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Are they walking to the Walmart and Publix too in that heat and carrying those bags home? Or a 2 hour round trip just to get there by taking the bus (.5 hour wait + .5 hour drive because stops, then back)
I think you're grossly undervaluing the utility of a car.
A 3 mile round trip carrying Groceries in a Florida summer (and having to cross at least one very busy road/street) is brutal.
Look, I've gotten $1500/month for my studio, which I think is insane. $31k was no great income 20 years ago when most daily needs were 1/3 the price.
You do not need a car to live and work on the beach here in the Florida panhandle. I see this firsthand with a lot of the tenants of the 3 bedroom townhomes in my community who do not have automobiles and rely on electric bikes. They only work 2 miles away and the stores are within 2 miles distance as well.
The problem is you are seeing everything from your South Florida perspective
The decline of living standards in the USA is such that we're talking about this.
Next to Patrick SFB. Yeah, they're no longer AFB.
Its Space Force, not an Air Force base. I use to live not far from Patrick AFB about 5 blocks from Ron John and the pier.
That and I got to see the record 2 of 3 spaceX launches in 24 hours (the third was at Vanderburg)
“Vandenberg”
Looks like the latest housing prices came in today. Another record high. 5.5% year over year increase in prices.
Go figure.
https://finance.yahoo.com/news/home-price-growth-us-accelerates-140000941.html
Not sure if it is that home sellers like DR Horton are buying down mortgage rates and its not reflected in the sales price ?
A lot of times you don't know if cash was given to the buyer unless you see the closing documents. So the price does not reflect that.
Nope these are Case/Shiller prices. They measure the difference in prices for the same houses over time.
I'll post my prediction again.
House prices will not see any kind of significant decrease. In fact, I believe we will see prices hold and go higher and higher. America is for sure creating a 2-tier economy...the haves and the have nots. The % of have nots will increase. But I do believe that property taxes will go to the moon OR the fed printer will continue to go brrrrrrrrrrrrrrrrrrrr.
https://wolfstreet.com/2024/02/26/prices-of-new-houses-v-prices-of-existing-houses-why-sales-of-new-houses-hang-in-there-while-sales-of-existing-houses-plunge/
which is a racket
30% of office buildings are ‘worth nothing’ and have to be torn down, say experts
https://creditnews.com/economy/30-of-office-buildings-are-worth-nothing-and-have-to-be-torn-down/
Wouldn't it be easier and better to simply ensure everyone has a living wage job? Or is that muh socialism speaking?
You cannot have a robust society society wide (or as wide as possible) if nothing is left on the table for the next guy.).
Materialism and Female Liberation (80% of consumer spending is female, and 2/3 of credit card debt AND the majority of college loans) was very expensive.
Wolf Richter
Feb 26, 2024 at 3:40 pm
ChS,
“Home prices aren’t that out of step with CPI”
LOL. CPI Rose by 31.6% over the past 10 years, while the median price of existing homes rose by 97% — home prices rose three times faster than CPI and nearly doubled!!!
Those numbers are accurate?
Right now the average 3 bedrm townhome is easily selling for around $275,000 and renting for $2200 a month, based on monthly costs of $400 for HOA, $150 for property insurance and $140 for property tax.
According to rent.com:
Rents in Florida have decreased -4.15% year over year.
Tampa’s rent has decreased -.96% year over year and -3.38% month over month, with a median rent of $2,162.
Orlando’s rent has decreased -1.99% year over year and -.04% month over month with a median rent of $2,110.
We'll see - I know we disagree on this, but I think the median home price is more fairly in the $200k neighborhood when all is said and done.
I'm focused mostly on Central and South Florida, but I think the whole state will shake out on a trip back to the historical mean.
According to rent.com:
Rents in Florida have decreased -4.15% year over year.
Tampa’s rent has decreased -.96% year over year and -3.38% month over month, with a median rent of $2,162.
Orlando’s rent has decreased -1.99% year over year and -.04% month over month with a median rent of $2,110.
I think Robert Shiller stated back in 2015 that historically housing prices have appreciated about 4% annually since 1950.
I'm focused mostly on Central and South Florida, but I think the whole state will shake out on a trip back to the historical mean.
According to rent.com:
Rents in Florida have decreased -4.15% year over year.
The decline of family formation - we are a post-nuclear family, not just post-extended family society - and the record unaffordability, and the building of 4/5 beds on Zero Lots is going to break the long term trend. Not many lazy girl jobs can support a $350k SFH mortgage when there's only a cat or single child, when factoring in 6 figure college debt on top of it all.
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.