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Business, Economics, and Taxes: Capitalism. Yay? >=(

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So the fed notes that people seem to be getting used to inflation.

things like vacations, cruises, non necessary purchases are still strong. Leading to some speculation thry could raise rates again.

it’s wild to me how so many seem to be spending so much on non necessary items. Layoffs are creeping up in many, many places and many of them don’t need to be publicized because they aren’t public companies. this is obv a bigger issue at companies that are over leveraged.

inflation numbers continue to improve but rent, groceries still remain higher than pre-pandemic. and that’s not minor for most people. I understand why the numbers for the overall economy look good, but I’m also understanding why it’s terrible for many. The amount of people I know who bought homes responsibly and now are close to getting priced out on property tax and insurance increases alone are getting higher and higher
 
Deutsche Gopher Fan said:
So the fed notes that people seem to be getting used to inflation.

things like vacations, cruises, non necessary purchases are still strong. Leading to some speculation thry could raise rates again.

it’s wild to me how so many seem to be spending so much on non necessary items. Layoffs are creeping up in many, many places and many of them don’t need to be publicized because they aren’t public companies. this is obv a bigger issue at companies that are over leveraged.

inflation numbers continue to improve but rent, groceries still remain higher than pre-pandemic. and that’s not minor for most people. I understand why the numbers for the overall economy look good, but I’m also understanding why it’s terrible for many. The amount of people I know who bought homes responsibly and now are close to getting priced out on property tax and insurance increases alone are getting higher and higher
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Well, then the Fed is stupid. And so is the White House.
 
Deutsche Gopher Fan said:
it's wild to me how so many seem to be spending so much on non necessary items
Click to expand...

"Amusing ourselves to death." I think this is because consumerism is so pervasive people cannot function without feeling entertained. The 24/7 propaganda to consume and caress yourself (with products, naturally, not actual self care) has created an addictive culture.

We could probably use a supervolcano eruption to recalibrate people's understanding of happiness and satisfaction.
 
Kepler said:
"Amusing ourselves to death." I think this is because consumerism is so pervasive people cannot function without feeling entertained. The 24/7 propaganda to consume and caress yourself (with products, naturally, not actual self care) has created an addictive culture.

We could probably use a supervolcano eruption to recalibrate people's understanding of happiness and satisfaction.
Click to expand...

I want to be right next to the Volcano when it erupts.
 
Deutsche Gopher Fan said:
So the fed notes that people seem to be getting used to inflation.

things like vacations, cruises, non necessary purchases are still strong. Leading to some speculation thry could raise rates again.

it’s wild to me how so many seem to be spending so much on non necessary items. Layoffs are creeping up in many, many places and many of them don’t need to be publicized because they aren’t public companies. this is obv a bigger issue at companies that are over leveraged.

inflation numbers continue to improve but rent, groceries still remain higher than pre-pandemic. and that’s not minor for most people. I understand why the numbers for the overall economy look good, but I’m also understanding why it’s terrible for many. The amount of people I know who bought homes responsibly and now are close to getting priced out on property tax and insurance increases alone are getting higher and higher
Click to expand...

There are a lot of people with a lot of money and a lot who are very irresponsible.

I could not agree more with your last paragraph.
 
Deutsche Gopher Fan said:
So the fed notes that people seem to be getting used to inflation.

things like vacations, cruises, non necessary purchases are still strong. Leading to some speculation thry could raise rates again.

it’s wild to me how so many seem to be spending so much on non necessary items. Layoffs are creeping up in many, many places and many of them don’t need to be publicized because they aren’t public companies. this is obv a bigger issue at companies that are over leveraged.

inflation numbers continue to improve but rent, groceries still remain higher than pre-pandemic. and that’s not minor for most people. I understand why the numbers for the overall economy look good, but I’m also understanding why it’s terrible for many. The amount of people I know who bought homes responsibly and now are close to getting priced out on property tax and insurance increases alone are getting higher and higher
Click to expand...

The truth is, some of us got really lucky. The stupidity of the housing market isn't going to hit us as hard as it hits others. When it inevitably implodes we won't be hurt as much by it either. It frankly boggles my mind anyone is still buying currently...its like people who buy stock at the top of the market even if you make a little bit you are definitely going to get hit the biggest when the dip happens. Yet, despite what you read we all can see houses being put up and bought in all sorts of neighborhoods getting max prices in little to no time. I think there has been 2 in my neighborhood in the last month!

I am no economist...but it does feel like the Fed is always 2 steps behind when it comes to the correct moves. I am not sure raising the rates now is the smart way to play it I think that ship has sailed. People are starting to catch up to inflation in most things as you said, raising rates is not going to fix anything and will put stress on the system when it finally is starting to relax a bit. Sure it might help lower inflation (and in the long run it might prove to be better for the consumers) but in the near term it will cause all sorts of headaches for people who are just now lessening their anxieties.
 
