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Daughter Of Mortgage Bankers Association CEO Has Lost Faith In American Homeownership Dream

Tyler Durden's picture




 

"The world has changed," explains the 27-year old daughter of David Stevens - CEO of the Mortgage Bankers Association. Despite her father's constant 30-year pitch of the merits of homeownership - and knowing full well that rates are low, rents are high, and owning a home 'builds wealth' - Sara Stevens is not buying. After watching "cousins and other family members go through pretty tough situations in 2008 and 2009," her skepticism is broad-based as Bloomberg reports, t’s more than the weight of student loans, an iffy job market and tight credit -- even those who can buy are hesitant. As Bloomberg so eloquently concludes, when even the cheerleader-in-chief for housing can’t get a rah-rah out of his daughter, you know this time is different.

As Bloomberg reports,

Six years since the collapse of Lehman Brothers triggered a financial meltdown, some young adults are more risk averse and view the potential upsides of status and wealth more skeptically than before the crisis, altering the homeownership calculation. It’s more than the weight of student loans, an iffy job market and tight credit -- even those who can buy are hesitant.

 

The doubt is so pervasive that it’s eroded entry-level sales and hampered the recovery. In May, the share of first-time buyers fell for the third month, to 27 percent, according to the National Association of Realtors. Historically, it’s been closer to 40 percent of all buyers.

 

“We have a younger generation that has sat on the front lines of this housing recession,” said Stevens, 57. “They’re clearly being more thoughtful about it and they’re clearly deferring that decision.”

 

 

 

As the charts above show, Sara Stevens and other millennials -- the generation born beginning in the early 1980s -- started coming of age just as housing collapsed.

Sara was just out of college in 2009 when President Barack Obama put her dad in charge of the Federal Housing Administration. Part of his job was to lobby Congress not to dismantle the financial architecture that had made it possible for generations of Americans -- including himself -- to buy homes. He also was juggling pleas from family and friends who couldn’t pay their adjustable-rate mortgages or sell their devalued houses.

 

“I watched cousins and other family members go through pretty tough situations in 2008 and 2009,” Sara said.

 

...

 

Most still aspire to own, though just 52 percent consider homeownership an “excellent long-term investment,” according to an April survey from the Chicago-based John D. and Catherine T. MacArthur Foundation. And almost three-fourths of adults 18 to 34 years old say the U.S. still is in the throes of a housing crisis, a bigger share than any other age group.

Nothing to fear but fear itself (and massive wealth destruction)...

“We’ve weathered the storm of the crash and Lehman going under better than they have,” said Fleming, 42, calling millennials jaded. “Like their grandparents who went through the depression, they’re apprehensive about overextending themselves.”

At the Stevens household, it’s not lost on Sara that a cheerleader-in-chief for housing can’t get a rah-rah out of his daughter, especially when she’s done everything right.

“There was a sense that the window was closing to get a good deal and be able to participate in the American dream,” Buckley said. Today, there’s “tremendous uncertainty about whether the value of that investment is going to be worth the commitment and risk.”

*  *  *
No matter all that "reality" - the Fed and its apologists will keep plugging away at the same transmission channels... but this time (as noted above) that transmission channel merely moves the American Dream further out of the grasp of first-time buyers, the middle-class, and anyone aspirational enough to desire a home... and shifts it squarely into the wealthy driving inequality even wider... As we noted previously, perhaps that is the greatest Irony of Obama's presidential demands to battle inequality...

Inequality in the U.S. today is near its historical highs, largely because the Federal Reserve’s policies have succeeded in achieving their aim: namely, higher asset prices (especially the prices of stocks, bonds and high-end real estate), which are generally owned by taxpayers in the upper-income brackets. The Fed is doing all the work, because the President’s policies are growth-suppressive. In the absence of the Fed’s money printing and ZIRP, the economy would either be softer or actually in a new recession. 

 

The greatest irony is that the President is railing against inequality as one of the most important problems of the day, despite the fact that his policies are squeezing the middle class and causing the Fed – with the President’s encouragement – to engage in the radical monetary policy, which is exacerbating inequality. This simple truth cannot be repeated often enough.

 

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Sun, 07/13/2014 - 18:52 | 4953601 LetThemEatRand
LetThemEatRand's picture

The average 20 something already has the equivalent of a mortgage, but it's called student debt.  And it's non-dischargeable.  So they are staying away from the trap of home ownership, but they'll be paying their student debt for about as long, so the bankers win again.

Sun, 07/13/2014 - 19:28 | 4953719 CrazyCooter
CrazyCooter's picture

Bought a house in the bubble ... divorced ... finally let it go to foreclosure. Fannie Mae is still trying to find their ass with both hands, which pisses me off because I want the bill so I can get this in the rear view mirror.

I will never buy a house again, or property for that matter, unless I can get an allodial title to the land. Go wiki that ...

If I am going to be a tax mule for the rest of my life, I need to be able to move to "greener pastures" as it were.

Regards,

Cooter

Sun, 07/13/2014 - 19:40 | 4953750 rubiconsolutions
rubiconsolutions's picture

@Cooter - Good luck with finding any land that you can get allodial title to. I bought some rural land in Colorado forty years ago and own it free and clear. One of those things that my dad told me would be a good investment. It wasn't. The taxes are $9 a year or so for 40 acres. The land is so far out in the sticks that there's no power, no water (unless a well is drilled) and no roads to speak of. It is not maintained by the county in any way, shape or form. And yet if I stop paying my taxes I lose the property even though no services are provided. There is no such thing in this country as real property ownership, we're all just glorified renters. People have lost their homes for a tax bill of less than $100. There is no real incentive to own property other than some tax benefits on the interest. 

