180k house to 1 million. 800/mo rent to 2800/mo.
(media.greatawakening.win)
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The idea there is a bubble is false. It’s a supply issue not a cheap or easy mortgage issue. Prices are a bit inflated but not bubble territory. Prices are inflated bc of materials prices, inflation, labor shortages and inventory shortages. We need more homes built more apartments built. The issue is most builders only do custom homes at $400k and up. But again the idea that we are in a bubble and it will quote un quote pop is BS.
In my area ibuyers like Opendoor account for 30% of the home sales. That means they’re probably bidding on nearly every home. They are both driving up prices and reducing available inventory.
With that said i call bs on this story. A house sold for 180k in 2014 now is close to 1mil? Show me any example of a 5x increase in 8 years without massive renovations.
Prices are inflated because of government regulation and needless inspections, taxes, environmental and unnecessary requirements. Example. I want to replace a window. I need to submit paperwork and get government approval to make sure window meets current “green” standards. What I want to do is get a used window that is much better than the old one, but much cheaper than a new one. No it isn’t as green as a new one but much better than the old one and thus better. So to do it, I have to skirt the rules. Why?