Kolek planning to go pro
TowerThere will be no housing shortage if people cannot afford to buy one. Sadly, I believe that the housing market is looking at a very serious situation. I am on several email lists for condo/house for sale in SW FL and the mid range is reducing pricing weekly. I have seen one condo in Sarasota drop the price three straight weeks. They are not a pre pandemic pricing but down 15-20% at the moment. There will be price range/markets that hold up better than others, but I think there is going to be bargains to be had in next 12-18 months. The cost of homes has been artificially propped up by free money and those days are gone.
towerAppreciate the advice on meeting the challenge. I 100% believe all challenges will be met and the world forge ahead in the future. Simply, I do not think the same toolbox is going to be used to meet the current challenges and saying "we have seen bigger challenges before and beat them" is going to be the way out this time.
TSmithWhat I am surprised about is the average net worth noted in that article when over 40% of Americans have a 401K and over 60% own a home. Not exactly sure how so many people have bought a home, if the numbers are correct.
Goose, upper class and boomers owning multiple homes is a contributing factor (not the only one or even biggest) to the housing shortage. So, the situation you describe in Sarasota (vacationed on Lido Key multiple times, noticed empty high rises all of them) can also be seen as an opportunity, not just a crisis.
Gas price is up 70 cents at my neighborhood gas station since Sunday. I'm good with it and then some, hey?
Also a huge contributor: corporations buying up houses and then renting them.Creates a shortage of houses. Drives up house prices. Also drives up rent prices.It's an enormous weight on middle-class and lower-class people in Charlotte, I know, and in many other major metro areas. Some HOAs have enacted rules to prohibit it, but they were way too late doing so.
META announces 11K layoffs. As often happens, Mr. Market rejoices. Shares up 5% premarket.Meanwhile ... crypto, which already has had a rough year, got routed overnight. BTC at about $17,500, near 2-year low. ETH also near 2-year low.
Crypto held on strong against inflation for a while, but no one wanted to bring that up.
I assume you include yourself in "no one"?
Down 74% over the past year. I have opinions...
I admit I don't follow crypto except the headlines. I haven't invested in it, and I don't see me ever investing in it. And I'd say that if it were up 70%. I'm generally more of a boring, more defensive, long-term, dividend-growing kind of investor.The one thing that's become abundantly clear is that crypto is not a hedge against down markets or inflation. I wish nothing but good fortune to those who have made it part of their portfolio.
Its remarkable someone hasn't taken away Sam Bankman-Fried's Twitter yet, or told him to STFU. He's just making himself look worse and worse, and more potentially criminally negligent or liable.
It's actually pretty fun to see someone collapse in real time.