So when’s the housing bubble bursting?

[^SpiderMan^]

Not only is the training a good idea, it's essential! But first you have to establish the schools and hire the teachers. Then you end up with a bunch of inexperienced construction workers. Folks who are more likely to get injured, die, or change professions.

That's why we need people who have already dedicated their professional life to the trade to get things started. Right now America doesn't have enough.

There are highly skilled building trades people all over the world. Many have a hard time working in the United States because the government recognizes college degrees far more than trades. I would like to see the government change this policy for a few years.

Don't know the specifics on how you would qualify the trades people, I'll leave that to better minds than mine.

The advantage for born Americans is that once this project is successful there will be a huge availability of low cost apartments, duplexes, and retail spaces that can be purchased through a federal housing program.

Most Unions in the US have apprenticeships to receive training. That said, I believe that medium to low skill labor will be phased out during our lifetime. Automation will replace much of the workforce and it is important to be able to pivot to the next needed skills. I believe that we should provide more education in the skills that will be needed for the coming economy. Software engineering, Cyber Security, Social Media influencing, and Search Engine Optimization. Notice that none of these careers will require someone to live in a specific location. A person with these skills can live anywhere in the world.

 

[jagu]

I’ve been so lucky , I just sold my old home at pandemic price but I built my new home at pre-pandemic prices. I broke ground the day the pandemic started abs we had already bought all the materials.
I hope the shit crashes so that I can pick up some units with this cash.

 

[Dannyblueyes]

Most Unions in the US have apprenticeships to receive training. That said, I believe that medium to low skill labor will be phased out during our lifetime. Automation will replace much of the workforce and it is important to be able to pivot to the next needed skills. I believe that we should provide more education in the skills that will be needed for the coming economy. Software engineering, Cyber Security, Social Media influencing, and Search Engine Optimization. Notice that none of these careers will require someone to live in a specific location. A person with these skills can live anywhere in the world.

No matter where you live somebody still has to build the house.

 

[^SpiderMan^]

No matter where you live somebody still has to build the house.

Homebuilding technologies are advancing as well. Modular homebuilding and 3D printing will drastically reduce homebuilding costs in our lifetimes.

 

[cashwhisperer]

Be patient and stack your money. Interest rates are increasing which reduces buying power. Inflation is increasing which reduces buying power. People are working from home and relocating outside the dense cities. The "work from home" movement is also reducing the commercial real estate market. The US actually has alot of open land. The US population is centered in urban centers with miles of vacant land in between. As the work from home movement catches on, these open land areas will become more populated. This is already happening in areas like Bastrop County outside of Austin.

DO NOT get caught up in the Frenzy and FOMO of thinking housing is just going to increase forever. That doesn't make sense. No market behaves that way, including housing. I remember the last housing downturn. The same people arguing with me about the housing market direction were asking to short sale their homes a year later. Every few years we get opportunities for wealth. The key is to prepare for them and execute then they are available. Personally, I have reduced spending, cashed out my riskier investments, and taken money out of my Real Estate holdings to prepare for the coming downturn.

best response

 

[Dannyblueyes]

Homebuilding technologies are advancing as well. Modular homebuilding and 3D printing will drastically reduce homebuilding costs in our lifetimes.

We need houses long before that tech is ready.

 

[^SpiderMan^]

We need houses long before that tech is ready.

Critically ask yourself, what makes you believe that there is a huge need to build houses? US Population growth has been declining. https://www.macrotrends.net/countries/USA/united-states/population

There is not a huge need for homes. There is a shortage of single-family homes that are located in specific areas, but not a huge shortage of homes available to live in. If there is a huge shortage of homes throughout the US, then why would anyone advocate for any immigration?

 

[Helico-pterFunk]

I’ve been so lucky , I just sold my old home at pandemic price but I built my new home at pre-pandemic prices. I broke ground the day the pandemic started abs we had already bought all the materials.

Well played!

