bidding wars and multiple offers are happening all over southern california for decent residential homes listed for sale at reasonable prices, and new decent luxury vehicles are flying off the shelf without as much as a sale? i could go on like, decent restaurants are packed full every single night, no decent resort or hotel is offering sales and they're packed, disneyland is packed, apple products, even though expensive, are selling like hotcakes, etc.
can someone please point to the "extreme hard times in America" please?
It is not bad for the very rich and under our current set up, it's not bad for what we would call poor. It is only bad for the middle class, many of which are unable or unwilling to understand that.
Just read any major economic report. "Nonworking and retired families" are doing better. age: 35-44 with kids--54% loss of net worth, but they too dumb to buy food for the future. They would rather eat it now.
If you want the long version, you can find it.
Watch out for that Chinese money trying to launder itself into SoCal RE-That's the dumb money buying at any price as the situation in China PRC is heading down the toilet at a rapid pace and wealthy folks are trying to bury their ill-gotten gains.
what i do know is there is hardly ANY good, decent homes listed at reasonable valuation right now in Socal! sure there's the dummy homeowner with his home listed 10-20% higher than it should be and he's not selling, but the ones that come on faily priced, in a good area, and is not a dump, there's us, and many others immediately all over it! the banks and powers to be cannot control a homeowner who wants to sell, nor can they control people like me who wants to buy! if this keeps up much longer then the prices of these good homes is going up because of the likes of myself who WILL buy something very soon even if i have to over bid for it.
There are no hard times in America today, but severe hard times are just starting in Europe and China. This will depress Brazil and other emerging markets and depress corporate earnings. We are about to enter a depression that may be caused be a hyper inflationary disaster as the FED prints and trashes the dollar. This may be why stocks are rising now even though earnings are declining. Maybe the outcome is hyperinflation and dollar destruction and the rise in value of corporate assets may offset the plunge in value of future earnings. Prepare possibly for $100 for a gallon of gasoline and a 200 hundred thousand dollar property today could be worth 10 million! Time to buy gold and other hard assets to hedge this big risk.
Deficit spending more than tripled in 2009 alone, and has remained at comparably crippling levels ever since. A budget hasn't even been passed since April 29, 2009.
S&P recently downgraded US credit rating for the first time in history.
We have a net loss of jobs since 2009: with 142,287,000 working in May, 2012 compared with 143,338,000 at the end of December, 2008. These job losses occurred at a time of rapid population growth, with more than 8,100,000 new American residents (through both birth and immigration) over the same period. The overall percentage of work-age population either employed or looking for work dropped in April to 63.6 percent—the lowest level since December, 1981.
We are in the midst of the longest period of unemployment topping 8% since the Great Depression, with the CBO predicting that unemployment will remain above 8 percent until 2014. The more accurate U6 rate is at 15%.
More people began receiving social security disability last month (85k) than jobs were created (64k).
Spending on the food stamp program has more than doubled since 2009.
Home values are down more than 30 percent from their peak in 2006.
A new survey by the Federal Reserve shows a decline in the average net worth of U.S. households from 2007 to 2010. According to the report, which adjusted figures for inflation, the average American family saw their net worth drop 40% in that three-year time period from $126,400 to $77,300. These levels have not been seen since the early 1990's, long before the housing bubble even began.
But then I suppose all of this is somehow negated by the market being propped up solely by Central Bank and/or Federal Government intervention while simultaneously and openly trying to suppress other assets (especially politically dangerous commodities such as oil and gasoline) in an attempt to make it appear that inflation is under control.
WTF? Times are NOT BAD ... there booming! Look, if your unemployed or broke then you're just a drain on everyone else ... we need to get rid of the unemployed or make them wash cars or cut lawns or clean-up streets and buildings. People keep talking about the 'economy' .... we DON'T NEED AN ECONOMY, it's STUPID! tHE 'ECONOMY' IS SUCH AS WASTE OF TIME.
1.5% GDP growth with $6 Trillion in fiscal deficit spending over 4 years time.
World economy is predicated on a massive and dangerous credit bubble that is being held up with toothpicks.
my wife and i are trying to buy a home in Socal right now at the $700k price range, and we've so far written full price offers on 3 homes in the last 2 weeks only to lose them in multiple offers. WTF>>!? so, what it's telling us is that when a good property is listed in a good area for market value, there's us as well as other people also wanting that home, thus the multiple offers.
we're now prepared to go over the ask if necessary. we want to buy asap.
this fear is totally unfounded imo.