patrick.net

AmericanKulak says

Illinois pension debt is 270%, the worst in the nation, worse than California. 20% of Illinois budget goes to pensions as of today, right now.

You're right. We lost population. You have to factor in Chicago though. I forget the acronym, but everything is funded just fine outside of Chicago. They have their own pension systems set up through unions and other bull shit. That's being honest. My mom's pension is 100% funded. She was a teacher in the suburbs.

IL is a tricky state to outsiders. Not a dig. Chicago fucks up our entire economics. We live in a town of 2,200 and my wife will make $400k. Property taxes are $3,300ish. Basically what I'm saying is Chicago fucks up the state. It's bad on paper, but those of us outside the city do just fine. Hence why there's no houses for sale where I live. They get bought in a day.

Chicago Police, Fire and Teachers are what makes that percentage so high. They didn't fully fund it for decades. It really is a lost cause. My two Chicago cop friends are out when they hit the earliest retirement age and work for a suburban department. I'd like to recruit them to my town. Would be great people.

IMRF is fully funded though in the state. It's why I say get out of cities and why Chicago is a shit hole. All cities are shit holes. Too much bribing and bull shit. Happens in small towns, but we're talking $100 and not $1M+

stereotomy says

I guess I'm wrong:

https://www.onetonline.org/link/summary/15-2011.00

That website is awesome - now you know where the HR flunkies get their materials. Have your kid check it out - it's great for building resumes.

THANK YOU. I did forward the link. You are right, this site is a good resource for HR flunkies.
Also, he got an offer to intern as an aspiring actuary with an insurance company yesterday. Going to interview with a very top level investment company soon!

gabbar says

stereotomy says

I guess I'm wrong:

https://www.onetonline.org/link/summary/15-2011.00

That website is awesome - now you know where the HR flunkies get their materials. Have your kid check it out - it's great for building resumes.

THANK YOU. I did forward the link. You are right, this site is a good resource for HR flunkies.
Also, he got an offer to intern as an aspiring with an insurance company yesterday. Going to interview with a very top level investment company soon!

Best of luck to your son!

AmericanKulak says

Just wait until they start taking money out their 401ks and IRAs after a few years due to inflation/medical bills. Tens of millions will all do it. What goes up because of people putting money away...

What they will try first is vote for more of medicare paying for all their shit, for whomever promises them they won't make them pay a dime, while pushing more and more debt onto the youth. The American youth is too stupid due to indoctrination atm but it will eventually wear off like in Germany, where the majority of first time voters vote for the AFD, i.e. no wars, no illegal immigrants and no more subsidizing the old at the cost of the youth/taxpayers. We need the same happening here. The other day I listened to a senior brag that he had 7 knee surgeries and didn't pay a dime out of pocket. Yeah, go home boomer.

mell says

I listened to a senior brag that he had 7 knee surgeries and didn't pay a dime out of pocket. Yeah, go home boomer.

He can't, he has a bum knee. Might need that free medical transportation.

HeadSet says

mell says

I listened to a senior brag that he had 7 knee surgeries and didn't pay a dime out of pocket. Yeah, go home boomer.

He can't, he has a bum knee. Might need that free medical transportation.

Haha well he was working out quite freely, so it was likely some sort of bionic replacement.

Speaking of houses, I hope @AD is okay after that hurricane blew through.

@AD definitely needs to check in when he can.

SoTex says

Speaking of houses, I hope AD is okay after that hurricane blew through.

Didn't he say he was leaving? My sister was in Orlando, a conference. I think it's more of a rain event than damaging winds. I don't really watch news so I'm talking blindly. Anything in the last 15-20 years should be able to manage a cat 3. Roofing not included. You shouldn't die is my point.

Probably no internet, cell phone or power would be my guess. I'd think he's fine.

Dunno, didn't notice anything except a gap in posts. I saw some drone footage that was pretty bad but it only covered 1-2 blocks away from the coast. He's 2 miles in so probably fine.

https://www.cnn.com/2024/09/30/economy/housing-market-home-sales-redfin-report/index.html

A new report illustrates just how stuck the housing market is

Just 2.5% of homes in the US changed hands this year in the first eight months, the lowest turnover rate in at least 30 years, according an analysis by Redfin.

The latest data from the real estate brokerage underscores just how much the housing market has stalled in 2024 as Americans faced a toxic combination of record-high home prices and elevated mortgage rates, creating one of the most unaffordable housing markets in a generation.

zzyzzx says

creating one of the most unaffordable housing markets in a generation.