 

[Dannyblueyes]

Critically ask yourself, what makes you believe that there is a huge need to build houses? US Population growth has been declining. https://www.macrotrends.net/countries/USA/united-states/population

There is not a huge need for homes. There is a shortage of single-family homes that are located in specific areas, but not a huge shortage of homes available to live in. If there is a huge shortage of homes throughout the US, then why would anyone advocate for any immigration?

If there's so much housing then why did the city of Oakland have to set up a bunch of tuff sheds underneath the freeway? Why not just move people to Redding or another community with a housing surplus?

The answer is vulnerable people need homes in areas where it's easy to find work and access services. Somewhere you don't need to rely on a car to get around.

That's the real housing shortage.

If somebody has the means and desire to move into a single family homes in a traditional suburb that's fine. But people shouldn't be forced into that life because they can't afford a one bedroom apartment in the city. It's unsustainable in just about every way you can possibly imagine.

As for immigration, if a crew of 20 immigrant builders can put together 200 units of housing then we need them here yesterday.

 

[dade305]

Forever never...

 

[^SpiderMan^]

If there's so much housing then why did the city of Oakland have to set up a bunch of tuff sheds underneath the freeway? Why not just move people to Redding or another community with a housing surplus?

The answer is vulnerable people need homes in areas where it's easy to find work and access services. Somewhere you don't need to rely on a car to get around.

That's the real housing shortage.

If somebody has the means and desire to move into a single family homes in a traditional suburb that's fine. But people shouldn't be forced into that life because they can't afford a one bedroom apartment in the city. It's unsustainable in just about every way you can possibly imagine.

As for immigration, if a crew of 20 immigrant builders can put together 200 units of housing then we need them here yesterday.

The homeless issue is a separate conversation than the housing collapse. Many of the homeless aren't homeless because of the rise in housing. Most of the Homeless in Oakland have mental health, drug addiction, and criminal record(sexual abuse) issues that have directly caused them to be homeless. Did you know that most of those Tuff Sheds are vacant? The reason being is that they don't allow drug use. Did you also notice that none of them are within a Megan's Law distance of any school?

We live in a Capitalist society. People's options for location is based on their ability to afford it. There are numerous places that I would love to live, but understand that they aren't in my budget. My choices are to increase my income to be able to afford them or explore the options that are within my budget.

 

[mrcmd187]

Every time I hear them say that housing inventory is low I laugh, they act like the construction business both commercial and residential stop during the Covid lock downs it really didn't. Greed is driving this right now.

 

[Dannyblueyes]

The homeless issue is a separate conversation than the housing collapse. Many of the homeless aren't homeless because of the rise in housing. Most of the Homeless in Oakland have mental health, drug addiction, and criminal record(sexual abuse) issues that have directly caused them to be homeless. Did you know that most of those Tuff Sheds are vacant? The reason being is that they don't allow drug use. Did you also notice that none of them are within a Megan's Law distance of any school?

We live in a Capitalist society. People's options for location is based on their ability to afford it. There are numerous places that I would love to live, but understand that they aren't in my budget. My choices are to increase my income to be able to afford them or explore the options that are within my budget.

That my friend is an extremely anti-capitalist argument.

Suppose you have a working class family with jobs in San Francisco. They can't afford the rent so they move to Vallejo.

Now they're forced to drive to work which adds one more car. Now the city has to use expensive real estate for parking. The car breaks down now they're employer has lost that labor. They also have to pay a higher wage to support this ridiculous commute.

The breadwinner loses his job now they either have to find one of the few jobs in town at a much lower salary, or they have to risk limited money on gasoline and parking and hope they can find a new job in the city.

If this person also has a substance or mental health issue that makes the problem even worse. Same with a criminal record. A lot of these homeless folks would have at least had an SRO 10-15 years ago.

Without affordable housing cities are basically punching their labor pools in the balls so that landlords can get rich.

 

[cashwhisperer]

Every time I hear them say that housing inventory is low I laugh, they act like the construction business both commercial and residential stop during the Covid lock downs it really didn't. Greed is driving this right now.

