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Brace Yourself for the Biden Housing Bust

Original Article

Posted By: Garnet, 7/6/2022 2:20:02 AM

For many readers, the above title will conjure up memories of the 2008 housing crash caused by the proliferation of subprime mortgages and the subsequent tsunami of defaults. But a better corollary for the coming Biden bust is the Carter crash that occurred three decades earlier. During the final two years of Carter’s term, sales of existing and new homes collapsed because the Fed was forced to raise interest rates sharply to get double-digit inflation under control. This, in turn, produced double-digit mortgage rates that priced millions of potential buyers out of the market.

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Reply 1 - Posted by: PChristopher 7/6/2022 3:03:20 AM (No. 1207683)
I lived through the Carter years and clearly remember mortgage rates of 20+%, if you could get one. Nobody then thought that anyone could ever be as incompetent a president as Carter, and then........
107 people like this.

Reply 2 - Posted by: EJKrausJr 7/6/2022 3:11:04 AM (No. 1207684)
Alan Greenspan did it in 2008 because too much money was being diverted from Wall Street into the Housing market. It's deja vu all over again. And guess what, the Democrats are doing it again. Can't blame Barney Frank this time. But you can blame Lame Duck Joe.
74 people like this.

Reply 3 - Posted by: RuckusTom 7/6/2022 3:17:22 AM (No. 1207686)
Nothing much changed since 2008. Of course it's coming. Keep on giving minimum wage workers loans to buy $500K or $1,000K homes (on top of the student loan debt) and bad things happen. When's our next war? That's usually the most convenient way to take the focus out of massive inflation. Ukraine's revving up (Chicago keeps stealing the limelight).
63 people like this.

Reply 4 - Posted by: Trigger2 7/6/2022 3:26:37 AM (No. 1207689)
Demonrat presidents are all alike. They think they can change the world when all they ever do is to screw it up. Joey is no different. In fact, he's worse than Carter ever was.
86 people like this.

Reply 5 - Posted by: Rather Read 7/6/2022 3:30:47 AM (No. 1207690)
Six years ago, I bought a house for 140,000 in an older middle class neighborhood. It's a nice house for me and I like it. The mortgage payments are way lower than the rent anywhere else. Now, even old crack shacks in sketchy neighborhoods are going for more than what I paid for my house. I know so many people who want to buy but can't afford. It's not good, not at all.
49 people like this.

Reply 6 - Posted by: Timber Queen 7/6/2022 4:07:51 AM (No. 1207701)
I remember the Carter years. Always more month left at the end of the money. I was single, barely getting started and had to pay 20% on a car loan. Ouch! I feel for the young folks trying to start out these days, its even worse for them than it was back then. At least then all of our societal institutions had yet to be overrun by the commies. B.C. (Before Covid) TK and I were secure in our retirement investments and savings, but now see their value shrinking every month. We count our blessings. We have the homestead and are off the grid, with our our own well. TK is a ham radio operator. We are four miles off the highway behind a locked gate. We have good and reliable neighbors. We have stored supplies and dinner hops across the front yard every night if need be, although TK would have to consult his survival guides. I pray for the folks in the cities. God bless us and protect us.
89 people like this.

Reply 7 - Posted by: Timber Queen 7/6/2022 4:10:46 AM (No. 1207703)
Pardon the second post - I remember back in the Carter years that house sellers with low interest mortgages would offer buyers to take over the the existing mortgage along with a lump sum of cash. The buyers would then finance that lump sum at the high rate, but at least it wasn't the full price of the house. Perhaps that arrangement will come back.
30 people like this.

Reply 8 - Posted by: DW626 7/6/2022 6:06:46 AM (No. 1207743)
I was going to high school during the Carter years. In fact my first vote at 18 was for Ronald Reagan. Voting is different now than it was then.
34 people like this.

Reply 9 - Posted by: PostAway 7/6/2022 6:28:47 AM (No. 1207754)
Housing crashes are a feature, not a bug, of Democrat governance.
43 people like this.

Reply 10 - Posted by: NancyD 7/6/2022 7:06:14 AM (No. 1207778)
I was young during Carter but I remember how my parents struggled and were stressed. Biden is doing the same thing but probably worse. These dems are trying to ruin our Nation. I hope they are all voted out of office in 2022/24
48 people like this.

