The Housing Bubble Is Cracking (Again). By Gregory Mannarino
It was just reported by the mainstream financial channels, that existing Home sales fell more than expected.
We also found out that mortgage applications fell off of a cliff, and the median price for a home has also fallen.
The mainstream narrative, and they are pushing this as hard as they can, is we are seeing existing home sales fall, mortgage applications drop, and the median price for Homes also fall, because there is not enough supply of houses on the market.
Let me ask you, if you have even the slightest bit of commonsense, does any of this makes sense to you?
Of course it doesn't.
The fact of the matter is housing is in a major bubble, and the truth behind why we are seeing existing home sales fall more than expected, mortgage applications plunge, and the Price of housing drop, is because we are witnessing not just a top with regard to the housing market, but cracks in the bubble.
I have been warning people for the last couple of years as a matter fact, that housing is in a bubble.
With regard to housing, it is very simple to recognize that we are in a bubble.
How can we recognize the housing bubble? Simple.. Housing is no longer affordable to the average person making an average salary.
In summary: The reasons why we are now witnessing negative statistics across the board with regard to housing, is because we are seeing not just a top with regard to the price of housing, but cracks in the bubble.
Gregory Mannarino
You are a lion!
That is funny man!!!
Reminds me of someone in the old Gregory Chat room... lol... And yes, I can still post my thoughts in his old chat room...
@pocketechange
lolllll!!
I'll be 47 in a week and it appears I will never own a home (except maybe a tree fort in the woods WAHOOOO)......Rock On / STEEM On Brother Greg!!
He is right wait for the crash ..
And I am 57 and have a house and don't want it lol..
To much work ...so rented it out.... let someone else pay for it and mow the lawn..
Moved on my sail boat ... no lawn to mow now lol..
Now just sittin' on the dock of the bay
Havin a good day sittin' on the dock of the bay !!!!!!!
R u sure you are doing it right .. Life looks good from here...
i can't believe a sailboat is easier and cheaper than a house. all the ones I've ever met who had a boat said if I ever wanted to know what it felt like owning one to just shove money down a drainpipe and splash some water on my face.
Yup bring on another thousand BOAT
But we are at the point that having that house and piece of land will now cost you more than a life time of labour ... At this point I am not willing to spend my entire life servicing that debt and spending every weekend mowing and fixing ...
2000 for mooring pin
20 thousand for 60' sail boat ...got a good deal...
10 thousand to equip with solar and wind power
Monthly bills 0 now that i have paid for it
2000 every 3 years for haul out
Fuel beer women my ford pickup and 5th wheel parked at the lake where my buddy keep his jetskis the rest of my money goes to this lol😎🍺
Not retired yet but ready to lmao👍
You understand economics and life so well.
Or buy a home after the crash ;)
They'll all be "shotgun homes" or "crack houses" after the Crash. Gutted-out deathtraps as people both ransack them for anything of value and tear up what's left in frustration.
You are saying that every single house that was sold after the crash of 2008 was a shithole? I don't believe that.
And even if every single place was a shithole, the land, a certain neighborhood and the house after a renovation would still have made it a good investment.
Let me clarify: inner-city homes, where most of the people that argue with me base their "real estate can never go down" arguments. I have read online several times about unrepentant city councils that keep property/land values high, despite their unworthiness and high crime rates in the area. Take Detroit. Take Baltimore. We're talking about more than just single renovations needed, but entire neighborhoods.
If you can buy a well-kept house after the Crash, my hat is off to you. But the odds are against more than a handful of success stories.
I'm 26 and also doubt I will ever own a normal home, but I am pretty certain I'll be able to pick up some land and a bus after this all blows up.
My wife and I recently embraced the tiny house movement and moved into an RV and are traveling the country seeing beautiful things and meeting great people.
That's great! I have wanted to for years now. Many people are living the life here in Colorado, and after this lease ends in October I plan on joining.
It takes some getting used to, and a lot of downsizing... But it's totally worth it. The one caveat is that there's so many folks embracing it that you need to plan far ahead in order to find a spot. Unless you're boondocking.
Ideally I'd like to buy some land for a home base, but until then we will be roaming lol. We'll see where cryprocurrencies go this year, fingers crossed!
Indeed! We'd like the same thing. Maybe start up our own RV Park, but still continue to roam.
Forget the bus 80% of the planet is water ..go sailing lol
Plus the ladies will find you more attractive ...True I have seen it ..
Woman seeking men with boats ..please send picture of boat..
That is a very good point, and it would make eating a lot easier. Sadly, I have a lust for land. I would love to spend some time on the water, though.
Where on Earth is your favorite place to sail so far?
Only sailed around the vancouver island area .. But always dreamed of fiji ... Retire in 3 years and you never know ..got some pics of my boat on my blog ... So until then spit polish and paint
You'll probably be better off with that in mind!!!
I see on linkedIN, the realtors pushing a healthy, thriving market. I am posting your stuff on there hoping they will wake up and protect themselves.
Realtors have to keep the charade going because it is how they make a living. If they do not sell they earn nothing. They did the same thing at the top of the last bubble.
That is crazy Greg. So basically, there is not one ounce of truth and dignity. That is really sad. I hope some of them heed the warnings.
Exactly, they'll never tell you the truth until after the fact!
Sad, how markets are propped up on total deception. They are in for a rude awakening, unless they wake up and do right.
Most of them do not know anything about the subject. The whole fiat dollar ponzi scheme is unknown to most realtors. And most people as well.
That is insanity. Wow, its unfathomable. Sad and disheartening.
how about some return love from a vegas youtube follower since the beginning. thx greg
I'll follow you... I'm also a long time Las Vegan with very deep roots in this hot, dry desert...
@pocketechange
cool. gbtc on the RISE today. omg
Been waiting for some kind of correction in housing for awhile now before i buy my first home. I'm tired of renting!
thanks for the update
Renting isn't such a bad thing when you're starting out in life... I just paid $8,000.00 for a new air conditioning unit... Renters aren't responsible for those unexpected costs...
@pocketechange
true, but i did the math the other day and I've paid over 20k in rent the last few years. would've Been a good start on a house
Agreed, my brother and I rent a 2 bedroom for $1,800/ month. This will be the last time I rent, I'd rather dig the van life.
A home warranty will cover a big ticket expense like this. They bilk you over time, but if you don't like the huge expense hitting randomly then this is the way to go.
Thanks... I'm now one of your followers... @pocketechange
I just spoke with a realtor who is a friend yesterday and she mentioned how great the market was but then she choke explaining the how. Thank you Greg, keep up the good work.
I think the only reason there is an inventory shortage is because a lot of people who got their head ripped off the last time realize it's a bad idea to sell your current home and try and upgrade what you have when values are so overblown. Even selling, pocketing the profit, but then being faced with paying overvalued rent is hard to make sense of right now.
You are correct.
The inventory shortage is in the market under 500,000 as near as I can tell!
Completely agree Greg. I've been blogging about my observations on this on the ground here in Australia.
Yesterday I photographed the the desperation of vendors during a 15 minute walk in the suburbs.
Earlier I wrote about the saga suffered by the owner of the property listed for sale over the road from me.
Here I discuss the culture and religion of property. The gap between the narrative and what you can see happen before you is now very wide.
Greg Hunter and Rob Kirby
Rob Kirby-Rising Crypto Currencies Means Crash Near
Great Interview, I have entered the crypto market!
BMO and Wells Fargo are putting out CDOs. It feels like Deja vu.
I closed my account with Wells Fargo 4 or 5 months ago...
@pocketechange