The price of wood had gone up though....that was probably on purpose though

 

[^SpiderMan^]

That my friend is an extremely anti-capitalist argument.

Suppose you have a working class family with jobs in San Francisco. They can't afford the rent so they move to Vallejo.

Now they're forced to drive to work which adds one more car. Now the city has to use expensive real estate for parking. The car breaks down now they're employer has lost that labor. They also have to pay a higher wage to support this ridiculous commute.

The breadwinner loses his job now they either have to find one of the few jobs in town at a much lower salary, or they have to risk limited money on gasoline and parking and hope they can find a new job in the city.

If this person also has a substance or mental health issue that makes the problem even worse. Same with a criminal record. A lot of these homeless folks would have at least had an SRO 10-15 years ago.

Without affordable housing cities are basically punching their labor pools in the balls so that landlords can get rich.

I'm not following your scenario. Alot of people are able to commute to the Bay Area suburban areas. Alot of people are currently working from home and not commuting regularly, if at all. Alot of people use carpooling and public transit to commute. Your commuting scenario is very specific and I don't believe it to be correlated to a need for more housing.

Most SRO housing in Oakland are paid for with subsidized rents. Even the worse ones in Downtown Oakland are over 2k. I've seen some close to 3k. Most of the rent is paid for through public entities. Richmond is currently approaching landlords and paying then rent for a full year upfront for the Homeless. The Homeless issue has little to do with housing costs or needs. The Homeless issue would be better approached with residential treatment than just building more housing.

All of the newer large Apartment developments in Oakland have a lot of vacancies right now. Especially the luxury ones.

 

[Dannyblueyes]

I'm not following your scenario. Alot of people are able to commute to the Bay Area suburban areas. Alot of people are currently working from home and not commuting regularly, if at all. Alot of people use carpooling and public transit to commute. Your commuting scenario is very specific and I don't believe it to be correlated to a need for more housing.

Most SRO housing in Oakland are paid for with subsidized rents. Even the worse ones in Downtown Oakland are over 2k. I've seen some close to 3k. Most of the rent is paid for through public entities. Richmond is currently approaching landlords and paying then rent for a full year upfront for the Homeless. The Homeless issue has little to do with housing costs or needs. The Homeless issue would be better approached with residential treatment than just building more housing.

All of the newer large Apartment developments in Oakland have a lot of vacancies right now. Especially the luxury ones.

A lot of this is specific to the pandemic though. As it ends a lot of companies and even the government are pushing people to return to the office. Don't expect these apartments to stay vacant for long

 

[Da Backshot Champ]

You want to know when there will be a housing crash? Well there has to be a stock market crash first. Thank me later.

 

[The Plutonian]

Been looking at putting one of these on my land next to the house. I like it.

Studio Shed Summit Series Prefab Accessory Dwelling Units (ADU) and Modern Garages

Faster and more affordable than design-build, the Summit Series adds more SPACE. It's a prefabricated guest house, your dream studio, the ultimate garage?

www.studio-shed.com

 

[Llano]

Critically ask yourself, what makes you believe that there is a huge need to build houses? US Population growth has been declining. https://www.macrotrends.net/countries/USA/united-states/population

There is not a huge need for homes. There is a shortage of single-family homes that are located in specific areas, but not a huge shortage of homes available to live in. If there is a huge shortage of homes throughout the US, then why would anyone advocate for any immigration?

Read this article bro, there is definitely a need for homes in the US.

Population growth has outpaced home construction for 20 years

Home construction is increasing since the Great Recession but still down 55% from 2006.

usafacts.org

This housing shortage has been a problem in the making before the pandemic. Our population in 2007 when the decrease in building homes started was 300 million. We're at 334 million now. The millennial population are the ones getting squeezed because of the shortage as many of them need houses to start or raise their family.

