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Started By
Message
re: Home prices are now contracting at levels only seen 2 times
Posted on 9/23/23 at 12:11 pm to SDVTiger
Posted on 9/23/23 at 12:11 pm to SDVTiger
quote:
If someone who has 40% equity forcloses thats on them
I have more than that. Considering the price point I would be at I understand my house will not be a fast sale and rates make it unaffordable to a lot of people. If got in a bind and had to sell and it didn't move fast enough then the amount of equity I have doesn't mean much.
You guys overstate how much equity is going to save people. It's not a magic wand. Remember I manage foreclosures for a living. I see the data constantly and equity is a small factor.
quote:
when the recession hits rates will drop
We will not see rate drops until late 2024 at the earliest and even then it will be gradual. Pay increases would also need to happen simultaneously to have a major impact. We will not see sub 4% anytime soon. I think 5% will be the floor which is a great rate but still cools things off from the highs we have seen. The 5% is still a few years away too.
quote:
BlackRock
Does not even buy SFHs
We want to make perfectly clear: BlackRock is not buying individual houses in the U.S
quote:
Values will continue to rise
OK and maybe so but I disagree with you unless there is a huge surge in wages too
This post was edited on 9/23/23 at 12:17 pm
2
Posted on 9/23/23 at 1:34 pm to stout
quote:
I think 5% will be the floor which is a great rate but still cools things off from the highs we have seen.
There’s a lot of people sitting on sidelines right now specifically Millennials and Gen Z who are either living in mommy and daddy’s basement or renting. Rates going from 7.x% to 5% even if it takes 18 months is just going to cause another buying frenzy which will elevate demand and prices for current homeowners who might consider selling but most have 3% or so rates so they won’t and it is going to keep supply low which is going to keep prices high. There’s no winning solution here for renters right now sans massive job losses. That’s it. Supply is so low these people are screwed whether rate is 7.x% or 5%.
Posted on 9/24/23 at 4:04 pm to stout
Once unemployment spikes rates will be reduced rapidly. Doubtful it’s late ‘24, the Fed will have to act sooner.
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