the Democrats have made better for most people???
My first mortgage payment on starter home in 1977 was $152.00 a month second home $342.00.
Housing in this country is permanently unaffordable. If you’re rich you’re not affected. Any move the Fed makes will make prices skyrocket again. We now live in a nation of renters.
Insurance costs also rising!
Im in unplanned retirement due to change in management and have a fixed income -Im terrified insurance and property taxes-especially insurance will drive me out of my home and I couldn't afford to live anywhere else in my town . Rents are higher than my mortgage. I'm not the only one I know. Ive never had a claim. Already gave up my car to make it work. Now this. I dreamed insurance cost would be my downfall.
Everything was better under Trump that's the truth we are being set up for failure Bidenomics FJB
No we're wasting money on groceries and basics no one's going on vacation around here everything is turned to s*** under Biden
That's bidenomics. It's working
it's called corporate greed.
With interest rates so high after being low for years, nobody wants to sell and get a new mortgage so there aren't that many homes for sale
How about insurance costs? If you can even get it
Well, in California it’s nearly impossible to build…….anything!
When will we realize we can't afford paying the executives these ridiculous salaries
Fox Business⚖ stop:
Back Donald J Trump back okay work vote 2024
Corporations and foreign investors inflated the prices. Just look at Canada. Same pattern.. if you don’t see it you haven’t been looking hard enough
What does this have to do with the NICER Permission Ledger Forgery Proof Inheritance?
Its world wide not just USA, Australia is in its worst housing crisis in history both affordability and vacancy rates for renters this bubble has to burst eventually and only the big corporations win with record profits.
And trillions to wars the average person has nothing to do with.
Correct! this is world wide and done on purpose. They want us to accept their do without and do with less strategy. I dont effing think so.
My son and I wanted to buy a house but I don't know if I'm going to live long enough to see it. To leave him anything
We are living in very difficult times. I call it the "age of the rip-off". Even here in Europe, housing has become unaffordable. I am German and live in Germany. Most people rent here because condominiums and owner-occupied houses have become unaffordable. In the big German cities, a small condominium already costs several hundred thousand dollars. Even in Europe, the salary of most employees is barely enough for daily survival. People only work to pay the bills. There is hardly anything left over. In Germany, 20% of the population are at risk of poverty. The German press recently reported on this. Best wishes to all! 🇩🇪 🇺🇲
No discussion to push for lowering the cost of living…the 2008 crash has side effects and big business still has to lose massive valuation by correcting the corrupt system which was bailed out so the wealthy group don’t become average Americans
In the early seventies I remember my mom paying 20% interest and you people are whining.
They're not building enough new single family homes, considering the weather attacks and fires etc. They need to increase the pace building of homes.
I'm kind of busy already working 60 hours a week, but I'm working on figure how to get into entry level housing
@@jasonsharpbuckswhere's your partner making the other 80k?
Life is simple for me. Rent go up. I go bye bye. Have fun with the next tenant, landlord.
Joe Biden's America. 😢😢😢
YOU WILL OWN NOTHING.
😂 I like how they put it. Whatever Biden touches, it would 💀
Restricting rampant immigration and foreign ownership is a step toward the solution.
So people who cross the border with only the shirt on their back are going out and paying cash for $500K houses, driving up home prices? That makes zero sense.
FJB
40 year high inflation, and 40 year high in unaffordable homes. Could the 2 be connected? Did President Carter overspend as much as President Biden?
Idk but this seems like Ww3 to me if the interest goes up anymore we are going to half to find a solution to this problem you guys are creating
Government letting landlords and insurance companies raise price every year uncheck will only cause people hardship to the point that people will only be able to spend on housing and food and nothing else.
I'm curious, are you a Liberal? The government interfering in free markets sounds very Liberal.
Lotsa whining. This is America, land of greed.
You can thank the working class, these rich corporations, government care acts that they so not desire what needs of old generations that never fought for any important values to keep at bay
in our right and interest for a life in the richest country on earth.
Only if you can get a loan only if you can get a mortgage you can't get a loan for a bicycle these days
A NEW DIET FOR AMERICANS - INSTANT NOODLE PLAIN?
Dagen 🔥
Waaaaahhhh!!! Save us Honest Donnie!!!
Is it as blsfl as they say being ignrnt and n denial? Corporate greed? That’s all you got? Btw, I agree that corporate greed is a problem but it’s number 2 behind the political establishment. You know, the ones who’ve sold us out to the greedy corporations. The ones who’ve prioritized industrial complexes over citizens. Bidn is of course, one of their top members. I see you a lot on here. How about being honest and real and looking at this admn for what it really is? A failure. Border, economy, Afghanistan, foreign policy, as a whole, pandering to a ridiculous base of woke children, etc.,etc. 🤦♂️
I have seen most homes in my area more than double since Biden has been in office. 😡
Biden doesn't set prices, genius.
