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Started By
Message
re: Mortgage applications/buyer demand dropped to a 28-year low
Posted on 2/22/23 at 6:33 pm to cajuntiger1010
Posted on 2/22/23 at 6:33 pm to cajuntiger1010
quote:this was also in the sticks 20 minutes from any mid size town
Houses like that in Southdowns are asking for 400k. Crazy
0
Posted on 2/22/23 at 6:43 pm to stout
Not in Huntsville Alabama. Just had a 3/2 shack in a rougher part of town get flipped for $180000. 5 years ago someone may have paid 35k for it as is. fricking ridiculous.
Posted on 2/22/23 at 6:44 pm to stout
More housing fear porn from the neighborhood economic real estate expert.
Yea I’m sure those are the only reasons. No mention of supply not even once.
quote:
Why is Mortgage Demand collapsing so much?
Because both Home Prices AND Mortgage Rates are way too high.
Yea I’m sure those are the only reasons. No mention of supply not even once.
This post was edited on 2/22/23 at 6:47 pm
Posted on 2/22/23 at 6:48 pm to stout
Funny, the tiktok realtors have come out with new talking points that inventory is low so you need to bid high... never mind the non existent buyer.
We are renting for a year right now after getting out of a neighborhood that was trending down in the quality of resident but NOT the price of houses... YET. I hope the market tanks for selfish reasons, I will get into some rentals and a new house when/if that happens since we are in a good position to jump on a deal right now.
We are renting for a year right now after getting out of a neighborhood that was trending down in the quality of resident but NOT the price of houses... YET. I hope the market tanks for selfish reasons, I will get into some rentals and a new house when/if that happens since we are in a good position to jump on a deal right now.
Posted on 2/22/23 at 6:49 pm to Artificial Intel
quote:
No mention of supply not even once.
I mean, there's not enough supply, but that's a totally different problem.
Posted on 2/22/23 at 6:49 pm to stout
We need a suggestion and scenario from Oweo to determine how to deal with this.
Posted on 2/22/23 at 6:58 pm to stout
quote:why does something have to give? Housing supply is still low, and the majority of the population either bought their new house or refinance over the past two years. They are set to ride this out. Personally, I feel like the situation will drag out, and there isn’t going to be some big crash
Something has to give and the Fed is not cutting rates anytime soon
Posted on 2/22/23 at 7:02 pm to Bayou_Tiger_225
quote:
why does something have to give? Housing supply is still low, and the majority of the population either bought their new house or refinance over the past two years. They are set to ride this out. Personally, I feel like the situation will drag out, and there isn’t going to be some big crash
This. Those doing new construction might lose their arse.
Posted on 2/22/23 at 7:07 pm to stout
I just wish medium to large size tracts of undeveloped land would drop.
I'm liquid and ready in a second's notice but not seeing any drop. There are going to be some tax lien sales coming up i have my eye on but who knows.
I'm liquid and ready in a second's notice but not seeing any drop. There are going to be some tax lien sales coming up i have my eye on but who knows.
This post was edited on 2/22/23 at 7:14 pm
Posted on 2/22/23 at 7:10 pm to wadewilson
quote:
there's not enough supply, but that's a totally different problem.
How is it a totally different problem in the context of mortgage demand?
Posted on 2/22/23 at 7:12 pm to Bayou_Tiger_225
It depends on whether people can afford their note
Loan standards are far more stringent today than 15 years ago so I don’t see this being anything like 08
Loan standards are far more stringent today than 15 years ago so I don’t see this being anything like 08
Posted on 2/22/23 at 7:13 pm to stout
Potential sellers are either not listing at all or listing at the inflated price and letting it sit.
Posted on 2/22/23 at 7:14 pm to SlidellCajun
quote:
Loan standards are far more stringent today than 15 years ago so I don’t see this being anything like 08
Yeah it won’t be like that unless the upcoming recession pounds us very hard. Hopefully that won’t happen again in our lifetime.
Posted on 2/22/23 at 7:17 pm to Bayou_Tiger_225
quote:
why does something have to give?
I meant in relation to those trying to sell to a limited pool of buyers.
If there is a limited pool of buyers as my OP pointed out, what do you think sellers will have to do to attract those buyers especially as more and more houses come up for sale?
Low inventory only matters if there are a ton of buyers which again my OP points out there is not right now.
quote:
and there isn’t going to be some big crash
No one said it has to be a big crash. It can be as simple as a correction but there will be some adjustments and they have already started.
Posted on 2/22/23 at 7:23 pm to RummelTiger
quote:Same thing here in St. Petersburg.
Q1/Q2 of 2022 was bat shite crazy here in Austin. Bat. shite. Crazy.
But prices here seem to be holding steady. St. Pete is growing at an alarming rate and more money is coming in from out of state every day. There are tons of old homes being bought, torn down, and rebuilt. Tons of luxury high rises under construction. And out of staters are pouring in. The growth and money moving here is shocking.
Posted on 2/22/23 at 7:25 pm to Powerman
quote:
You would be crazy to buy now imo
I just don't see a collapse coming. Yeah you may buy at 10% higher than market, but we are printing money at an insane rate and inflation is only going to continue. Combine that with PE getting involved in single family housing and I don't see the advantage of not buying.
Posted on 2/22/23 at 7:28 pm to Jcorye1
quote:
I just don't see a collapse coming
There will not be a nationwide collapse. It will be regional IMO. Some regions will be just fine and others will see much bigger market corrections.
Posted on 2/22/23 at 7:29 pm to ReauxlTide222
It’s ironic too because the indicators the Fed is using to base their decisions off of is mostly being driven by home price appreciation of 2020 and 2021 and it’s making said readings worse. All while they’re being disingenuous about unemployment. Those clowns are over-tightening AGAIN just like in 07 
Posted on 2/22/23 at 7:29 pm to stout
I'm looking at buying in Charlotte, and it's only going to keep growing imho
Posted on 2/22/23 at 7:33 pm to Jcorye1
I’m not sure I can even see a correction in cities like Tampa, Nashville, Denver, dfw, Houston, Austin, etc
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