housing
39 pieces tagged “housing”, newest first.
The Home Price Explosion
The price tag for buying a house over the last two years has jumped at a faster rate than prior to the 2008 bubble burst.
Huff and Puff and Blow the Housing Market Down?
The 2007 crash is a distant memory, but there are signs that lessons weren't learned.
What You Need to Know About 'The Big Short'
One of the most intriguing movies I've seen in a long time is *The Big Short*. It's about the housing bubble and what we now call the Great Recession, based on Michael Lewis's bestselling book "The Big Short: Inside the Doomsday Machine." The main characters are money managers who not only realized that the housing bubble was being supported by unsustainable subprime mortgages, but also found a way to make millions of dollars from the inevitable crash. Here are 10 things moviegoers need to know.
The Busybody Left
The political left has been trying to run other people's lives for centuries. So we should not be surprised to see the Obama administration now trying to force neighborhoods across America to have the mix of people the government wants them to have. There are not enough poor people living in middle class neighborhoods to suit the political left. Not enough blacks in white neighborhoods. Not enough Hispanics here, not enough Asians there.
Free Stuff Can Turn Out to Be a Bad Buy
Free college! That's what the Democratic candidates were offering in their presidential debate. And it's likely that, if the subject had come up, they would have offered something like free home mortgages as well, to judge from Hillary Clinton's statement that she had urged Wall Street to stop mortgage foreclosures. Sounds a lot like free houses!
The 'Affordable Housing' Fraud
Nowhere has there been so much hand-wringing over a lack of "affordable housing," as among politicians and others in coastal California. And nobody has done more to make housing unaffordable than those same politicians and their supporters. A recent survey showed that the average monthly rent for a one-bedroom apartment in San Francisco was just over $3,500. Some people are paying $1,800 a month just to rent a bunk bed in a San Francisco apartment. It is not just in San Francisco that putting a roof over your head can take a big chunk out of your pay check. The whole Bay Area is like that. Thirty miles away, Palo Alto home prices are similarly unbelievable.
Government: Here to Help!
Government wants you to think it helps you at every turn. Every time you make a decision, a purchase, government wants to be there, looking essential. But it's a trick. Most government "help" creates new problems. Students once went to private banks to get college loans. Banks, since they had their own money on the line, tried to lend only to students who were likely to succeed and then pay them back. Politicians then said, "Banks don't lend enough, so we'll guarantee loans or make loans ourselves! After all, college is essential for success."
Mortgage Madness Returns
Last month I bought a house in Potomac, Md., a trade-up on my current home, and was shocked to learn in the ensuing weeks that I couldn't get a mortgage loan. First, I went to PNC bank. Then Wells Fargo. Then another. Denied. Denied. Denied. No, I don't feel entitled to a loan, and the banks have every right not to lend me money. But my tale of woe tells a broader tale of what is going on in the lending industry these days. All the bankers told me the same thing: "Steve, if you'd walked in our bank eight years ago with this mortgage application, we would have rubber-stamped it in five minutes, and you would have walked out with a bag of money."