It's always been unaffordable. Mortgages used to only be 7 years. Then 10. Then 15 - 20.

At the height of the Japanese bubble they were offering 100 year multigenerational mortgages. Ppl are making noises here about 40 year mortgages.

You don't 'own' a home with that. You are just a tenant with stronger rights than one under a lease-option.

You don't own it even if you pay it off. Because property tax. Fail to pay that long enough and see what happens.

DemocratsAreTotallyFucked says

It's always been unaffordable. Mortgages used to only be 7 years

Back in the 1980's my grandma told me they got their Long Island house during the Great Depression on a 7 year mortgage.

B.A.C.A.H. says

Back in the 1980's my grandma told me they got their Long Island house during the Great Depression on a 7 year mortgage.

My great-grandparents got their house in the 40s on a 10 year. $5k house in San Francisco.

Who is the Replacement Coalition?

Sure leftists want more voters, and the usual suspects hate goys and whitey... but its more than that, why did it take off so aggressively after 2020?

Because the housing market rests on sand! Haitians don't do real work, they cost thousands a month... but what they do if you give them the money is they occupy housing. Then they'll displace the whites and producitve young people who have to bid up the housing that's left.

The core demographic of replacement migration, the people who have infinite time and money and would have resisted this to the point of bombings if it happened in the 70s, are all boomers who are willing to allow it just so long as their home price doesn't collapse and their retirement plans with it.

American children are being ethnically cleansed because boomers can't accept the house they bought for 50k is actually just worth 50k because they didn't have enough kids to make property values go up naturally.

They want their cruises and 800k in medical expenses that add negative 2 weeks to their life, and they'll gladly let their granddaughters be raped and eaten by Haitians to not have to face the fact they saved nothing and can't afford them.

2000 bombs went off in the US in 1972. The boomers are perfectly capable of resisting government policies they don't like up to and including violence... they just don't want the replacement to stop, otherwise their reversed mortgaged "million dollar" home is actually worth 50k and about 150k underwater.

https://substack.com/@anarchonomicon/note/c-69007715

https://wolfstreet.com/2024/10/03/here-come-the-vacant-homes-new-listings-jump-when-they-normally-drop-in-september-active-listings-pile-up-listing-prices-drop-below-2-years-ago-buyers-still-on-strike-prices-too-high/

Here Come the Vacant Homes: New Listings Jump when they Normally Drop in September, Active Listings Pile up, Listing Prices Drop below 2 Years Ago. Buyers on Strike, Prices too High

To save America, Choke and pummel asset prices like a Haitan does to a public park duck.

B-b-but, muh lower rates will keep my overinflated main asset from declining in price!





In it's attempt to stop asset prices from returning to normal, the Fed is now bringing back inflation in every other sector of the economy, like groceries.

Slowly getting better here. The 1962 1100sq ft Concrete Brick starter homes and 1982 Mfg Homes are no longer ~$300k. They've now fallen to about $250k. Still way too expensive at 5x median income (6-7x for Lower-than-national-average wage Florida).

However insurance and property taxes went up 30% these past few years. My Property Tax went up 10% last year and my condo fees 50% in the past 3 years, almost all of it was insurance. Cable, Water, Trash, etc. was only 2-3% increases.

That also means the decline in interest rates only impacts PART of the total PITI holding cost. So more cuts are needed.

Homeloaners, panic and cut more steeply!

The rural properties with a few acres and a mfg house are still ludicrous. $220k looks great, you figure you live cheap a few years then get a whole new mfg house.

Until you see the mildew covering 80% of the ceiling, the cabinets without doors, and raw plywood in parts of the house and realize you're going to be like the guy who found the Meteorite in Creep Show.

Just to cheer everybody up, here's a $1,689,000 asking price 1064 sq. ft. sugar shack in Santa Cruz. Westside, not even that close to the ocean.





https://www.redfin.com/CA/Santa-Cruz/114-Kenneth-St-95060/home/2159868?riftinfo=ZXY9ZW1haWwmbD04MjY1OTE2NiZwPWxpc3RpbmdfdXBkYXRlc19yZWNvbW1lbmRhdGlvbnMmYT1jbGljayZzPXJlY29tbWVuZGF0aW9ucyZ0PWltYWdlJmVtYWlsX2lkPTgyNjU5MTY2XzE3MjgwMDcyOTFfNiZsaWxyX3Njb3JlPTAuNTM0NDE4NTIzMzExNjE1Jmxpc3RpbmdfaWQ9MTkyNjI0MDM3JnBvc2l0aW9uPTAmcHJvcGVydHlfaWQ9MjE1OTg2OCZ1cGRhdGVfdHlwZT05Jno9MA%3D%3D

AmericanKulak says

realize you're going to be like the guy who found the Meteorite in Creep Show.

