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Posted on 9/21/23 at 8:28 pm to ozktgr
quote:
Regional banks and credit unions running out of money to lend
I saw a few banks have left the auto loan industry in the past few weeks. BMO Harris left last week.
Posted on 9/21/23 at 8:29 pm to Hateradedrink
quote:
I don’t know how the market crashes when people are still somehow buying
Like you said, maybe a correction. Anyone who's been to their first day of Econ 101 can figure this out. Shelter is a basic need, and we currently have more demand than supply for a basic need. Boomers aren't dying as quickly as previous generations, and millenials have been entering the home buying market for the past decade.
Posted on 9/21/23 at 8:30 pm to ob1pimpbobi
quote:
I just watched the Big Short today. DO I need to do what that weird guy did and bet short on the housing market. Cause it sounds like we are right back there.
Different situation. Everyone was buying then and people were defaulting on their loans because people were getting loans that couldn’t afford it.
No one is buying now (home sales down 21% nationally) because anyone with a brain isn’t going to get a mortgage at 7+% when they have 3% or better.
It’s just going to be a stagnant market.
Posted on 9/21/23 at 8:30 pm to stout
Oh I’m sorry you work for more than one hedge fund. Mea culpa El Stouto
Posted on 9/21/23 at 8:33 pm to Veritas
quote:
It’s just going to be a stagnant market.
Which will wipe out a lot of equity people have built up.
Also, it's going to be hard to move for a job change or promotion. Wonder that will do for job retention
Posted on 9/21/23 at 8:33 pm to BottomlandBrew
quote:
BottomlandBrew
This guy understands the market
Posted on 9/21/23 at 8:35 pm to PrecedentedTimes
quote:
Oh I’m sorry you work for more than one hedge fund. Mea culpa El Stouto
On an ongoing basis, it is zero actually.
Posted on 9/21/23 at 8:36 pm to stout
I thought I had it rough when I got 3.6.
7.59?
Woof.
7.59?
Woof.
Posted on 9/21/23 at 8:37 pm to PrecedentedTimes
quote:
Oh I’m sorry you work for more than one hedge fund.
And my alters are cwill and 4cubbies
Posted on 9/21/23 at 8:38 pm to stout
quote:
Also, it's going to be hard to move for a job change or promotion. Wonder that will do for job retention
Well this issue coming right after hundreds of thousands (millions?) started WFH could cause issues
Posted on 9/21/23 at 8:38 pm to SlowFlowPro
Damn way to out yourself SFP
yea you know me
quote:
who down with SFP?
yea you know me
Posted on 9/21/23 at 8:41 pm to GEAUXT
quote:
They can pry my 2.6% from my cold, dead hands
I would like to move, but I'm at 2.25%, so the only way it makes sense is to be able to get rid of the mortgage entirely.
Posted on 9/21/23 at 8:41 pm to SlowFlowPro
quote:
And my alters are cwill and 4cubbies
I did have a hedge fund reach out to me this week about some properties in Baton Rouge. Will I do it? If the money is right yes because I like money, my workers like to pay their bills, and if I don't do it someone else will. The hedge fund isn't going to just say "well, since Stout won't do it I guess we will just abandon the BR market and sell the houses"
It's such a stupid "gotcha" attempt.
Posted on 9/21/23 at 8:42 pm to stout
quote:
Also, it's going to be hard to move for a job change or promotion. Wonder that will do for job retention
Good point, so many people WFH now due to the covid release. I think people will chose to stay where they are when they evaluate mortgage, cost of living, work life balance etc.
Posted on 9/21/23 at 8:43 pm to BottomlandBrew
I was just a young buck in 08’ still trying to figure things out but I saw that coming a mile away. They were throwing those low rate around with no money down to people who shouldn’t own a Guinea pig much less a house.
When they start to lower rates hopefully they slow the lowering so people don’t freak out again and cost of materials go up like crazy.
When they start to lower rates hopefully they slow the lowering so people don’t freak out again and cost of materials go up like crazy.
Posted on 9/21/23 at 8:44 pm to SlowFlowPro
quote:
Well this issue coming right after hundreds of thousands (millions?) started WFH could cause issues
Some companies partner with firms that will buy your home if it doesn't sell in 180 days. Back in the day, Cendant would do that and had agreements with a ton of large corporations. They operate under a new name now but I am not sure what it is.
That would solve the selling issue but not the buying issue for anyone that the company requires to move.
It will be interesting to watch unfold.
Posted on 9/21/23 at 8:45 pm to Veritas
quote:
Different situation. Everyone was buying then and people were defaulting on their loans because people were getting loans that couldn’t afford it. No one is buying now (home sales down 21% nationally) because anyone with a brain isn’t going to get a mortgage at 7+% when they have 3% or better. It’s just going to be a stagnant market.
Agreed. Nothing like 2008.
And it’s still a sellers market in a lot of places. Inventory here is so terrible that buyers still outnumber sellers by a wide margin.
My mortgage is laughably cheap as rent has skyrocketed. I could rent a mediocre 2 br apartment for the price I pay for a 3800 sq ft house.
Posted on 9/21/23 at 8:46 pm to kywildcatfanone
quote:
I would like to move, but I'm at 2.25%, so the only way it makes sense is to be able to get rid of the mortgage entirely.
Where do you live and how much is left on your note?
Posted on 9/21/23 at 8:47 pm to stout
This post was edited on 9/22/23 at 5:43 am
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