The Atlantis Report
Premiered June 13, 2021
The real world has been trying to tell us real estate is not a permanent store of wealth.
The fictitious financial wealth in real estate disappears.
Housing isn’t going up, the dollar is going down. And they are not going back, because the dollar isn’t. In the 1970s you could buy a brand new waterfront beach house in Florida for $40k then. And by 1978 if was $100k and no one could believe it. And now it’s $2m and no one can believe it. And in 5 years they will be $3m. And in 10 years, $5m.
But the surge in home prices have not benefitted the homeowner at all. Those buying today are lifelong bank slaves which is exactly what the banks want. County assessors are pulling in record revenue. Realtors enjoy the nice commissions. But the homeowner does not benefit.
There are more realtors in America than homes for sale. Let that sink in for a moment. Every waitress, hot chick with no education and 80 IQ moron is now a realtor. All thinking they can make their commission quickly and be rich.
Money pouring down from Asians( Indians, Chinese and other migrants), people migrating from California, New York to suburban metros – DFW, Virginia, Atlanta, North Carolina, Massachusetts, washington and every where else where homes used to be affordable. Builders are freaking not even able to build homes as fast as these crazy rich are putting in deposits. What used to be an awesome home for $600K is now selling for 1 million in a span of 3 years.
These folks have made millions in the stock market, saved millions through lastt few years, and they are diversifying by investing in real estate and it has just now begun.
Stimmy checks, soaring construction costs, and Biden’s proposed $15K to new home buyers will make prices soar. Eventually the bubble will pop .
State and local budgets are completely busted. Housing is an indirect way to prop up revenues through property taxes. Thing is that it is a cost of living tax on everyone just to pay pensions. It would be one thing if that money was fixing roads, updating sewers, etc., but all of the money goes to pay people not to work. This is why we have crumbling infrastructure due to misallocation and mismanagement of tax revenue.
This bubble is popping any time soon.
2021 may be the most violent real estate market in a lifetime: starting with mass exodus out of the dying cities and states, then punctuated halfway through by the eviction moratorium ending on June 30. Supposedly 20 million households could face eviction;
as eviction moratorium extended to June 30, covering 20 million US households.
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