"The Silent Depression" & Single-Family Homes... a great big nothingburger or...?

[sixGuns]

I've been to the major candidates websites and I don't see anything much about this. I've searched for video clips on the topics from said candidates as well. What I do see is a lot of rah-rah-rah politi-speak about how we'll make the economy great again without explaining much. What I find most elude to is Wallstreetesque talk and I'm pretty sure everyone is aware Wallstreet != Mainstreet. What I do find interesting (funny?) this morning is an article on thegatewaypundit.com citing RFK Jr. I added a TikTok video I saw from X that seems to be making the rounds. I don't use their app. This was inspired from a trip yesterday to a small family reunion of sorts. The catch-ups and other typical talk was there, but what I found interesting is the amount of discussion about economics and this issue being talked about regardless of political affiliation. Is this being generally ignored? Are they waiting? What's the deal?

thegatewaypundit: Robert Kennedy Jr.: “BlackRock Is Robbing Americans of The Ability to Own Homes” (VIDEO)

the video referenced from X...



The Great Depression vs. The Silent Depression (additional context needed?)

 

[Magyars]

Last week we hit the flea markets in Shipshewana and Brookville, also the Amish auction on Saturday.
I wore my t-shirt " when I die, don't let me vote Democrat" twice. It generated a number of comments, all anti Biden.
I also overheard a number of conversations about the economy ( not good) and politics, mostly pro Trump.

 

[Ark]

I'm 34 and coming to terms with the reality that I will never own a home or start a family. It's just off the table completely. I went to school like I was supposed to. I stayed out of trouble and obeyed the law like I was supposed to. I just got laid off from a job that paid $8k less than the "starting salary" for my major...in 2012.

I live in an apartment by myself that I can sort of afford, when I had a job, but that can change any moment. I have the savings to survive joblessness, for a while, but not enough to change anything about my life. I have nothing in particular to look forward to or work towards, because America doesn't seem like a country where things happen anymore.

But I also know people who are certified dumbasses but seem to exist in a constant shower of God's rewards for doing **** all to earn them so maybe it's just me.

 

[wtburnette]

I'm 34 and coming to terms with the reality that I will never own a home or start a family. It's just off the table completely. I went to school like I was supposed to. I stayed out of trouble and obeyed the law like I was supposed to. I just got laid off from a job that paid $8k less than the "starting salary" for my major...in 2012.

I live in an apartment by myself that I can sort of afford, when I had a job, but that can change any moment. I have the savings to survive joblessness, for a while, but not enough to change anything about my life. I have nothing in particular to look forward to or work towards, because America doesn't seem like a country where things happen anymore.

But I also know people who are certified dumbasses but seem to exist in a constant shower of God's rewards for doing **** all to earn them so maybe it's just me.

I don't know we're at the point where we only get worse from here. It's possible, but it's also possible Trump or one of the other Republican candidates wins in 2024 and starts to turn things around. I don't know. It's certainly easy to be pessimistic.

If I were you I'd look into options. You're too young to be stuck in such a position. I was lucky a friend of mine persuaded me to go into IT back in the day and I turned that career into a career in Information Security. Even making decent money, things are not easy. I couldn't imagine trying to make it in this economy with less. Good luck to you.

 

[rhamersley]

It's possible, but it's also possible Trump or one of the other Republican candidates wins in 2024 and starts to turn things around.

I'm still of the opinion that there will not be another republican president in my lifetime. There are enough former "swing states" now where the dem fraud machines have taken over the major population areas to manufacture enough votes to turn the state the other way. Indianapolis doesn't wag the state dog totally yet, but I think it's getting close enough to make Indiana a "purple" state in the not so distant future.

 

[wtburnette]

I'm still of the opinion that there will not be another republican president in my lifetime. There are enough former "swing states" now where the dem fraud machines have taken over the major population areas to manufacture enough votes to turn the state the other way. Indianapolis doesn't wag the state dog totally yet, but I think it's getting close enough to make Indiana a "purple" state in the not so distant future.

Yeah, I agree that it's quite scary how things are at this point. Plus, if they can't win by stuffing the ballot box, they can just blatantly cheat like they did last time...

 

[Ingomike]

I'm 34 and coming to terms with the reality that I will never own a home or start a family. It's just off the table completely. I went to school like I was supposed to. I stayed out of trouble and obeyed the law like I was supposed to. I just got laid off from a job that paid $8k less than the "starting salary" for my major...in 2012.

