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janch

US Housing Situation as bad/worse than UK....

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http://www.zerohedge.com/news/2017-12-05/housing-bubble-20-all-cash-offers-increasingly-required-compete-overheating-markets

FTBs in US are being outbid by cash-rich moving out from cities or BTLers and looks to be getting worse with prices rising.  Are we leading the pack with downward prices here in the UK?  Surely there can't be another leg up to come here, can there?

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1 hour ago, janch said:

http://www.zerohedge.com/news/2017-12-05/housing-bubble-20-all-cash-offers-increasingly-required-compete-overheating-markets

FTBs in US are being outbid by cash-rich moving out from cities or BTLers and looks to be getting worse with prices rising.  Are we leading the pack with downward prices here in the UK?  Surely there can't be another leg up to come here, can there?

What's worse is Trump's wonderful tax reforms are taking tax breaks away from owner occupiers and GIVING tax breaks to landlords! At least we're still heading in the right direction with that policy.

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1 hour ago, Barnsey said:

What's worse is Trump's wonderful tax reforms are taking tax breaks away from owner occupiers and GIVING tax breaks to landlords! At least we're still heading in the right direction with that policy.

That is unbelievable.  But Trump is a massive arsehole..

Some of his laws:

killing of hibernating bears 

dumping of toxic waste in rivers

land grab off the Indian reservations (parks) for exploitation.

use of lead shot for hunting, leads to poison in the animal food chain

removal of equal pay law for women

end of CHIP free health care for children, if your kids sick they can die.. $1.5 trillion tax break for millionaires and billionaires 

theres more.. but my typing finger hurts..

the guy is evil.. 

 

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26 minutes ago, macca13 said:

the guy is evil.. 

Maybe...but why the obsession with the USA...are you familiar with the record and policies of other world leaders such as Putin, Modi and Xi Jinping...?

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9 minutes ago, Wayward said:

Maybe...but why the obsession with the USA...are you familiar with the record and policies of other world leaders such as Putin, Modi and Xi Jinping...?

Presumably he mentioned Trump because this thread is about the US housing situation (which again, presumably, he somehow holds Trump partially responsible for).

But in the case of the US election there really wasn't much of a choice. Clinton would have been much worse and so lots of people voted Trump just on that basis.

In fairness though, the leaders of all the very large countries have a nightmare job on their hands. Would any of us want to do it?

Edited by Errol

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1 hour ago, Errol said:

Presumably he mentioned Trump because this thread is about the US housing situation (which again, presumably, he somehow holds Trump partially responsible for).

But in the case of the US election there really wasn't much of a choice. Clinton would have been much worse and so lots of people voted Trump just on that basis.

In fairness though, the leaders of all the very large countries have a nightmare job on their hands. Would any of us want to do it?

Countries with a he smallest populations will be the safest in the future.. less people too feed, less problems to solve, less civil unrest and better cohesion of society.. big populations spell trouble in recessions.. handy in a war, no use when jobs are scarce and resources run dry.. 

The Americans actually have the firepower for a proper civil war.. 

If it kicked of in the U.K. it would be broken windows and smashed cars.. if it kicked off in America it would be like Baghdad.

Edited by macca13

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57 minutes ago, macca13 said:

 

The Americans actually have the firepower for a proper civil war.. 

If it kicked of in the U.K. it would be broken windows and smashed cars.. if it kicked off in America it would be like Baghdad.

Maybe but remember that in the case of some appalling genocides and slaughter access to fire arms was actually very limited...two examples...Rwanda and India partition.

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1 hour ago, Errol said:

Presumably he mentioned Trump because this thread is about the US housing situation

Fair point...but i get tired of hearing about Trump particularly on the BBC as if he was our leader....he is a foreign leader as is Putin and Modi but Trump is held to very different standards...makes me wonder why.

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1 hour ago, macca13 said:

The Americans actually have the firepower for a proper civil war.. 

Indeed it's amazing how powerful the weapons are that a law abiding citizen can buy if he/she had the money. I guess they must all feel very safe.

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2 hours ago, macca13 said:

That is unbelievable.  But Trump is a massive armhole..

Some of his laws:

removal of equal pay law for women

You have given us an insight that Trump is his own man, and that he can think and weigh up evidence, unlike his showboating predecessor and his 77¢ for every $ nonsense.

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6 hours ago, stuckmojo said:

US is in another mega bubble and no tools to fix it. 

Yes and I wonder what they will say and do next time because I bet they'll try and fix it with no tools

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3 hours ago, macca13 said:

That is unbelievable.  But Trump is a massive arsehole..