Sun, 07/13/2014 - 20:16 | 4953820 Pladizow
Pladizow's picture

Who the fuck gives a shit about the opinion of a 27 yr old girl.

Her life experiences must be soooooo vast!

Want no property tax, then look beyond the walls of the US plantation!

Sun, 07/13/2014 - 22:47 | 4954298 daveO
daveO's picture

It's a Bloomberg article about a banker's daughter. That'a akin to Moses coming down off the mount with his 10 Commandments in hand.

Sun, 07/13/2014 - 23:14 | 4954402 Anusocracy
Anusocracy's picture

That'll teach him not to have a latch-key child.

Sun, 07/13/2014 - 23:37 | 4954446 FEDbuster
FEDbuster's picture

A bunch of the 20 and 30 somethings are waking up to the scam skipping college, debt, marrige, kids, mortgages, income tax etc.....  Live for the minute, day, week but not the month, year or decade.  Maybe they are on to something?

Sun, 07/13/2014 - 23:18 | 4954411 chumbawamba
chumbawamba's picture

Maybe she's not as inured to life yet as your typical ZH burnout.  Don't diss-miss the youth, yo.

-Chumbz.

Mon, 07/14/2014 - 02:10 | 4954633 All Risk No Reward
All Risk No Reward's picture

Attack the person when the message is actually pretty decent... relative to the regular BanksterStream hype machine?

Given all the establishment bubble talk and fearmongering, though, I have to wonder if these are signals to the Debt Money Tyrant minions that the Debt Money Tyranrts are in process of pulling the plug on their latest criminal credit bubble.

Weapons of Mass Debt
http://www.keepandshare.com/doc/3324744/wmdebt-graph-3-79k?tr=77

Debt Money Tyranny
http://www.keepandshare.com/doc/4768883/debtmoneytyranny-6-1-pdf-60k?tr=77

Mon, 07/14/2014 - 07:42 | 4954846 FreedomCostsaBu...
FreedomCostsaBuck-o-Five's picture

Down arrow for wasting our time with those links. Use a real web service.

Sun, 07/13/2014 - 21:20 | 4954017 Cthonic
Cthonic's picture

  "$9 a year or so for 40 acres"

Maybe ya meant $9k ?  Otherwise sounds like the lowest property tax bill, ever.

Sun, 07/13/2014 - 21:59 | 4954165 rubiconsolutions
rubiconsolutions's picture

$8.65 to be exact. I'm telling you it is way out in the boondocks. My dad told me it would be a great investment. Uh, it hasn't been. I keep it just in case of the apocalypse. 

Sun, 07/13/2014 - 22:10 | 4954202 Boris Alatovkrap
Boris Alatovkrap's picture

What is prospect of subterranean copper deposit?

Sun, 07/13/2014 - 22:53 | 4954323 Stoploss
Stoploss's picture

Fuck copper, he's probably got oil and gas in there somewhere.

Call a driller out there an see what they say.

That's what your dad was talking about when he said investment.

 

Sun, 07/13/2014 - 22:45 | 4954292 daveO
daveO's picture

Total expenses are all that matter. You've got a great property. If you can find water, you're set. Don't ever sell. I'd buy it for $10.

Mon, 07/14/2014 - 00:12 | 4954518 HulkHogan
HulkHogan's picture

I'll make it $100. 

Sun, 07/13/2014 - 23:03 | 4954367 MASTER OF UNIVERSE
MASTER OF UNIVERSE's picture

I bought land six years ago and just cleared it to make it ready for my house and then CANADA's Finance Minister scared the shit out of me with his threats to increase interest rates so I sold the land. I owned the land for three years and made good profit when I sold it which leads me to say that you are wholeheartedly wrong about incentive. Land can be a good buy if you plan on selling it when the market is right. Ownership of anything can be a liability but the name of the game in real estate is to sell high and buy low. It actually works well if one is constantly reviewing

the market. This present market is extremely bad and I can agree with the spoiled rich kid when it comes to avoiding this market all over CANADA and the USA. High end sales are supposed to be doing quite well over the last month in CANADA but low end stuff is just sitting there collecting dust. There is no churn in the average market sale.

Homeowners are literally fucked with overhead and hyperinflation.

Mon, 07/14/2014 - 07:09 | 4954798 Singelguy
Singelguy's picture

Can I borrow your crystal ball so that I can know exactly when to buy and when to sell? Oh, and also see if I will have enough income to service the debt while I own it ?

Sun, 07/13/2014 - 19:47 | 4953770 I Write Code
I Write Code's picture

Something to do with mud flats?

Sun, 07/13/2014 - 19:43 | 4953761 booboo
booboo's picture

 A trap is something you can't get out of, like, say.....student debt. A mortgage on a overpriced home is just a shitty deal that people have been walking away from in droves, huge difference.

Mon, 07/14/2014 - 08:21 | 4954913 RaceToTheBottom
RaceToTheBottom's picture

Yep, with a mortgage you can be like a WS Bankster and just walk away.  With edumacation loans, they have written them to remove the possibility of walking away.

I believe that is one of baby bush's gifts to America...  Made sure businesses are whole and then started nonsense unfunded wars.

Elected Family dynasties must be the defn of insanity.

Sun, 07/13/2014 - 20:41 | 4953903 teslaberry
teslaberry's picture

hahah. 

no the every 20-something in america has a portion of the NATIONAL DEBT wehther they like it or not. 

