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re: What will the flood do to the housing market here?
Posted on 8/14/16 at 9:27 pm to dualed
Posted on 8/14/16 at 9:27 pm to dualed
The more immediate impact you will see is in rental housing - it's likely that vacant apartments and rental homes/doubles will get swallowed up in the next couple of days.
As far as housing values, it will be interesting to see. Will depend on those who wish to relocate / need to relocate vs available property. The numbers we are seeing are bad but nowhere near Katrina levels as far as number of people who will need to relocate.
Also, we have different appraisal rules now than we did in the post-Katrina boom. Yes, there was a quick jackup in prices after Katrina but they came down and a lot of people bought at the top of the market and are just now, 11 years later, no longer, sorry the word, underwater on their mortgages.
A price is a price, so selling homes may create some value, but will banks go for refinances using bubble valuations? I don't know.
As far as housing values, it will be interesting to see. Will depend on those who wish to relocate / need to relocate vs available property. The numbers we are seeing are bad but nowhere near Katrina levels as far as number of people who will need to relocate.
Also, we have different appraisal rules now than we did in the post-Katrina boom. Yes, there was a quick jackup in prices after Katrina but they came down and a lot of people bought at the top of the market and are just now, 11 years later, no longer, sorry the word, underwater on their mortgages.
A price is a price, so selling homes may create some value, but will banks go for refinances using bubble valuations? I don't know.
1
Posted on 8/14/16 at 9:35 pm to LSUFanHouston
Lending rules were a bit different after Katrina (pre 2007) as well. Banks were willing to lend on those jacked up prices. I suspect things will not be the same at this point and buyers will not be able to finance at excessively high prices as the appraisals will not come through.
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