Houses Worth LESS THAN ZERO
Based on applied Zombulation theory....if we continue to lose jobs, slash wages and devalue the dollar causing staple prices to rise....pretty soon people will be paid to live in homes due to the number of vacant residences needing to be maintained and property taxes paid.
States rely heavily on property taxes for revenues.....they need people living in those homes and paying taxes. Based on the crashing dollar and falling wages....fewer and fewer will be able to simply maintain a home less pay any interest after taxes, insurance, food and medicine.
My guess is banks will soon be giving away homes so long as the people can pay the property taxes, insurance and maintanence.
My business partner has a vacation home on Lake Michigan, in addition to one in the Keys...botyh on the water of course.....the property taxes on the Michigan home alone is over $50K per year without maintenance, insurance and utilities. He and I now joke, not really that funny, that he couldn't give away the home because no one would want to or afford tomaintain it at around $7K per month.
Yesterday, I spoke to one of the largest building suppliers in Florida, a friend of my partners, he regularly reads the Dodge Report to see what is going on in construction....he joked that bathroom remodels are now being reported because there is so little major constuction going on.......and things die after the end of the year.
I know, this is only construction.....welfare and unemployment are growing strong....so is military.
How much of a home can one afford on welfare or unemployment as more and more lose their jobs and still have to eat at the same time????
Two School Districts Face Massive Cuts
It ain't just two my friends..............................
IF YOU ARE IN CONSTRUCTION, THIS IS NOT JUST A DEPRESSION...IT IS THE WORST DEPRESSION IN HISTORY.... WHICH IS EXACTLY WHAT ALTRYNOMICS FORCASTED A FEW YEARS AGO WHEN THE CHIMPS WERE LOOKING FOR LAND TO BUY BANANAS