 

this means their grandparents won't have any inheritance to leave to them and might need their help more because their fixed income is buying less and less. 

it means, their  free 'health care' will be of lower and lower quality.

it means their public libraries and schools will be poorly maintained.

it means their public transportation will cost more per ride, and less services will be provided.

it means their roads won't be fixed.

it means they will face the prospects of a broke government that borrowed money FROM DEVALUING THEIR NATIONAL PUBLIC MONEY SUPPLY to fund banks and profits like a drunken drunk from 2008 to 2014. 

 

a 27 years old person may understand what happened, call me an old 34 year old, but i look at yonger folks and most even my age, and they are all more or less ignorant to the crimes that occured, and pass off an understanding that 'everything is corrupt' as sufficient thoughtfullness about our sitution. 

in many ways, they are right. how much do you really need to understand other than things are fucked?

Sun, 07/13/2014 - 18:53 | 4953605 RaiZH
RaiZH's picture

Nail gun... honour killing? 

Sun, 07/13/2014 - 18:56 | 4953616 I am Jobe
I am Jobe's picture

Overdose

Prescription Drugs

Meth

Gun Shot

 

Sun, 07/13/2014 - 19:20 | 4953670 knukles
knukles's picture

Not to mention that she doesn't probably need a mortgage since she (daddy) bought her (the family second home) 3,756 sq ft  loft in Chelsea complete with 2 secure direct parking places serviced by a private elevator with 24/7 concierge and doorman, for cash. 

Sun, 07/13/2014 - 19:21 | 4953705 CheapBastard
CheapBastard's picture

A major strength of America is “mobility.” By that I mean a Florida employer does not mind hiring a [qualified] Merikan who lives across the country in Oregon, for example. He knows full well that Merikan can and will move with little fuss a few thousand miles for the job….unless….

 

 

Unless that Merikan has lead weights tied to his ankles some call “mortgages” weighing him down to that spot in Oregon. Even MSM had an article other day saying this is the “worst time ever to buy a house” because “mobility” is an extremely precious quality.

Sun, 07/13/2014 - 19:34 | 4953733 CrazyCooter
CrazyCooter's picture

Bee - Eye - In - Gee - Oh!

Rent is now one calculation in my quantification of living standards. Always complicated, but if I genuinely think I can get a much better deal somewhere else, I am packing and moving.

Any youngsters that don't fully appreciate owning a vehicle that can haul your shit and being debt free so you can pack and go ain't got no gumption! You don't have to live in your car, but you also don't have to be tied down to a douche bag city council or broke dick state legislature!

Regards,

Cooter

Sun, 07/13/2014 - 23:42 | 4954457 FEDbuster
FEDbuster's picture

Goin' Mobile - The Who

"I don't care about pollution
I'm an air-conditioned gypsy
That's my solution
Watch the police and the tax man miss me
I'm mobile
Oooooh, yeah, hee!"

Sun, 07/13/2014 - 20:13 | 4953819 PoliticalRefuge...
PoliticalRefugeefromCalif.'s picture

Well, even if it isn't true, it should be.

Tue, 07/15/2014 - 02:14 | 4958156 Zeta Reticuli
Zeta Reticuli's picture

Wow! That's cheap! I'll take two.

Sarcasm alert

Sun, 07/13/2014 - 18:57 | 4953610 TeamDepends
TeamDepends's picture

To the red country and part of the gray country of Oklahoma, the last rains came gently, and they did not cut the scarred earth. The plows crossed and recrossed the rivulet marks. The last rains lifted the corn quickly and scattered weed colonies and grass along the sides of the roads so that the gray country and the dark red country began to disappear under a green cover. In the last part of May the sky grew pale and the clouds that had hung in high puffs for so long in the spring were disappated. The sun flared down on the growing corn each day after day until a line of brown spread along the edge of each green bayonet. The clouds appeared, and went away, and in a while they did not try any more. The weeds grew darker green to protect themselves, and they did not spread any more. The surface of the earth crusted, a thin hard crust, and as the sky became pale, so the earth became pale, pink in the red country and white in the gray country.

The Grapes Of Wrath- John Steinbeck

Sun, 07/13/2014 - 18:56 | 4953615 I am Jobe
I am Jobe's picture

The figured out the scam- HOMEOWNERSHIP and the AMERIKAN DREAM. 

Sun, 07/13/2014 - 18:57 | 4953618 Its_the_economy...
Its_the_economy_stupid's picture

this time is never different, or is it always different, crap, I always get that confused.

Sun, 07/13/2014 - 19:18 | 4953693 Professorlocknload
Professorlocknload's picture

This time is different than next time.

Sun, 07/13/2014 - 19:53 | 4953783 bonin006
bonin006's picture

If last time was good, this time is different.

Sun, 07/13/2014 - 18:59 | 4953619 Seasmoke
Seasmoke's picture

Time for a JUBILEE and RESET

Sun, 07/13/2014 - 19:09 | 4953651 auntiesocial
auntiesocial's picture

hindsight is a motherfucker.

Sun, 07/13/2014 - 19:09 | 4953652 syntaxterror
syntaxterror's picture

where are you going to put 5 truckloads of Chinese-made junk without a shit shack?

Sun, 07/13/2014 - 19:20 | 4953698 I am Jobe
I am Jobe's picture

Better question will they work at FOXCONN. Probably not below their status however would like their IPHONES, ANDROID and IPADS. Fuck off cunts

Sun, 07/13/2014 - 19:09 | 4953653 I am Jobe
I am Jobe's picture

She should have gone to the Oprah show topromote homebuying as part of the Dream. She would have seen the dumb fuck women screaming about the dreams. 

