re: Home ownership at 50 year low per ABC 20/20

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Home ownership at 50 year low per ABC 20/20
This is what they want.

Agenda 21 points in the direction of more people renting.

The ideal Agenda 21 building has retail and service on the bottom with office and or living above.

Multi-use buildings with stacked housing is what they want.

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Agenda 21 also wants to force people to move back to the larger cities.

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It's been 8 years reagan took over a recession twice as bad. 10% unemployment. 17% interest rates. Terrible inflation. Who buys a house at 17% interest? 8 years later people weren't making excuses about where the economy stood

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Home ownership declined almost 3% under Reagan.

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Probably has something to do with the housing crash a short time ago no? I work in the apartment management and reit industry...great frickin time for it I gota say $$$

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Multi-family construction rates were going up even while the housing boom was really booming...people are more mobile now than at any time in the history of this country...when you change jobs every 36 months and move across the country 5 or 6 times in a working lifetime it makes no sense whatsoever to buy real estate.

Owning a home is the ultimate luxury purchase but it is a horrible investment (it really isn't an investment but many people consider it one). When you factor in the true costs including opportunity costs owning a house is usually a losing proposition....factor in the specter of homes losing value as they did just a short while ago and the expense is simply too much for most people who can afford to buy...it is just a bad idea.

I have owned a home since I was 21 years old. I currently own 5 properties....our home, a river cabin back home in Georgia I haven't seen in 2 years which is probably about to fall in on itself and 2 duplexes and a single family rental. The rentals are great....I would build as man duplexes as I could find dirt to build them on if I was a young man and had time to do the bulk of the work myself. I will probably never get rid of the cabin even when it does collapse because the bream fishing is beyond compare and it will always be. I could take or leave the single family rental...it is self supporting but barely....get bad tenant in it and that could change quickly. Luckily it is in a military community and I try to keep military families in it and if they frick it up the military will help a little in getting them to make it right...not much but about as much as the courts and they do it for free LOL. That leaves our personal home....I would have never bought again but my lovely spouse was bent on owning...and keeping her happy is very valuable to me....(I married WAAAAAAYYYYYY above my station in life LOL). For the average person owning real estate is a bad idea...

Home ownership was never going to rebound the same way other macro variables did.

The Great Recession was caused by fundamental failures in the housing market. These failures boiled over in 2008, but the flawed dynamics were employed long before and they'll persist long after. Many/most house notes are on 30 year terms, it's illogical to think that all of those reset just because there was a crash in '08. A lot of people wil continue defaulting moving forward.

And that doesn't even begin to mention consumer confidence in purchasing a house, something that has unquestionably dipped after the gigantic failures '08 revealed about our housing market.

I agree that it's a failure on obama's part that he wasn't able to do more to stabilize this market. But let's not act like we're coming off a 'business-as-usual' type of recession as it relates to the housing market. A substantial, prolonged dip in home ownership was completely expected

Yea. Millennials are not buying houses because of, go figure, work. Not everyone settles in their shite brick little town and raises a racist family like most of you Jerkoffs. This has nothing to do with Obama, quit stirring the pot.

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Jimmy Carter and Paul Volcker intentionally drove the economy into recession to reign in out of control inflation driven by energy costs. It was bitter dose of badly needed medicine that has created the myth that Carter was the worst president in history.

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No. Carter believed there was an inverse relationship between inflation and unemployment. Increased unemployment during Carter did not solve the inflation problem.
Reagan proved him wrong. Lower taxes = growth. Growth under Reagan = less unemployment and less inflation at the same time.

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Renting allows flexibility which has value.

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None whatsoever

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No. Carter believed there was an inverse relationship between inflation and unemployment. Increased unemployment during Carter did not solve the inflation problem.
Reagan proved him wrong. Lower taxes = growth. Growth under Reagan = less unemployment and less inflation at the same time.

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Inverse? So if Inflation goes down unemployment would go up and if inflation goes up unemployment would go down??? I don't think Carter thought any such thing....I think it was a direct relationship which is what reality is...inflation goes up and unemployment goes up eventually and vice versa...Carter and Vockler intentionally raised interest rates and drove the economy into recession to curb inflation which had been high since the early 70's and the increase in oil prices.

Reagan didn't cut taxes, by the way...he cut marginal tax rates but raised payroll taxes and user fees and cut deductions etc. The growth that we enjoyed under Reagan is directly and irrefutably tied to spending which Reagan did like a drunken sailor...in fact they never denied this and threw Laffer under bus as an extremist.

SO how do y'all still reconcile the facts that actual tax burden rose on almost every segment of US Society except the top 10% or so, peacetime spending was increased more than any time in US history, regulations grew exponentially and government intervention in foreign trade was at an all time high during the Reagan years with claiming he was a conservative? There is simply nothing in his record outside of his claim to the title that would suggest he was a conservative.....

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In fairness, that's not particularly surprising coming off the Great Recession

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That, skyrocketing home prices in places like Seattle and SF, and Millennial preferences for urban lifestyles reduce demand for home ownership. Simple statistics never tell the story.

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None whatsoever

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There were countless summer days in BR when I was sweating like a pig doing yard work instead of spending time in my pool that I thought apartment living would have been a smart choice. Now that I live near Seattle summer yard work is a pleasure, not a chore. However, I did enjoy living in a condo in Seattle for a year before we bought our home and only needing to focus on work and fun. So yes, there are many benefits to apartment living.