That was Stephen King who was that guy.

Man, he's a goofy looking fucker.

https://creditnews.com/markets/a-record-percentage-of-americans-believe-now-is-a-bad-time-to-buy-a-home/

A record percentage of Americans believe now is a bad time to buy a home

https://www.realtor.com/news/trends/homes-lingering-on-market-longest-5-years/

Homes Are Lingering on the Market Longer Than They Have in 5 Years, Giving Buyers a Big Edge

AmericanKulak says

Man, he's a goofy looking fucker.

BTW, when you read or reflect on King's books with knowledge that he was is an SDS Leftwing Radical, you can easily see the oldest Hate - for White Working Class people.

Ceffer says

Westside, not even that close to the ocean.

GIVE GLOBULL WORMING SOME TIME AND IT WILL BE WATEFRONT!!! AND THEN IT QUADRUPLES!!!!

Blackrock and the others stopped buying many quarters ago.

AmericanKulak says

Blackrock and the others stopped buying many quarters ago.

Now they are even selling.

Florida housing needs to be listed at least 20% below its peak price set in June 2022.

I realize less people will be inclined to retire to Florida because of hurricane fears. However, they may end up moving further inland like +20 miles from the beach in towns such as The Villages, Deltona, Lakeland and Ocala.

Where we are in Panama City Beach, we are around 17 feet above sea level and about 2 miles from the beach. Worst case is high tide and category 5 that brings about 5 feet above ground where we are at based on GIS mapping and National Hurricane Center data.

Category 5 Hurricane Michael only had a storm surge of around 10 feet, but the Florida Panhandle beach roads (Thomas Drive, Front Beach Rd, 30A, etc) are at 10 feet above sea level.

Tourists are still going to come to Florida, so there will still need vacation housing/condos, hotels and motels, as well as housing (townhomes and apartments) for all the workers (from hotel front desk to car mechanics to urgent care clinic staff to restaurant cooks).

on my Facebook feed...it is DR Horton for Florida panhandle

.

https://wolfstreet.com/2024/10/08/florida-housing-market-buckles-listing-prices-sag-to-30-month-low-but-are-still-way-too-high-inventory-piles-up-institutional-investors-turn-into-net-sellers/

Google median home prices in Palm Beach County and Martin County.
The trend is still upward.
Or, realtor.com and just enter a county you're curious about.
Santa Cruz, CA median price is $1.4 million.
No wonder the locals are stressed out these days.

Home Prices Are Plummeting in Some of the Nation’s Most Desirable Places To Live—Especially in These 10 Cities

Why prices are decreasing

In Florida, which has four cities in the top 10, the downward shift in pricing comes after a major COVID-19 pandemic boom.

“Remote work trend certainly played a role, but I think many of the people that have come to Florida were more focused on the benefits of no state income tax as well as political ideologies,” says Robert Washington, owner of Savvy Buyers Realty in St. Petersburg, FL.

The influx of new residents drew builders to Florida who added inventory, which helped bring the median price down. (However, in cities such as Miami, median list prices are still 50% higher than before the pandemic.) It’s also worth noting this data was collected before Hurricanes Helene and Milton ripped through the state.

The downward trend in median list prices is happening on the national level, too, with home prices also falling in popular cities in the Midwest, the West, and the South.

https://www.realtor.com/news/trends/10-metros-home-prices-decreased-most

.

https://www.nbcnews.com/data-graphics/middle-class-new-homeowners-cost-burdened-house-poor-rcna163853

vacation rentals in places like Panama City Beach does not help this

...........................................

The share of middle-class Americans who are buying wallet-squeezing homes has more than doubled in the previous 10 years.

Almost 30% of middle-class homeowners bought homes with monthly payments costing more than 30% of their income in 2022, an NBC News analysis of Census Bureau data found. That’s more than twice the share from 2013, with experts warning it leaves many households with less money for groceries and emergencies and less able to get ahead in the future.

That “cost-burdened” benchmark — in which a household devotes over 30% of income to housing costs — is a widely used measure of affordability for both homeownership and renting. The Census Bureau measures housing costs against it, and the Department of Housing and Urban Development has used it for decades.