Sun, 07/13/2014 - 19:10 | 4953657 joethegorilla
joethegorilla's picture

You are signing a paper pledging 30-35% of your wages for 30 years. The structure depreciates like a car, faster if you are renting it. Selling it incurs a 9% transaction cost and you are stuck if you can't sell.  You better be pretty sure your income is inreasing or at least stable.  Not for eveyone.

Sun, 07/13/2014 - 19:12 | 4953669 BobTheSlob
BobTheSlob's picture

I prefer this scenario: I sign a paper pledging 30-35% of Sara's wages.

Sun, 07/13/2014 - 21:06 | 4953937 bunnyswanson
bunnyswanson's picture

The banks are the reason owning a home has been a fiasco.  Owning a home makes sense in every way unless a person moves from town to town.  A strong community in which the neighbors have known each other known each other for years is a solid community.  Danger is less likely in these situations.  Collateral in the home can be used for a number of things including retirement and the cost of skill facility when a senior citizen.  But the banks want us in the stock market, not putting our wad in housing...because they have less ability to steal it.

I've lived in my neighborhood for 15 years.  All my neigbors but 3 are now 2nd and 3rd owners since 2008.  This is a SCAM.  FEDEX and UPS were at my door every week for months, attempting to convince me to refinance my home loan.  My neighbor fell for it.  She loved this community so much she sold one home and bought another one street away, has lived here since 1982.  Refinancing took a surprise turn when the clock was made to run out just when "issues" arose.  First of all, she was working when she bought her home and is now retired.  She also married while in her home but her husband is not on the mtg.  That means her income has changed.  She is no longer eligible for a loan on the home.  Clock was running out and foreclosure was suddenly in the picture becuase "she could not make a payment" until the new loan was in place.  I saw her 2 weeks ago, driving up the street in her truck at about 50 MPH, with a look on her face of anxiety and urgency...Her house was being auctioned off.  I walked over there yesterday, and her home is open for business, flyers lie on the kitchen counters for the new buyer for loan applications.

Owning a house is the American dream.  Not hearing or seeing your neighbor everytime you move is a perk and if you have ever lived in a rental, a bad neighbor can impact the quality of life significantly.  Not to mention the write offs which can bring down tax liability on income.  (Property tax, interest, insurance, improvements are all write offs).

But this is a scheme and now declaring "renting" the preferred way to go is ludicrous.  Agenda 21 is behind the scenes and the propaganda machine is working OT to convince you that corraling you into highrises in the city is the way to go...Unfuckingbelievable.

Sun, 07/13/2014 - 22:35 | 4954252 daveO
daveO's picture

Owning, with a mortgage, is renting. It's just from a bankster(not including the tax landlord). My 84 yr old neighbor has lived there for 40 years. Owes more than the house is worth, to a bank. She actually was complaining that they couldn't get another loan because their house was appraised for less than before (2006), when they got their current loan. I didn't have the nerve to ask her for, what in the h3ll, were they trying to borrow more money. I would love to have their 40 years worth of interest payments. It'd be worth, at least, 3 times the value of their house!

 

Mon, 07/14/2014 - 00:49 | 4954564 bunnyswanson
bunnyswanson's picture

Turning us all into consumers took some effort.  I've been around long enough to notice that during the Great Credit Extension, the view was quite different than ever before.  Suddenly, new stores were opening up and staying open 24/7.  Designer merchandise with bargain prices.  20% off if you applied for a revolving credit care at the same time and it was a STEAL.  The generosity did not stop there.  Dog biscuits were handed out by every drive through (I travel with a dog at times).  Banks, coffee stands, fast food drive throughs.  All had dog treats..some gave 2. But the loans were predatory.  Banks were not always this way.  Lending responsibly is just good business if you care about the community.  Debt is stressful and people cannot stand that much stress, it's a burder that requires eventual relief, or hope of relief. 

 

The money that they spent to promote their agenda (indebting Americans beyond their ability to pay) and then jerking the rug out from under them is basically crimes against humanity.  That the government stood by and allowed this to unfold, knowing as many experts did, of the consequences should make every voter take a good look at their elected officials.  Govt are in place to run the infrastructure, not the people.  Tax money is there to finance the investigations and oversight.  You cannot expect more from your population than you do your government.  They are just regular people who fell for it.  Everyone was rich, it was a free for all and it was a set up.  Americans are being framed and by the time this is over, if nothing gets done to rid the treasonous politicians from the decision making process, the price they will pay will be far worse than even they deserve.  This whole ordeal has been seasoned with disdain. 

Sun, 07/13/2014 - 21:24 | 4954032 Thirtyseven
Thirtyseven's picture

The alternative is to shell out 40-50% of your after-tax take home pay in rent.

Not exactly a win win. 

For a young not-really-millenial like myself (I am pre-approved for a mortgage but I haven't found any I like plus I think the market will tank eventually) I'll still take the house when the right one comes along.  Some of you folks who might be "stuck" in a home probably think renting is fantastic....but it ain't.

Renting literally feels like waking up in the morning and lighting two twenties on fire (every....single....morning).  I'd rather have a couple ounces of silver, or at least pretend I'm paying myself back in equity and a tax write off.

 

 

Sun, 07/13/2014 - 23:46 | 4954468 NihilistZero
NihilistZero's picture

The alternative is to shell out 40-50% of your after-tax take home pay in rent.

