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- เผยแพร่เมื่อ 19 มิ.ย. 2024
- Millions of Americans are being priced out of home ownership, according to a new study by the Harvard Joint Center for Housing Studies. Chris Herbert, managing editor with the center, joins CBS News with more details on the research.
#home #sale #price
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Tax the poor. Give breaks to the rich. Enforce strictor zoning. Hike inflation. Dont build affordable homes. Im amazed we have this problem.
More like, taxing the middle class.
What you expect when corporations and investors now own around 30% of all homes.
I think you mean 2% haha
Corporations own 2%.
That’s because there is demand in the rental market. The shortage stems from policy that address the 2008 financial crisis. Wall Street reform and consumer protection act of 2010 really messed this up long term, as it made it more difficult to procure home and building loans, with resulted in about a half million less homes being built annually. After about a decade of that, we are about 4-5 million homes shorts as the largest generation hit their prime home buying years. There are other factors in evolved with high prices, but this is the biggy. You vote for the political party that did this, you have absolutely no right to complain about the high cost of housing.
You are correct! In our area, many many many single family homes were bought up by corporate companies and real estate rental companies. They have raised the rental prices to unaffordable levels and home prices for sale have literally almost doubled. This has priced out the vast majority of family buyers.
THIS IS the biggest driving force. Foreign buyers (AND our government who allows the loopholes which they benefit from) who usually buy housing they turn into profitable slums. During the pandemic they realized they had a slew of inventory they could slum/profit convert! Our laws allow domestic housing abuse, foreigners are just taking advantage of those same lax laws. I dislike Desantis, but applauded his decision to restrict foreign land purchases! AND funny thing is, Americans can't do this in other countries! AND I'd bet there's a US govt official or two profitting from keeping THESE lax foreign housing and land purchase laws alive!!!
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Anticipate rising home prices due to inflation, potential economic fluctuations, and Federal Reserve actions, emphasizing the need for expert financial advice amid uncertainties.
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Her name is “Sharon Marissa Wolfe’” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
In other news, grass is green. Water is wet
And your love letters to Dylan Mulvaney have lipstick stains on them.
...and guess where your lipstick stains are
@@Omar_Zazzlesounds like someone has too much interest Mulvaney
Uranus smells
We are being priced out by large corporations that are buying houses.
they wouldn't buy the houses if population were stable. corporate house buying is speculative. close the border. the US population is stable without illegal immigration. housing cost would become stable. no profit for corporations
There are numerous studies that show there are 14 MILLION homes vacant due to institutional investors as well as speculators asking too much for rent or selling price. We don't need to create more multi-family housing or drastically change zoning laws because those new homes will end up being vacant due to the same institutional investors asking too much for rent. Leave our neighborhoods alone.
How do they let them just sit empty like that? And why?
@ct6852 they were able to afford to sit on it and hope for a good return on their investment but due to the economy slow and high interest rates that hope has turned to pessimism. Now prices are starting to be cut but it’s a little too late. The economy is only worsening and interest rates are only rising.
We didn’t need a study to know this
Exactly!
Thanks for the international corporations that can still afford to buy with cash.
China buying mass sections of land doesn’t help.
The bigger thanks is to the thousands of homeowners that belong to the boomer/X generations that sold out their kids' and grandkids' futures to make an extra buck by selling to investment firms.
Interesting because they've been buying for Decades, but yet Donkeys giving 10 Trillion to top1 %donors who are now worth fifty% more gets a pass from y'all even though groceries &$helter are now30 %more. Go figure
Yet they've been buying for decades without issues, yet a pass for DonkeyDonors worth50 percent more, interesting 🤔
millions entering to compete for homes close the border
I lost my housing twice during the pandemic, and then couldn't afford the skyrocketing rents anymore, so I ended up buying an old Toyota Sienna minivan to live in.
Nice! Congrats on your first home purchase!
You showed em whos boss
I stay in my car too! By myself and I have no help. I have a son in foster care now. It's a Ford Taurus and me being big a big girl don't help. Would love to know the things you do to get by.
Pandemic caused by open borders
millions of home taken by those crossing open borders
i bought a van too, because i know as an older single American woman... homelessness is imminent.
Really? We needed another “study” to come to this conclusion? How about fewer studies…and more solutions.
The only solutions are laws. We need laws enacted that stop corporations from buying single family homes and no person or entity owning more than 10 single family units.
We need greed caps. Rising minimum wage that matches inflation. Etc.
