Housing Bubble 2.0: Some Things Never Change
Joshua Krause
The Daily Sheeple
July 30th, 2015
As someone who lives in the Bay Area, I can say from experience that I am absolutely sick of the housing bubble. While this is a national problem, it’s especially bad in America’s major metropolitan areas. You can’t buy a house out here without selling your children into slavery. And forget about rent. In places like Oakland, arguable one of the crappiest cities in America, the rent has doubled in the span of 5 years to an average of $2800 per month. The cost of shelter has surpassed the ridiculous heights of the last housing crash, and the average wage earner in California can neither afford to buy, nor rent.
And yet, the bubble continues to grow, and where it ends, nobody knows.
Recently in Venice, California, someone had the gall to price a 714 square foot house for $1.1 million. That same house sold for $450,000 in 2010, and $30,000 in 1982. Inflation doesn’t have anything on the housing bubble.
And who could forget the man who half jokingly placed an ad to rent out a tent in his back yard in Mountain View, California. He managed to get an offer for almost $1000 a month.
The one that really takes the cake for me, was a small house in San Francisco that was recently under contract for just over $1 million. There was only one small problem with the place though.
It’s gotten so bad that some people are trying to get creative with their housing, by living in shipping containers.
Obviously, none of this is sustainable. This bubble was largely fueled by the Fed’s money rain, which means the market is flooded with inflated dollars. While housing prices have soared, wages are stagnant and homeownership rates have fallen to record lows. It’s only a matter of time before the housing market crashes again, and like clockwork, all these people who bought houses over the past few years will be just as shocked and bewildered as they were in 2008. Some things never change.
Delivered by The Daily Sheeple
http://www.thedailysheeple.com/housing-bubble-2-0-some-things-never-change_072015
Joshua Krause
The Daily Sheeple
July 30th, 2015
As someone who lives in the Bay Area, I can say from experience that I am absolutely sick of the housing bubble. While this is a national problem, it’s especially bad in America’s major metropolitan areas. You can’t buy a house out here without selling your children into slavery. And forget about rent. In places like Oakland, arguable one of the crappiest cities in America, the rent has doubled in the span of 5 years to an average of $2800 per month. The cost of shelter has surpassed the ridiculous heights of the last housing crash, and the average wage earner in California can neither afford to buy, nor rent.
And yet, the bubble continues to grow, and where it ends, nobody knows.
Recently in Venice, California, someone had the gall to price a 714 square foot house for $1.1 million. That same house sold for $450,000 in 2010, and $30,000 in 1982. Inflation doesn’t have anything on the housing bubble.
And who could forget the man who half jokingly placed an ad to rent out a tent in his back yard in Mountain View, California. He managed to get an offer for almost $1000 a month.
The one that really takes the cake for me, was a small house in San Francisco that was recently under contract for just over $1 million. There was only one small problem with the place though.
When you’re not in a housing bubble, those kinds of houses don’t sell very well, or at all in some cases. The stigma (and supernatural implications) of a house that had a mummified corpse in it, is enough to keep most buyers away. And that’s without it smelling like piss and mold. But in a market like this? You take what you can get.Located in the city’s Richmond District, a fairly desirable neighborhood, the home has one very undesirable flaw: In April of this year, the mummified corpse of the home’s former owner was found inside,wrapped in a blanket.
The woman, named Anna Ragin, had reportedly died five years earlier, but her 65-year-old daughter hadn’t told anyone that her mother’s body was still in the home…
…The home is apparently in a very sorry state. According to a piece written by Bob Calhoun for SF Weekly, “A fresh coat of paint on the walls and scrubbed floors couldn’t quite chase away the smell of toxic mold and urine from the corners of the bedroom and kitchen.”
It’s gotten so bad that some people are trying to get creative with their housing, by living in shipping containers.
Isn’t it interesting that if you try to live self-sufficiently, and within your means, you get “chased off” by the authorities? That’s the real tragedy of the housing bubble. You can’t look at the absurd housing prices and say “screw that, I’d rather live in a steel hut.” After all, terrible houses still sell for mansion prices, so why not pay less for what is less. Unfortunately there aren’t a whole lot of other options that won’t get you into trouble. You can either sell your organs to live in a shack, or you can go homeless. There’s no in-between.Luke Iseman, 31, leases a 17,000-square-foot warehouse in Oakland in which he has built 11 micro residences out of cargo containers, Bloomberg reports. He charges $1,000 per months for each of the makeshift homes, which aren’t legal, strictly speaking. Iseman and his “cargotopia” (as he calls it) have been chased from two other locations by the authorities. But that hasn’t dampened his spirit.
