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Posted on 6/2/22 at 8:37 am to BluegrassBelle
Homes in Central City New Orleans are going for over $200/sq ft. At a time when people are getting carjacked left and right and hurricane season is right around the corner. It doesn't make any sense.
Posted on 6/2/22 at 8:38 am to stout
2x4x8 southern yellow pine stud dropped by 50 cents this week.
Posted on 6/2/22 at 8:39 am to Sao
quote:
Seems like now is the time for newer home owners who financed an ARM to refi at a lowest rate fixed.
I know that ARMs CAN be beneficial. Most people who got ARMs weren’t going to qualify for the better rates that’s have been available the last few years.
My friend is a mortgage broker and he’s very rarely getting under 6% for people right now.
Posted on 6/2/22 at 8:40 am to 50_Tiger
quote:
Millennials the only generation about to go through TWO significant economic hardships
The economy tanked even steeper in 1920-21 than it did in 1929. But in the 1920 downturn we had a true conservative president who didn’t interfere with the economy. He cut spending and cut taxes. The result was the economy quickly rebounded. So Rapid was the recovery, few people today even realize the economy totally collapsed at the start of the 20s.
In 1929 we had a progressive president (yes, Hoover was a progressive despite having an (R) next to his name) followed by an even more progressive president in Roosevelt. They tried to control the economy and tax and spend the way out of the downturn. The result was the decade long Great Depression.
Sadly, we as a people have failed to grasp the lessons to be learned from these historical events.
Posted on 6/2/22 at 8:41 am to SantaFe
quote:
2x4x8 southern yellow pine stud dropped by 50 cents this week.
Lumber took a significant dip the past week.
Posted on 6/2/22 at 8:42 am to stout
The analysts/planners at our company believe that we will be fine because our customers are not as price sensitive as other groups. Translation, our shite is incredibly expensive and the people who buy it don't even think about economic downturns.
If I can keep a job and there are some price drops on houses this may be best case scenario for me.
If I can keep a job and there are some price drops on houses this may be best case scenario for me.
Posted on 6/2/22 at 8:44 am to stout
quote:
The dream of homeownership for many young people is drying up
I hate this phrase.
It means that many will have to “settle” for a smaller starter home versus a McMansion.
My only concern is that the Fed is not raising interest rates enough and this economic mess will drag on longer. They are also doing nothing to address our national deficit.
Posted on 6/2/22 at 8:46 am to El Segundo Guy
quote:
Millennials are the only generation that will have ever done that. Millennials have it so bad.
What year were you born?
Posted on 6/2/22 at 8:47 am to cable
quote:
Quit trying to live in trendy areas.
Houses are going for 300k+ in the Fifth ward in Houston. That is a stone throw from rail yards and oil tankers. It is not the most violent part of Harris county but it is up there.
Moving to burbs is not much better. The established ones are already priced up. The newer ones could be ghetto in 10 years
If you can afford a "trendy" area, it was the safest investment
Posted on 6/2/22 at 8:49 am to sawtooth
quote:
I hate this phrase.
It means that many will have to “settle” for a smaller starter home versus a McMansion.
No. It means the starter home you could have bought for $150-200k 3 years ago is now $275k.
quote:
My only concern is that the Fed is not raising interest rates enough
Don't they still have another 10 or so hikes planned by end of next year? Sounds like they want half point increases for every one.
This post was edited on 6/2/22 at 8:51 am
Posted on 6/2/22 at 8:49 am to jclem11
quote:
Millennials are about to live through yet ANOTHER "once in a lifetime" economic downturn.
Yea no one that had to live through Jimmy Carter was alive in 2007. Only poor Millenials have it so rough.
Posted on 6/2/22 at 8:49 am to 50_Tiger
quote:
Millennials/Boomers/Gen X
Can we stop with this BS…we are all people and everyone is going through crap!
Posted on 6/2/22 at 8:52 am to sawtooth
quote:
I hate this phrase.
Well tough shite.
quote:
It means that many will have to “settle” for a smaller starter home versus a McMansion.
Sometimes it's better to just not allow your thoughts to be released to the rest of the world. This is one of those times
Posted on 6/2/22 at 8:53 am to wadewilson
1975
Posted on 6/2/22 at 8:55 am to stout
No kidding. They make comments obviously craving validation that the Millenial generation is in such bad shape through no fault of their own.
Well here's your validation Millenials. Yes, you have had it so much worse than us Gen Xers that tend to keep our mouths shut and deal with it.
Well here's your validation Millenials. Yes, you have had it so much worse than us Gen Xers that tend to keep our mouths shut and deal with it.
Posted on 6/2/22 at 8:55 am to wadewilson
quote:
No. It means the starter home you could have bought for $150-200k 3 years ago is now $275k.
DR Horton will be putting up new signs in front their developments monthly if this keeps us.
Posted on 6/2/22 at 8:56 am to stout
Two big home builder groups in this area are clearcutting every bit of land they can get their hands on building these 500k poorly built massive boxes of houses. Older homes are going for nearly twice what they were five years ago. Every new sale is contingent in a week, usually with double digit bids.
This many millennials didn't just crawl out of their parent's basement with half a mil to dump on a new house. This thing is being driven and it's going to crash...which has a lot in common with enough other economic factors moving in the same direction that it can't help but feel intentional.
This many millennials didn't just crawl out of their parent's basement with half a mil to dump on a new house. This thing is being driven and it's going to crash...which has a lot in common with enough other economic factors moving in the same direction that it can't help but feel intentional.
This post was edited on 6/2/22 at 8:57 am
Posted on 6/2/22 at 8:57 am to stout
Fannie is trying to put pressure on the Fed to slow down. JP Morgan's CEO had a similar message yesterday.
Posted on 6/2/22 at 8:57 am to AUCom96
Housing is being treated like stocks currently. I wonder how many loans are for primary residential.
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