I live in an apartment by myself that I can sort of afford, when I had a job, but that can change any moment. I have the savings to survive joblessness, for a while, but not enough to change anything about my life. I have nothing in particular to look forward to or work towards, because America doesn't seem like a country where things happen anymore.

But I also know people who are certified dumbasses but seem to exist in a constant shower of God's rewards for doing **** all to earn them so maybe it's just me.

It is hard work to make it work but it still can and you still can execute it. Things must be done in the right order. Right now one can still get in the trades, You can make minimum $60,000 plus great benefits in the electric or pipeline trades right away. So solve that first.

Then find a wife, this is the hardest part, find a good girl that shares your goals and has a good job, like a nurse, do not take on some other dudes old baggage and kids as your family. When all that is successful the house will fall into place with savings and living within your means…

 

[Wabatuckian]

I'm 34 and coming to terms with the reality that I will never own a home or start a family. It's just off the table completely. I went to school like I was supposed to. I stayed out of trouble and obeyed the law like I was supposed to. I just got laid off from a job that paid $8k less than the "starting salary" for my major...in 2012.

I live in an apartment by myself that I can sort of afford, when I had a job, but that can change any moment. I have the savings to survive joblessness, for a while, but not enough to change anything about my life. I have nothing in particular to look forward to or work towards, because America doesn't seem like a country where things happen anymore.

But I also know people who are certified dumbasses but seem to exist in a constant shower of God's rewards for doing **** all to earn them so maybe it's just me.

When it's thee, it's a recession. When it's me, it's a depression.

I keep busy: I substitute teach. It's mostly a hobby, but the pay is nice. Salary has increased on a yearly basis.

I make sights, trigger sets, accuracy kits, and a few other goodies for a certain rifle. Business has fallen way off versus prior years. I'm researching other vintage rifles that could use help, and plan to expand this coming year.

Partially because I have time due to the business falloff I mentioned above, and partially because I just like the work, I opened up a part-time bicycle repair business:

A couple years ago, I bought a mountain bike, the first I've had since I was a teenager. It is a Schwinn from Walmart, and I planned from the start to upgrade it.

When I own something, I have to be able to do all my own work. It's a compulsion. Therefore, I began ordering specialized tools required for bike repair. (The ones I had as a kid were long gone.) It occurred to me one day that we haven't had a bike shop in Wabash since the '90s, and maybe folks would need their bikes repaired.

So I asked around on Facebook and turns out they did.

I made a price list and went at it. A bike shop opened up this year, but looking at their prices, they just have too much overhead to compete. They charge far more to do far less (like, I charge $60 to do a full tune-up, including greasing all bearings. Bike shops charge at least $150 for the exact same services, and $65 to just check the brakes and shifting. It's ridiculous.)

I figure that, as gas prices get more unbearable, people will increasingly turn to bikes for transportation.

I have college in both industrial maintenance with a concentration on electronics, and computers. I have a feeling more people will purchase ebikes than not, and I am prepared to work on those, too.
I've thought about furthering my education in electric cars, because I don't think there's a specialist in that area in Wabash yet. We'll see.

But my advice is simply this: diversity your skillset.

 

[MCgrease08]

I'm 34 and coming to terms with the reality that I will never own a home or start a family. It's just off the table completely. I went to school like I was supposed to. I stayed out of trouble and obeyed the law like I was supposed to. I just got laid off from a job that paid $8k less than the "starting salary" for my major...in 2012.

I live in an apartment by myself that I can sort of afford, when I had a job, but that can change any moment. I have the savings to survive joblessness, for a while, but not enough to change anything about my life. I have nothing in particular to look forward to or work towards, because America doesn't seem like a country where things happen anymore.

But I also know people who are certified dumbasses but seem to exist in a constant shower of God's rewards for doing **** all to earn them so maybe it's just me.

Your outlook is the end goal of the leftist plan. To push people to the point of hopelessness. They want as many people as possible to feel that the American dream is dead and success, or even a comfortable living, is out of reach.

I can tell you unequivocally that's simply not true. You have so much more control over your economic success that anyone in Indianapolis or Washington DC ever will.

Hope is not lost. People absolutely can still make it in this country and people do it every single day. I heard from a guy the other day who started a dog poop pick-up service as a side hustle and is bringing in over $100,000 a year. Another guy had a dog he uses to get contracts chasing geese off the property of corporate customers and he's making close to $200k a year doing that.