@@ShayKMBRwhenever the gov meddles, costs go up for the average person. That is a fact! If you look back not too long ago, the Wall Street and consumer protection active 2010 was put together, which caused about a half million homes to not be built every single year. That is the major reason we have a shortage of houses which intern caused housing crises to spike when the largest generation ever, came into their prime homebuying years. of course there are things like inflation, but the demand due to the shortage is the main reason for the housing prices spiking. If you vote for the party regulation, you lost every single right that you have to complain about high housing costs.
Why would they fix it? Would hurt their home values
Can’t even afford apartments
It's a sad state of affairs when people that are renting are unable to save for a down payment due to high rents. I lucked out and bought my first home 5 years ago before rents skyrocketed.
Don't need to do a study to know this........
Companies buying real estate
Wall Street reform and consumer protection act 2010 was the start of a major housing shortage due to those regulations. Now, if you vote for the party that is responsible for that, you have lost all rights to complain high housing costs.
The company that owns our home is American based and owns thousands of homes across the country. Eat the rich.
1. End foreign ownership of all homes and land in the US.
2. End corporate ownership of homes.
3. Try to fix the insurance industry.
4. Build smaller homes.
5. Build more land efficient, dense, row homes and condos near downtowns.
Our path to home ownership was a bit brutal. We bought and lived in and fixed up really distressed homes. And we did the remodeling while working full time jobs. We weren’t flippers as we lived in the homes for years. But each time, we came away with significant equity. We worked a lot of 70 hour weeks. Buy actual books on carpentry, cabinetry, plumbing, electric. TH-cam helps. Some pro’s actually respect do it yourselfers, and will help you plan your wiring project if you respect them in turn and pay them well for their expertise!
+Respect
Very well said!!! ❤
Here in San Francisco, the solution from every mayoral candidate right now is BUILD BUILD BUILD, but at the same time, it's estimated by our own city government that 1/3rd of homes are vacant foreign owned. The biggest problem is unlike most other countries, we have let houses be speculative assets for foreigners to invest in. The problem is those in charge, own houses in this city, and the last thing they want is their house price to plummet.
Nailed it 100%. Anna In Ohio
We live in a plutocracy... there, I answered it for you. It has nothing to do with the pandemic. Housing prices have been ridiculous for the past 40 years.
@1:52 laughed out loud when hearing the guy said homes have higher quality now than in the past
Fer real ....what a load of BS
A full container ship full of BS for sure. Watch Cy the home inspector. It is like a plague from all builders in all states they are in.
that's hilarious
Most homes built before the 1960s didn't have central A/C, they had one electrical outlet per room rather than 5-6, they had 1-2 bathrooms rather than 3-4, and homes tended to be smaller, etc. Things that were luxuries for homes a couple of generations ago are now standard, which means costs to build go up.
@@paulsanchez214Standards bring prices down. Don't buy the BS.
You needed a study to come to this conclusion?
It’s amazing these news stations don’t discuss the fact Wall Street now owns 25%+ of all real estate. Not the only reason for housing prices to skyrocket but a main factor.
Give corporations billions in free dollars and price of living goes up. Corporations take and take.
But whose going to create the JERBS?!?! MERICA!
But we need to focus more on Israel, Palestine, & the Ukraine. Thats more important than the housing crisis in our own country.
Yet nothing is being done about it..
Absolutely nothing by the government to fix this.
No one looks at Havard as experts anymore.
Yeah its all about those You Tube experts for you folks now a days. Pseudo intellectuals who grift you and then set your localized stupidity on the rest of the country.
Breaking news the sky is blue
🎯 facts, where have they been?
Now buying a house turned American dream to American nightmare.
Many are starting to be priced out of housing period.
Not just housing - life in general! Many of us can not afford medical or dental care anymore and mostly just do without until an emergency arises!
I have ZERO confidence in any lawmakers making any positive changes. Period. It’s just going to get worse from here. 😢
Thanks for catching up on what everyone already knows
WHAT TF ARE WE DOING??
We made all these incredible strides in technology and innovation FOR WHAT???
The Earth had enough for everyone's needs!
profit for shareholders
So Harvard had to do a study to confirm what we already know
In today’s news: Dogs bark & water is wet.
I'm hearing so many people my age (30-40s) who have been in the workforce for awhile but still have to rent unless we're with a partner and have dual income and even then its not a guarantee. A lot of people have basically become resigned to the fact that we're unlikely to every be able to own a home. We'll be renting until we're dead.