Reply 11 - Posted by: Rock 7/6/2022 8:17:42 AM (No. 1207832)
The left abhors private property ownership and the liberty that come along with it. Their complicit media will play either side of the narrative: prices falling = homes are a bad investment; prices increasing = homes are too expensive. What we have is a housing CRISIS (not enough units built due to zoning laws, local building restrictions, environmental craziness etc) not so much a potential housing BUST. Rents are increasing 4%+ a year, NOW that's a problem.
11 people like this.

Reply 12 - Posted by: red1066 7/6/2022 8:54:44 AM (No. 1207870)
I'm already seeing evidence that the higher mortgage interest rates are slowing homes sales. Two years ago, a house going up for sale in my development may not even need a for sale sign out front. The house was sold before a sign was needed. Even when a for sale sign went up, couples lined up for their 15 min. opportunity to tour the house, and the house would often sell in a day for more than the asking price. Now there are a few houses up for sale, and the signs have been there for weeks. There doesn't seem to be any interest in buying a home because the interest rates are too high.
13 people like this.

Reply 13 - Posted by: Ida Lou Pino 7/6/2022 9:02:37 AM (No. 1207876)
The 2008 "financial crisis" was another big hoax - - possibly the biggest ever. The "crisis" was the fact that hank Paulson - - and his Wall Street buddies - - made some very, very bad investments. And when Hank Paulson and his Wall Street buddies make very, very bad investments - - they don't swallow the losses. Instead - - the get a dope like George W. Bush - - who thinks all those guys are geniuses - - to convince Congress to steal trillions of dollars from the taxpayers - - and hand it over to Hank Paulson and his Wall Street buddies - - to make them feel a whole lot better. So - - beware of another "financial crisis." All it means - - is that the corrupt politicians are out to steal more of your money.
15 people like this.

Reply 14 - Posted by: Strike3 7/6/2022 9:07:08 AM (No. 1207882)
Yeah but it sucked in a lot of people who could afford double-digit mortgage rates and desperately needed a house. Won't ever do that again.
9 people like this.

Reply 15 - Posted by: lftrn97 7/6/2022 9:13:45 AM (No. 1207893)
Moved to Atlanta in 1983 into newly built house. Just moved and found my original mortgage document--19.5%.
14 people like this.

Reply 16 - Posted by: griddog1 7/6/2022 9:26:50 AM (No. 1207908)
When will people ever learn democrats are very bad news? They keep believing their same old lies. I was around when LBJ was President, same old lies. If you are a democrat you should be ashamed of your self.
22 people like this.

Reply 17 - Posted by: DVC 7/6/2022 9:31:59 AM (No. 1207920)
Yes, when interest rates go through the roof, many would-be buyers are priced out of the market. The pressure will be against price increases, but even if "values" hold steady, prices WILL increase due to the currency being inflated.
11 people like this.

Reply 18 - Posted by: justavoter 7/6/2022 9:41:14 AM (No. 1207937)
It won’t be just housing this time around. It will also include truck and car sales. With the average car over 30 grand and avg payment over $700 month the rise in interest rates will flush this market as well. Lots of people are in upside down city on their vehicles
12 people like this.

Reply 19 - Posted by: PrayerWarrior 7/6/2022 9:50:31 AM (No. 1207951)
Timber Queen, wish you could take over people's low interest mortgage and pay the higher interest rate for the balance. Here's some news. The Mortgage Industry is corrupt. You can't take over people's low interest loans...the mortgage companies won't let you. Doesn't that frost your bagels as Dan Bongino says? Big Corporations are as corrupt as Biden/Obama.
11 people like this.

Reply 20 - Posted by: jacksin5 7/6/2022 9:51:40 AM (No. 1207954)
Here in Fla, the cost of houses in new developments has gone up by a third, and still climbing. The cost of materials, together with supply and demand issues have caused this price increase. If interest rates climb as predicted, the housing developments will stay vacant, proving housing for illegals and others who will become squatters.
8 people like this.

Reply 21 - Posted by: Zigrid 7/6/2022 9:54:17 AM (No. 1207959)
The Convention of the states seems more and more like an option for Americans....then WE could demand term limits for Washington and a balanced budget...and tort reform for the legal profession...I like the idea...
9 people like this.

