A summer storm is gathering against the housing market all across the US. More than a year ago, I predicted the collapse of Housing Bubble 2.0 and then predicted as soon as the housing market collapse had begunthat it would see temporary reprieve until the summer of 2018.
Well, that reprieve has ended … two months ahead of the schedule I suggested as an outlier. The storm clouds are now evident across the entire nation. More importantly, lightning is already striking in the nation’s healthiest housing markets.
New-home construction deconstructs the housing market
New-home-construction starts are down 12.3% nationwide to a nine-month low due to the largest single-month drop in more than year and a half. That is a huge sign of a nationwide housing market collapse when you consider that this is the time of year when housing is usually on a tear because weather allows construction everywhere. Instead, construction in the US is down … way down … EVERYWHERE.
Read the rest here:
Why buy new, when used will do?
That sentiment has been long lost in ‘merica these days.
Clearing forests to build houses that people can’t afford is not a good investment strategy. Short term profit from the sale of timber, but the reality is what results in a busted economy when the bills come due, and all you have to pay with are a bunch of vacant, deteriorating dwellings, piled on top of each other, maybe even “squatted” properties, that NOBODY WANTS!
Tax assessments pile up on that “improved” property along with penalties and interest. Eventually sold at auction to some other developer with grand ideas.
Meanwhile, it is all your fault!! You will have to pay.
It is just plain wrong, that’s all i can say.