CBS, 4 years behind reality.
Since the 60s?? Stop talking and start doing! Damn!
I live in a smallish city in central TX. Population is about ~20K, median income is less than 40k a year. We had a California real estate firm buy up homes and now renting them for $1800k a month..what's funny is those house are just sitting because no one can afford them. The homeless population has increased and my town has no shelter or resources to help. Pretty sad world we live in.
If no one is in them, shouldn’t the price decrease soon? 😢
@@SunflowerSunset one would hope. I keep an eye on it and it's been vacant now for 6 months. Rent is still 1800 last I checked a few weeks ago
It is very sad and evil what is taking place throughout our country. I live near Wichita, KS and rents have increased a lot here too after COVID.
Not sure we needed a study to prove that.
Corporations buying up entire neighborhoods doesn’t help. Loosening codes does very little if corporations or investors just buy them up do add to their asset collection. Maybe reserve homes for owners who actually live in them. What a concept.
I was just thinking that, homes can not be sold unless the homeowners agree to live in them. In recent years every house in my neighborhood has been bought by Rehabbers or investment companies from out of state who then sell or rent them for crazy high prices. Maybe build single family homes for First Time Home Buyers and homes must be sold back to the state and sold again to another First Time Home Buyer or Senior Citizen that way we can keep a tighter leash on the market, it could be done. Anna In Ohio
It's the same in Europe
Almost like car-dependent urban sprawl and zoning regulations that create only low density single family homes lead a situation where we don’t have enough supply and an increase in traffic. WE NEED HOUSING DENSITY AND MORE MODES OF GETTING FROM POINT A TO B.
In my neighborhood in Chicago foreign companies are buying up all the apartment buildings and charging stupid high unaffordable rents.
Then the money we give foreign landlords goes offshore to their own countries. Dubai is one of the biggest offenders.
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Feel bad Americans are now going through this as well :(
Then who is being priced in….foreigners?
This is one of the biggest issues facing Americans and will continue to be so for many years.
While I feel fortunate to have been able to have bought a house, I feel for my kids and their generation. It's truly a steeper climb to get into the "American dream."
I've already told my adult son that I'll help him with the down payment, and I should start planning for my daughter when she gets older.
oh we have been. its just affecting higher incomes so now other levels are being affected. Like its new or something. Ha - its just higher income brackets turn to fall. Welcome - we've been here.
Who else thinks that the only fix for housing prices is to prohibit “Blackrocks” from buying single family houses?
Blah, blah, blah.... let's create a study to hide the obvious fact that price fixing by corporate private equity in the rental market is responsible for the outrageous prices.
I've lost about $5,000 this year, so far because of hour cuts.
Then everything is still getting more and more expensive. Very bad economy.
It's definitely alarming to hear about a default cycle, especially in the context of the housing market. Defaults can lead to foreclosures, and that has a cascading effect on the overall real estate landscape.
While it's concerning, it's important to look at the broader economic context. A default cycle doesn't necessarily mean the housing market is completely finished; it might signal challenges, but markets are dynamic, and they can recover.
But if more people are defaulting on their mortgages, doesn't that mean home values could plummet?
Yes, that's a possibility. An increase in foreclosures can lead to an oversupply of homes in the market, putting downward pressure on prices. It's the basic principle of supply and demand.
How can people address concerns about their property values?❤❤❤
Now might be an ideal moment to reevaluate your financial status. If you're worried about your home's value, consulting a real estate professional or financial advisor could be beneficial.
What are the politicians and the builders doing about this emerging tragedy - young people cannot afford homes?
High Speed Rail for commuting could solve the problem by developing affordable housing within a 30 min train ride from high paying jobs.
Everything else but the real issue...you qualify for congress! Congrats.
Make it illegal to own more than 3 properties.
Outlaw companies from being able to buy single-family homes. Outlaw anyone from owning more than 4 homes for ANY reason. If they want an investment they can buy stock!
Your title explains why it's a mess. It shouldn't be a MARKET.
And of course the competition for housing by immigrants... Not to be overlooked, when there is such a huge influx of economic immigrants to the US (and all other developed countries).
Really, this is news to me., Good job in finding something nobody knew so far.
Never would have guessed
Corporations should not be allowed to own so much of the housing stock. Real estate should be geared toward individual ownership.
Ok buy plenty of rich people 10 or 20 homes. You can't tell them what to do with their money it's very unamerican
Block corporations from buying up single-family homes. Also Force the sale of single family homes that they own.
