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re: How imminent is a housing crisis in this country?
Posted on 10/21/26 at 11:39 am to meansonny
Posted on 10/21/26 at 11:39 am to meansonny
quote:
Credit card debt saddled every previous generation.
No it hasn’t
What a fricking stupid thing to say
quote:
Kids today cry about student loans without realizing that previous generations had the same burdens at 20% interest rates.
They literally did not.
Posted on 10/21/26 at 11:41 am to Mingo Was His NameO
quote:
No one has more credit card debt and less savings than Boomers
Those sons of guns are supposedly hoarding all of the wealth while simultaneously being broke. Impressive. No wonder you hate them.
Posted on 10/21/26 at 11:44 am to DrrTiger
quote:
Those sons of guns are supposedly hoarding all of the wealth while simultaneously being broke. Impressive. No wonder you hate them.
I’ve explained this to you morons a thousand times. Boomers are “hoarding” the wealth. A couple of thousand of them control essentially all of the liquid assets of this country. The rest are hoarding the assets that are leveraged to the gills and thus will provide little value to their heirs
This post was edited on 10/21/26 at 11:45 am
Posted on 10/21/26 at 11:47 am to Mingo Was His NameO
quote:
I’ve explained this to you morons a thousand times.
There's your typical charm, but...
quote:
Boomers are “hoarding” the wealth. A couple of thousand of them control essentially all of the liquid assets of this country. The rest are hoarding the assets that are leveraged to the gills and thus will provide little value to their heirs
...you're right.
Posted on 10/21/26 at 12:09 pm to Mingo Was His NameO
quote:
You have to separate this conversation from the fact that there is a ton of waste and taxes collected should absolutely be minimized. That’s a totally different conversation. But the idea of have 3 independent assessments by private entities is a horrible one.
We completely agree that privatizing this would have seriously negative consequences, mostly unintended consequences
I’m Just pointing out that government assessors have zero incentive to ever mark property value as decreased because that means government gets less tax revenue.
Posted on 10/21/26 at 12:20 pm to meansonny
quote:
Credit card debt saddled every previous generation.
No it didn’t. While credit cards became more popular starting in the 60’s and 70’s, it wasn’t until the mid 90’s that even 1/2 of American households had a single credit card.
quote:
Kids today cry about student loans without realizing that previous generations had the same burdens at 20% interest rates.
The 70’s and 80’s saw college prices so affordable that a part time summer job working retail of some kind paid for full time college. Yes, there wasn’t the federally backed student loan program but that meant the loans could be discharged in bankruptcy, making banks far more cautious in this lending practice and the amounts much smaller. I’ve NEVER heard of my parent generation or the generation after them complaining about student loans. That’s a problem that’s truly unique to millennials.
Do not get me confused with someone that wants student loan forgiveness. I despise that idea. I want to completely banish federally backed student loans all together and I want everyone that’s taken out student loans to pay back every dime.
To argue life was at the same level
Of affordability in the 70-90’s as it is in the 2020’s is absolutely insane.
Posted on 10/21/26 at 12:33 pm to Rockne
quote:I’m 30
Curious how old you are, just because you talk about sacrifices and a long road- well, hello? That’s what I’ve been talking about.
quote:wel I recognize that I’m doing this in a LCOL area. I wouldn’t be nearly in the same position I am today if I was trying to do this in a major city, which is where the jobs are for the majority of my generation. I mean think about it. There are 20M people in the NYC metro area. There are 4.62M people in all of Louisiana. The same can be applied for pretty much every major metro area.
It seems like you are presenting an argument for your generation, not yourself. You sound like you’re on solid footing, yet worried somehow about those that may be left behind.
Posted on 10/21/26 at 12:34 pm to Oilfieldbiology
quote:What? Im X and had a five figure debt for undergrad. More for grad school.
I’ve NEVER heard of my parent generation or the generation after them complaining about student loans. That’s a problem that’s truly unique to millennials
Posted on 10/21/26 at 12:35 pm to Jake88
quote:
What? Im X and had a five figure debt for undergrad. More for grad school.
quote:
by Jake88
No one here believes you went to college
Posted on 10/21/26 at 12:36 pm to Mingo Was His NameO
quote:
No one here believes you went to college
That was quick. Posted on 10/21/26 at 12:36 pm to Jake88
quote:
That was quick.
I’m eating lunch
Posted on 10/21/26 at 12:37 pm to Bayou_Tiger_225
quote:
wel I recognize that I’m doing this in a LCOL area. I wouldn’t be nearly in the same position I am today if I was trying to do this in a major city, which is where the jobs are for the majority of my generation. I mean think about it. There are 20M people in the NYC metro area. There are 4.62M people in all of Louisiana. The same can be applied for pretty much every major metro area.
That's the other part of the equation. It's never been easier to move around the country for jobs than it is today, but the jobs aren't in LCOL areas anymore (i.e. economy is not great like the politicians, news says). Then on one hand people will say move, but then on the other hand say that they are doing good and did well moving up because they had family to rely on.
Posted on 10/21/26 at 12:37 pm to Jake88
quote:
What? Im X and had a five figure debt for undergrad. More for grad school.
I don't hear them complain because they stopped paying student loans decades ago and just took the credit hit
This post was edited on 10/21/26 at 12:39 pm
Posted on 10/21/26 at 12:39 pm to Mingo Was His NameO
quote:Walmart let's you take their popcorn chicken into your Jackson Hewitt booth up front?
I’m eating lunch
Posted on 10/21/26 at 12:39 pm to Jake88
quote:
Walmart let's you take their popcorn chicken into your Jackson Hewitt booth up front?
I have to sit in my car
Posted on 10/21/26 at 12:40 pm to Mingo Was His NameO
Posted on 10/21/26 at 12:44 pm to McLemore
quote:
Yeah we can disagree as to whether it SHOULD be part of contracts but it is in most modern systems.
I'm not disagreeing about whether or not there are protections for the banks in mortgage contracts. This fairly obvious that they are and should be in the contract.
We can agree to disagree that you have a moral obligation to continue to pay your mortgage even if your house looses value.
Just because the bank has a legal recourse to protect themselves and buyers aren't legally bound to pay the debt. In my opinion it doesn't relieve the buyer from the moral obligation to fulfill their end of the contract when they have the means.
It's a subjective opinion, and to be frank, I don't care if you agree or disagree.
Posted on 10/21/26 at 12:46 pm to armytiger96
US housing market is a low float, locked-in asset class
Fixed rate mortgages have become effectively rent control for existing owners and everyone else is locked out
Just a cornered market
Every price level that doesn’t make sense to you, it’s because there are artificial supply constraints (like housing with 30-yr fixed mortgages at <4%, etc) or there are transfers (parents providing down payment, etc)
Fixed rate mortgages have become effectively rent control for existing owners and everyone else is locked out
Just a cornered market
Every price level that doesn’t make sense to you, it’s because there are artificial supply constraints (like housing with 30-yr fixed mortgages at <4%, etc) or there are transfers (parents providing down payment, etc)
Posted on 10/21/26 at 12:47 pm to armytiger96
quote:
We can agree to disagree that you have a moral obligation to continue to pay your mortgage even if your house looses value.
LINK
Posted on 10/21/26 at 12:55 pm to TheGhostOfBigLee
The rate of homeownership in the USA hasn’t fluctuated more than 5% one way or the other since 1960.
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