If you promise me housing prices go down

That's not how this works, simp

They most likely will but rates will go up so it won't necessarily be better for you

There’s an easy political win available for whichever party acts to get Wall Street out of the single family housing unit market. Something close to a third of all new housing purchases are flowing their direction, and it’s creating a class of forever renters (by design).

Given that household ownership has historically been the number one way in which low/middle income households have created generational wealth, I’ll argue the pros of getting Wall Street out of this market far outweigh the cons.

If either party can actually accomplish that (big if), they’ll find themselves a huge influx of loyal voters for a long time

Newsflash, most Republicans are shite too.

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They will. But rates will negate that

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If you keep the house long term you can always refinance it if they go down in the future.

I almost hate to sell our current house with the 2.3% rate but I still most likely will in a few years. It's going to suck.

Housing prices are always up this time of year. It’s summertime and folks with kids try and move, with June being the preferred month.

The difference is that last time all of the houses were purchased by workers who had incomes. So comparing average income to home purchase prices was a highly relevant metric. Now a huge swath of housing purchases are made by corporations who are not having any impact on the nationwide average income level. That is adding an external demand push which is disconnecting the historical trend of housing purchase prices being tied to average income levels.


We won’t have a pop as long as Wall Street keeps siphoning larger and larger chunks of this market. But given that we need them to stop freaking doing that, I’d rather we pull them out now and deal with the small pop that would ensue than let them continue for twenty years at which point we’ll have to choose between re-embracing too big to fail or the complete destruction of the US economy. With that potential on the horizon, a small pop today feels like the least bad outcome.

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fareplay

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You're actually responsible by voting democrat.

Thanks you piece of shite.

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i promise

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I’m glad that’s settled.

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They most likely will but rates will go up so it won't necessarily be better for you

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People say this a lot, but unless you’re planning to be in the house only around 5 years is it really worse? Principal will be constant over the long term but you can always refinance. Implied here is that people don’t think they will be in the house they buy long term, which begs the question why did you buy in the first place? A lot of buying just to buy and check the life checklist box going on.