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Why Another Great Real Estate Crash Is Coming

ForeclosureThere are very few segments of the U.S. economy that are more heavily affected by interest rates than the real estate market is.  When mortgage rates reached all-time low levels late last year, it fueled a little “mini-bubble” in housing which was greatly celebrated by the mainstream media.  Unfortunately, the tide is now turning.  Interest rates are starting to move up steadily, even though the Federal Reserve has been trying very hard to keep that from happening.  A few weeks ago, when Federal Reserve Chairman Ben Bernanke suggested that the Fed may start to “taper” the rate of quantitative easing eventually, the bond market had a conniption and the yield on 10 year U.S. Treasuries shot up dramatically.  In an attempt to calm the market, the Fed stopped all talk of a “taper” and that helped settle things down for a brief period of time.  But now the yield on 10 year U.S. Treasuries is starting to rise aggressively again.  Today it closed at 2.71 percent, and many analysts believe that it will go much higher.  This is important for the housing market, because mortgage rates tend to follow the yield on 10 year U.S. Treasuries.  And if mortgage rates keep rising like this, another great real estate crash is inevitable.

This wasn’t supposed to happen.  Federal Reserve Chairman Ben Bernanke said that he could use quantitative easing to control long-term interest rates.  He assured us that he could force mortgage rates down for an extended period of time and that this would lead to a housing recovery.

But now the Fed is losing control of long-term interest rates.  If this continues, either the Federal Reserve will have to substantially increase the rate of quantitative easing or else watch mortgage rates rise to absolutely crippling levels.

Three months ago, the average rate on a 30 year mortgage was 3.35 percent.  It has shot up more than a full point since then…

Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan rose to 4.39% from 4.31% last week. Rates are a full percentage point higher than in early May.

And as the chart below shows, mortgage rates have a lot more room to go up…

30-Year Fixed Rate Mortgage Average in the United States

As mortgage rates go up, so do monthly payments.

And monthly payments are already beginning to soar.  Just check out this chart.

So what happens if mortgage rates eventually return to “normal” levels?

Well, it would be absolutely devastating to the housing market.  As mortgage rates rise, less people will be able to afford to buy homes at current prices.  This will force home prices down.

To a large degree, whether or not someone can afford to buy a particular home is determined by interest rates.  The following numbers come from one of my previous articles

A year ago, the 30 year rate was sitting at 3.66 percent.  The monthly payment on a 30 year, $300,000 mortgage at that rate would be $1374.07.

If the 30 year rate rises to 8 percent, the monthly payment on a 30 year, $300,000 mortgage at that rate would be $2201.29.

Does 8 percent sound crazy to you?

It shouldn’t.  8 percent was considered to be normal back in the year 2000.

And we are already seeing rising rates impact the market.  The number of mortgage applications has fallen for 11 of the past 12 weeks, and this has been the biggest 3 month decline in mortgage applications that we have witnessed since 2009.

Rising interest rates will also have a dramatic impact on other areas of the real estate industry as well.  For example, public construction spending is now the lowest that it has been since 2006.

And I find the chart posted below particularly interesting.  As a Christian, I am saddened that construction spending by religious institutions has dropped to a stunningly low level…

Total Construction Spending Religious

So what does all of this mean?

Well, unless interest rates reverse course it appears that we are in the very early stages of another great real estate crash.

Only this time, it might not be so easy for the big banks to swoop in and foreclose on everyone.  Just check out the radical step that one city in California is taking to stop bank foreclosures…

Richmond is the first city in the country to take the controversial step of threatening to use eminent domain, the power to take private property for public use. But other cities have also explored the idea.

Banks, the real estate industry and Wall Street are vehemently opposed to the idea, calling it “unconstitutional” and a violation or property rights, and something that will likely cause a flurry of lawsuits.

Richmond has partnered with San Francisco-based Mortgage Resolution Partners on the plan. Letters have been sent to 32 servicers and trustees who hold the underwater loans. If they refuse the city’s offer, officials will condemn and seize the mortgages, then help homeowners to refinance.

If more communities around the nation start using eminent domain to stop foreclosures, that is going to change the cost of doing business for mortgage lenders and it is likely going to mean more expensive mortgages for all the rest of us.