“It’s not making us much money yet, but it allows us to live in the Bay Area, which is a feat,” Iseman told Bloomberg. “We have an opportunity here to create a new model for urban development that’s more sustainable, more affordable and more enjoyable.”
On Iseman’s website, he lays out the cargotopia manifesto: “We’re living in a solar-powered, sustainable home we built for less than the cost of a car. Chickens in the yard, fast internet, occasionally-alive gardens, and providing affordable homes for our friends: it’s getting harder and harder to consider our sustainability a sacrifice.”
Obviously, none of this is sustainable. This bubble was largely fueled by the Fed’s money rain, which means the market is flooded with inflated dollars. While housing prices have soared, wages are stagnant and homeownership rates have fallen to record lows. It’s only a matter of time before the housing market crashes again, and like clockwork, all these people who bought houses over the past few years will be just as shocked and bewildered as they were in 2008. Some things never change.
Delivered by The Daily Sheeple
http://www.thedailysheeple.com/housing-bubble-2-0-some-things-never-change_072015
Today at 10:04 am by Rocky
» Al-Alaq: The monetary situation in Iraq is excellent and our reserves support the stability of the e
Today at 8:29 am by Rocky
» utube 11/23/24 MM&C Reporting-Expectations are High-IMF-Flexible Exchange Rate Regime-Pr
Today at 6:33 am by Rocky
» utube 11/25/24 MM&C MM&C Iraq News-CBI Building Final Touches-Oil Exports-Development Road-Turkey-B
Today at 6:33 am by Rocky
» Parliamentary movement to include the salary scale in the next session
Today at 5:11 am by Rocky
» Parliamentary Finance Committee reveals the budget paragraphs included in the amendment
Today at 5:10 am by Rocky
» Al-Maliki calls on the Bar Association to hold accountable members who violate professional conduct
Today at 5:08 am by Rocky
» Politician: The security agreement with America has many aspects
Today at 5:07 am by Rocky
» Kurdistan Planning: More than 6 million people live in the region, the oldest of them is 126 years o
Today at 5:05 am by Rocky
» Al-Alaq: Arab consensus on the role of central bank programs in addressing challenges
Today at 5:03 am by Rocky
» Economics saves from political drowning
Today at 5:02 am by Rocky
» Agriculture calls for strict ban on import of "industrial fats" and warns of health risks
Today at 5:01 am by Rocky
» Iraq is the fourth largest oil exporter to China
Today at 5:00 am by Rocky
» Railways continue to maintain a number of its lines to ensure the smooth running of trains
Today at 4:59 am by Rocky
» Parliament resumes its sessions tomorrow.. and these are the most important amendments in the budget
Today at 4:58 am by Rocky
» Bitcoin Fails to Continue Rising as It Approaches $100,000
Today at 4:57 am by Rocky
» Minister of Planning: There will be accurate figures for the population of each governorate
Today at 4:56 am by Rocky
» Popular Mobilization Law is ready for voting
Today at 4:54 am by Rocky
» Mechanisms for accepting people with disabilities into postgraduate studies
Today at 4:52 am by Rocky
» Government coordination to create five thousand jobs
Today at 4:51 am by Rocky
» Transport: Next month, a meeting with the international organization to resolve the European ban
Today at 4:50 am by Rocky
» Census is a path to digital government
Today at 4:49 am by Rocky
» Calls to facilitate loans and reduce interest rates for the private sector
Today at 4:47 am by Rocky
» The launch of the third and final phase of the "population census"
Today at 4:46 am by Rocky
» Al-Sudani: We have accomplished a step that is the most prominent in the framework of planning, deve
Today at 4:44 am by Rocky
» Justice discusses modern mechanisms to develop investment in real estate and minors’ money