 

[Strait_Laced]

I left SoCal some years ago. Dem house prices….for dayum. U make it seem possible. The short answer is, just get in to it. I get that. But It’s still difficult. I stopped after over a dozen offers. Everyone else just has the liquid cash to pay over asking

you can do it...will just take a little longer, is all
make sure you're doing it for the right [your] reasons though. just having a house doesn't make you a winner. i don't get caught up. i know i'm blessed to have a roof over my head, period, but i also don't kid myself...in a way, this house owns me

 

[tebriel69]

Homebuilding technologies are advancing as well. Modular homebuilding and 3D printing will drastically reduce homebuilding costs in our lifetimes.

Yea there was a news piece a month ago on a house being built via 3D printer for a veteran. Cuts down on time of building.

 

[tebriel69]

you can do it...will just take a little longer, is all
make sure you're doing it for the right [your] reasons though. just having a house doesn't make you a winner. i don't get caught up. i know i'm blessed to have a roof over my head, period, but i also don't kid myself...in a way, this house owns me

That’s a good point. Lot of folks are house poor. Y’all bgol gents inspire me. As always.

 

[havelcok]

 

[Dr. Truth]

No sane person uses Wells Fargo for a mortgage loan. They are scum and the worst of all the banks . This really says nothing

 

[havelcok]

No sane person uses Wells Fargo for a mortgage loan. They are scum and the worst of all the banks . This really says nothing

dude they are literally top three bank in the country

These Are The 15 Largest Banks In The U.S. | Bankrate

Even the smallest of these big banks has enormously deep pockets. See which firms are in the money.

www.bankrate.com

but I do think numbers are coming down because of lack of inventory not because of some crash

 

[Dr. Truth]

dude they are literally top three bank in the country

These Are The 15 Largest Banks In The U.S. | Bankrate

Even the smallest of these big banks has enormously deep pockets. See which firms are in the money.

www.bankrate.com

but I do think numbers are coming down because of lack of inventory not because of some crash

Yea but for mortgages they suck

 

[TENT]

I agree with you but these houses are not of top quality imo.
Corners are being cut. Greed and corruption. Smh.

Homebuilding technologies are advancing as well. Modular homebuilding and 3D printing will drastically reduce homebuilding costs in our lifetimes.

 

[Dannyblueyes]

No sane person uses Wells Fargo for a mortgage loan. They are scum and the worst of all the banks . This really says nothing

They're just the only ones who get caught

 

[Dr. Truth]

They're just the only ones who get caught

Caught what? Wells openly discriminates more, gives less Black people loans etc. they are far worse than the other banks who are also scum.

 

[BKF]

They're just the only ones who get caught

Wells Fargo Rejected Half Its Black Applicants in Mortgage Refinancing Boom

Among all major lenders, Wells Fargo was alone in rejecting more Black homeowners than it accepted.

www.bloomberg.com

"Ricard wasn’t alone. Nationwide, only 47% of Black homeowners who completed a refinance application with Wells Fargo in 2020 were approved, compared with 72% of White homeowners, according to a Bloomberg News analysis of federal mortgage data.

While Black applicants had lower approval rates than White ones at all major lenders, the data show, Wells Fargo had the biggest disparity and was alone in rejecting more Black homeowners than it accepted.


"If, as expected, the Fed’s policy committee moves to hike interest rates at its March meeting, it will begin closing the door on a remarkable wealth event that has seen U.S. homeowners refinance almost $5 trillion in mortgages over the past two years, the most since the early 2000s.

It’s one that allowed White homeowners to save an estimated $3.8 billion annually by refinancing their mortgages in 2020, according to researchers at the central bank. But it’s a door that barely opened for Black Americans, who make up 9% of all homeowners and locked in just $198 million a year, less than 4% of the savings.




Wells Fargo, which declined to comment about individual customers, didn’t dispute Bloomberg’s statistical findings. It says it treats all potential borrowers the same, is more selective than other lenders, and an internal review of the bank’s 2020 refinancing decisions confirmed that “additional, legitimate, credit-related factors” were responsible for the differences.