If rates don’t lower or even go up, the housing market will be very interesting.

people say “sell your house if you’re worried” and I might. But I’m not even sure if I can get what my supposed property tax value even is. If home values drop then I expect to see a drop in value but may not happen in time. I put 30% down to prevent this issue that came careening at me in first five years anyway lol

i have to wonder if some of these home sales are in cash. Two homes in my hood- one for 2.3M and one for 1.2m - both sold immediately in October alone
 
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Don’t underestimate the number of investment firms and the like that are buying up housing all over the country.
 
Handyman said:
The truth is, some of us got really lucky. The stupidity of the housing market isn't going to hit us as hard as it hits others. When it inevitably implodes we won't be hurt as much by it either. It frankly boggles my mind anyone is still buying currently...its like people who buy stock at the top of the market even if you make a little bit you are definitely going to get hit the biggest when the dip happens. Yet, despite what you read we all can see houses being put up and bought in all sorts of neighborhoods getting max prices in little to no time. I think there has been 2 in my neighborhood in the last month!

I am no economist...but it does feel like the Fed is always 2 steps behind when it comes to the correct moves. I am not sure raising the rates now is the smart way to play it I think that ship has sailed. People are starting to catch up to inflation in most things as you said, raising rates is not going to fix anything and will put stress on the system when it finally is starting to relax a bit. Sure it might help lower inflation (and in the long run it might prove to be better for the consumers) but in the near term it will cause all sorts of headaches for people who are just now lessening their anxieties.
Click to expand...

I think for a lot of people buying now it isn’t an investment as much as a place to live. I have a friend who paid almost $1k a sq ft last summer but he has profits from buying and selling a few times, him and his wife both have good
jobs, and both him and his wife’s families are well off. They had been outbid a few times so made a crazy offer to get a house in the area they wanted.

In the Boston area it’s hard for me to see prices dropping anytime soon. The supply of houses under say 3k sq ft is dropping if anything(due to tear downs) and demand keeps increasing. With all the colleges and big companies in the area you’re always going to have people moving in.
 
Kepler said:
"Amusing ourselves to death." I think this is because consumerism is so pervasive people cannot function without feeling entertained. The 24/7 propaganda to consume and caress yourself (with products, naturally, not actual self care) has created an addictive culture.

We could probably use a supervolcano eruption to recalibrate people's understanding of happiness and satisfaction.
Click to expand...

Talking to the kid in the Walmart electronics department today(me basically saying they have no 'good' TV's. And they don't. Not even sure if any of them even had full array local dimming) and he tells me some woman came in last week and bought ten TV's for the house they just bought here.

Moved from Mass., BTW. Of course, 9 of them were Walmart's ONN house brand. Terrible tvs.
 
Jimjamesak said:
Don’t underestimate the number of investment firms and the like that are buying up housing all over the country.
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True, but not in my neighborhood. Not worth the investment because its not a renter's area. Hell one of the reasons we got a huge steal on our house was because the neighbors are renters so it was seen as unattractive. The house had a new roof, new windows, full basement, front and back yard, 2.5 stall garage...and we got it so far under the value (the neighborhood holds value very well and is sought after) it was insane because no one wanted to live next to the weird renter family. (the guy who owns the house is a dbag slumlord) It sat on the market for MONTHS while other houses in the neighborhood sell within DAYS. We picked our price and watch as worse houses sell for way more just down the street.

I would bet in DGF's area though you are spot on. I know a lot of the more upper middle class burbs there is no way people are paying those prices for those homes. There is definitely some juicing of the system going on.
 
Drew S. said:
I think for a lot of people buying now it isn’t an investment as much as a place to live. I have a friend who paid almost $1k a sq ft last summer but he has profits from buying and selling a few times, him and his wife both have good
jobs, and both him and his wife’s families are well off. They had been outbid a few times so made a crazy offer to get a house in the area they wanted.

In the Boston area it’s hard for me to see prices dropping anytime soon. The supply of houses under say 3k sq ft is dropping if anything(due to tear downs) and demand keeps increasing. With all the colleges and big companies in the area you’re always going to have people moving in.
Click to expand...

$1k/sqft!? Holy god.
 
Handyman said:
I would bet in DGF's area though you are spot on. I know a lot of the more upper middle class burbs there is no way people are paying those prices for those homes. There is definitely some juicing of the system going on.
Click to expand...

I mean maybe a corporation is buying a 2M house but…not to rent. What’s funny is a rambler a few doors down from me just sold for under 600k and it took weeks. A couple is moving in and I was almost shocked to hear it won’t be a rental. But here the 7 figure homes go much faster than 500k and it has partially be because of upgrades required.

I live within 3 blocks of 3 Edina schools so I should retain my value, we’ll see .

the Koivu house is finally for sale if anyone has a few million to spend
 
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