4:20 That's a bigger factor than some people realize. Americans have fairly large homes compared to most other developed countries. Sure there's plenty of land still, but is it near enough to the city for people to want to live there? The opposite is happening in China now with their focus on highrise apartments, now there are way too many of them.
solution: move to an area that has cheaper homes like Oneida County New York median home price $192,000 payment $1,200 a month. A beautiful upstate New York area where I grew up. These homes are out there, just do some research.
Corporate greed and Government delusion....best economy ever Joe!
You know I love to see these reports confirm what is already known. Report on something we don't know I😂😂😂
Ep. stien island
Ohh, it took a study to figure this out?? 🤣🤣
Solution, 1st time home buyers get rates at 3%
They had to do a study to realize that?
Always another crisis to worry about 🙄
Thank you Black rock you treat us so well
But Biden said everything is great and looking up. 😂
Stop wanting to buy a home. It’ll go back down once ppl stop playing the game. They are taking advantage of future home buyers. All these homes are wayyyyy over priced rn. Not worth it. Move back in with friends or parents
It’s incredibly depressing that the dream is truly dead… it’s like it was never alive in the first place
lotta rentals are owned by immigrants and foreigners who charge maximum level just because they can- its also a way of gentrifying certain areas and taking back the country as well as making sure the country clubs dont get overcrowded
Blackrock is the biggest donar of the Democrat party
Why are they acting like this is something new? Been like this for years now. Greed!
Inflation = devaluation of the dollar. Thanks, Joe!
Nobody needed a damn study to know this. Little timmy up the street could tell you this
See what happens when you let business and foreign investment groups to invest in housing
Probably best not to let people walk into the U.S. from other countries. It's going to increase the demand for housing thus increase the cost of housing... Amongst other things.
Rents are outrageous. Affordable in the most undesirable of places! DON'T WANT TO LIVE IN TRUMP STATES.🖕
Hmmm… I would argue that homes built today are higher quality. Many construction defects. Especially in fast growing spots like Arizona.
Added regulations that are unnecessary.
Guy is smoking the good stuff.. it's simple, housing has become a speculative commodity by investors
Shocking. Never thought of that. 🙄
Soooo….. people want the one thing in low supply that everyone else wants, and nobody wants to sell
Actually sales have dropped to great recession numbers and inventory has been increasing
@@jacobnapkins1155 simply put all prices are inflated to unreasonability, and the investors dont want to sell at a loss, so we have all this real estate rotting on market
How is this news. Its been reality for a long time
New homes are not near the quality as the old ones
What a revelation!
The boomers noticed!
you should tell them the truth, before they find themselves living in it
I have 110k for a downpayment and I remember the sacrifices to make it there so I'm not ready to throw it at a crap house that the owner paid for 200k less just 5 years ago. I'm limited to condos and towmhomes in ATL and the HOAs sometimes make the mortage higher than a house. Its ridiculous how the government hasnt stepped in to address this after they have fumbled the bag with housing since 2000.
I wonder what role deregulation and tax cuts may have played in all of this?
Tax cuts make homes more affordable. Deregulation makes homes more affordable. Record inflation and high interest rates make homes unaffordable. IE Biden is a complete failure.
Wow, the news is so late to what everyone on the internet and social media have known for years…
no shet, we didn't need a fancy new study to figure it out
BLAH, BLAH, BLAH please stop IT IS PURE GREED...period!
A NEW study? This has been going on for years already. Some of us who can't afford rent in the US left the country years ago to avoid living in our cars. Thousands of Americans are trying to stay abroad and more will leave after the next election. This story is a waste of time and they should have reported on something else
Cancel all of the debts, public and private; put $20,000 in every American adult over 18's pocket, and I can guarantee you the economy will boom and there will be an increase of people who will be finally able to afford rent and a security deposit. It's a pipe dream though.
We can build housing at great density but the rich democrats and republicans are very vocal about keeping those homes out in fear of brining lower class people into their single family home neighborhoods.
Kids will be living with mommy and daddy all their life.
if their parents even owned a home to begin with
True my nephew and niece both who work full time jobs are still home with their parents and yes my sister and her husband own their home 4 BR with 9 acres it works for them, the kids pay a minimum rent which pays the property taxes each year. Anna In Ohio
"What kind of cost is this making for all of us"
Says the guy making over $100k a year to read literally anything from a teleprompter... Your Cost of living vs the REAL "US" cost is a completely different language.
You don’t need a study to tell you such obvious fact