In any event, all of this talk about a “bright future” for real estate is just a bunch of nonsense.

You can’t buy a home if you don’t have a good job.  And as I wrote about the other day, there are about 6 million less full-time jobs in America today than there was back in 2007.

You can’t get blood out of a stone, and you can’t buy a house on a part-time income.  The lack of breadwinner jobs is one of the primary reasons why the homeownership rate in the United States is now at its lowest level in nearly 18 years.

And we aren’t going to produce good jobs if our economy is not growing.  And economic growth in the U.S. has been anemic at best, even if you believe the official numbers.

We were originally told that the GDP growth number for the first quarter of 2013 was 2.4 percent.  Then it was revised down to 1.8 percent.  Now it has been revised down to 1.1 percent.

So precisely what are we supposed to believe?

Overall, since Barack Obama has been president the average yearly rate of growth for the U.S. economy has been just over 1 percent.

That isn’t very good at all.

But remember, the government numbers have been heavily manipulated to look good.

The reality is even worse.

According to the alternate GDP numbers compiled by John Williams of shadowstats.com, the U.S. economy has continually been in a recession since 2005.

And now interest rates are rising rapidly, and that is very bad news for the U.S. economy.

I hope that you have your seatbelts buckled up tight, because it is going to be a bumpy ride.

  • MichaelfromTheEconomicCollapse

    I hope that everyone took advantage of the super low mortgage rates while they still could.

    Michael

    • Rodster

      I bought a house once back in the early 90’s and vowed to myself never to fall for that ponzi scheme ever again.

      • Handog

        “I knew as an educated consumer looking at real estate realistically that economically I was better off renting then buying. But everybody else assumed that they were better off buying because they assumed appreciation.”

        Peter Schiff

    • davidmpark

      No. We were never able get that opportunity of the ‘American Dream.’ God had other plans for us.

    • Ralfine

      I got a house for my parents for cash, but got a loan for 3% to modernise the house. That was the time when I still got 8% interest for my savings.

    • 2Gary2

      I did!

    • Hawaiianfive0

      The problem is though prices on homes seems to be still way higher than they should be. This will create another problem where those who purchased now with lower interest rates may end up owing more on their homes than there are worth when the real estate market crashes and if they need to sell. If they don’t need to sell then it shouldn’t be a problem, but it will be for those who need to sell. Even though we have low interest rates people are paying way too much for homes. If the price of the home dropped $100,000 then the interest rates wouldn’t make a difference if they went up a lot. Even though home prices will decrease I cannot see them going down that much though.

  • RICHARD

    I took advantage of it for sure! Because the bank was paying me so much money on my savings I decided to take the money and pay off my house!!

    • Handog

      We’re all impressed.

      • RICHARD

        I know you are, you just keep on renting.

        • Handog

          I will thank you. You keep on paying rent to the government in the form of property taxes.

          • Gay Veteran

            you do understand that your rent pays your landlord’s property taxes

          • Gregge K Johnson

            If your a good Muslim ,you do not live in a house and pay interest or taxes! That’s why Habitat for Humanity builds 85 % of their houses.

          • Gay Veteran

            PROOF please

          • Gregge K Johnson

            Thank you for your response ,the information is sensitive! Please respond. Quran: Muhammad said it is evil to charge more than is loaned. (Interest ) Bible: Jesus hatred anger was with the money changers ( banksters). It is not who or how much money you have ,it’s Who Controls it . If you don’t have it in your possession ,you don’t ,control it . 8 men Control 95% of the money on earth. 4 men are of Jewish Heritage. 2 men are Muslim ,,, 1 man is from Hong Kong , 1 man is the chief financial officer of the Roman Catholic Church In 2005 Habitat for Humanity corporate bank transferred over$500 million dollars through SWIFT to international bankers the IMF. in Kuala Lumpur ( a Muslim Bank ) under Islamic control. Search;Why did Millard Fuller leave Habitat t for Humanity? Major Differerances and operational Philosophy. Search ,,The Fuller Center for housing? Millard was a friend of mine and taught me personally to / Stand on Higher Ground / . You said proof Please

          • Gay Veteran

            published proof! not your rantings

          • Gregge K Johnson

            Your , Volition consists of 5 major senses: Hearing,Seeing,Smell,Taste,and Touch. Sensory nerves to your brain promotes what you – Think – Feel – Believe….. Sensory Integration Disorder ( SID ) seems to be a big problem for people. Proof publishing is in the /Mind / of the one who controls the Publishing to the Masses ,whom the want to Manipulate…. Question are you a thermostat or a thermometer ?

