Real estate prices have gone nuts in my area. (The Great North Woods of New Hampshire) It’s pretty weird that an area that steadily lost population for decades is now high priced.
Like many areas experiencing huge price increases, it’s the out of state buyers pushing up prices. It started during the pandemic. People wanted a place out in the country to get away from it all. That didn’t work as well as some thought it would. Our area had the same lock down most of the rest of the country had.
People looking to park money in real estate saw prices in my area were relatively low and pounced. I guess compared to many areas they are still a bargain. By local standards, not so much. Wages aren’t that high so people have been priced out of the market.
A lot of new buyers are picking up local houses as vacation homes. You would not think that a house in the middle of an old mill town would be purchased for vacations. They aren’t cabins in the woods or cottages on a lake. What they do have is ATV access from city roads. That appears to be enough.
Rental prices have gone up like crazy too. I’m lucky I bought my place when I did. I would be hard pressed to find a livable apartment on my retirement income. I don’t see an end in sight.
-Sixbears
I see an end in sight. It has lots and lots of zero's with a zero starting that figure.
ReplyDeleteI figured we've about zero chance of this all ending well too.
It's a house of cards, that's for sure.
DeleteBidenomics.
ReplyDeleteYou think so?
DeleteNO. Not a real thing.
DeleteThe going medium price for a house in the Southern part of New Hampshire is now over 400,000 dollars. That is insane. Up here you can't buy a home ready to move into for less than 199K. Insanity... You're right, normal income folks can't afford the cost. I bought my property 20 years ago and still own more than the purchase price due to the crazies. It's not politically driven, it's purely rising populations, the cost of living and the demand for product. We did this to ourselves.
ReplyDeleteI'm surprised the real estate bubble has continued for as long as it has.
DeleteNot funny how during the Great Depression all the shanty towns for the homeless were called Hoovervilles as to lay blame on the President at the time running for reelection against Roosvelt.
ReplyDeleteNewspapers covering bums on the streets were Hoover Blankets and so on every economic distress was labeled by the Media as Hoover this or that.
Biden even read from his teleprompter more than once, that his "Bidenomics was working" yet I suppose it's not Bidens issues that 2 years into his wonderful leadership that homelessness and personal debt is booming at a rate faster than the Great Depression.
Let's not talk about Fisk's downgrade of the US Economics and the Banks downgrades happening as we speak.
As Roosevelts campaign Media sang "Happy Days are here again".
It's good to be on the side of the King is it not?
I wonder what the words here would say if this economic downturn was under Trump's watch?
I think both sides are the wings on the carrion bird eating our once Fine Republic. We are in the open looting of the treasury phase of collapse.
I'm far more concerned about my friends that work every day doing more than 2 jobs trying to keep themselves off the streets.
When folks have nothing to lose, they tend to lose it all in despair and rage. The Arab Spring was over food prices going up too high and hunger of families.
I wonder what future historians will label the "Current Thing" in America.
I wonder if a "Small controllable war" (Oxymoron BTW) will be used to "Rally the Peeople" to the Flag and Current Regime.
I wonder if a less controlled result will occur.
I worry about the future of my grand children.
Our grandkids will have interesting lives.
DeleteBTW During the Great Depression Bankers bought houses and farms for pennies on the dollar protected by the Sheriffs.
ReplyDeleteYou know Grapes of Wrath level hit the road Jack stuff. Homeless staggering from place to place driven out by local police from one burned down shanty town to another.
It marked the start of a dark era where people cheered on murderous thugs like Bonnie and Clyde for sticking it to the man.
Thus, I pay attention to homelessness and credit card debt as an early signal to greater issues.
Don't forget the student loans that will never get paid. They are still on the books as if they are real money.
DeleteSame here in the SW Pa Appalachian Mtns. It is just weird. Wondering if is the BlackRock buying it all consequences? Otherwise, hard to explain.
ReplyDeleteBig companies have sucked up a lot of properties in numerous markets. That can't be good. It will turn us into a nation of renters.
DeleteSorry 6 Bears, you misspelled Slaves to Corporations a Techo-Tyranny.
DeleteOur Grandchildren will indeed live "Interesting Lives" as you mentioned above.
The lyrics of Mike and the Mechanics song "Silent Running" springs to mind.