That's patently false. I own four houses, and they increased FAR, FAR more during the Trump admin. Why are you lying? Or are you just willfully ignorant of basic economic data?
IM TAKING YOUR SAFETY AWAY.
We need a new tax entity to permanently combat inflation and encourage marriage and family. We need the "Family Corp", F corp allow a family to be taxed as a corporation and write off operating cost of the family.
Families already get all sorts of tax breaks (deductions for dependents, etc.) that single people don't get.
We do need to throw some blame back on irresponsible buying habits. People boobing about not being able to pay their bills but buying $6 Starbucks twice a day and tipping Uber drivers $20 to bring them their food so they don’t have to go get it themselves!!!
People drove house prices up in 2020-2021 with irresponsible buying! With interest rates low they decided they needed bigger more luxury homes and were literally fighting over them. Bidding houses up in bidding wars and buying site unseen. There was a home buying frenzy and because of low interest rates people were bidding houses up 100k or more above their value. The increased prices of homes in the US was driven by consumers and irresponsible spending.
It will crash. Foreclosures have already started… but next time you think about renting an Airbnb keep in mind that those people are using a home that is supposed to be a place for someone to raise a family as a hotel. Driving up home prices and driving up hotel prices. Airbnb should be banned!
You can't ban a business model because of your feelings.
Thanks Joe Biden
I cant do another 4 years of joey. We want to buy or 1st home before we turn 40 an we both 39 so doesnt look like thats gona happen anytime soon thanks joey.
Stop blaming President Biden for your personal shortcomings and failures.
OLD AND EATING RAMAN
When the housing market crashes and the Credit Card debt all hit our economy. We will see JB's Recession or possibly a Depression.
Women's sayings he wazint man's enough for women's all over the world s global depression is the
But no mean tweets, so it’s all good.
It’s not the rate, it’s the price tag and the price tag is triple because LGB destroyed our currency with endless printing 💸
Homes are not price right! A lot of questions and wealthy jobs but no answers.
😎
Just remember what the Economic forum says you don’t own nothing
solid reality check... great reporting.
Home ownership is not real, you rent from the town! They just switched out the word "Rent" with the word "Property tax" so you will maintain the place. Go to the town some time and take a look at the 10 inch think lease of rules and regulations. Its a lie!
Spoken like a true renter.
@@thejuicerr Or a seasoned landlord that's been through a lifetime of gauntlets. But has nothing to do with that, knowledge of real-estate. I just understand the definition of ownership and don't let the system cloud my mind. I'm not a sheep baa baa ha
@greensandbeansgaming1358 As a "seasoned landlord" you should know that paying property taxes is nothing next to the wealth a house generates. Nobody likes paying taxes but housing still generates a lot of wealth.
@@thejuicerr You make it sound nice. It's a tool at best to make a little money but it's not ownership. Remember tenants pay 100% of the property tax. So, if I don't have to pay tax I can lower the rent.
@@thejuicerr Don't forget all the Property Tax you pay when you go to the grocery store for a sandwich. Each one of those ingredients come from a different factory then a different farm before them which each of them pay a ton of property taxes that all goes into cost of production and passed to you. Now multiply that by everything else you buy haha.
The "Economist" is a MAGA Cultist 😂
Raise interest rate until home price correct 30%
Something definitely needs to be done, there is no excuse for the current housing situation. doesn't make sense how landlords can own 2, 3, 10, 100 different properties, and 40% of the people renting them think they'll never own even 1. a lot of it is favoritism and preferential treatment at the bank between buddies.
Americans can not afford to buy a house and Slow Joe wants to spend Another 7 Billion for Solar Panels! LoL 😂😂😂😂😂😂😂😂
it's called corporate greed.
Make it illegal to own more than one home
Noo, Shut up. Im keeping my profits.
@@BleuBelair lol this made me laugh NGL
Move to a communist country, you might just get your wish.
Get the drama queens off the air 🤡📴👈 And menopause isn't working ever 🗣️🗣️👈😂
😇💙💙💙🙏🇱🇷
Didn't trump brag about making billions selling over priced real estate?
Didn't JOE BIDEN STEAL CLASSIFIED DOCUMENTS AS A SENATOR FROM THE SKIFF?
Biden is running the show not Trump.
@@tomhamilton9140
JOE BIDEN IS A LYING TREASONOUS TRAITOR
What does that have to do with the current inflation/prices? Try and keep up.
An economist on fox?😊 . A Trump U. Graduate for sure. Such BS. 🤣🤣🤣
Fox news lie's like don's and cons everytime 👈😂
No you are just blind and believe the communist Dems lies. What a fool you are!!!!
Wow pekker just thru trump under the bus !!