And in the bubble areas your spending even more on a mortgage, tax deduction included.  At this point I don't see how anybody who buys in 2014 with the minimum down payument isn't upside down within 3 years tops.  The FED Monetary-Meth binge is ending.  It has to for their own survival.  The market basically reached a stand still before the taper!  The recent numbers reflecting miniscule volume and more luxury sales support this.  Anyone buying into the death throes of Housing Bubble 2.0 is a fool.

Mon, 07/14/2014 - 10:56 | 4955430 HastaLaVictoria...
HastaLaVictoriaSiempre's picture

If you spend 40-50% of your income on rent you are either in the wrong part of town OR the wrong line of work.  A common situation in Manhattan... The current asking prices for condos here are so out of whack with the median salary it is laughable. I'd rather "burn a few twenties" every morning now and buy in a few years when the whole thing comes crashing down than join this game of musical chair.

 

Sun, 07/13/2014 - 19:10 | 4953659 BobTheSlob
BobTheSlob's picture

I loooooooove Sara Stevens and millennials that think like her. They are the reason that I have 100% occupancy in my rentals! You go girl!! That's da beauty with rental property. Put down 20%, let some other wackdoodle pay off your mortgage and even if you sell it at a loss it makes little difference.

Sun, 07/13/2014 - 19:45 | 4953764 Tegrat
Tegrat's picture

Started being a landlord at 24 years old in 1990. Real Estate has been great for me. I even sold into strength to pay off several others about a year after 9/11. Been debt free on my rentals and everything but my mtg ever since. I had about 25% vacancy for about 1/2 year after 9/11 but otherwise has been a great. Rents keeping up with inflation for sure.

Sun, 07/13/2014 - 19:11 | 4953662 Georgia_Boy
Georgia_Boy's picture

I don't care much what milennials say about how the world has changed, what do they know anyway except for what they read in the MSM or on Facebook?  When I hear someone under 30 try to tell me about how the world has changed, I just think that's an even dumber way of saying "It's different this time."  Get out of NYC and similar high-end markets and you'll find that houses mostly are not overvalued.  Sure a lot of the young are struggling with student debt to pay for overpriced low-value degrees, but those of us who did bust our asses and manage to make our place in the economy shouldn't sit around waiting for anyone else if buying is what's right for us now.  I'm in a house in a decent neighborhood in my area, over 2000 sq ft bought for less than 1.5x my income, under 5 percent mortgage.  My monthly payment less the portion that goes to principal is barely half what it would cost to rent my house.  It doesn't even matter much whether it appreciates.  Why should I care about the opinion of some milennial who thinks she knows better than me?

Sun, 07/13/2014 - 19:16 | 4953681 BobTheSlob
BobTheSlob's picture

Agreed. The smartest thing I ever did was pay off my primary residence. No mortgage, taxes are low here, and my disposable income is screamin' high as a result. The dumbest thing I ever did was that I sold previous homes that I owned.

Sun, 07/13/2014 - 19:18 | 4953689 knukles
knukles's picture

Because.
Her daddy is a big shot and as the daughter of a big shot, that makes her a big shot.
To wit:  Chelsea Clinton

http://www.nytimes.com/2014/07/13/opinion/sunday/maureen-dowd-isnt-it-ri...

Look, I really can't stand Maureen Dowd, but this is telling... the doyenne airhead of ad hominem attacks on anything right of Karl Marx starts a rant about a Clinton and sucks HillBillary into it, official NYT?  F-me, mate!

The world is awash with fucking morons.

Sun, 07/13/2014 - 19:20 | 4953701 BobTheSlob
BobTheSlob's picture

LOL...can't wait until Chelsea pretends to run for prezzy like her mom. Gotta stuff those Clinton Foundation coffers! It's gr8 to be able to not care about money though, and an insanely wealthy set of parents can put you in that happy "self-actualized" spot.

Sun, 07/13/2014 - 19:21 | 4953703 I am Jobe
I am Jobe's picture

She must be  hot just saying. If so she can certianly be a hooker or a call girl. 

Sun, 07/13/2014 - 19:19 | 4953699 kill switch
kill switch's picture
Daughter Of Mortgage Bankers Association CEO Has Lost Faith In American Homeownership Dream

 

Fuck that!!!

 

This is the real story:

 

The Corruption and Lies of KING Obama

Obamas IRS destroying evidence
DACA Amnesty
Common Core
Opening border to gang members and drug dealers
VA intentional deaths of veterans
Negotiating with terrorists
Fast & Furious
SEAL Team 6
Obamacare would save the avg family $2500 per year
Forcing businesses to violate their religious beliefs
Violating the rights and sanctity of our Churches
Obamacare web site-cronyism
NSA acting as Obama Gestapo
17 Trillion in debt
Lies about Benghazi
Voter fraud
Intentionally trying to hurt Americans during the sequester
Intentionally trying to hurt Americans during govt shutdown
Blocking veterans from seeing their own memorials
Allowing illegals on mall during govt shutdown
Shutting down ‘The Peoples House’ tours
We can keep our insurance if we like it
We can keep our doctors if we like them
Military not getting their votes counted
Supporting the Muslim Brotherhood with arms and money
DOJ spying on the free press
Not securing our borders
Spying on Americans on American soil with drones
SOLYNDRA
Picking winners and losers
IRS targeting conservatives
IRS targeting the Tea Party
Millions losing health care coverage
Increasing welfare rolls
Increasing disability rolls
Countless party’s
Countless exorbitant vacations
Releasing illegal’s from prison
Unconstitutional recess appointment
NO budget for 5 years
Clapper lying to congress
Holder lying to congress
Failing to prosecute the New Black PantherReading our e-mail
War on women
Promoting race war
War between makers and takers
A123 Systems
Cash for clunkers

 

Sun, 07/13/2014 - 19:21 | 4953704 BobTheSlob
BobTheSlob's picture

Is that all ya got?

