The Great Reset

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WiseOne
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Re: The Great Reset

Post by WiseOne » Wed Jun 09, 2021 5:45 pm

Actually it means if you're selling a house now or in the near future, you should be jumping for joy. There is no way that this is going to be sustainable for very long.

If you're keeping your house...probably no you don't care.
whatchamacallit
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Re: The Great Reset

Post by whatchamacallit » Wed Jun 09, 2021 6:36 pm

It sure doesn't sound like it will end well. I can see it making the housing market more volatile like the stock market.

I always thought the renter cities should vote to eminent domain mass amounts of land , build multifamily housing and sell to highest bidder. Oversupply will solve the problem.
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Kriegsspiel
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Re: The Great Reset

Post by Kriegsspiel » Wed Jun 09, 2021 8:27 pm

I'm not sure that this is a Great Reset push. I could see wealthy insane people trying to take advantage of conditions on the ground to move it forward, but I don't see Black Rock as being on board with an environmentalist reduced-standard-of-living fever dream. Remember, Black Rock bought tons of houses a little over a decade ago (remember all the talk of "shadow inventory?", too. I could see this being less a "buy long-term rentals" play than a "shelter in real estate during the upcoming hyperinflation, then sell them."

How smart of an idea is this, anyway? Maybe they're really scared of hyperinflation, if they're getting into competition with millions of people with access to a 30 year mortgage who want to buy the same houses, instead of apartment buildings in Toronto where the only other potential buyers are a few other funds.
You there, Ephialtes. May you live forever.
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Re: The Great Reset

Post by pp4me » Wed Jun 09, 2021 9:39 pm

I bought my house in 2006 right before the the housing bust and subsequently saw the market price of the house I bought cut by more than 50% from $285k to $140k. I'm no longer underwater and have equity of more than $100k according to Zillow and others but it took a very long time.

At the time I bought it people were saying there is no such thing as a "housing bubble" as it had never happened before in American history.

It would have been wiser to believe the axiom that if something can't go on forever, it won't. That seems obvious in hindsight and did at the time. I just didn't pay enough attention.
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Re: The Great Reset

Post by boglerdude » Thu Jun 10, 2021 1:35 am

> In the 12 months preceding the 2006 bubble, did the federal reserve print 30% of all US dollars ever in existence?

I dunno, how much were they printing then? The main problem was giving mortgages to anyone

How much inflation is too much? When they riot. But we have a new tool for that. Lockdowns. H10N3 comin' in hot
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Re: The Great Reset

Post by boglerdude » Thu Jun 10, 2021 2:01 am

Housing might not trigger the crisis. I'm wondering where the bad debt is this time. And the Fed is going to jump in right away unlike 08, so leveraged portfolios are money printers

https://www.bogleheads.org/forum/viewto ... 0&t=288192
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Kriegsspiel
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Re: The Great Reset

Post by Kriegsspiel » Tue Jun 15, 2021 7:18 pm

Coincidentally, driving down main street in my small town, I'd estimate roughly 75% or 80% of the vacant storefronts (of which there are a lot) all have the same "sold" sign on the front of the building. My neighbor, who's lived here all his life, said they've been vacant for decades.

I wonder if a financial company bought up the town.
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I Shrugged
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Re: The Great Reset

Post by I Shrugged » Tue Jun 15, 2021 7:34 pm

Kriegsspiel wrote:
Tue Jun 15, 2021 7:18 pm
Coincidentally, driving down main street in my small town, I'd estimate roughly 75% or 80% of the vacant storefronts (of which there are a lot) all have the same "sold" sign on the front of the building. My neighbor, who's lived here all his life, said they've been vacant for decades.

I wonder if a financial company bought up the town.
That’s extremely interesting.
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Re: The Great Reset

Post by SomeDude » Wed Jun 16, 2021 6:58 am

I Shrugged wrote:
Tue Jun 15, 2021 7:34 pm
Kriegsspiel wrote:
Tue Jun 15, 2021 7:18 pm
Coincidentally, driving down main street in my small town, I'd estimate roughly 75% or 80% of the vacant storefronts (of which there are a lot) all have the same "sold" sign on the front of the building. My neighbor, who's lived here all his life, said they've been vacant for decades.

I wonder if a financial company bought up the town.
That’s extremely interesting.
The americans are selling their land and buildings to counterfeiting agencies for cash to consume present production goods.

I would suggest not selling your gold to them.

I'm reminded of Thomas Jefferson's quote:

"If the American people ever allow private banks to control the issue of their currency first by inflation then by deflation the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered..."
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Kriegsspiel
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Re: The Great Reset

Post by Kriegsspiel » Wed Jun 16, 2021 7:06 am

The situation here was similar to what boglerdude (I think it was boglerdude) mentioned was the case in California. People bought these buildings long ago and have deferred all maintenance, they're using them as personal storage units, (they're Main Street storefronts!), etc. According to the neighbor, who knew a lot of the owners, they were "waiting for the town to turn around" so that they could sell them. The owners were too lazy even to take advantage of a free grant to improve their façades, but apparently the holding costs were low enough. Well... for most of them, several seemed to be legitimately abandoned and had a lot of back taxes.

I remember a few weeks ago I noticed what looked like some random guy and his teenage son taking pictures of one of the buildings that was bought. I'm sure it's plausible that the hedge funds are hiring locals to do the ground work for them.
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Kriegsspiel
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Re: The Great Reset

Post by Kriegsspiel » Sat Jun 19, 2021 9:30 am

DISREGARD

Apparently a downtown revitalization group put up all those signs, it wasn't one company that bought them all.
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Xan
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Re: The Great Reset

Post by Xan » Sat Jun 19, 2021 9:57 am

Kriegsspiel wrote:
Sat Jun 19, 2021 9:30 am
DISREGARD

Apparently a downtown revitalization group put up all those signs, it wasn't one company that bought them all.
So they weren't actually sold at all? What good does it do anybody to put up Sold signs?
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Kriegsspiel
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Re: The Great Reset

Post by Kriegsspiel » Sat Jun 19, 2021 11:24 am

Some of them had "SOLD! For Rent" signs, some just had "SOLD!" signs, and other ones had "This building is for rent". Maybe someone on the group wanted to do some arts and crafts. But if you're just driving down the street, it looks like one company had bought them all/was renting them all out. It's a weird move all together IMO.
You there, Ephialtes. May you live forever.
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