I apologize for the second rate photoshop job, but I’m pressed for time tonight. Thankfully, my readers are intelligent enough to understand why I created it.
Bill Pulte is the epitome of the average moron in the movie “Idiocracy.”
Today’s idea from the Twittersphere, aka, X highlights this fact:
The reaction of the real estate morons and the MAGAblind was almost universal. The idea that this was the greatest concept in human history to bailout the builders, bankers, and realtors was applauded from all sides. This concept was being sold as “look, this will make it more affordable for the Gen-Z’s and Millennials to take over grandma and grandpa’s home.
Bullshit.
Most of that group doesn’t have the credit quality to absorb these mortgages and worse, most do not want a haunted mansion with 5 bedrooms, 3 baths, a basement, and $20,000 in immediate maintenance and repairs that need to be done.
The reality behind Pulte’s idea is that they want to be able to set up a system of portability where investors can take over these mortgages to bail out grandma and grandpa (or mom and dad) and thus relieve future generations of having to eat the expenses.
In reality, most young people do not want to be forcibly anchored in Scottsdale, AZ, Crossville, TN, or Punta Gorda, FL with a home in a place that does not have the ability to raise a family or co-exist as a couple only.
To make matters worse, when one is between the ages of 25 to 45, if the head(s) of the family are not actively looking to advance their professional careers, anchoring oneself with a home is the worst so-called investment in the world. Having the ability to rapidly relocate and accept promotions is much more important, especially in this world of H1B’s and private equity management decapitation which shocks mid-level management on an almost weekly basis.
Thus I fear this is just another tool to bail out the real estate industry and Pulte’s buddies in the building industry who have been building the wrong type of homes for those who are first time buyers since 2004 and are now looking for more suckers to pawn their garbage off on. Of course, realtors and mortgage brokers would love it because the first thing they would do is offer the recipient of this new home an immediate opportunity to refinance it so they can scalp the homeowner even further.
Don’t accept the bait America, these are the dying ideas of a system which needs a full reset, not a band-aid to save the financial industry once again.