I live on Zillow and Redfin. Enough so, that I've seen the trends in certain markets. The good/great "good bones" houses are mostly gone - or go first if they pop up.
Prices have escalated, though true value hasn't. You can thank your county assessor for that!! When virtual teardowns are listed for $400K you know the market is wonky!
The movement of people, large swaths of them running away from blue states, has created swarms in certain areas, almost destroying what made the area so appealing.
It's absolutely shocking what's happened in Coeur d'Alene, Idaho and the surrounding area.
There's hundreds of new boxes, uh houses, plopped down in what was fields in 2019. A sea of roofs!
The last thing we'd want is a new box!
It is fun to read the spin on some of the buildings, called houses. It says more about the creativity of the realtor than the reality of the property. You don't want to hurt the seller's feelings.
The seller's need to do their due diligence also before calling in a agent because the agents only care about the money and will convince the seller that it's worth more than it actually is. If more markets actually listed more realistically than buyers would buy and sellers would sell
“Basically, this is what inflation does to our idea of an acceptable home.”
Milton Friedman may say ‘inflation is always and everywhere a monetary phenomenon,” but that statement is deceptive because it doesn’t go far enough. It makes “inflation” sound like it’s just an academic term for ‘price increases’ (or the symptom of monetary expansion), instead of the cause of civilizational breakdown. This piece illustrates just one facet of many occurring throughout society today.
J. M. Keynes said it more bluntly, “There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose.”
Hence the confusion.
To many - if not the vast majority - there is a laundry list of competing root causes of societies ills, but if Karl Marx and all the subsequent anti-capitalists and psychopathic subversives are right, unsound money is it.
Understandably, that’s not obvious, at least to me. But it seems now that many people are starting to understand that or at least sense it, hence the rise of the Bitcoin narrative and growing calls to end the Fed/central banking.
But what’s unfortunate is that not everyone is adversely effected by currency devaluation, in fact some actually benefit monetarily.
Keynes again: “By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth.”
One could argue that ‘an important part the wealth of citizens’ is spiritual and moral, not just material, and so even those who are enriched monetarily are still impoverished in other ways, hence the intellectual dishonesty and willful ignorance of many of the very wealthy, and most in power.
Given that Keynes is the godfather of modern day central banking, have the Fed’s board members never read him?
I doubt any of them read, Bruce. But Richard Werner knows his stuff:
"In the 5000 yr history of banking no-one has ever done an imperical study of banking to show where the money comes from- until now. Step up the rock star economist Professor Richard Werner. His amazing qualifications and held positions makes the eye water. He is truly the authority on this subject. Banks are thought of as deposit taking entities who lend money - but that is just wrong. His assessment - Banks dont lend money but they misrepresent (lie) to their customers and say that they do.
Yes, agreed. The problem as I see it Bruce, is that sovereingn money (cash) is such a small proportion of the money supply: 3% versus 97% credit money. For a balanced economy we need much more interest-free cash issued by Treasury. The banksters control the world through their credit with interest system, which requires a willing buyer of securities. If demand for this falls, the money supply contracts, which is kryptonite to the economy.
How serious or should say delirious home buying is today and for years only much worse now, this article has made me laugh which I haven't done in a very long time because of the madness and mostly because of the extreme greed from sellers which is for the most part promoted by their agent.
The article made me think of barns. The family land I live on used to have a traditional wood barn that eventually succumbed to age. It now has a pole barn (i.e., no side walls). Is the pole barn a better option for storing hay? Not really, easier access for machinery but also easier access for the weather. It's a symptom of inflation; a traditional barn would simply be too expensive today.
Ive been lurking online for a property and consuming information regarding Real Estate and the flipping business. As outlined here the basic "flash" items that draw people in are what the flippers focus on in a "rehab" (I use that term very lossely) while getting it done as fast as possible. The goal is usually 90 days before carry costs come into play. The other play is a new home. Ive heard and seen that those are worse off in terms of quality and craftmanship than ever for the same reasons, build them as fast as possible with the cheapest materials and close them fast.
As I see it the best approach right now is:
1) Find an excellent home inspector not referred by a a realtor.
