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News Link • Housing

Demographic Hell Awaits Housings True Believers

• Businessinsider.com/
 
There are 80 million baby boomers retiring at the rate of 10,000 a day. Assuming that they downsize over time from an average 2,500 sq ft. home to a 1,000 sq. ft. condo, and eventually to a 100 sq. ft. assisted living facility, the total shrinkage in demand is 4.3 billion sq.ft. per year, or 1.7 million average sized homes. That amounts to a shrinkage of aggregate demand for a city the size of San Francisco, every year.

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Comment by Ross Wolf
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What this housing report missed is that the high costs of Obama forced health insurance on the middle class will disqualify many home buyers from getting mortgages. Qualified home buyers are needed to support housing values that now secure $Trillions in bank held mortgages. Millions of home buyers will have to decide between not buying a home or paying the expensive opt-out penalty to avoid purchasing mandated health insurance to qualify for a home mortgage, but if those home owners incur expensive medical bills they will lose their house. Meanwhile Obamacare will be spending taxpayer dollars on health coverage for millions deemed impoverished, those that can't afford health insurance including drug-addicts and alcoholics.

What was the point of taxpayers bailing out the banks if Obama had intended all along undermining most homes values by forcing unaffordable health insurance costs on Americans that would both disqualify home buyers and make it impossible for millions of current homeowners to pay both their mortgage payment and forced annual health insurance premium. Dropping home selling prices are causing local governments to collect less property tax and layoff government employees. CA among other States has raised state income taxes to make up lost taxes.  Obama's economic polices will bankrupt both state governments and the Feds.


 


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