President Donald Trump said during a Cabinet meeting that he wants to 'drive housing prices up' to keep homeowners 'wealthy' rather than focusing on affordability to benefit people people who 'didn't work very hard'
Go ahead, vote MAGA in the midterms if you’re curious how fucked your life can get.
Per usual, read the article and not just the headline.
Sounds like he’s talking about banning investor purchases of single family homes. Which is a good thing.
I fucking hate Trump and he’s wrong about pushing housing prices higher, but banning investor purchases of homes is the right call, so he’s kinda right.
Also, crashing housing value would destroy anybody who has invested in their home as equity. What needs to happen is a leveling off and investment in cheaper starter home builds, as well as a push for first time homebuyer loans that are low interest and up front down payment.
I bought my first home on a HomePath mortgage. No PMI, 5% down, and reasonable interest rate that was only a bit higher than a traditional mortgage.
Getting people into their FIRST homes and making sure they aren’t beat out by cash offers from investors it’s the correct way forward.
Why should I care about someone’s equity? Houses are for shelter and privacy. Why do we treat them as investment vehicles?
My car doesn’t become more valuable as it ages. Neither does my computer, or my clothing, or anything else. If they want their home to become more valuable, they should invest in improvements to it, not just depend on all houses getting more expensive for everyone else forever. It’s a ludicrous, unsustainable idea.
To strike a balance, home values should go up at the same rate as general inflation and/or wages (ideally the latter, really), or at least stay the same over time.
You really don’t want to find yourself in a situation where you need to sell and you’re underwater. At the same time, they obviously shouldn’t be the investment vehicles they are now.
Also some people use the equity from home appreciation to take out an extra mortgage for improvements. I don’t personally think it’s a great idea (as it can put you under water if the market takes a wild swing), but it’s something people can use to get a cash injection for potentially expensive home improvement work.
I’m not saying it’s a good thing, per se, but it is uniquely an “American thing”. Unlike most other places in the world, most people’s wealth is tied up in their home in the US. That’s just how it is right now and if people can’t afford them, they stay poor.
Yeah it’s bullshit. Unfortunately, it’s how people gain wealth in America. It’s one of the many reasons redlining largely black districts, for example, is so fucked. It’s kept black people in poverty and is one of the main reasons why there is such a wealth disparity by race.
I usually do not waste my time reading articles with sensational headlines like these. If it were not for your comment, I would have ignored the entire thread.
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Per usual, read the article and not just the headline.
Sounds like he’s talking about banning investor purchases of single family homes. Which is a good thing.
I fucking hate Trump and he’s wrong about pushing housing prices higher, but banning investor purchases of homes is the right call, so he’s kinda right.
Also, crashing housing value would destroy anybody who has invested in their home as equity. What needs to happen is a leveling off and investment in cheaper starter home builds, as well as a push for first time homebuyer loans that are low interest and up front down payment.
I bought my first home on a HomePath mortgage. No PMI, 5% down, and reasonable interest rate that was only a bit higher than a traditional mortgage.
Getting people into their FIRST homes and making sure they aren’t beat out by cash offers from investors it’s the correct way forward.
Why should I care about someone’s equity? Houses are for shelter and privacy. Why do we treat them as investment vehicles?
My car doesn’t become more valuable as it ages. Neither does my computer, or my clothing, or anything else. If they want their home to become more valuable, they should invest in improvements to it, not just depend on all houses getting more expensive for everyone else forever. It’s a ludicrous, unsustainable idea.
To strike a balance, home values should go up at the same rate as general inflation and/or wages (ideally the latter, really), or at least stay the same over time.
You really don’t want to find yourself in a situation where you need to sell and you’re underwater. At the same time, they obviously shouldn’t be the investment vehicles they are now.
Also some people use the equity from home appreciation to take out an extra mortgage for improvements. I don’t personally think it’s a great idea (as it can put you under water if the market takes a wild swing), but it’s something people can use to get a cash injection for potentially expensive home improvement work.
I’m not saying it’s a good thing, per se, but it is uniquely an “American thing”. Unlike most other places in the world, most people’s wealth is tied up in their home in the US. That’s just how it is right now and if people can’t afford them, they stay poor.
Appreciate the nuance, though I think that “house as equity” thing should definitely be dismantled, at least over time.
House is a place to live, period. The rest is a fucked predicament we found ourselves in thanks to big investors.
But yes, first house should be made super accessible, and any subsequent ones could be sold for a major markup.
Yeah it’s bullshit. Unfortunately, it’s how people gain wealth in America. It’s one of the many reasons redlining largely black districts, for example, is so fucked. It’s kept black people in poverty and is one of the main reasons why there is such a wealth disparity by race.
I usually do not waste my time reading articles with sensational headlines like these. If it were not for your comment, I would have ignored the entire thread.