2) Narrow down your search by having the hard conversation of needs vs. wants. Then using previous sales, delinquencies, crime rates, and other data specific for your situation you can refine it even more.
3) Get the home inspection done first before you get your heart set on something. Its a buyers market now and if a seller balks, walk away.
4) Or if your timeline and pockets permit buy something with those good ole bones and rehab it.
An excellent example of the decline in standards of the Western world, John. In South Africa similar agent's try it on but Afrikaners are more perceptive, with a similar heritage as your rural Red Necks - pioneers all. It's difficult to get dishonest with these people.
Very reminiscent of a lot of the posting that Charles Hugh Smith has been doing for the last several years. Check him out. All a result of the "stealth" inflation that has gone "unmeasured" by the fedgov's and fedres' phony price measurements for the last 40 years. One perfect example of the insanity (lunacy?) of fed "thinking" - deleting food and energy from the price indices because of their "volatility". Obviously (to anyone with half a brain) if time volatility is a statistical problem you use rolling averages to "smooth" the factor. It's things like this that lead me to the conclusion that there really is no hope left at this point (and the farce with Patel and Bongino trying to tell Maria Bartiromo that "Epstein definitely committed suicide - yep he shore did") doesn't help either. That's a REALLY BAD SIGN. As I've said - BUCKLE UP.....
Yes Kash and Dan on "Epstein hanging" is a big ?. No supporting info uncovered to explain all the "coincidences", at least yet. Possible Jeffery killed himself - sure. It just looks so much like a duck that being told it's not a duck is going to take a whole lot more. As for the RE agents, that kind, for the most part, are in the same stinking pot as actors, lawyers, politicians, and religion con men / fems.
I live on Zillow and Redfin. Enough so, that I've seen the trends in certain markets. The good/great "good bones" houses are mostly gone - or go first if they pop up.
Prices have escalated, though true value hasn't. You can thank your county assessor for that!! When virtual teardowns are listed for $400K you know the market is wonky!
The movement of people, large swaths of them running away from blue states, has created swarms in certain areas, almost destroying what made the area so appealing.
It's absolutely shocking what's happened in Coeur d'Alene, Idaho and the surrounding area.
There's hundreds of new boxes, uh houses, plopped down in what was fields in 2019. A sea of roofs!
The last thing we'd want is a new box!
It is fun to read the spin on some of the buildings, called houses. It says more about the creativity of the realtor than the reality of the property. You don't want to hurt the seller's feelings.
The seller's need to do their due diligence also before calling in a agent because the agents only care about the money and will convince the seller that it's worth more than it actually is. If more markets actually listed more realistically than buyers would buy and sellers would sell
“Basically, this is what inflation does to our idea of an acceptable home.”
Milton Friedman may say ‘inflation is always and everywhere a monetary phenomenon,” but that statement is deceptive because it doesn’t go far enough. It makes “inflation” sound like it’s just an academic term for ‘price increases’ (or the symptom of monetary expansion), instead of the cause of civilizational breakdown. This piece illustrates just one facet of many occurring throughout society today.
J. M. Keynes said it more bluntly, “There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose.”
Hence the confusion.
To many - if not the vast majority - there is a laundry list of competing root causes of societies ills, but if Karl Marx and all the subsequent anti-capitalists and psychopathic subversives are right, unsound money is it.
Understandably, that’s not obvious, at least to me. But it seems now that many people are starting to understand that or at least sense it, hence the rise of the Bitcoin narrative and growing calls to end the Fed/central banking.
But what’s unfortunate is that not everyone is adversely effected by currency devaluation, in fact some actually benefit monetarily.
Keynes again: “By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth.”
One could argue that ‘an important part the wealth of citizens’ is spiritual and moral, not just material, and so even those who are enriched monetarily are still impoverished in other ways, hence the intellectual dishonesty and willful ignorance of many of the very wealthy, and most in power.
Given that Keynes is the godfather of modern day central banking, have the Fed’s board members never read him?