          • Handog

            Yes Gay, I’m aware thank you. As I said, I’ll pay my rent. I also waste money on food each month.

  • Rodster

    “Hope and Change as I promise to leave you with just a little change in your pocket when i’m finsihed”

    – Barack Hussein Obama

  • markthetruth

    ………..The End of Society as we Knew it……….

    I’d Like to be back in 1969/70 when i was 11//12 and i walk to school join friends on the way. After school play pick up basketball games , stick ball and sometime fight more of wrestling . then walk home and eat dinner at the table with the whole family and get itchy to get back outside. Then play in the street , play tag, kickball ext. Went to sleep without TV.
    Then in the summer Leave the house after lunch say goodbye to mom and roam the town with friend went to the park , played in the river , modified our bike with long front forks , cards in the spokes. Played army didn’t worry about time at all just to get home for supper. It was like punishment to stay in the house never mind your room, or to stay in the front yard . Now it’s the opposite i can’t get my kids out of the house or there boy/girl caves. And it’s all the kids , they only go to scheduled events. And the small ones to bounce u birthday parties with is timed to the minute. They are missing out on life and their Imagination years and real social interaction.

    I’d like to take all the electronic Junk and throw it in the Garbage i sick of it and i just see it as Destructive to Society.

    the end…

    • Mudpie

      Great point, well, well said. Amen. You catch the old days well.

    • Mondobeyondo

      I remember those days. Playing “cowboys and Indians” and not being politically correct about it. Those were the days when “grand theft auto” was an actual crime, and not a video game. We used baseball cards in our bicycle spokes though. I think I used a couple of Vida Blue, Nolan Ryan and Tommy John baseball cards in those spokes back then. I regret it now. The Tommy John card might just be worth something these days…(because of his arm surgery, etc)…

      • Orange Jean

        ha ha .. on your comment about playing “cowboys & Indians” – and didn’t have to be PC about it… back when I was a kid I always got “stuck” being the Indian because I was the only girl in my family and had kind of long hair I could wear in braids. My 4 brothers loved playing that game, although usually they played it as “calvary and Indians”

    • Jodi

      Well said. It was still like this in the 80s. I absolutely agree with the electronic junk. I just want to trow it away too. My kids can’t seem to put it down. Wow! How life has changed.

      • Ralfine

        My niece and nephew have limited screen time. No matter whether it’s TV, video or gameboy. If the time is up, they have to do something else.

    • WeRThrough

      LOL, then have
      all the blacks bussed into your schools and HUD open up a “gubment”
      subsidized housing section in the neighborhood like we did and watch them
      destroy it all! That’s what happened to us back in the 70s.. What you described
      however was right up to that point! Not sure I want to go back to see that
      happen again. You were lucky that didn’t happen to you!

      • markthetruth

        Well now we have the whole world invading our towns with our Money.

        the end…

    • Joe Kleinkamp

      And you knew the names of everyone who lived up and down your street and most of those on the next street over in both directions. You could take many shortcuts through most yards except for the ones owned by the grouches who you took care of on Halloween by soaping their windows (and their screens if they were really mean.) You knew the best trees to climb, who would be picked first and last when choosing up sides and where you stood in the pecking order. You knew which of your paper route customers were good tippers. The Philadelphia Inquirer was 35 cents for week days and 25 cents for Sunday and 55 cents for both. A dime tip was pretty good for a weekly customer and a dollar Christmas tip was the norm. There was the schoolyard, the woods, the big woods, the creek the courts (basketball) the field (baseball and football.) There was catch 3 flies 6 grounders and then you got to bat. There was “run the bases”, “burn the bases”, “kill the man” (kinda like drunken rugby) and good old hide and seek. The streetlights coming on meant it was time to go in. Some kid’s mom would always bellow hellaciously to call him in. The TV was a black and white 12 inch model with 3 channels. The Twilight Zone and the Rifleman were great shows and the whole family watched Ed Sullivan together on Sunday night. That was about it for electronic distraction other than the small transistor radio that accompanied me on the paper route before school. Wasn’t deprivation great?

