Mortgages are evil. Pure evil.
And now that they are over 6%, only the upper class are still in the market.
Every house is way too expensive, by half. Everything was priced, still is priced, for 3%.
So, unless the Fed lowers rates real soon, we are going to see a housing market crash.
And even if they do, we are going to see a housing market collapse.
Mortgages are evil, i will be glad when they are gone, but…
Mortgage - a french word - Mort = death, gage = paper, note (as in IOU), or you will pay for life.
When bankers introduced mortgages, we should have taken them out, lined them up and shot them. But, not 1 in 100 believe that they could be that evil.
Imagine running a scam, where you "lend" money (made out of thin air) on a property that you know will default, and then you get the house, and sell it to the next mark, and "lend" then money to buy it. Over 10 years, almost everyone will have a bad year, and then the bank gets the farm back.
So, this group is just selling the same house over and over (refinancing is the same thing), and they never invested one of their own dollars into it. They are literally making money off of people's misfortune.
And the vast majority of people just accept this as normal.
Some people have worked out how to work this system. Buy the house, with the banks money (made out of thin air), and then rent it. The tenant pays for everything, and they get a free house over time.
Quite a good scam if you have the time and ability to manage them.
But, it is nothing next to the bankster scam of selling you your own house over time.
Banks, who provide mortgages, are gone.
The era of mortgages is coming to an end.
The new plan is for the banks to own the properties, ALL the properties, and rent it back to you for life.
And the rots-childs do not want to share. So, all the multitude of small local and regional banks have to go.
Banks live on creating mortgages (and selling them). If they do not have a continuous supply, they will be insolvent. And the biggest mortgages are commercial real estate. Where they refinance them every 5 years. But, with businesses downsizing because of work from home and prep for slow economy, there isn't enough tenants for these big buildings, and the interest rates are too high, so many commercial real estate companies are just handing the keys back to the bank, or selling them off at 10¢ on the dollar.
The Fed knows what it is doing. They are destroying ALL of the small and medium sized banks.
So, all the choices we have today to get a loan is about to be gone.
They want you in 15 minute cities. No mortgages for you.
The rots-childs have decided to own all the property. They believe that they can get all the people into small plantations, and then keep them from escaping. They believe they have enough tech to keep people penned up. Enough television programming. Enough school indoctrination. Enough surveillance and drones.
It will be a socialist utopia, unless you are one of those who buck the system, feel constrained by shackles. Want to do your own thing.
One of the big steps along the way is that mortgages will not be given out for houses in certain areas. The upper class houses will still be bought and sold, but lower class houses will be taken off the market as the banks, blackrock, and no mortgages squeeze all out of owning anything there.
And if that doesn't work, your house will be burned to the ground, mysteriously, without igniting the trees.
The important thing to note, for this blog post, is that there will be no mortgages for certain houses in certain areas.
The time of buying homes is over.
In the future, we will have large homesteads with about 100 people living there. They will be owned by the group that is living there. They will not be for sale.
A change will happen where we stop thinking of own the property (and the next generation has to buy us out), that we believe that the land belongs to the children, and space will be made as they are born. Further, the cramped city life, where land becomes scarce is a thing of the past. The restrictions that made that are gone. Like, working from home, applied to many, many more areas.
We also have a huge die-off happening. Just the baby boomers leaving, will put 25% of the homes on the market. We add VAXXX deaths, natural disasters, civil wars all over the place, famines, food riots, and a lot more people give up their homes, after shucking their meat suits. In other words, the scarcity of suburban real estate is a thing of the past. You can't sell when every other home is vacant. You can't even give them away.
So, there will be no more mortgages AND no more suburban home sales.
Of course this will be a slow train wreck. However, it is inevitable. The boomer generation is dying off, just because they are old. All the other things will become apparent, as we have more baseball sized hail. And tensions kick off into civil war all over the world.
The thing that is not quite so apparent, because it is a second order effect, is that the mortgage goes away. Well, banking and banksters, goes away. Crypto has destroyed them, they just don't know it yet. Further, the idea of mortgages becomes repugnant.
What we consider normal today, (even though it is completely evil), will not be normal tomorrow.
I wish that more people would realize how evil fractional reserve, debt based fiat money system, and mortgages were, and then decided to abolish this evil. But, few will see it, and actively shut it down. However, the idea of paying monthly for your land will be dropped. And that destroys mortgages as a thing.