Reply 22 - Posted by: Dodge Boy 7/6/2022 10:02:13 AM (No. 1207968)
I am thankful that my wife and I are debt-free in today's economic environment. We have a nice home in a smaller western Colorado town and don't care what it is worth. I too feel for the young families just getting started. They will have to learn to own nothing. It will be very difficult for them to make ends meet, living check to check at best. I'll never forget our new nextdoor neighbors in 1982 who exclaimed getting a "good" mortgage at only 17 percent APR. They never fully recovered from this burden.
10 people like this.

Reply 23 - Posted by: MDConservative 7/6/2022 10:05:53 AM (No. 1207974)
Every "bubble" eventually bursts because they're based on emotion rather than reason. The truth always wins in economics. Housing has been pumped up since Clinton/Dubya saw it as an "American Dream" used to prop up economic troubles and hype employment. Look at any reasonably active real estate market and you see $100k houses listed at $300k, with bidders (until recently) standing in line and writing sob letters to the owners pleading to "pick me!". The game is also played by lowballing the asking and letting the bidding fly. It's Dutch Tulip hysteria in our times. The eventual collapse is not Biden's fault, but why not hand him the bag to hold?
4 people like this.

Reply 24 - Posted by: MickTurn 7/6/2022 10:12:06 AM (No. 1207978)
When Carter wanted to cause something to happen in the economy he 'Pulled the String'...when it went wrong because he was incompetent, he simply 'Pushed the String'...and of course nothing happened, problems he created got WORSE! Now Joey Brandon is doing neither, he's burning the string at both ends and expecting results...and is mad at everyone because he's so FECKLESS! And So it goes with Democraps!
13 people like this.

Reply 25 - Posted by: TLCary 7/6/2022 10:28:40 AM (No. 1208005)
#15 Ouch. That's not buying a house, that's renting from the bank. "Loan Shark Morgage, how may we bilk you today?"
7 people like this.

Reply 26 - Posted by: zephyrgirl 7/6/2022 11:41:14 AM (No. 1208057)
I was a young pup just starting out in the Carter years. It had a profound impact on me, and I see the same signs now. The best thing in this environment is to get as close to debt free as you can, and avoid variable-rate mortgages. Now is the time to hunker down and get out of debt. It is the best gift you can give yourself. It is surprising how cheaply you can live if you're not servicing debt. Yes, you do pay more in income taxes without the mortgage interest deduction, but overall, your expenses are lower.
15 people like this.

Reply 27 - Posted by: Freedom1 7/6/2022 3:53:34 PM (No. 1208280)
If EVERY SINGLE THING this administration does is harmful to America, it's not incompetent - it's intentional. Rather than continuing to complain about their evildoing, let's start our own narrative, one replete with God and patriotism and how great America is. Everyone should have a patriotic bumper sticker and wear flag pins. Every yard should have genuinely happy signs (unlike the creepy dem signs about what they tolerate). Put a red, white and blue garden in front of your house. You get the idea. It will drive the rats crazy and unite us. Don't fight fire with fire. Don't even respond to it.
5 people like this.

Reply 28 - Posted by: bighambone 7/6/2022 5:59:02 PM (No. 1208356)
I remember back to the Carter era when housing interest rates were +17% and it was impossible for the average person to get a housing mortgage. New houses were being discounted like crazy and veterans could not even find lenders who would grant US Government guaranteed VA housing loans. Now buying and financing a new automobile of quality is like financing a house was in the old days. To factory order a new motor vehicle could easily take eight months before the automobile is delivered, many dealers will not even order a new automobile at MSRP, and besides they will try to stick the buyer with 2-3 thousand in add ons or extras that are really only worth a couple of hundred dollars. That bubble will have to burst as the manufacturers are still building new motor vehicles with many new vehicles being stored until they can be fitted with micro chips that are still in very short supply. So sometime in the future you can bet that the new car dealers will have lots full of vehicles to sell, and if they are not in the warehousing business, will have to greatly discount them to get them sold before the next model year vehicles start arriving. Unless it is a emergency buy, I would not buy any new vehicle at a dealer price exceeding MSRP.
2 people like this.

