US Housing Market Posts $2.3 Trillion Drop, Biggest Since 2008
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Didn't Kamala just say that due to Biden and her, everyone has tons of cash to spend?
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@raphjd
https://www.straitstimes.com/business/us-housing-market-posts-3-trillion-drop-biggest-since-2008
Painting a rather different picture. Noting the market went up considerably in the pandemic. Anyway this is not a realised loss, it reflects only a notional fall in the value of the entire housing stock Most housing stock doesn't shift very often.In 2008 it was noted in the UK that only 1/3 of the housing stock is subject to any mortgage. So high mortgage rates only truly strain a relatively small portion of mortgage holders. Many of those under strain are, of course, first time buyers with little equity and tight budgets - sadly these burdens often fall most heavily there. I don't know how this reflects the current market but I expect people (and banks) have generally been more conservative in their borrowing (lending) since the 2007/8 financial crash.
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Are you saying that Michael Bloomberg, a Democrat, isn't being completely honest about the economy?
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@nix54 said in US Housing Market Posts $2.3 Trillion Drop, Biggest Since 2008:
I expect people (and banks) have generally been more conservative in their borrowing (lending) since the 2007/8
You expect wrongly. It was true for a few years. But USA's current (now paused or starting to deflate) housing bubble bigger than 2008.
Which is why the drops are & will be bigger. The real meaning of "$3 trillion drop" - and it's only the beginning, of course - is "Yikes it got that big?"
USA even has places where banks lend on the basis of race ie. deliberately turning away good risks if they are white, taking bad risks if they are nonwhite.
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@blablarg18
Yes. Nearly all banks in the US (whether state or national) are obliged to ensure that their loan books reflect certain obligations imposed by regulators. This usually relates to the communities in their neighbourhood that are not well served.
I once majority owned a national bank based on Wilshire Boulevard (300th largest bank in California - yes just California not US). We were obliged to hold such a loan book. In the end we built up a large business of building loans and car loans to the Korean immigrant community - generally a very good credit risk.
It is very important that governments support all citizens and residents regardless of their birth. None of us choose our parents so we are all entitled to a fair crack at life. -
It was just such practices that caused the 2007/08 global economic meltdown because they were giving mortgages to unqualified people; aka subprime.
Race should never play a factor in these decisions. It should be solely on the ability to repay the loan.
Now we are seeing lending institutions saying they are no longer giving loans to whites, because that shit ain't racist as fuck.
It's like Biden's farming subsidies that white men can not get, because they are white men.
It's also like the way Anthony Johnson's descendants qualify for reparations under all the various schemes, despite him being the sole reason the then British colonies and later the US had chattel slavery. Likewise with Kamala's family on her dad's side.
The word "slave" comes from the Slavonic (later Slavic) people who were enslaved en-masse by the Ottomans and Moors, throughout the mulsim world and Africa. This went on for far longer than the western world had slavery. I have to pay reparations to people whose ancestors enslaved my ancestors, despite my ancestors never owning slaves.
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@nix54 Loans, to those nonwhite individuals who can repay, are great.
Loan DENIALS, to those white individuals who can't repay, are also great.
Obviously.
The problem would be: loans to nonwhite individuals who can't repay.
"Giving a fair crack at life" is NOT giving someone a million dollar loan.
It's giving them reading, writing, arithmetic & the Bill of Rights (e.g., free speech & due process).
If you understand that, great.
And in the event you don't understand that: newsflash, you were part of the problem. (But that's a hypothetical, I am not trying to say here.)
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@raphjd
Yes I was lucky enough to have been born a Wasp. I would also like to be lucky enough to know that my ancestors were true saints. I have no reason to think they weren't but ... you never really know do you. -
@nix54 You're in good company - news recently that Angela Davis' ancestors came over on the Mayflower.
Yes, that Angela Davis, commie America-hater & black racist.
