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Started By
Message
re: ‘Seriously Underwater’ Home Mortgages Tick Up Across the US
Posted on 5/9/24 at 11:26 am to lsufan1971
Posted on 5/9/24 at 11:26 am to lsufan1971
quote:No idea what you're talking about.
We are getting close to 2007 numbers.
quote:WTF are you talking about?
Big issue with negative equity loans are usually subprime short term with balloon payment.
quote:
Banks never stopped MBS or CDO’s. We are headed there again I’m afraid.
You dumbass. quote:You dumbass.
We are headed there again I’m afraid.
1
Posted on 5/9/24 at 11:39 am to JohnnyKilroy
quote:
Are you saying people who no longer have a mortgage? If so, hardly any.
Well, presumably that number of underwater mortgages plummeted during COVID because people refinanced to sub-3% interest rates combined with the home values going up by 30%+.
Posted on 5/9/24 at 11:53 am to Big Scrub TX
Idk about 08 since I was a little kid but I’d assume that with stagnant wage growth for people who are in the market to buy a home combined with cost of other goods rising, people will have to make some tough decisions
Posted on 5/9/24 at 12:16 pm to PhilemonThomas
quote:
Used golf carts about to be cheap.
Damn I hope so...we need another one....
Posted on 5/9/24 at 12:30 pm to AwgustaDawg
quote:
Damn I hope so...we need another one....
Add me to that list. We're gonna get one after we buy a place. Would have one now, but for some reason our apartment parking garage doesn't allow them.
This post was edited on 5/9/24 at 12:30 pm
Posted on 5/9/24 at 12:32 pm to Big Scrub TX
quote:
You think a recession necessarily means much lower house prices?
No, nor did I say that a recession necessarily means lower house prices.
In this instance, it may but it's going to depend on how things play out. If the consumer debt bubble pops, if Unemployment goes too high for too long, etc.
Posted on 5/9/24 at 12:35 pm to Big Scrub TX
From what I read, yes. Def won’t go up, may be steady, but likely go down
Posted on 5/9/24 at 12:43 pm to Areddishfish
Mortgage companies should have to eat the upside down amount for being stupid enough to lend more than the homes are worth.
Posted on 5/9/24 at 12:45 pm to Deactived
quote:
If youre in the house you plan on living in forever, does it matter much if you overpaid for it?
We(as in people) overpay for stuff all the time
You know I agree with this if it is a purchase such as a home. The house I currently live in just appraised for over $215 per sq foot and I bought less than a mile away an older home in a bigger neighborhood for almost $100 sq more. But it had a lot of upgrades that I paid for. But I liked them, and I plan to live in this home for a long time and it was the area I wanted so I didn't really care.
Posted on 5/9/24 at 12:46 pm to lsufan1971
quote:
We are getting close to 2007 numbers. 2008 is when the bottom started to fall out.
The big difference from ‘08 is you could walk away from your mortgage and slip into a rental with a substantial savings.
Anybody unable to pay their current mortgage at 3% is also unlikely to find any rental they can remotely afford.
Nobody is vacating their home this time unless physically removed.
Posted on 5/9/24 at 12:48 pm to Areddishfish
quote:
Nationally, 2.7% of homes carried loan balances at least 25% more than their market value in the first few months of the year.
How does it get to this? Are folks just that desperate and banks that reckless?
I mean, I have a big arse mortgage and I didn't bring very much to closing, but almost 3 years and I've got a solid 10% equity.
If I was underwater 25% I would literally not be able to sleep. The stress would shorten my life.
Posted on 5/9/24 at 12:50 pm to Ace Midnight
There was a serious run for homes in the last few years because people assumed location was flexible due to Covid. Now that the dust has settled, places like Nashville Austin etc don’t seem to have as much demand as they thought.
Combined with more development caused house prices to sink
Combined with more development caused house prices to sink
Posted on 5/9/24 at 12:56 pm to Areddishfish
3.5% rate and I owe $110,000 less than market value right now 
Posted on 5/9/24 at 1:21 pm to Bard
quote:You said "these statistics would quickly increase" if we went into a recession. The stats in question pertain to LTVs. How would LTVs increase if house prices didn't go down?
No, nor did I say that a recession necessarily means lower house prices.
In this instance, it may but it's going to depend on how things play out. If the consumer debt bubble pops, if Unemployment goes too high for too long, etc.
Posted on 5/9/24 at 1:22 pm to Dire Wolf
quote:
Highest seriously underwater share in Louisiana
Well when some the housing stock sits at or below sea level. It easy to be underwater.
Posted on 5/9/24 at 1:34 pm to fareplay
quote:
There was a serious run for homes in the last few years because people assumed location was flexible due to Covid. Now that the dust has settled, places like Nashville Austin etc don’t seem to have as much demand as they thought.
People had been moving to Austin and Nashville in mass well prior to covid. I can't speak for Nashville but Austin has been building like crazy.
Austin had a ton of new high rises completed in the last few years which has helped ease the market
We didn't build enough housing after 08. Housing cost had been rising pretty steadily for all of the last decade. Between that and the interest rates dropping is why housing went crazy in 2020.
This post was edited on 5/9/24 at 1:51 pm
Posted on 5/9/24 at 2:18 pm to jcaz
quote:
Got lucky with 2.5% in 2020. My home will always be viewed as a home and not an asset. $1100/month when apartments are $1600/month. Yikes
Yep. I'm at 2.25% on a 15 year loan from.2020. My payment is less than post people are paying for 2000sq ft and I have 3x that amount of finished sq ft.
The only way I can move is to be sure I can buy/build for less than I sell for.
Posted on 5/9/24 at 2:52 pm to Areddishfish
That sucks but it shows how shitty our economy or lack of one is
Posted on 5/9/24 at 11:56 pm to USAFTiger42
quote:Must have been really shitty under 4 years ago then when the number was more than double
That sucks but it shows how shitty our economy or lack of one is
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