Sun, 07/13/2014 - 19:23 | 4953710 kill switch
kill switch's picture

I only has five mins to come up with it as I had BEEN TOLD OF A SALE ON AMMMMO,,,,,Had to leave Sorry,,, fill in the gaps...

Sun, 07/13/2014 - 19:28 | 4953718 BobTheSlob
BobTheSlob's picture

LOL...why run to ammo when it can run to you:

www.ammunitiontogo.com

www.sgammo.com

They both carry some of the herder to find stuff like Mosin Nagant 7.62X54R

Sun, 07/13/2014 - 19:21 | 4953706 I am Jobe
I am Jobe's picture

You forgot EBT 

Sun, 07/13/2014 - 19:30 | 4953723 q99x2
q99x2's picture

UN Agenda 21 owns your houses bitchez. Join the globalists until the great tribulation. Use their rescources against them. The underground exists. It exists here and on Q99Q1 I mean Q99X2. 

Sun, 07/13/2014 - 19:37 | 4953739 I am Jobe
I am Jobe's picture

shhh, sheepes do not know that . THey think they own their homes. Look at TX, they are just swarming to buy homes . Dum Fucks in TX as well all talk no action. Pussifiction is TX is in full swing. 

Sun, 07/13/2014 - 21:06 | 4953980 homiegot
homiegot's picture

An unhappy Austinite.

Sun, 07/13/2014 - 19:37 | 4953737 One And Only
One And Only's picture

So....buy stocks and support the recovery?

Sun, 07/13/2014 - 19:47 | 4953771 besnook
besnook's picture

not much different than the old notion that buying a house is a bad investment. it is for people who move a lot or want to move a lot. most people only own 1 home in their life(not counting the retirement trailer in florida). they start out paying enough to hate pork and beans for dinner 3 times/week and end up with just the tax and insurance payment and their last mortgage payment was a day's pay. in most places the return measured by local household income is conservative but kept up with inflation. not a bad deal for most people and almost always a nice payout. yes, the bankster con disrupted the market and there are terrible stories about it and then there is detroit and other decaying urban scapes but modest due dilligence can avoid the obvious issues.

 

this just points out what i have anecdotally found. the millenials, by and large, are a bit chicken shit, totally risk averse. effeminate men and masculine women. niether is either man or woman, the metro hipster person. it is like they have codified the sheep behavior of the masses with androgyny.

Sun, 07/13/2014 - 20:35 | 4953875 conspicio
conspicio's picture

Risk Averse, indeed. There is nothing wrong with buying a house today, tomorrow, or any other day. It is a financial risk, and like any financial risk, there are no millenial, gen x, gen y, or gen any guarantees you are going to get a net positive return. Lately the Tylers have had more articles I would characterize as "paralysis" genre...don't buy this, that or the other, don't risk anything for anyone anywhere at anytime. Paralyze your capital because it is all rigged, and bad, and the government monsters under your bed will just take it all anyway.

Well, fuck that. I'm still playing the game. That a 27 year old thinks renting is better...so what. Good for her. And when she is 60, she can tell her two cats all about the fantastic move she made in not owning anything, ever. This is an awesome Blackrock propoganda piece. RENT RENT RENT RENT...DANGEROUS TO BUY...SCARY TO BUY...NO ONE WANTS TO BUY...gimme a fuckin break. My crystal ball says get in there and get in there good and hard because the pansies who don't will always need a decent roof over their head. AND, because they take a risk just waking up every day, they are free to keep on renting. So, lemme second that with an edit...RENT RENT RENT RENT (FROM ME)...DANGEROUS TO BUY (FOR YOU)...SCARY TO BUY (FOR YOU)...NO ONE WANTS TO BUY (DONT BUY SO I CAN). Jeezuz...what a bunch of white flag waving defeatists.

 

Sun, 07/13/2014 - 22:17 | 4954220 daveO
daveO's picture

She's a banker's daughter. She knows the market is artificially propped up by free money. Renting, and waiting, is cheaper today.

Mon, 07/14/2014 - 02:17 | 4954638 blabam
blabam's picture

Did you make that same crappy statement back in 07?

Sun, 07/13/2014 - 20:09 | 4953809 Dre4dwolf
Dre4dwolf's picture

Just a thought . . . .

Lets all just stop funding black projects (for the military).

And put all our$$$$$ and research and brain power into developing an AI smart enough to replace the human work force.

Then when we have robots smart enough to run everything for us, we can all go relax and go on permanent vacations.

 

The technology is there, we don't really have any excuses.

The technology has already gotten to the point where it actually is possible for humanity to build a "utopia" planet, the only reason we have not done it is because the people in power like to be in power and given the chance they would just fire everyone and keep all the wealth the machines generate for themselves rather than grant humanity an equal share ownership as a birth right.

Say we did manage to over-come the greed aristocracy . .  .

well then people will have access to capital to "be creative" which historically always ended with humanity inventing new and better things.

 

When people don't have the free time to create, you hold progress back.

 

What is stopping us from creating robots that can manage a farm?

What is stopping us from creating robots that can operate as a server at a restaurant?

What is stopping us from creating cars and public transport that drive themselves and refuel themselves ?

