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Comment by cced | Hacker News Reader

Mind explaining what “Americanism” is?

Banks running rampant purchasing assets from distressed sellers seems as American to me as apple pie.

America of the latter 20th century was seen as a place where you can go from rags-to-riches in a generation. It's still like that, but social mobility is falling quickly.

Wallstreet buying houses is a continuation of the on-going wealth entrenchment that betrays the ideal of fluid social mobility.

you are right and, recent tax analysis on adults in the USA showed more than a million filing adults with financial resources to purchase a house and are not doing so.. complicated dynamics are playing out in real time.

I'd be curious about that data. Their age, what percentage of their income would be required to purchase a home, what quality of home they could afford, if they have kids, etc.

And is it money to afford a home somewhere or where they currently reside? Is this trying to say "New Yorker millenials are too stuck up to buy a home in Nebraska"?

Just anecdotal, but we're perfectly capable of owning in the place we recently moved (Portland), but are renting because of market uncertainty. I'd rather miss out and have homes go 100 up than miss out and have them go 300 down right after purchasing. We're happy to rent for a bit and wait it out.

I'd guess more generally people are playing that game purely based on borrowing rates -- if they think they'll be even a bit lower in 12 months, it might make financial sense to wait.

I don’t see home prices coming down - ever, but that’s me.

Interest rates? Good point. But I’d jump now, refinance later.

I’ve been burned more often waiting than getting in too soon.

The issues is with Mr. Potter's America vs. George Bailey's America.

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