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Started By
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Posted on 5/9/24 at 10:24 am to sidewalkside
quote:
The OT baws read the headline but forget to read the article.
Agreed, but we're also very likely heading into a recessionary period. If so, such statistics will increase (and do so quickly).
Posted on 5/9/24 at 10:25 am to Areddishfish
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
We(as in people) overpay for stuff all the time
This post was edited on 5/9/24 at 10:26 am
Posted on 5/9/24 at 10:25 am to Areddishfish
quote:
homes carried loan balances at least 25% more than their market value
That must include HELCs (approved with some squirrely appraisals). Prices have not dropped enough for 1st mortgages to be at 125% LTV.
Posted on 5/9/24 at 10:27 am to Deactived
We bought our current house 12 years ago and certainly didn't get a deal on it then but it's worth 40% more now. No intent to move for at least 10 more years.
Posted on 5/9/24 at 10:28 am to Antonio Moss
quote:
homes carried loan balances at least 25% more than their market value I wouldn't be able to sleep at night
If you’re not selling your home in the next few years and your payments are made on time, does it really impact your sleep? Eventually it will catch up.
Do you care if your retirement account is down 25% one year if you’re not retiring for 15 or 20 more years?
Posted on 5/9/24 at 10:30 am to bad93ex
quote:
Who gets the first bailout?
F that.
Buy or build a house within your means. I could afford double the house I have today, if I stretched my loan out to 30 years. And if rates were still in the 3s. However, I don't want a bigger primary house. I'd rather have a 2nd home in a different state in time.
But I am staying put where I am because of the rate I have (2.5 %) and I have 12.5 years left to pay (had it down to 6, but divorce caused a "ripple.")
This post was edited on 5/9/24 at 10:32 am
Posted on 5/9/24 at 10:35 am to Lawyered
quote:United Club, full. Business class on my flight, full. Flight to Mexico in general , full. I mean, I’m not saying doom and gloom is here; but currently it seems like folks still have plenty of money.
The waters are rising
The dams gonna break soon
Half of americans live check to check and another half can’t afford a $1,000 emergency
Can’t sell their underwater home.
Can’t make car payments or rent or buy groceries .
Posted on 5/9/24 at 10:41 am to Areddishfish
So people ran out to buy homes at massively inflated prices and are now upside down in them?
I’m SHOCKED at these revelations!
I’m SHOCKED at these revelations!
Posted on 5/9/24 at 10:44 am to OvertheDwayneBowe
quote:
The problem is how many of these people who got out from under those mortgages are now being overwhelmed by property tax and insurance increases?
Are you saying people who no longer have a mortgage? If so, hardly any.
Posted on 5/9/24 at 10:48 am to Areddishfish
frick that shite, I owe 7.5K on mine
Posted on 5/9/24 at 10:50 am to SomethingLikeA
quote:
If you’re not selling your home in the next few years and your payments are made on time, does it really impact your sleep? Eventually it will catch up.
Do you care if your retirement account is down 25% one year if you’re not retiring for 15 or 20 more years?
The macro will effect your micro.
Posted on 5/9/24 at 10:58 am to bad93ex
quote:
Who gets the first bailout?
Blackrock.
Posted on 5/9/24 at 11:04 am 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.
We are getting close to 2007 numbers. 2008 is when the bottom started to fall out. If Michael Burry starts shorting REI again hold onto your arse.
Big issue with negative equity loans are usually subprime short term with balloon payment. People want to refinance hoping the negative equity turns positive which it won’t in this market. People that financed at 4/5% 3 years ago are going to have to refi at 8/9% today. Note goes up 75% and they default. Same shite that happened in 2008. Banks never stopped MBS or CDO’s. We are headed there again I’m afraid.
I know someone in this situation and they won’t be able to afford refi.
This post was edited on 5/9/24 at 11:11 am
Posted on 5/9/24 at 11:04 am to Areddishfish
quote:
During the pandemic, government stimulus and rising property prices were a huge boon to homeowners, but higher interest rates meant to curb inflation may be finally be helping to cool the housing market.
Yeah, people went mental during the pandemic. People who didn't need to buy a new home suddenly decided they absolutely needed to buy a new home no matter the cost. There are tons of old threads on here with that exact situation.
This post was edited on 5/9/24 at 11:05 am
Posted on 5/9/24 at 11:05 am to Areddishfish
quote:
13.4%
This is insanely high.
Posted on 5/9/24 at 11:19 am to Areddishfish
quote:
Roughly one in 37 homes are now considered seriously underwater
How many of these homes are STR investments that someone thought "I can buy, spend $200K putting in new floors and sliding barn doors and increase its value $250K" only to find out that they didn't?
Posted on 5/9/24 at 11:20 am to GEAUXT
quote:He's out back blowing his load.
I thought this was a Stout thread
Posted on 5/9/24 at 11:20 am to F1y0n7h3W4LL
quote:Not even close.
2008 all over again.
Posted on 5/9/24 at 11:21 am to Bard
quote:You think a recession necessarily means much lower house prices?
Agreed, but we're also very likely heading into a recessionary period. If so, such statistics will increase (and do so quickly).
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