What is stopping us from creating robots that build our buildings?

What is stopping us from building anything?

It certainly isn't the lack of resources, or knowledge.

 

All human economic activity can be broken down to a base function of code to run everything, the only reason humans still toil is because they prefer to.

Pretty much the only industry that would be left is construction and logistics they would be the last few industries because the work is too technical for a machine to be trusted but only for a short time... eventually machines will be capable of technical tasks like that as well... its only a matter of time.

 

Think about it, if everyone just built a house with a solar panel system, a well, and a garden. . . wtf is the point of going to work? to earn money to buy more useless crap made by machines? 0_0 if you just funneled all the money we waste on military into giving everyone free solar panels . . . half the population would not even need to work their homes would provide everything they need to live.

 

What is the point of progress if it has no end? the end goal is to build a compeltely self-sufficient society that is not dependant on human toil. 

Sun, 07/13/2014 - 21:03 | 4953968 Mike in GA
Mike in GA's picture

You will like this short story, then, Dre...it fictionalizes two possible outcomes to the AI conditions you mention above:

http://marshallbrain.com/manna1.htm

Sun, 07/13/2014 - 22:14 | 4954212 daveO
daveO's picture

Utopia has no room for debt slaves? Nearly everyone I know is a debt slave. They can't even spell utopia, let alone, tell me what it means.

Mon, 07/14/2014 - 10:16 | 4955287 RaceToTheBottom
RaceToTheBottom's picture

Society is designed to differentiate: Black, white, brown, yellow;  Smart in A, Smart in B, Smart in C;  Idea A is better than Idea B.

Money is how some people keep score.  Like it or not, that is the way it is.  It is used to justify why people can feel good about stepping over dieing people: Cause they made bad choices about A, B or C and money is penalizing them.  So if they have no money, they must have made bad choices.....  its too bad to be them....

 

People would have to make some wholesale changes to have the world you described.

 

Sun, 07/13/2014 - 20:33 | 4953872 Shizzmoney
Shizzmoney's picture

Entire discussion back in the car from the WC Final with my peers was how much it costs to buy a house and how no one wants to have that committment.  The only couple that did already owned a home and are looking to flip for better.

This bitch is rich and *she* doesn't want to take out a mortgage; why the fuck should a lower level pleb do so?  I also bet her father is quietly telling her in that ear, "The Fed *will* either raise interest rates at some point, or they will go ZIRP and then the houses loses their value as the dollar depreciates".

Sun, 07/13/2014 - 20:37 | 4953887 yogibear
yogibear's picture

Take all the equity out of your and then some. Max out your CC and buy PMs outside the US while you can, then default.

It's going to load the banksters up with non-performing loans.

When the currency crisis comes you sitting pretty.

Sun, 07/13/2014 - 21:34 | 4953930 Manipuflation
Manipuflation's picture

I can't really blame the Millenials; like most of Gen X has any money either.  When my Mom passed away a couple of years I got assume the position of taking it in the ass on the property she owned.  No lube either.  It was bad enough when she was alive because I had to help her then too.  You can not even make up a net loss for me on this property. 

I could have had so much more $6 an ounce silver stacked that it would have been astounding.  No one said I had to get married to the Department of Russia but that happened and after ten years we do not regret it.  You don't leave your aging and ailing Mom to the wolves.  Someone has to step up.  I did although maybe I really didn''t want to per se. 

I do not really know many tens of thousands of fiat went down the drain with me taking care of her.  Other siblings helped some but the bulk of the finance came from me.  The financial figure was large.  I was my Mom's social security.  Maybe she really hated me because she gave me the house and property through a life estate deal.  

I just paid the real estate taxes which are outrageous.  Why are the taxes so high?  It is because we had to have a new school and they backloaded the interest percentages on the bonding.  They did so to get the old fuckers to vote for this sort of shit.  Well, they are all dead now so what do I get to do?  The best part is that my children do not go to school in Wisconsin.  We get NO VALUE AT ALL from paying paying taxes.  What the fuck is that!

I have been hanging around ZH and MW since the start, and have been a Ron Pauler and GOP officer, so it should be no surprise that I called up the local tax assesor and asked for a re-assement.  Well, my taxes went up this year again.(Because no one understands compound interest on bonds????)  One interesting thing the assessor told me was that I have a second home.  Really?  Where is my first home then?  No answer to that.  I do not own any other real estate. 

I told the ASS that his assesment was way too high and the price he says it is worth is not what the market will bear.  Two years this property has sat on the market and NOT ONE SINGLE OFFER!  I will have to go see the Board of Review the ASS said.

I can't even think one one single service that .gov provides to me in WI.  There are zero services other than the public Fool system.  I already pay taxes for the fool system in MN.   have looked at some of the financials for the fool districts and if I can get a podium I will let ride old school.  I will make them blush and cower because I will demand an answer.  I have been kind and reasonable thus far but it is not working.

You know that sword that you all wear on your back?  I think it is time to draw mine once again.  Looks like Board of Review and the ASS this time.

 

Sun, 07/13/2014 - 21:01 | 4953962 homiegot
homiegot's picture

Millenials are balking because most are in debt...student loan debt. 

Sun, 07/13/2014 - 22:08 | 4954196 daveO
daveO's picture

A true story I heard last week. A couple(late 20's) couldn't get a mortgage because of the man's student loans, but could without his name on the deed. Student loan debt is now superior to all other debt.

Back to work debt slaves! 