      • markthetruth

        We would sneak in the football games at half time so we can look for money under the stands .

        the end…

        • Joe Kleinkamp

          Yeah, Bazooka Joe haha. and baseball cards to flip in the school yard or clothespin to the bike’s fender bracket to make noise against the spokes. Chewin’ gum and flippin’ through a new pack of cards … “got ‘im got ‘im need ‘im got ‘im need ‘im need’ im” etc. and trading your doubles or putting them aside to gamble in the schoolyard at recess playing topsies. 5 cards and a slice of gum for a nickel. What a deal! If only I hadn’t used my double of the 1961 Roger Maris card to make motorcycle sounds in my spokes? Another regret: not holding on to all that pre – 1964 silver coin I collected on that paper route!

    • Bill H

      I had that same childhood. Sucks it can’t happen anymore. We used to just make games up and have a great time. We didn’t have much at all, and we didn’t need it. I wouldn’t mind if the world economy folded so we could get a reality check on what is good in life. I have a sense that you know the answer to that.

      • Ralfine

        we used to roam the whole town and surrounding forest. most of the day our parents wouldnt know where we were. just for meal time we had to be nearby so our moms could shout out of the kitchen window that lunch or dinner is ready.

    • chilller

      Ted Kaczynski, aka The Uni-bomber, saw all this coming and tried to stop it the only way he knew how.

    • OldFart

      Yes, good old times…don’t see it will ever come back…Good article/comment!

    • lois752

      just as Alice replied I am dazzled that a person able to make $7582 in four weeks on the computer. did you look at this web link w­w­w.K­E­P­2.c­o­m

    • James G

      Even 12 years later when I was 12, it seemed to be the same way. You are so right about the man/girl caves and unwillingness, or incapability, to interact “normally” with others. I fear that I’m enabling my daughter to continue going down the anti-social path by not limiting/taking away her electronics, but when I do, it’s like World War 3 and I feel compelled to perform “suicide watch”. My wife and I royally screwed up somewhere along the line..

  • K

    Yes like Richard my place is free and clear. Just another thing to make you say hmmm. FEMA appears to be getting ready to buy a substantial amount of storage food again. They seem to also want it quite quickly. Link on steve quayle dot com They seem to think New Madrid. That would not be my guess. A lot of things happening all at once again. Tied into interest rates, gold and silver manipulation? Like I said, makes me go hmmm.

  • frank1569

    ‘The monthly payment on a 30 year, $300,000 mortgage at that rate would be $1374.07.’

    Headline: ‘New Study Finds Up To 80% of US Adults Live In or Near Poverty’

    Headline: ‘A Record 36% of Americans 18-31 Still Live with Their Parents Due to Economic Hardship’

    Can’t have a ‘housing recovery’ if everyone’s broke.

  • Mudpie

    I have been meaning to ask you something about a subject raised herein. This article is hence really timely. What happens, do you suppose, if we have a suddenly visible recession and, e.g., unemployment rates of 20 or 25% become reality? What does the govt. do, if anything, re mortgage payments? I know in some nations the govt. has legislated mortgage holidays, etc. The social dislocation of such law would be astonishing, but so would throwing millions out of their houses. Just curious, what do you think happens? Does the govt. come in and use something like eminent domain and offer to let the putative owner of the house remain in it under certain conditions (e.g, sharing with others)? Your piece above is the first I have seen in a long time to raise an issue I have thought about a lot over the past several months as imminent . . .

