Boomergeddon

[Raazor]

Originally Posted by dvarapala

Cliffs: When all the Boomers are gone there will be a glut of 9 million homes hitting the market. This "silver tsunami" is going to start this year.

Cliffs of cliffs?

[LATB]

Originally Posted by Raazor

Cliffs of cliffs?

Realtor lady promoting herself with clickbait.

[Don Rickles]

I truly hope that my properties stay in my families hands for 100's of years!

[zsr22]

Originally Posted by LATB

Realtor lady promoting herself with clickbait.

I never click on videos with such overly-dramatic thumbnails or titles. 11 times out of 10 they are trash.

[Onebadcad]

Originally Posted by FLEXjs

I think there are all kinds of young family members that will inherit those houses and they never hit the market, because young people can't afford home these days.

You NAILED it!!

Since JAN 2021 almost no young people have bought their first homes due to the highest-ever mortgage rate market, which is fueled by the $35T National Debt AND the servicing at close to $1T/year to those holding the debt.

These 9 million homes can be occupied by those who cannot afford payments at today's interest rates, and the high rates will continue even after TRUMP gets in, as we are TOO FAR GONE!!

[zsr22]

Originally Posted by FLEXjs

I think there are all kinds of young family members that will inherit those houses and they never hit the market, because young people can't afford home these days.

Wait until they find out ma and pa took Tom Selleck's advice and reverse mortgaged the house.

[LATB]

Originally Posted by Onebadcad

You NAILED it!!

Since JAN 2021 almost no young people have bought their first homes due to the highest-ever mortgage rate market, which is fueled by the $35T National Debt AND the servicing at close to $1T/year to those holding the debt.

These 9 million homes can be occupied by those who cannot afford payments at today's interest rates, and the high rates will continue even after TRUMP gets in, as we are TOO FAR GONE!!

Nope.

[dvarapala]

Originally Posted by Onebadcad

You NAILED it!!

Since JAN 2021 almost no young people have bought their first homes due to the highest-ever mortgage rate market, which is fueled by the $35T National Debt AND the servicing at close to $1T/year to those holding the debt.

Millennials waiting to own a home are like Charles waiting to become king. By the time it happens they'll be 70 years old.

And we're not even close to the highest-ever mortgage rates.

[GTOguy]

Originally Posted by Onebadcad

You NAILED it!!

Since JAN 2021 almost no young people have bought their first homes due to the highest-ever mortgage rate market, which is fueled by the $35T National Debt AND the servicing at close to $1T/year to those holding the debt.

These 9 million homes can be occupied by those who cannot afford payments at today's interest rates, and the high rates will continue even after TRUMP gets in, as we are TOO FAR GONE!!

?????I guess you were too young to be in the market in the late '70's-mid '80's. The mortgage rates here were at about 13-14%. Gas hit $1 per gallon for the first time. Tough times come and go. We had Carter in office at the beginning of that mess.

[Mick]

Originally Posted by Tikiman

Would somebody care to explain to me how it was Boomers who voted to raid the SS fund in 1968 when the oldest Boomer at that time would have been only 22 years old?

You have to ask Phred about that. Apparently there is some kind of "fact" I am missing when I pointed out that NONE of the members of Congress were baby boomers when they voted to go to the "unified budget" that allowed the raiding of the Social Security overage for spending in the general fund.

[LATB]

There is no reason why anyone can not own a home.
Problem is, many think they are deserving of a 10 thousand sq ft custom in a gated community or a waterfront McMansion.
And they want it NOW!

My 1st Florida home was a crappy little 900 sq ft 2br 2ba cottage. Paid 65K and sold it for 85K. Took the profit and equity and moved up to a 3br 2ba 2car brick that I built myself...

30 years and 100 properties later, I can build whatever I want.
It takes work and risk. Something many are not willing to do.

[BayouCountry]

Originally Posted by GTOguy

?????I guess you were too young to be in the market in the late '70's-mid '80's. The mortgage rates here were at about 13-14%. Gas hit $1 per gallon for the first time. Tough times come and go. We had Carter in office at the beginning of that mess.

I sense a pattern here. Hopefully history repeats itself and we get out of this mess.