I doubt any of them read, Bruce. But Richard Werner knows his stuff:
"In the 5000 yr history of banking no-one has ever done an imperical study of banking to show where the money comes from- until now. Step up the rock star economist Professor Richard Werner. His amazing qualifications and held positions makes the eye water. He is truly the authority on this subject. Banks are thought of as deposit taking entities who lend money - but that is just wrong. His assessment - Banks dont lend money but they misrepresent (lie) to their customers and say that they do.
https://www.youtube.com/watch?v=EnC1UlnFLyI&ab_channel=ThomasAnthonyCarlin
Good to see you again Bruce,
AP
But they do lend money, it's just money that they create. Only a small portion comes from depositors.
Yes, agreed. The problem as I see it Bruce, is that sovereingn money (cash) is such a small proportion of the money supply: 3% versus 97% credit money. For a balanced economy we need much more interest-free cash issued by Treasury. The banksters control the world through their credit with interest system, which requires a willing buyer of securities. If demand for this falls, the money supply contracts, which is kryptonite to the economy.
"This house won't last!" A great line... 😁
America is one big Fraud with a facade of luxury and conspicuous consumption. And the biggest fraud of all is Donald Trump.
How serious or should say delirious home buying is today and for years only much worse now, this article has made me laugh which I haven't done in a very long time because of the madness and mostly because of the extreme greed from sellers which is for the most part promoted by their agent.
The article made me think of barns. The family land I live on used to have a traditional wood barn that eventually succumbed to age. It now has a pole barn (i.e., no side walls). Is the pole barn a better option for storing hay? Not really, easier access for machinery but also easier access for the weather. It's a symptom of inflation; a traditional barn would simply be too expensive today.
Ive been lurking online for a property and consuming information regarding Real Estate and the flipping business. As outlined here the basic "flash" items that draw people in are what the flippers focus on in a "rehab" (I use that term very lossely) while getting it done as fast as possible. The goal is usually 90 days before carry costs come into play. The other play is a new home. Ive heard and seen that those are worse off in terms of quality and craftmanship than ever for the same reasons, build them as fast as possible with the cheapest materials and close them fast.
As I see it the best approach right now is:
1) Find an excellent home inspector not referred by a a realtor.
2) Narrow down your search by having the hard conversation of needs vs. wants. Then using previous sales, delinquencies, crime rates, and other data specific for your situation you can refine it even more.
3) Get the home inspection done first before you get your heart set on something. Its a buyers market now and if a seller balks, walk away.
4) Or if your timeline and pockets permit buy something with those good ole bones and rehab it.
An excellent example of the decline in standards of the Western world, John. In South Africa similar agent's try it on but Afrikaners are more perceptive, with a similar heritage as your rural Red Necks - pioneers all. It's difficult to get dishonest with these people.
Very reminiscent of a lot of the posting that Charles Hugh Smith has been doing for the last several years. Check him out. All a result of the "stealth" inflation that has gone "unmeasured" by the fedgov's and fedres' phony price measurements for the last 40 years. One perfect example of the insanity (lunacy?) of fed "thinking" - deleting food and energy from the price indices because of their "volatility". Obviously (to anyone with half a brain) if time volatility is a statistical problem you use rolling averages to "smooth" the factor. It's things like this that lead me to the conclusion that there really is no hope left at this point (and the farce with Patel and Bongino trying to tell Maria Bartiromo that "Epstein definitely committed suicide - yep he shore did") doesn't help either. That's a REALLY BAD SIGN. As I've said - BUCKLE UP.....
IMO Allan CHS is always on the ball: https://charleshughsmith.blogspot.com/2021/06/a-couple-things-about-inflation.html
Writers who have been this right for this long have to be acknowledged as something akin to a seer.
He's definitely worth a subscription. The genuine article.
Yes Kash and Dan on "Epstein hanging" is a big ?. No supporting info uncovered to explain all the "coincidences", at least yet. Possible Jeffery killed himself - sure. It just looks so much like a duck that being told it's not a duck is going to take a whole lot more. As for the RE agents, that kind, for the most part, are in the same stinking pot as actors, lawyers, politicians, and religion con men / fems.
and used car salesmen........nobody trusts RE agents anymore and with good reason.