    • GSOB

      No man’s life, liberty, or property are safe while the legislature is in session.
      – Mark Twain (1866)

  • Richard

    “There are very few segments of the U.S. economy that are more heavily affected by interest rates than the real estate market is.”
    I keep telling you, this syntax MAKES NO SENSE. The “is” at the end of the sentence is redundant. Actually, it’s not even redundant, it has no place in the sentence at all. Ask yourself, what does the “is” refer to? And you will see that it can ONLY refer to “…more heavily affected by interest rates…” It doesn’t make sense, Michael. Can you not see that?

    • Mudpie

      Well I agree, but you are getting way out there. Some stylists – esp. for this kind of writing – would call your distinction meaningless.

      • Richard

        OK, you agree… but aw shucks… we’re American. We’re exceptional so we can get away with saying anything we like however we like. Am I right? Did I understand you correctly?

    • Handog

      Each posts reveals your insecurity and a need to be loved, approved of, and validated.

      • Richard

        Yet more glorification of stupidity. Congratulations!

        • Handog

          Attempting to lift your self up by putting others down is a clear sign of insecurity.

          • Richard

            You seem to be remarkably fixated on “insecurity”. Could there be a personal message of your own here??

    • Ralfine

      The “is” is the verb to “the real estate market”, actually part of the verb. The second part is “affected”.

      Probably because the real estate market IS affected and the segments ARE affected?

      It might be redundant, but it is still understandable.

      • Richard

        ti mghit eb runadednt tub ti si siltl udrnesandtble… is also understandable but even you might have a problem with that. That’s why America is going down the drain… lazy mediocrity reigns supreme!

        • Ralfine

          Yes, the Alphabet was a great invention.
          But then, Chinese is interesting as well.

          How would you understand 419?

  • Mondobeyondo

    Did we learn nothing from the real estate debacle of 2007-2008? Anything at all? ANYTHING??

    Yikes!! Run for your lies! Lives. LIVES.
    Run for your LIVES!!

    The subprime loans should be returning any day now. Zero percent loans for everyone. Once again, you will be able to buy a dog house for 0% down. The same flipping games the banks played before the last time this happened. Will the end result be any different?

    Yes, it will. It will be worse.

  • Sack man

    I just read a story how parents of 2 year old Logan Stevenson will be getting married Saturday so that he can see his parents get married. He will be the best man. He has 2 to 3 weeks left to live. Appreciate everyone who loves you and who you love. This is what really matters. I gave my son a few extra hugs and kisses before bed time.

  • Mondobeyondo

    Interest rates are rising! The Standard and Poor’s stock index was over 1,700, for the first time in history!

    okay… okay. How’s that royal baby doing? Or have you in the news media completely forgotten about that?

    Somewhere in the pit of my stomach (maybe somewhere in the small intestine), I feel we’re being set up for a major fall. This economic “rise” is based on… what? Yes, NOTHING! Just the “full faith of the American government” – and the American people.

    It’s just faith in the American government promises. What are promises? An obligation that so and so will deliver on their guarantees.

    It should be evidently obvious to anyone with a brain (scarecrows from Oz excluded) that there is NO WAY the U.S. government can EVER meet their obligations to its citizens! EVER!!!

    **WARNING: RELIGIOUS REFERENCE HERE!**

    Yes it’s true, Hebrews 11:6 says it’s impossible to please God without faith. BUT – and this is a big “but”, not that “b-double o-t-y” that those guys on “America’s Got Talent” displayed —

    Faith in God is something substantive.
    It pleases Him. In fact, you CAN’T please God without faith. (once again, Hebrews 11:6. Just read the whole chapter.) But there is a difference between substantive faith (in God), and blind faith (oh, for example, faith in some cat you saw on a YouTube video). Meow.

    Faith in something other than God? Well, it will fail you, if the source of that faith isn’t God Himself. Problem is, we[‘re putting our faith in Congress, Barack H. Obama, Hillary Clinton , that cat on the Internet – anyone except the One who truly deserves it.!!

    And THAT, my friends, is why we’re going under.
    ————————-
    (The preceding is solely Mondo’s view, uninfluenced by any party, and that includes the Birthday Party. I may be right, or I may be wrong, but I’m just your typical football referee, I call things as I see ‘em.)

