Current Events — HabitableZone

Current Events » in reply to "freefall property values"?

Laugh it up...
SDAI-Tech1 — (archived)

The middle class property values often determine whether or not the 65 plus folks get to retire as they sell their family home and use the capital to live on with their social security, etc. From NOW on, most won't be able to retire at 65 and at least one will keep working to pay the bills.

Not exactly the dream promised all our seniors after a life of hard work now is it?

And with age discrimination already hitting folks 35 and up, good luck in trying to get a good job. These folks will be used and abused by the few independent firms who hire old folks just because they know they can exploit them.

The inner-citification of the suburbs is going on as I type. The middle class neighborhoods are being overrun by the lower classes as desperate homeowners in default rent out their property to anyone so they don't miss another inflated mortgage payment on a depreciated property. The banks don't want to foreclose on the most outrageous overinflated properties because even after they resell, they earn less than the 3x current value payment potential of the current mortgage holder. So they are dealing. And the deals make the homeowners abandon the property and desperately rent it out for income to cover the mortgage.

Most of them will lose their homes anyway and are prolonging the inevitable, because the economy is in a shambles and gas prices are totally devouring most middle-to-lower incomes these days. As a result middle class neighborhoods are being pockmarked, in some areas as high as 30 percent, with "new neighbors" getting a fire-sale rental price.

This is occurring from CA to FL. Ironically, the nicest "middle class" areas to live are hit the hardest and are declining the fastest. The upper and lower class bastions don't notice nearly as much shift.

Destabilize the middle class sanctuaries and see what happens to all the rest. Eventually hospitals will shut down, deprived of paying patients, the entire system collapses like the Soviet Union.

If your ideal culture is completely polarized, with the fortified castle (complete with treasure room, moat and cannons) surrounded by slaves, thieves, disease and working plebs struggling to survive you may, far sooner than you think, get your wish.

I know it sounds like I'm exaggerating the potential bleakness of our present future. Look around at the way the 3rd world lives.

I wish I was.

:-(

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