But even when taking selectivity into account, the San Francisco-based bank had by far the worst record among major lenders when it came to refinancings by Black homeowners, according to Bloomberg’s analysis of Home Mortgage Disclosure Act data for 8 million completed applications to refinance conventional loans in 2020."

 

[Dannyblueyes]

Caught what? Wells openly discriminates more, gives less Black people loans etc. they are far worse than the other banks who are also scum.

They've been caught encouraging their agents to open up fake accounts in their customers' names to rip them off for millions of dollars worth of overdraft fees. Other banks have similar fee scams they just don't get exposed.

If you want to talk racist lenders, around 2008 Bank of America was caught pushing variable interest mortgages on Black homeowners who qualified for 30-year mortgages. My father-in-law almost lost his house over it. For some reason barely anybody noticed.

That's why I don't believe that Wells Fargo is the worst. They're just the worst at getting away with it.

 

[Dr. Truth]

They've been caught encouraging their agents to open up fake accounts in their customers' names to rip them off for millions of dollars worth of overdraft fees. Other banks have similar fee scams they just don't get exposed.

If you want to talk racist lenders, around 2008 Bank of America was caught pushing variable interest mortgages on Black homeowners who qualified for 30-year mortgages. My father-in-law almost lost his house over it. For some reason barely anybody noticed.

That's why I don't believe that Wells Fargo is the worst. They're just the worst at getting away with it.

They are the worst as a Black man I’m telling you they the worst

 

[mrcmd187]

No sane person uses Wells Fargo for a mortgage loan. They are scum and the worst of all the banks . This really says nothing

They banks never are directly involved they setup other companies and underwrite them that's how they did it last time but no one really paid attention to these MFs, cause pump and dump is second nature to them. Wells Fargo been in the scam game for decades and always gets a slap on the wrist. Best believe they have their hands deep in this some how along with the rest.

They've been caught encouraging their agents to open up fake accounts in their customers' names to rip them off for millions of dollars worth of overdraft fees. Other banks have similar fee scams they just don't get exposed.

If you want to talk racist lenders, around 2008 Bank of America was caught pushing variable interest mortgages on Black homeowners who qualified for 30-year mortgages. My father-in-law almost lost his house over it. For some reason barely anybody noticed.

That's why I don't believe that Wells Fargo is the worst. They're just the worst at getting away with it.

These MFs change their name and do mergers but still run the same games like Wells Fargo.

 

[BKF]

They've been caught encouraging their agents to open up fake accounts in their customers' names to rip them off for millions of dollars worth of overdraft fees. Other banks have similar fee scams they just don't get exposed.

If you want to talk racist lenders, around 2008 Bank of America was caught pushing variable interest mortgages on Black homeowners who qualified for 30-year mortgages. My father-in-law almost lost his house over it. For some reason barely anybody noticed.

That's why I don't believe that Wells Fargo is the worst. They're just the worst at getting away with it.

2018

"Sacramento has joined Oakland, Philadelphia and other cities in suing Wells Fargo & Co. over allegations that the bank engaged in discriminatory mortgage lending practices, leading to a wave of foreclosures in minority neighborhoods.

The city filed a suit in federal court, saying the San Francisco bank violated the federal Fair Housing Act by saddling minority borrowers with pricier loans and failing to notice or end the practice.

The Feb. 23 lawsuit makes prominent mention of a recent Federal Reserve enforcement action against the bank, which found “widespread consumer abuses and other compliance breakdowns.”

The Fed went after Wells Fargo for a raft of wrongdoing that has come to light over the past year and a half, from the creation of fake accounts to forcing auto loan customers to pay for unneeded insurance to charging extra fees on some mortgage borrowers.

“It’s not just bank accounts and credit cards. It’s all one set of conduct,” said Joel Liberson, a Los Angeles attorney who has worked with cities suing Wells Fargo and other banks over alleged mortgage discrimination."

 

[woodchuck]