    • davidmpark

      Not just that. Iniquity and injustice towards those who didn’t have a chance is the breaking point. In scripture, God becomes upset with individuals for their shortcomings, but only becomes enraged and angry when the truly poor and needy are abused and oppressed by a nation or society. Every destroyed people did this to their less lucky citizenry – followed by driving the righteous from among them.

      That is why this society and people will be destroyed. He is a God of BOTH mercy and justice. He will fulfill both.

    • http://americandictators.blogspot.com/ WarriorClass III

      I strongly suspect that no more than 25% of the folks in America have any faith at all in the government, and those are the hard liners on both the left and right, both statists, who think that if just their side gets more power and money for their programs everything will be just peachy.

      That leaves 75% that place no trust whatsoever in the government, but you really don’t hear from these people in the media because the media is only concerned with the extremes, mostly the extreme left.

      The liberty movement is growing exponentially and I don’t think there’s anything that can stop it even with an economic collapse, martial law, race wars, or whatever else the powers-that-be throw at us.

      But you’re right about one thing, the only thing that can derail the movement is a lack of faith in God. God gives us the commandment to “Fear not” over 3000 times in the Bible. I suspect He’s serious about that. The only thing that will empower the movement is a real revival.

      If we can muster the Faith of our Founders, we can win. If not, we lose. And so do our children.

    • Sandbagger

      You have a way with words, Mondo. Have you considered parlaying that talent into a writing career?

      Just sayin’.

      Btw: I agree ill-placed faith is blind faith.

    • SMASH THE CONTROL MACHINE

      babylon will fall!!!!!!!!!!!!!!!!

  • Jimbo

    The whole capitalist system is based on having enough people willing enough to get up every day at 6am to work for 40 hours a week in the hope that one day they will be able to relax and enjoy the fruits of their labor. To keep the worker on side, carrots are dangled in front of them. Buying your own home and watching it rise in value is one of those carrots. We are led to believe that in order to prosper we must own property. Of course we don’t really own it until we have paid off our mortgage and until that day we are trapped with the commitment of having to make a monthly payment. We will fear for our jobs and work harder for longer hours because we now have a debt to service. If you rent, you are free to move when and where you want to move to. You are not tied to a debt. You pay as you go. You may not build up a store of wealth in property but you will not be foreclosed either. The biggest winners in the property market are the banks who lend the money. The only losers in the property market are the buyers who get foreclosed. Meanwhile every property market crash in every country is proceeded with media headlines on how well the property market is doing. When the economy is plodding along and doing well, it doesn’t rate newsprint. As with the whole economy, when front pages tell you how good things are, you can bet something bad is just around the corner.

    • Hoody

      YOU never actually “own” anything that can be taxed,

      OK you pay off the mortgage, so what, stop paying your real estate tax and see who “owns” your home, Pay off the car loan, OK, stop paying your personal property tax and see who owns it.

      • Lucky Charms

        Good point. Where I live, average Property Taxes are $3,000-$10,000 a year depending on the part of Ontario.

        That means one could inherit a home, but the person would have to fork up Property Taxes. And if one day the property values rise= More property taxes.

        • Hoody

          Yup its the reason a lot of old retired folks on fixed incomes with these idiotic Uncle Ben interest rates on any savings, end up having to sell their home, if they are able in this environment because the tax ends up more than the house payment they had when they were paying the mortgage.

  • mattjerch

    rates can go to 4,6 8,10, whatever. govt will just be able to double,triple down on money printing. this will go on forever

  • Vlad Lenin

    Saddened by the lack of religious construction? Which construction would you be referring to in my community? Do you mean the new, gigantic Catholic church that looks completely out of place, offers parishioners nothing more than providing a cushy place to park their butts once a week and snarls traffic in a fairly quiet street? OR Do you mean the Methodist church that is in the process of building a major campus in our small town. So large in fact, that they have to run commercials to get more people in the door. Granted, at least their offer something more than a new pews, but they are also the church that discovered at least one pedophile in the youth sports leagues in recent years and did nothing about it other than to ask him to leave. Well guess what, he kept doing what a sexual predator does… fortunately a brave family fought back. More than I can say for the church.

    Also, in my experience, those who wear their religion on their sleeve are the ones you can’t trust. I’ve been stabbed in the back soooo many times by good Christian church goers.