Today at 4:43 am by Rocky
» Dubai to host Arabplast exhibition next month
Today at 4:41 am by Rocky
» Al-Tamimi: Integrity plays a major role in establishing the foundations of laws that will uphold jus
Today at 4:39 am by Rocky
» Reaching the most important people involved in the "theft of the century" in Diyala
Today at 4:38 am by Rocky
» Transportation: Completion of excavation works and connection of the immersed tunnel manufacturing b
Today at 4:36 am by Rocky
» Between internal and regional challenges... Formation of the Kurdistan government on a "slow fire" a
Today at 4:35 am by Rocky
» Kurdistan Region Presidency: We will issue a regional order to determine the first session of parlia
Today at 4:34 am by Rocky
» The Minister of Foreign Affairs announces the convening of the Ambassadors Conference tomorrow, Mond
Today at 4:33 am by Rocky
» Al-Sudani: Iraq must always be at the forefront
Today at 4:32 am by Rocky
» Al-Mashhadani: We support the Foreign Ministry in confronting any external interference that affects
Today at 4:31 am by Rocky
» Al-Sudani chairs meeting with Oliver Wyman delegation
Today at 4:29 am by Rocky
» Half a million beggars in Iraq.. 90% of them receive welfare salaries
Today at 4:27 am by Rocky
» Sudanese announces preliminary results of the general population and housing census in detail
Today at 4:26 am by Rocky
» The centenary of the Iraqi Ministry of Foreign Affairs.. A journey of challenges and achievements
Today at 4:25 am by Rocky
» Prime Minister's Advisor Announces Assignment of Two International Companies to Study Iraqi Banking
Today at 4:23 am by Rocky
» Agriculture: Integrated Support Project Provides 1,333 Job Opportunities
Today at 4:22 am by Rocky
» The Media and Education Commission discuss introducing advanced curricula related to artificial inte
Today at 4:20 am by Rocky
» Al-Mashhadani’s First Test: Discussing Israeli Threats and Avoiding Controversial Laws
Today at 4:20 am by Rocky
» By name.. A parliamentary bloc reveals that five ministers will be questioned at the end of the legi
Today at 4:19 am by Rocky
» The financial budget is subject to political and economic amendments in the next parliamentary sessi
Today at 4:18 am by Rocky
» Will the government's efforts succeed in ending the electricity crisis in Iraq?
Today at 4:17 am by Rocky
» Baghdad Airport Customs Increased to 400% After Implementing Automation
Today at 4:16 am by Rocky
» EU: Integrated Support Project in Iraq Creates Jobs in Agriculture and Youth
Today at 4:15 am by Rocky
» Al-Sudani attends the centenary ceremony of the establishment of the Ministry of Foreign Affairs
Today at 4:13 am by Rocky
» Al-Mashhadani: We seek to keep foreign policy away from alignments that harm Iraq’s unity and sovere
Today at 4:12 am by Rocky
» The Iraqi government is working to develop a competitive banking system and support the private sect
Today at 4:10 am by Rocky
» Al-Alaq: Arab consensus on the role of central bank programs in addressing challenges
Today at 4:09 am by Rocky
» Regional markets rise in first session of the week
Today at 4:08 am by Rocky
» Kurdistan Region Presidency: We will issue an order to set the first session of the regional parliam
Today at 4:06 am by Rocky
» Political differences hinder oil and gas law legislation
Today at 4:05 am by Rocky
» Government coordination to create new job grades for graduates
Today at 4:04 am by Rocky
» The financial budget is subject to amendments in the next parliamentary session
Today at 4:03 am by Rocky
» Alsumaria Newsletter: Iraq reaches the final stages of the census and Parliament resumes its session
Today at 4:01 am by Rocky
» After the elites and workers... Iranian factories "migrate" to Iraq
Today at 3:58 am by Rocky
» Beggars in Iraq "refuse" welfare salaries.. Their profits are 10 times the salary!
