When does the housing market crash?

[Champ_Kind_whammy]

Given this, our economy is designed to depend in part on immigrants.

Yes, and we need to break that down further.
A tight labor market means rising incomes for almost everyone. Scarcity of resources and all that. But a labor market with excess labor does many things, almost all of them bad. It drives wages down obviously, but in our case we have a very specific excess labor issue. Around 30-35 million green card holders + 30-35 million "undocumented" "citizens" (btw, very conservative estimates and rapidly changing). That's 70 million people within the country who weren't born here. That destabilizes a lot of things. Why doesn't it bother the chamber of commerce? Because in their mind a hyper-stratified economy is better than an egalitarian economy. But of course it's only better for the few.

 

[mgbreis]

This is what my first house looked like but I got it for about 60

Yep, paid $68k for our first house in Lincoln in '99. Worked our ass off on it for 3 years and made enough to put a down payment on our next house and do a decent remodel. I don't see those houses anymore. If there was one there's no way I'd beat the local flippers to it.

 

[GBRforLife1]

Nope. He’s a good builder but not building luxury homes. It might include a very small crappy lot but I don’t think so. I about fell over. I haven’t been able to find an inexpensive home to rent or buy for my sister so I asked him what it would cost. My query was based on me having the lot. He doesn’t employ migrant labor so that might be part of it.

A simple search of Zillow would tell you no one is paying $600k for a 1500 sq ft house in Nebraska or SD.

7308 N 9th St, Lincoln, NE 68521 | MLS #22401262 | Zillow

This 2078 square feet Single Family home has 4 bedrooms and 3 bathrooms. It is located at 7308 N 9th St, Lincoln, NE.

www.zillow.com

 

[dinglefritz]

You sound just like the people in the 1800's who were against Irish immigrants. Now the Irish are "one of us". Reading a book about it right now. Kind of wild how history continuously just repeats itself.

Go look at what is happening in Europe. There are areas of Paris where cops don’t enter and Sharia law is being practiced. We’re next.

 

[Champ_Kind_whammy]

Go look at what is happening in Europe. There are areas of Paris where cops don’t enter and Sharia law is being practiced. We’re next.

Fargo’s population shot up from 74,000 in 1990 to 90,000 in 2000 to 128,000 today. Somalis flooded Fargo, as did Iraqis, Bosnians and Bangladeshis. Amid the pure snows rose mosques, ethnic welfare nonprofits, Halal markets and other outposts of the new population.

Yep, Fargo ND

 

[Huskers123456]

Fargo’s population shot up from 74,000 in 1990 to 90,000 in 2000 to 128,000 today. Somalis flooded Fargo, as did Iraqis, Bosnians and Bangladeshis. Amid the pure snows rose mosques, ethnic welfare nonprofits, Halal markets and other outposts of the new population.

Yep, Fargo ND

Lol. How much time do you spend in Fargo?

 

[Huskers123456]

Go look at what is happening in Europe. There are areas of Paris where cops don’t enter and Sharia law is being practiced. We’re next.

Maybe. I doubt it. In another generation those Muslim kids will be cheering for the local NFL team and playing NBA2k. And they'll be bitching about the Central Americans taking their jobs.

 

[BleedRed78]

Maybe. I doubt it. In another generation those Muslim kids will be cheering for the local NFL team and playing NBA2k. And they'll be bitching about the Central Americans taking their jobs.

We can hope. But Europe indeed shows the opposite.

Then again this is America. It corrupts everybody to some degree... Even jihadists I'd assume.

 

[Champ_Kind_whammy]

We can hope. But Europe indeed shows the opposite.

Then again this is America. It corrupts everybody to some degree... Even jihadists I'd assume.

There's a reason the Masters of the Universe meet in Davos and not Omaha. A Thousand+ years of serfdom provides rich grazing land for people desiring sheep. One thing is for sure, you can only pull at so many threads before the garment unravels.

 

[RBigredMax]

Here’s a good example. A house like you’re describing is around $200k in Omaha. So a young family would need to have saved around $45k for down payment and closing costs.

For this house to be affordable a family would have to make around $75k per year. Median HH income in Omaha is around 60, which a young family may not be at yet.

So what’s the issue? A young family of both working could make $75k combined pretty easily.

 

[Biff Bridges]

Stop being scared of people that look differently than you.