Out where I'm at, the stix of rural GA. inside of a golf community, houses are being built and sold before being finished for the inflated sums of $400,000 plus...... I get the nonsense on the idiot box but there are people buying houses and in my neck of the woods regularly and not cheap ones. I also believe that there is a ton of inventory out there that is not being released onto the market making the available inventory very small. If they did it would IMO crush this market. We've all seen the "bank" owned ghost neighborhood stories across the U.S. I also don't believe that there are a lot of people who can qualify for mortgages these days hence the gimmicks of 05' and 06' returning. I get that the common man is in trouble but for this to have happened someone had to gain. Ask yourself this... For that one of many now billionaires, how many people are in dire straights due to his/her success? Lots of people around the world had to lose for his/her success to happen unless your the fed and can just print your own fiat. For one to gain one loses. I was lucky to be where I'm at, buying after the crash and not, at present, being under water. I know many weren't so lucky and have had very hard times since. It's a sad state of affairs when the ones that have so much care lil' for the ones who have nothing and there only concern is "more."
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All I want to know is where the frick are they getting their money from to buy these houses? Or have banks gone down the self certified mortgage route again (self certified where you tell them your earnings without proof -happened in UK)
Beats me, I would assume that it's through Market gains since it's done nothing but rise into the largest bubble EVER. I also assume this due to the area that I'm in is a huge retirement area for the wealthy. With this being said I live among them in their neighborhood where the houses are being built and selling regularly as of late. With that being said, there are lots of places for the "servants" ie me and many others to live outside of these expensive neighborhoods but they're renting mostly. There are also quite a few neighborhoods that were starting to develop when I moved here in 07' for the "help" that have not been touched and remain unfinished to this day. I looked into these neighborhoods when trying to buy back then thinking I'd never be able to afford to be where I ended up and the difference in price then and now is majorly underwater for someone who bought back in 07'. I feel for those people. The people around me are heavily into the paper markets IMO and if it crashes they'll be in a world of hurt all over again just like the last crash.
I am a mortgage loan originator. They can get their loan from me. It is very difficult to get a mortgage right now. Income and assets documentation is very strict.