Reply 29 - Posted by: Birddog 7/9/2022 4:58:48 PM (No. 1211270)
Keep in mind...the Fed had "Super Jumbo Loans" at 0% interest for years, with mega corp hedgefund investment "Clubs" borrowing trillions in "Free" money, several of them recently started buying up EVERY house on the market, often on the 1st day, full ask or more. Driving housing costs up for individual buyers even at avaiable 3.5% interest rates, now rates are double that...megacorps still hold massive amounts of realesate or REITS, same thing that triggered the last Realestate bubble burst, followed by Megacorp bailouts, bank bailouts, "To Big To Fail" bailouts...TARP...Biden is making noises about "Saving Pensions" many of which are underwater already, Unions and such that have waaaaaay too much of their assets in these soon to be toxic vehicles. Bush finally did TARP and bailouts only after he was informed just how much stupid Union Retirement funds were going to disappear and collapse. GM/Chrysler were just the Big Name Private Corps, many major cities , Carpenters, Electricians, Cops, Firefighters, public Employees Unions...Teachers...would have been bankrupted. They had funded political Campaigns for Dems rather than fully vest their funds.(as recently as 2016 my union, The Carpenters, gave MORE to Clinton than our retirement fund was in the red...this even after internal polls showed Trump had equal or greater support from the rank/file...If I recall it was 42% Trump, the rest nearly evenly split between Clinton and Bernie) Many of us asked that instead of giving ton ANY candidate for that cycle they make our retirement whole, they refused...Trumps internal support from our members was even higher in 2020...still they funded Biden) Basically what the Fed/Biden did was dump basketloads of cash into the middle of a Monopoly board...people "In the game" traded with OPM, driving stocks/Property ever higher, taking their share while it did...Those not in the game catch the Fallout.
0 people like this.

Reply 30 - Posted by: Birddog 7/9/2022 5:07:33 PM (No. 1211278)
At least with Bush the bailouts were "Loans" not Grants/Gifts, they got paid back...and the "People" actually made money on the Deal. Obama, doubled it, $1Trillion+ every year...while not getting us paid back. Biden more than doubled that with multiple $Trillion package all within a single year. Soooo much money many cities/states/corps/agencies STILL have not found a way to spend it all. Several states are now proposing "Stimulus" payments for Illegals just so they don't have to hand it back. NE states/cities are rolling it into "Hurricane Sandy" relief...a storm TEN YEARS ago.
0 people like this.

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33 replies
Posted by Beardo 7/19/2022 4:23:50 PM Post Reply
Numerous women have spoken about their regrets over having children, with some saying the 'hate' motherhood, and others revealing they don't like their kids. The reluctant parents, from around the world, have shared their stories anonymously in a Facebook group called I Regret Having Children. Those who have posted in the group opened up about the social pressure to have children, as well as pressure from loved ones, the struggles in caring for kids with developmental disorders, and their own mental health battles.
Border crisis hits NYC: Adams calls on
Biden as shelters overrun with migrants
32 replies
Posted by Ribicon 7/19/2022 12:37:39 PM Post Reply
New York City’s homeless shelters are being overrun with asylum-seeking migrants as the immigration crisis at the southern border worsens—with nearly 3,000 arriving in recent weeks, Mayor Eric Adams warned Monday. Adams called on President Biden to send “additional federal resources immediately” so the city can handle the overflow. “If we do not get these urgently needed resources, we may struggle to provide the proper level of support our clients deserve, while also facing challenges as we serve both a rapidly growing shelter population and new clients who are seeking asylum,” Adams said in a prepared statement. Adams said the illegal immigrants included families “arriving on buses
Former Clinton Advisor Announces Hillary
Clinton WILL RUN Against Trump In 2024
30 replies
Posted by MAGA Might 7/20/2022 11:01:20 AM Post Reply
Long-time political strategist Dick Morris, formerly of the Clinton camp before coming to the light some years ago, penned a piece for Newsmax yesterday that predicted a 2016 rematch pitting twice-failed presidential candidate Hillary Clinton against former president – and America’s most popular politician – Donald Trump. Clinton just can’t give it a rest. She has rested her entire legacy on one day sitting in the Oval Office as this nation’s first female president. Of course, her party can’t define the term “woman” anymore, and then there’s the fact that she hates this country and most of the deplorables living in it.
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