    So please, this is a good blog, but no more of the religious high horse. The church is just as bad as the state. Does that say God is…no… but organized religion is just another way to control people.

    • Kim

      “Also, in my experience, those who wear their religion on their sleeve
      are the ones you can’t trust. I’ve been stabbed in the back soooo many
      times by good Christian church goers.”

      That is the truth right there.

  • Ralfine

    Did you read about the planned 45 block entertainment district for Detroit?

  • rentslave

    I’m still waiting for the first crash in my area.

  • Kim

    “As a Christian, I am saddened that construction spending by religious institutions has dropped to a stunningly low level…”

    Why, don’t you think the US already has enough churches in every city across America?

    • UpChuck.Liberals

      It’s not that we don’t have enough churches, it’s that people aren’t attending. They’re losing their moral compass, as witnessed by our current ‘government’.

  • Houtex77

    The next housing bust won’t be a “bubble”, it will be a mushroom cloud. The “soaring hot” real estate market has been artificially created. People are buying at high prices but will panic when they realize that they are trapped in a mortgage and can never sell for what they paid for.

  • Joe Kleinkamp

    People need to realize rates are still better even after the recent 1% rise than they’ve been since GI’s were coming home after WW2. Existing home prices in much of the country are well below what it would cost to build similar homes. The real risk lies in waiting too long and missing the boat.

  • josh

    How has the economy been in a recession since 2005? Has it been on and off or continuous? Appreciate your articles, we are indeed in for a bumpy ride. The bogus unemployment rate that came out today was hailed by the media but is indeed a lie when John Williams says real unemployment is 23% not the media’s 7.4%.

    • MichaelfromTheEconomicCollapse

      According to the numbers on shadowstats.com, the recession has been continuous since 2005.

      Michael

  • MichaelfromTheEconomicCollapse

    Are you guys familiar with the SGT Report? I got invited to be a guest the other day, and it was quite an interesting discussion…

    http://sgtreport.com/2013/08/the-murder-of-the-middle-class-michael-snyder-3/

    Michael

  • robert burns

    I cannot imagine anyone taking on a mortgage of any size during these times even if you can “afford” it. The interest rate doesn’t matter. Ultimately, you owe someone 1, 2 or 3 hundred thousand dollars. If you do “own” a mortgage, I’d suggest getting out from under it. The ideal is to have your house paid for. I still read about people retiring and upgrading their house or moving to some other place in the world and buying something. It makes no economic sense in today’s context. My 2 cents of course.

  • edward emmell

    When are these things going to happen, I read the many different articles about economic disasters, money disasters, and all the other disasters that you have said would happen over the past few years and nothing has happened since 2008. When and when

    • “V”

      It is a very slow process yet if you watch, listen and observe you can see the signs. Look now at the news on the job numbers and the unemployment rate. Various sources are pointing out the errors, the cold hard facts that the bulk of jobs are part time jobs and not full time jobs with benefits and the ability to support a family will bring the economic disaster. No one can say within any real accuracy of when but so much has happened and continues to happen that it is only a matter of time. Sometime this month we will exceed $17 trillion in National Debt. I have heard for the first time Congressional leaders say in no uncertain terms that we WILL NEVER be able to pay that debt back. I think the collapse is coming, it is well on it’s way. I predict sometime mid to late 2014 or early mid 2015. I think the implementation of Obamacare will be like gas on the economic collapse fire.

  • Ray

    I to wonder about all the bad stuff coming that is being pointed out – yet Americans continue to spend like “business as usual” 90% of people don’t believe me when I say rough times are coming. I think there will have to be a major catastrophic incident to bring things down such as “national natural disaster, nuclear strike on us, comet meteor destroys many. I think God will have to break the pride of the self sufficient people and government. That’s what I’m looking for next…

  • chris

    We’re screwed.

  • g

    Just got a job at the airport making a whopping $8.95/hr. I have a degree. I use to make $10/hr in high school. WTF happened?

    • Lucky Charms

      You’re lucky you have a low-paying job….Thousands of students in Canada are competing for 1 McDonalds job.