Some of his laws:

killing of hibernating bears 

dumping of toxic waste in rivers

land grab off the Indian reservations (parks) for exploitation.

use of lead shot for hunting, leads to poison in the animal food chain

removal of equal pay law for women

end of CHIP free health care for children, if your kids sick they can die.. $1.5 trillion tax break for millionaires and billionaires 

theres more.. but my typing finger hurts..

the guy is evil.. 

 

Equally instructive are the u-turns he's made over China, Syria, NATO, the Federal Reserve, and 'draining the swamp'. And, of course, his trillion dollar tax cut for Wall Street's wealth extractors. No more fretting over interest rates and the national debt, eh?

Frankly, it's hard to imagine a more pro-Establishment agenda.

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Yellen da Felon is at least four years behind the curve on interest rates, hence a resumption of the exponential trend in consumer borrowing.

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I read this thread with some interest, having previously lived in los Angeles for a decade. Out of interest, I did a property search on Zillow (rightmove type site over there) and its astounding. Way, way worse than London. No chance whatsoever for an average smaller 3 bedroom home under $1.5-$2M in fairly working class areas, 2 bed condos starting at $1M. Absolutely no chance for an average worker to buy anything, I would imagine. Especially as California is a fairly high tax state. When I was there, prices were maybe a quarter to a third of those prices in the early 2000's and thats taking into account that there was a massive house price crash around 2006 that wiped off around 50-70% off prices in some areas.

However, some parts of the city still seem to be at the same crash levels as a decade ago but those are areas that are either way out on the edges of the county or in gangsta areas. London seems tame in comparison, tbh. No idea whats going on there as many people in L.A. are just eeking a living and not earning Hollywood salaries by any measure. There was also a big exodous of defence and tech industries over the past decade. I know San Fransico, which always had a price premuim over L.A.,  is even worse i.e, fairly working class neighborhoods at Chelsea/Kensington levels. There are apparently huge inflows of hot Asian money and Google/Amazon exec bonuses sloshing around but I can't see how that alone would propel things to those levels.

Add to that you are on several active fault lines in LA/SoCal, annual forest fires, gridlocked traffic and heavy air pollution. Madness but prices are STILL showing robust rises.

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2 hours ago, frankvw said:

I read this thread with some interest, having previously lived in los Angeles for a decade. Out of interest, I did a property search on Zillow (rightmove type site over there) and its astounding. Way, way worse than London. No chance whatsoever for an average smaller 3 bedroom home under $1.5-$2M in fairly working class areas, 2 bed condos starting at $1M. Absolutely no chance for an average worker to buy anything, I would imagine. Especially as California is a fairly high tax state. When I was there, prices were maybe a quarter to a third of those prices in the early 2000's and thats taking into account that there was a massive house price crash around 2006 that wiped off around 50-70% off prices in some areas.

However, some parts of the city still seem to be at the same crash levels as a decade ago but those are areas that are either way out on the edges of the county or in gangsta areas. London seems tame in comparison, tbh. No idea whats going on there as many people in L.A. are just eeking a living and not earning Hollywood salaries by any measure. There was also a big exodous of defence and tech industries over the past decade. I know San Fransico, which always had a price premuim over L.A.,  is even worse i.e, fairly working class neighborhoods at Chelsea/Kensington levels. There are apparently huge inflows of hot Asian money and Google/Amazon exec bonuses sloshing around but I can't see how that alone would propel things to those levels.

Add to that you are on several active fault lines in LA/SoCal, annual forest fires, gridlocked traffic and heavy air pollution. Madness but prices are STILL showing robust rises.

Very interesting insight.  I also read somewhere recently that there are people in work yet homeless in Silicon Valley.

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Yes, you are probably referring to the google software engineer that came out about living in the car park in a winnebago.  After that, several others from places like Amazon etc., came forward to say that they had been doing it for years. This is guys earning $200k+ who find rents in San Fransico challenging. I remember years ago watching a CNN or PBS documentary  about California homelessness There was one ex-silicon valley MD who was worth several millions at his peak then ended up living in a bus with four kids and never wasn't able to get 'back on his horse'. I think its probably on youtube as they post most of their stuff there after a while, search 'California Homelessness'.

If you have never been to L.A., check out some youtube also on Skid row. its a vast, open street homeless area, over 50 blocks wide around downtown area, basically its tent cities on a brazilian favella scale. It's pretty scary to drive through during the day and terrifying at night. It's also about 10 mins away from Bel-Air and Beverley Hills. Tragic thing is that I consider London more (crony?)  'capitalist' than Los Angeles county.

 

 

MRT_skid-Row.jpg

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  • 406 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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