Trump to propose 50-year mortgages - bringing affordability to home buyers

Home prices are NEVER going to drop (im not referring to corrections) for multiple reasons. Go take a basic high school economics class. (its called inflation).

We do have other affordable options. Modular and mobile homes. But as you pointed out, everyone wants large houses. Lazy entitled americans want more and more at a faster rate. Nobody wants to live in a 40's or 50's homes, you know, the ones that were once 'affordable'? And when people ,especially the younger crowd, dont get what they want, they scream at the government to give them everything and stupid politicans placate to this nonsense while hyper partisan people pile onto this sheer stupidity.

Stricter building codes have created more durable, efficient and safer housing, which has also driven up the costs tremendously.

That is what is so maddening about liberals - They live in a complete fantasy land and are not grounded in reality. Do you also not understand its the cost of the actual land that is skyrocketing?

 

explain how this increases debt slavery?

Before you come up with some nonsense, understand that the property can be liquidated.

Student loans can not be liquidated. This is one of the worst offenders. And liberals continue to push and encourage kids to go to collage when they have no direction or focus in life. Then once they get out of collage, they kids expect 100k+ jobs when they can barely tie their shoe strings. Young adults come out of high school who have vision and direction in their life almost always do fine.
Also, Credit card debt can not be liquidated.
This is debt slavery.

 

Land is obviously more expensive (they aren't building more of it, according to every dad). But how we approach that land can and should change because it's unique in every locality.

I live in northern Virginia. There's been a huge debate here about the land-use code and whether or not we can enact "missing middle" zoning. Right now only single family homes and large apartments are allowed to be built. This change would re-zone land to allow for more duplexes, triplexes, townhomes, and small apartment buildings. This is important because there's an artificial cap on supply maintained by homeowners who bought their homes 40 years ago for a bag of jelly beans. They're acting rationally because they hit the lottery. But, the county also has an incentive to act rationally by expanding supply so that people can keep living here.

Austin is a great example of how to quickly address a supply crunch through zoning changes. The city was the poster child for pandemic growth and quickly changed how many units could be built on a single plot. Supply has exploded, costs have gone down, and now more people can afford to live there.

 

County code can create demand bottlenecks, albeit secondary effects create other issues.

Opening them up creates secondary issues - Utility upgrades are required and public service requirements go up. Creating hundreds of millions in government upgrades for the sake of trying to drop prices single digits doesn't bode well. Also, subdividing property in smaller parcels is not a linear increment. Generally the sq ft goes up at a faster rate, thus exasperating the problem.

Austin is a poor example. Its was highly regulated and also one of the fastest growing regions in the country. Compare the prices 10 years ago to today. Costs are not going down (on average), they are not increasing as rapidly.

 

THIS

Rocket River

 

NOVA puts the N in NIMBY.

That being said, I am one.

I paid a **** ton of money for my SFH in a SFH greater neighborhood.

I don't want high occupancy or subsidized housing anywhere near where I live.

I didn't hit the lottery. I bought my house from some empty nest boomer who did.

 

Econ 101, increase the supply or decrease the demand for a good and its price will come down.
World history 101, Japan’s real estate market blew up in 1990 and took 30 years to recover to 1990 valuations.

The other big issue I see in housing stock is how poorly the average consumer fares at upkeep. Houses are expensive. But so is keeping things fixed.

 

$500,000.00 property:
15 year fixed @ 5.50% (current average): Monthly Payment - $4,085.00
30 year fixed @ 6.22% (current average): Monthly Payment - $3,103.00
50 year fixed @ 6.75% (est apr): Monthly payment - $2,972.00
5 year interest only is ~7.5% (also called HELOCS)

The delta between a 15 year and a 30 year is almost $900.00 a month.
The delta between a 30 year and a 50 year is barely $100.00 a month. Skipping going out to eat for 2 meals or stop door dashing for a few days makes up for this.

Can you all STFU on this 50 year mortgage nonsense now? There is a reason why 50 years are extremely uncommon - There is almost no advantage.

Every time Trump says something stupid, all you morons jump on it and do ZERO due diligence. Ya are making @astros123 look smart now.

 

bingo. There has been about a dozen very large 4 story "luxury" apartments put up around my area over the last 4 years. All stick build. Future section 8 housing. Now I have to move.

 

They’ll tear down the apartments before they let them become section 8.

 

I'm not opposed to stomping on the housing printer, but the key is the housing cannot be radically out of step with or transformative to the neighborhood.

A large part of that is planning and proper infrastructure.

 

Who exactly are you talking to and what point are you trying to make?

Most people here seem to realize this is just more feckless bullshit.

The only person here freaking out seems to be the r****ded jagoff who sucks Trump's nuts to own the libs.

 

Excellent point - I look at the average age of my NOVA neighborhood (incredibly old) and think they won the lottery. I know you're not @B-Bob

 

Insane that you think thats your right not to live next to subsidized housing.

 

Not sure if serious.

 

"can not be radically out of step with the neighborhood" lol this mindset is why housing is completely unaffordability in SF nd other dense areas. You dont get to control building permits just cuz you were lucky to buy a house decades before. Ridiculous

NIMBYs is exactly why CA is so damn expensive

 

Spoken like a childless renter lol.

If you want to live somewhere nice you have to pay the price.

I will use every resource in my employ to protect my assets that I worked my ass off to acquire.

 

Never rented a house in my life. Ive bought numerous houses in the past. I never once thought just cuz I bought a house that I somehow have unilateral authority about what gets built around me. I paid for a piece of land and an asset. I dont get to control the neighborhood.

NIMBYS are the exact reason why Housing is so damn expensive. If they had their wish dense urban areas will forever be unaffordable