  • davidmpark

    Okay, so the real estate bubble goes pop. Questions are what happens afterwards.

    Do the governments (assuming they have the funds and the consent of their people after that) allow for squatters rights, or come up with some new overblown and useless idea on how to handle it.

    Or do that powers that be just write it off or get more bailout money from the money fairy that swirls and hovers above them in DC and Capitol Buildings.

    Or… do the leaders go ahead like in the Wiemar Republic’s collapse and blame certain sectors like the Jews, the disabled, or the criminal classes to round up and eventually genocide them again.

    I think right now it’s the first two followed by the last one if the bubble goes pop. These leadership guys are very desperate.

    Wonder how far things will go this time around?

    • UpChuck.Liberals

      Local governments that think they’re seeing the light at the end of the tunnel from rising home prices and increasing property taxes are really looking at a train. They’re already raising sales tax to the point of pain, they’re taking on fees and ‘special assessments’ so that can only go so far before people start talking about lynchings. Food is going up faster than the stock market and there’s nothing our Dear Leader and his minions can do about it. It’s gonna suck big time, it’s a good time to be armed.

  • Ralfine

    Reduced prices at the stock market, gold market and reduced interest in mortgages are just to suck gullible people in, to get them committed, in order to get their last cent and penny.

  • Bosnian Serb

    It is a great to read stories about how Americans enjoyed their freedoms decades ago. Sad part is that my kid will never enjoy those freedoms as I did in Bosnia or older generations of Americans in America.
    Anyway, I stopped looking for a new house. Everyone was saying that rates are low but prices went up so much that an old house that needs 20k of investments is selling for unreasonable price.

  • Rob Kinney

    Didn’t you just hear? abc world news just boasted that everything is so much better! Unemployment is down more because cities have started hiring more and more firemen and police officers due to money from mortgage rate taxes. This news is laughable, as I bet no one can guess why we need a bunch MORE police and firefighters. What a joke

    • Gregge K Johnson

      Why would any sane person watch ABC news .all the people on this web sight are smarter than that.

      • Rob Kinney

        Well I watch it to see, and sometimes laugh, at what kind of crap they are coming up with to make the “sheeple” feel like everything is ok with the economy. I saw this on today and it just seemed crazy that they are trying to spin this in a way that makes people think they are going to be safer with more cops, but really it just adds support for the police state that we are transforming into more and more every single day.

        • Gregge K Johnson

          Sorry not meant personal. A friend works for ABC. He can not stand the media editors that demand their writers ;What to think and What to write ; His editor says ,a lie is better than the truth, because people believe it.

          • UpChuck.Liberals

            Ministry of Propaganda, pure and simple. Keep telling people that their Dear Leaders shyt doesn’t stink.

    • Lucky Charms

      Union jobs and civil jobs are jobs given to who knows who and family members. An elitist system of labour.

  • Lucky Charms

    It’s hard to get a decent wage job in Ontario, Canada but every week house prices keep climbing and rents keep increasing every year.

    The average cost of a 2-bedroom & 1 basement house in the suburb Toronto is roughly $ 650,000.

    and the price keeps on rising!

  • brian

    i sickens me when I see a black were a obama shirt I just want to take the shirt and use it for target practice

  • Gene Baugh BBA

    Everything is connected.
    Rising rates will benefit savers who have had to venture into the stock market to get any paltry yield on their savings.
    The S&P Dividend yield is 1.95%. A three to five percent stock is considered High Yield!
    When Warren Buffet has 49 Billion in cash you can tell there are not many opportunities around.

  • Propertymesh

    If you are looking to buy/sell property in DELHI/NCR just find right real estate agent at propertymesh

  • http://apexathena-noida.com/ Apex Athena

    Great review and analysis.Thanks for sharing!

  • felixthecat

    I read all these comments ,some arguing and you know I have got to the bottom of the issues with everything. Bansters and thier agenda which is outlined in the 21 and 25 goals of the Illuminati. Some say they do not exist. It is just a name they put on thier organization which does control the world. They all belong to secret societies while some even claim to be Christians. They said they would move production to other contries and they did it, then they would flood the country with heroin and other, they did that, whats next?

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