Desperate home builders seeking Millennial buyers by offering to subsidize their student loan debts

With the Housing Bubble 2.0 really beginning to cause stagnation in the real estate markets, one home builder appears to be more desperate than ever to try to entice Millennials out from Mom and Dad’s basement and into a new home.  And what they are focusing on is a way to shift their student loan debts into mortgage debt by offering to pay off a portion of their loans if they put money down for a new home.

Image result for millennials living at home

Homebuilder Lennar has come up with a genius strategy to partially eliminate the massive bubble in student loans that has crippled recent graduates and forced them into a life devoid of the American dream of home ownership…it’s a “two birds with one stone” kind of solution.  Yes, rather than struggle to make those monthly student loan payments, Lennar has developed an “innovative mortgage” designed to allow millennials the opportunity to convert their student debt into an “investment” in America’s “Housing Bubble 2.0.”

So how does it work?  According to the Wall Street Journal, Lennar is set to introduce the new promotion tomorrow that will make a payment on a buyer’s student loans, equal to 3% of their purchase price up to $13,000, in return for purchasing a new Lennar home…it’s as simple as that.

Student-loan debt has been an obstacle for many potential home buyers. Now, Lennar Corp. is trying to do something about it.

A subsidiary called Eagle Home Mortgage plans to introduce on Tuesday a program under which Miami-based Lennar will pay off a significant chunk of the student loan of a borrower who purchases a home from them.

Housing observers said other builders are likely to look to mimic the program, which could help lure more of the critical first-time-buyer segment into home purchases.

“Obviously there’s a benefit to bringing more people into the home buying market. We’re trying to design something here that supports affordability and creates that path to homeownership,” said Doug Cropsey, a senior vice president at Eagle.

Lennar will make a payment to a buyer’s student loans of as much as 3% of the purchase price, up to $13,000. The contribution doesn’t directly increase the purchase price of the home or add to the balance of the loan. – Zerohedge

As of February of this year, student loan debt levels were at a whopping $1.3 trillion, and default rates were starting to creep up to nearly 10%.  And when you couple this with the fact that very few good paying jobs have been created during the so-called ‘economic recovery’, even with this unique incentive to buy a home it still doesn’t address how many can actually afford to then make mortgage payments.

The data is actually pretty scary44% of college grads in their 20s are stuck in low-wage, dead-end jobs, the highest rate in decades, and the number of young people making less than $25,000 has also spiked to the highest level since the 1990s. – Forbes

Getting Millennials into real estate is one of the biggest untapped markets for home builders to try to crack, but the industry has too many negatives right now to really accomplish this feat.  And with more and more analysts expecting a new recession to hit anytime soon now, the potential for another round of foreclosures is more likely than being able to get individuals and families to invest in a home during a period when prices are just as expensive as they were in 2007.

Kenneth Schortgen Jr is a writer for The Daily EconomistSecretsofthefed.comRoguemoney.net, and Viral Liberty, and hosts the popular youtube podcast on Mondays, Wednesdays and Fridays. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.

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Democrats everywhere are wildly slinging the “I” word, hoping to nail Trump for high crimes and misdemeanors after the New York Times claimed a memo written by former FBI Director James Comey said the president urged him to end the federal investigation into former national security adviser Michael Flynn. Some members of Congress are getting in on the action. They include Reps. Maxine Water, D-Calif., and Al Green, D-Texas. Even a Republican, Rep. Justin Amash, claimed Wednesday there are grounds to impeach President Trump. House Oversign Committee Chair Rep. Jason Chaffetz, R-Utah, asked for the alleged Comey memo and other documents. Chaffetz tweeted that he is prepared to subpoena the information. And Sen. John McCain, R-Ariz., invoked “Watergate.” Now the Democratic Party is reportedly poll testing impeachment as a 2018 election issue. More than 1 million people signed a petition calling on Congress to impeach Trump. Wasting no time Wednesday, the mainstream media sprang into action, enthusiastically echoing the left’s impeachment calls. MSNBC launched a Watergate ad implying Trump is America’s new Richard Nixon. “Watergate. We know its name because there were reporters who never stopped asking questions,” says MSNBC host Chris Hayes, who hinted that Trump is next on the impeachment chopping block. “Now, who knows where the questions will take us. But I know this: I’m not going to stop asking them.” Meanwhile, some overzealous members of the left plastered fliers around Washington, D.C., demanding all White House staffers resign Wednesday. The posters read: “If you work for this White House you are complicit in hate-mongering, lies, corrupt taking of Americans’ tax money via self-dealing and emoluments, and quite possibly federal crimes and treason. Also, any wars will be on your soul. … Resign now.” But constitutional scholar Jonathan Turley, who voted for President Obama, warned “impeachment” enthusiasts not to get ahead of themselves with President Trump. Why? At this time, there’s no evidence Trump actually committed a crime. “The criminal code demands more than what Comey reportedly describes in his memo,” Turley wrote in a May 17 opinion piece posted at the Hill. Turley explained: For the first time, the Comey memo pushes the litany of controversies surrounding Trump into the scope of the United States criminal code. However, if this is food for obstruction of justice, it is still an awfully thin soup. Some commentators seem to be alleging criminal conduct in office or calling for impeachment before Trump completed the words of his inaugural oath of office. Not surprising, within minutes of the New York Times report, the response was a chorus of breathless “gotcha” announcements. 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