Bought my dream home in So. Cal at 13% in the 80’s. Divorce killed that dream, but now livin’ the dream in Louisiana. It’s more peaceful here anyway.

[Mick]

Originally Posted by zsr22

Back then, Boomers could vote at 12.

I know this is a joke, but the reality is that the voting age was 21 until 1971. The Congress sitting in 1968 was voted in at the latest November of 1966, when no boomers had reached their 21st birthday.

Let's check our facts shall we?

1. NONE of the Reps and Senators that voted for the unified budget were boomers.

2. NONE of the folks who voted for those Reps and Senators were boomers.

3. More than 40% of us boomers STILL have not reached our Normal Retirement Age.

All attempts to blame boomers for the SS mess fail under the weight of obvious facts.

[dvarapala]

Originally Posted by Tikiman

Would somebody care to explain to me how it was Boomers who voted to raid the SS fund in 1968 when the oldest Boomer at that time would have been only 22 years old?

Asked and answered:

https://www.thevettebarn.com/forums/...1&postcount=98

[GTOguy]

Originally Posted by LATB

There is no reason why anyone can not own a home.
Problem is, many think they are deserving of a 10 thousand sq ft custom in a gated community or a waterfront McMansion.
And they want it NOW!

My 1st Florida home was a crappy little 900 sq ft 2br 2ba cottage. Paid 65K and sold it for 85K. Took the profit and equity and moved up to a 3br 2ba 2car brick that I built myself...

30 years and 100 properties later, I can build whatever I want.
It takes work and risk. Something many are not willing to do.

I did the same thing. 888SF shack in the ghetto for $111k. At over 8% interest. And 30+ years and several stair-step-up homes later, I too can do what I want.
The crash in 2008-2009 happened with McDonalds workers getting loans for $500k McMansions as starter homes. The younger generations want their first house to be their last house and dream house all in one. Nothing has changed, except for the disappearance of work ethic which has been instead replaced with entitlement.
1. Work hard. 2. Live under your means to save money. 3. Don't marry a woman who needs saving. 4. You can now buy your home.

[Frankie the Fink]

Wife and I have 3600 sq ft home on a 2500 acre, fresh water, sandy bottom lake across from Disney and have a wildlife show every day and Disney fireworks at night. We're 73 and 72 and you couldn't blow us out of the place with dynamite. Contrast that with some of the mega mansions going up around us and in Florida elsewhere that are, no kidding, 10,000 and 15,000 sq ft. My long time real estate agent pal has stated quite often that he has no idea who will be buying those monstrosities in the future. I think its a good question.

[Aerovette]

Originally Posted by GTOguy

Especially since us boomers cover an 18 year timespan. I plan on being in my own home 20+ years from now. (63 y/o currently)

The house I live in will be the house I'll die in, most likely.

[04 commemorative]

Unless I win the lottery I will probably die in this place on the beach

[Frankie the Fink]

Originally Posted by Aerovette

The house I live in will be the house I'll die in, most likely.

I didn't know until recently such homes are called "coffin houses"; e.g. you'll reside in them until carried out in a coffin. I heard it in a local Planning & Zoning meeting and had no clue about the morbid collegialism.

[Mick]

Originally Posted by Frankie the Fink

I didn't know until recently such homes are called "coffin houses"; e.g. you'll reside in them until carried out in a coffin. I heard it in a local Planning & Zoning meeting and had no clue about the morbid collegialism.

But the real question is, what has changed? My Grandfather said for decades that he would be taken out of his home (that he upgraded to in 1967) on a gurney. In 2014, when he was 103 years old, the local funeral home did just that.

The idea that boomers "holding on to their homes" is somehow hurting younger generations is idiotic. Of course I am holding onto my home, because it is paid for, and I have to live somewhere. If I leave this home, I'm going to some other home where I will pay cash for that. WTF else are my wife and I supposed to do now that we are both retired? We can't qualify for a new mortgage because neither of us have an outside income.

Are we supposed to give up our home, and live on the street, because some "millennials" or "genZ" folks are having trouble buying their first house? I say that is bullshit, as our first mortgage was 8.75%, still more than average today, and our house cost about 4x our combined income at the time. Yeah, it was hard to make it work.

Sorry, but I'm not sorry for young folks struggling to buy their first house. It has always been hard.