Today at 3:57 am by Rocky
» Amending the Election Law... A Means to Restore the Dilapidated Legitimacy
Today at 3:56 am by Rocky
» Prime Minister announces population census results, Iraq reaches 45 million mark
Today at 3:54 am by Rocky
» Find out the dollar exchange rates in the Iraqi markets
Today at 3:53 am by Rocky
» Kurdistan Interior Ministry: General amnesty does not include those accused of killing women
Today at 3:52 am by Rocky
» utube 11/21/24 MM&C MM&C News Reporting-Global Trade-Best Route in World-Purchase Power-Justice-Cen
Yesterday at 6:58 am by Rocky
» Al-Sudani discusses with the Secretary-General of the Digital Cooperation Organization enhancing dig
Yesterday at 6:56 am by Rocky
» President of the Republic: Partnership with the United States is essential to achieve regional stabi
Yesterday at 6:54 am by Rocky
» Mazhar Saleh reveals details of the 2023 budget and the 2024 budget horizon
Yesterday at 5:18 am by Rocky
» Absent control and rising corruption.. Sudan faces a harsh political winter
Yesterday at 5:16 am by Rocky
» A representative shows the laws prepared for voting during the upcoming sessions.
Yesterday at 5:14 am by Rocky
» Corrupt people in it.. Independent MP criticizes the performance of Al-Sudani's government
Yesterday at 5:13 am by Rocky
» Parliamentary Oil Committee reveals government move to end electricity crisis
Yesterday at 5:11 am by Rocky
» The Administrative Court postpones consideration of the lawsuit on the legitimacy of the Kirkuk gove
Yesterday at 5:10 am by Rocky
» MP: The ministerial reshuffle depends on consensus within the state administration
Yesterday at 5:09 am by Rocky
» Politicians put question marks on Al-Sudani: corruption, espionage and serving foreign interests
Yesterday at 5:08 am by Rocky
» The International Union of Arab Bankers honors the Chairman of the Private Banks Association: A prom
Yesterday at 5:03 am by Rocky
» Industry: Contracts to supply state ministries with food products
Yesterday at 5:02 am by Rocky
» After Shell Withdrawal, American Company Heads to Implement Al-Nibras Project in Iraq
Yesterday at 5:01 am by Rocky
» Revealing the fate of the Chinese deal in Iraq.. It was disrupted by this party
Yesterday at 5:00 am by Rocky
» The Central Bank of Iraq 77 years of challenges and reforms
Yesterday at 4:57 am by Rocky
» "Unprecedented numbers"... American "CNN" talks about tourism in Iraq
Yesterday at 4:56 am by Rocky
» After implementing automation, Baghdad Airport Customs jumps 400 percent
Yesterday at 4:55 am by Rocky
» Iraq participates in sustainable development activities
Yesterday at 4:53 am by Rocky
» Al-Sudani opens 790 model schools
Yesterday at 4:52 am by Rocky
» Parliamentary Culture: The Right to Information Law will satisfy all parties
Yesterday at 4:51 am by Rocky
» Al-Mashhadani to {Sabah}: Tomorrow we will discuss the Zionist threats
Yesterday at 4:50 am by Rocky
» Industry to {Sabah}: Contracts to supply state ministries with food products
Yesterday at 4:49 am by Rocky
» Trade cooperation between Najaf and Isfahan
Yesterday at 4:48 am by Rocky
» {New building} and {electronic systems} to develop forensic medicine
Yesterday at 4:47 am by Rocky
» A specialized center for monitoring the environmental situation in the capital
Yesterday at 4:46 am by Rocky
» International and parliamentary praise for the success of the "population census" process
Yesterday at 4:45 am by Rocky
» The European Union organizes a workshop in Basra on central administration and the wealth distributi
Yesterday at 4:42 am by Rocky
» The Media Authority and the Ministry of Education discuss the importance of enhancing and introducin
Yesterday at 4:41 am by Rocky
» Iraq's oil exports to America rose last week
Yesterday at 4:40 am by Rocky
» Electricity announces loss of 5,500 megawatts due to complete halt of Iranian gas supplies
Yesterday at 4:39 am by Rocky
» Tomorrow.. The Arab League is looking to unify its position against Israeli intentions to strike Ira
Yesterday at 4:37 am by Rocky
» The Central Bank moves its secret vaults to its new building.. Clarification of the truth of the cla
Yesterday at 4:35 am by Rocky
» Network reveals the fate of the Chinese deal.. It was disrupted by "Iraqi officials"
Yesterday at 4:34 am by Rocky
» From the White House to the "Leaders of Iraq"... A Message Regarding the Targeting of Baghdad
Yesterday at 4:33 am by Rocky