Sun, 07/13/2014 - 21:28 | 4954054 overexposed
overexposed's picture

What would be really interesting is if, ten or fifteen years from now, we Americans suddenly discover that our population is shrinking, and we can no longer sustain the amount of real estate that's been built out in this country.  Once there is less demand for real estate, does this not mean that the ballooned (figuratively and literally) supply we have would have to drop significantly in value in order to sell?

If that's the case, I'd say that ANYONE who is buying real estate in today's market is absolutely insane.

Of course, this is assuming we're not in a full-on communist economic system by then.  Or now, for that matter.

Mon, 07/14/2014 - 00:40 | 4954559 kareninca
kareninca's picture

That is presently happening in rural New England. It is my understanding that it has been happening to big chunks of the Midwest for decades.  Aging, shrinking populations; dropping house prices.  I know a young couple who bought in eastern CT in 2008; they bought the cheapest starter house they could find in an okay town; they have been paying faithfully and so they are only a little bit underwater.  All around them houses are being offered for sale that are much nicer than theirs, for far less than they paid.

Sun, 07/13/2014 - 21:29 | 4954059 kurt
kurt's picture

Don't go making oligarch's family members human. It confuses us.

Sun, 07/13/2014 - 21:59 | 4954172 MeelionDollerBogus
MeelionDollerBogus's picture

Ah, these things hit 'so close' to 'home'.

Yer with uz or yer with the ter'rists lady.

Terrst!!

Sun, 07/13/2014 - 22:17 | 4954217 Manipuflation
Manipuflation's picture

What the fuck happened in Detroit?  That is a baited question to be sure but the reality is that they had too much socialism.  Now look at the place. 

Sun, 07/13/2014 - 22:43 | 4954286 world_debt_slave
world_debt_slave's picture

kid's these day's

Mon, 07/14/2014 - 06:57 | 4954785 wonderatitall
wonderatitall's picture

there aint b any, try the border ,obama orchestrated a butt load there

Mon, 07/14/2014 - 00:35 | 4954532 kareninca
kareninca's picture

I just learned from my dad that my hometown of 5000 has been informed by the state of CT that the school infrastructure is inadequate, and they must build a new $47 million school building or they will lose accreditation.  No, the roof doesn't leak; the toilets flush fine; it is all regulatory crap.  No-one in the town wants this, no-one.  It has been rejected at each town meeting that it has been presented in, by the population of the town.  However, they are fucked.  It is either build, or send their kids to out-of-town schools.  That is actually not much cheaper at all, and kind of defeats the purpose of living in a small town.  And if people had wanted to send their kids to those crappy schools, they would have moved to those crappy towns.

Taxes will be going up, on a small population base.  On the bright side the town is fiscally prudent in re what it can control, so they will be going up from a tolerable level to  -  well, we'll see.  The estimate is that taxes on a typical house will go up $600.  So a 228k 3br/2ba house will go from paying $3400/year to paying $4000 per year.

Gee, I wonder why CT is losing population, and even costly houses sit for years unsold inhabited by squatter-"owners", and asking prices keep inching down.

Mon, 07/14/2014 - 04:33 | 4954712 Zeta Reticuli
Zeta Reticuli's picture

I moved out over a year ago. CT is just too expensive for a retired guy like me. Does "kareninca" refer to Canada, or did you go from the frying pan to the fire?

Mon, 07/14/2014 - 05:49 | 4954750 kareninca
kareninca's picture

Frying pan to fire, haha, CT to California. But I did it years ago on my own when I was 19.  And now my husband's job is here in CA, and it is not a portable job.  Typical house price here in the Palo Alto area is about 1.5 million; if my husband's employer didn't provide housing we would be homeless, or at any rate not here.  So it makes CT look really, really cheap.

People tend to move from CT to the west coast of Florida when they retire.  There is a whole colony there from my home town!!!

Mon, 07/14/2014 - 00:34 | 4954553 Downtoolong
Downtoolong's picture

Fear not, Sara Stevens, there is one remaining path to home ownership. It’s called inheritance. You’ll know all about that one day. However the question still remains; will it be an asset or a liability? I guess you’ll find out when you get there.

Mon, 07/14/2014 - 00:34 | 4954554 kareninca
kareninca's picture

The economic depression is affecting more than the ability to buy; it goes deeper than that.  I have a relative in New Hampshire who just bought a house with her boyfriend of many years; they are in their mid 20s.  They both have college degrees; she is managing to get clerical jobs; he has the same job he had before college.  They can afford the house  -  it sold back during the bubble for 250k and they paid only 140k.  But here's the thing  -  she does not want to get married.  There is nothing wrong with the guy; he is great; it's just "in the air" that things are terrible and no-one responsible wants to marry or have kids.  It is hard for responsible people to fight this feeling, even if they are among the few who could do okay.  The future does not look bright, and people marry and have kids when things are improving, not when things are getting ever worse.

Mon, 07/14/2014 - 06:54 | 4954781 wonderatitall
wonderatitall's picture

i agree. when a people no longer have faith in obamas bankers to have children and to marry there is no need to nest. we are witnessing the suicide of amurika

Mon, 07/14/2014 - 09:13 | 4955064 mototard
mototard's picture

Not really sure they are Obama's bankers.  They are the bankers of the repubs and the demos.  No real difference between the two parties when it comes to supporting and bailing out the bankers.....

Mon, 07/14/2014 - 01:11 | 4954592 Zeta Reticuli
Zeta Reticuli's picture

The nesting instinct is very strong in all animals, including featherless bipeds. But so is the urge for lemmings to plunge off cliffs in huge numbers.

Think about it. And don't do it.

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