People who are willing to work hard and get creative will have success. I refuse to let hope stealers in DC tell me otherwise.

 

[Ark]

Your outlook is the end goal of the leftist plan. To push people to the point of hopelessness. They want as many people as possible to feel that the American dream is dead and success, or even a comfortable living, is out of reach.

Well what they want is to farm your votes and your tax dollars by promising they're going to be the ones who make it all better.

In reality, no politician from any party is actually going to make things any better. Their net worths have been blown to the stratosphere by making things worse. They'll promise everything but actually change nothing. That was the lesson of the eight year Obama affair.

 

[BehindBlueI's]

I'm 34 and coming to terms with the reality that I will never own a home or start a family. It's just off the table completely. I went to school like I was supposed to. I stayed out of trouble and obeyed the law like I was supposed to. I just got laid off from a job that paid $8k less than the "starting salary" for my major...in 2012.

FWIW, I entered the IT world just in time for the dot com bust to happen and Indian J3 workers to flood the market. Salaries went in to free fall and I was lucky to get a help desk job whereas the year prior I would have had a pick of junior network administrator positions. Associate's degree and just shy of a bachelor's, Microsoft certs, Cisco certs, experience, willingness to travel, didn't matter. That's when I said eff it and left the field. Yes, I had a lot of time and money sunk costs and I had a lot of resistance to making that decision to pivot but it was the best decision I finally made.

My son is 18, skipped college, tried the military but got declined for health reasons, and is making $50k year now as he learns to be an electrician. Jobs are still out there but you've got to be willing to pivot, and the more mobile you are the better. No house = the ability to pick up and follow the work. I've quite literally moved around the world to chase work until I settled back down in Indiana.

 

[bwframe]

I have other friends who have given up hope. They are depressing to talk with much...

Things will go as we allow them to go. It's up to all of us to make the difference.

 

[BehindBlueI's]

I have other friends who have given up hope. They are depressing to talk with much...

Things will go as we allow them to go. It's up to all of us to make the difference.

I think social media and pervasive politics in literally everything fuels that to a great extent, personally.

 

[INgunowner]

Maybe it's just me.

Hard times create strong men.

 

[Twangbanger]

I cannot believe the amount of corporate money pouring into the multi-family housing development that's going up all over the place. I suppose single-family is probably the same way, it's just more "invisible." It's like Finance World decided all at once that they've gotten away with as much as they can get by owning the mortgages to the homes, and now they want to rotate places at the closing table and own the actual *house* itself, and see how much money they can make off that for a while. They've probably figured out that role is more resistant to government meddling, because sitting on the buyer's / seller's side of the closing table is not a "financial product" that can be regulated. The mortgage banker is the person sitting at the closing table who's subject to the most regulation, and it sounds like the corporate money just wants off that hot seat for the time being. Everybody sitting at that closing table is making money, except the buyer. The corporate money is just switching seats.

Back in the WW2 era when it was said that only 40% of people owned their home, towns across America were stocked with "Average Joe Landlord" types who owned the rental houses and sucked off of people who didn't have enough for a down payment. Being a landlord was the part of the "casino" that was left open to entrepreneurial individuals, because corporations weren't interested in it. Corporations didn't want to own the asset, they wanted to own the cash flow generated by the asset.

Now, they just want the damn asset.

I have a feeling we're headed back to the WW2 scenario. Except "Average Joe Landlord" will be replaced by some faceless corporation. Corporations don't really want the asset, they want the cash flow, but they will take ownership of the asset, if that's the path of least regulatory resistance to getting the cash flow. I suspect they're going to sell as many of these houses into a hot market at exorbitant prices as they can, then, when the bubble pops, they will turn the unsold inventory into rental homes, step into the landlord role, and go back to getting their cash flow again.

