U.S. construction spending falls for third month in October

[turbinetree]

8. Yepper, spot on.................

The new generation coming down the pike don't want to own, they want to rent, no burdens when they are at that age, but when they get married or start to pay off there student loan debt, they might buy, but if they pay off the debt, they may ask why burden myself with the home debt for thirty years and all of the responsibilities.

What I find remarkable is that when the banks crashed the economy, and we bailed them out, they started to offer the 15 year mortgages pretty cheap, we got ours after refinancing for 2.75 %, it cut off 6 years on our 30 year mortgage, and saved over around $85,000 on interest alone. My question is if the banks didn't have the 30 year mortgage and only had 15 or 20 year mortgages, would these younger adults buy homes.

The builders would have to lower there price and the land they bought, this will not happen, there is only so much land, and at the present rate of pollution and other factors the land is going to be degenerated not for use. The fires out in California in my opinion proves this, it will take some time for the vegetation to grow back but in the interim the mudslides are another issues, you cannot build a house out there with a basement, its a earthquake zone, and now with repeated fires and mudslides, will the insurance company insure. At some point the investment and the issue will say no, it costs to much money for the bottom line.

My father-n- law has a second home on the New Jersey shore, and he is always talking about how they have to build a new homes 6 to 8 feet higher with retaining walls to keep out the flood water from the hurricanes and the rising sea.
The price of land is amazing, for one lot 70' x 50' is around 1.6 million to 4 million. I look at him and say who created this mess, the sea, nope, the weather patterns, nope................we did, all by our lonesome selves. His response is he can make 1.6 to 4 million off his lot..................its all based on greed he doesn't care.........................and the younger generation in my opinion are just like him, they don't care, I know when I was their age I didn't care..............