The Biden Recession Thread

[Thebrownblob]

I'm seeing we just went through the first down wave and are now experiencing a bounce. Two more waves to go at least and things won't get better before 2024. Real estate overall down 50%, stocks down since the Jan. 4th top 86%, Bitcoin under $6k.

People have short-term memories it’s the same effect when all the sudden you see gas at $3.40 a gallon and say wow that’s really “cheap” lol

 

[Wally]

And the vast majority of Biden voters would say they would do it again.

You need better than that to win especially in swing states.

 

[Thebrownblob]

You need better than that to win especially in swing states.

Hope so

 

[Up In Smoke]

I'm seeing we just went through the first down wave and are now experiencing a bounce. Two more waves to go at least and things won't get better before 2024. Real estate overall down 50%, stocks down since the Jan. 4th top 86%, Bitcoin under $6k.

You paint a pretty bleak picture. Lumber prices are back to near 2018 levels which will aid in bringing down house prices. Unfortunately everything that goes inside the house is still expensive.

 

[Wally]

You paint a pretty bleak picture. Lumber prices are back to near 2018 levels which will aid in bringing down house prices. Unfortunately everything that goes inside the house is still expensive.

Lumber extends 2-day rally to 18% as the real estate market shows signs of sticking a soft landing, research firm says

"Even with a shrinking GDP, the American homeowner is in great shape. There is no panic selling," Altos Research CEO Mike Simonsen said.

markets.businessinsider.com

 

[vantexan]

You paint a pretty bleak picture. Lumber prices are back to near 2018 levels which will aid in bringing down house prices. Unfortunately everything that goes inside the house is still expensive.

Home prices are unrealistic. That bubble will burst.

 

[UnionStrong]

Home prices are unrealistic. That bubble will burst.

Prices are coming down

 

[Thebrownblob]

Home prices are unrealistic. That bubble will burst.

It really doesn’t matter that my house has more than doubled in less than 15 years.
Why?
Because I really can’t sell it and get something much cheaper in a decent area so its value was really unrealistic unless I plan on moving to a different state or maybe a different country.

 

[Thebrownblob]

Prices are coming down

Dang it please tell the tax assessment people my payment just went up $68 a month

 

[UnionStrong]

Dang it please tell the tax assessment people my payment just went up $68 a month

Yep

 

[vantexan]

It really doesn’t matter that my house has more than doubled in less than 15 years.
Why?
Because I really can’t sell it and get something much cheaper in a decent area so its value was really unrealistic unless I plan on moving to a different state or maybe a different country.

And interest rates rising on $400k homes puts them out of reach for a lot of people.

 

[Thebrownblob]

Yep

Also funny is I have less than four years to pay this house off but yeah I will forever owe A monthly or quarterly property tax, that continually goes up never down. What exactly do I own?

 

[UnionStrong]

Dang it please tell the tax assessment people my payment just went up $68 a month

All the people that took equity out, now you have a higher property tax bill too.

 

[UnionStrong]

Also funny is I have less than four years to pay this house off but yeah I will forever owe A monthly or quarterly property tax, that continually goes up never down. What exactly do I own?

Nothing

 

[Thebrownblob]

And interest rates rising on $400k homes puts them out of reach for a lot of people.

Very true mine is now approaching 500,000 and I’m sure the amount of people able to afford it has been cut in half in the last couple months if I were to even want to sell it.

 

[Thebrownblob]

Nothing

Certainly feels like you’re right

 

[vantexan]

Also funny is I have less than four years to pay this house off but yeah I will forever owe A monthly or quarterly property tax, that continually goes up never down. What exactly do I own?

The privilege to pay rent to the government.

 

[Thebrownblob]

The privilege to pay rent to the government.

Well thanks for that my escrow for monthly tax and insurance is over $600. Frankly ridiculous

 

[UnionStrong]

The privilege to pay rent to the government.

Biggest, most regressive tax ever. A in crime!

 

[UnionStrong]

Certainly feels like you’re right

Been at it awhile now. Be glad you don’t live in NJ, highest property tax in America