It sounds like Kennedy wants Uncle Sam to do for mortgages, what the Fed.Gov just got done doing with College loans for the last 5 decades. It's not clear to me that will actually help the affordability problem, if you look at what federal loan guarantees did to the cost of higher education. Kennedy's plan doesn't really make sense when you analyze it. It seems like all the Fed.Gov would be doing under Kennedy's plan is helping buyers purchase exorbitantly-priced homes they can't afford by loaning them the money for it, just like they did with exorbitantly-priced college degrees. Unless I'm missing something, why would a seller sell a house to "Average Joe" with his 3% Kennedy Mortgage, when there's a corporate buyer sitting right there waiting to out-bid him? And if Average Joe does succeed in out-competing Blackrock to buy that exorbitantly-overpriced house, then what? What happens when Corporate America decides to lay off a bunch more people? Does Uncle Sam then just forgive the mortgage? Wipe out debt and make suckers out of the people who actually paid their loans back, with the added irony that it was Fed.Gov who helped drive up the prices to begin with? Given recent Democrat behavior, the question certainly presents itself.

Short of flat-out regulating how much residential real estate inventory investment banks and private equity can hold, I'm not sure how you really do anything about this. You're either going to put the boot of government on the corporations' necks...or corporations are gonna do what they do. We've seen time and again, all that "market-oriented, government-private partnerships" accomplish is create another "casino" for corporations to exploit.

Robert Kennedy is just auditioning to be the Democrat / Home Mortgage version of Mitt Romney on Obamacare.

 

[BehindBlueI's]

Except "Average Joe Landlord" will be replaced by some faceless corporation.

We are already seeing a fairly significant amount of this in "troubled" complexes. Without going in to detail, I suspect some of this will be a self-correcting issue as they lose money to fraud, damages, etc. A particular apartment complex that was very nice when built is full of deadbeats, felons, and probably people who actually are dead because the local rep got paid by volume. This is going to cost somebody some real cash to sort out. Other, more historically problematic complexes/housing areas, are letting violence and anti-social behavior sky rocket in a way that local owners would never tolerate. The people who pay for that are the decent folks stuck there.

I've admittedly been rather concerned about the number of houses being bought up by MegaBux INC, but I wonder how much this is a short term issue vs a long term one. I don't know, and don't think I can even take a guess. I do know more assets in fewer hands is generally bad for everyone those hands aren't attached to.

 

[wtburnette]

It sounds like Kennedy wants Uncle Sam to do for mortgages, what the Fed.Gov just got done doing with College loans for the last 5 decades. It's not clear to me that will actually help the affordability problem, if you look at what federal loan guarantees did to the cost of higher education.

Yeah, that's the problem. The government always treats symptoms, not problems and due to that they always end up making things worse. Homelessness in CA is a good example of this. They have a "shelter first" rule, where the homeless have to be put in a home or apartment (sometimes a hotel). The problem is, they rarely follow that up with any treatment for the addictions or other mental illnesses these people have. As a result, most of the homeless end up right back on the street.

You can definitely look at college tuition the same way. The government took over guaranteed student loans and every college took that as a signal to raise tuition insanely high. The rate tuition went up was completely artificial and arbitrary. Most colleges now charge the price of a nice new car for each year of tuition and students graduate with debt equaling the price of a home in a lot of cases. We certainly don't want the government to"help" the housing market in the same manner. They've already done enough (thanks Obama) for the real estate market.

 

[GodFearinGunTotin]

I've been to the major candidates websites and I don't see anything much about this. I've searched for video clips on the topics from said candidates as well. What I do see is a lot of rah-rah-rah politi-speak about how we'll make the economy great again without explaining much. What I find most elude to is Wallstreetesque talk and I'm pretty sure everyone is aware Wallstreet != Mainstreet. What I do find interesting (funny?) this morning is an article on thegatewaypundit.com citing RFK Jr. I added a TikTok video I saw from X that seems to be making the rounds. I don't use their app. This was inspired from a trip yesterday to a small family reunion of sorts. The catch-ups and other typical talk was there, but what I found interesting is the amount of discussion about economics and this issue being talked about regardless of political affiliation. Is this being generally ignored? Are they waiting? What's the deal?

thegatewaypundit: Robert Kennedy Jr.: “BlackRock Is Robbing Americans of The Ability to Own Homes” (VIDEO)

the video referenced from X...

I heard RFK interviewed on this. He makes a lot of sense. Not many other candidates are talking about this that I've heard.

 

[4sarge]

Hard times create strong men.

Exactly, Either YOU Get Up or Give Up

 

[Leadeye]

I've been amazed in recent years at the amount of money that is out there shopping for land. Makes me wonder if we aren't coming up on a 1980/2008 crash in values. How bad it is I think will depend a lot on if that land hungry money was real or borrowed. I remember all the housing additions construction frozen and builders going bankrupt in 08/09, we referred to it as "arrested development."