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Posted on 9/9/22 at 7:01 am to Eli Goldfinger
quote:
A whole bunch of folks will be upside down in their mortgage in the next few months.
Where will they park all their $50k+ vehicles they're still paying notes on?
This post was edited on 9/9/22 at 7:03 am
Posted on 9/9/22 at 7:02 am to redstick13
Vegas is always going to be a volatile market because the economy of the area is tourism based and the other big industry in the state is mining.
Tourism, by definition, is boom and bust because it is only as good as the rest of the country is doing to afford luxuries.
Tourism, by definition, is boom and bust because it is only as good as the rest of the country is doing to afford luxuries.
Posted on 9/9/22 at 7:03 am to redstick13
Car note is the new mortgage.
Posted on 9/9/22 at 7:07 am to LSUGUMBO
quote:
Seems like we’re basically back to 2008 in lending practices. It’s crazy, but it’s where we are again.
I'm in the process of buying a house and this doesn't seem to be the case at all.
Posted on 9/9/22 at 7:11 am to Odysseus32
It may be a national trend but the effect is still market based.
2008 was heavily centered on around 10 markets including Orlando, Phoenix, and Vegas which has been red hot then suddenly has the bottom fall out between low sales and high repos.
2008 was heavily centered on around 10 markets including Orlando, Phoenix, and Vegas which has been red hot then suddenly has the bottom fall out between low sales and high repos.
Posted on 9/9/22 at 7:14 am to bulldog95
Same - Just like a bond does, the price of housing drops when rates increase.
So, buy when rates are high and prices are low, then refinance when the Fed prints more $.
So, buy when rates are high and prices are low, then refinance when the Fed prints more $.
Posted on 9/9/22 at 7:30 am to yaboidarrell
All the Asians have to live somewhere. Frisco is little china at this point.
Posted on 9/9/22 at 7:33 am to hikingfan
Good, since I intend not to sell my house I hope home values plummet before my home value is reassessed by the parish.
Posted on 9/9/22 at 7:35 am to SelaTiger
How often does an assessor lower the price of a property in their area?
Posted on 9/9/22 at 7:36 am to hikingfan
Only thing I’m really seeing drop here are the bulk builders. DR Horton and Rausch Coleman. They probably have 150 new construction between them right now ongoing, and I’d considered their prices excessive before.
Posted on 9/9/22 at 7:40 am to teke184
lol probably never. But maybe I can avoid a big increase in my property taxes.
Posted on 9/9/22 at 7:45 am to hikingfan
Pay wall. Can't see map.
I guess I'm the only one on the OT who doesn't have a subscription to Fortune.com. It sucks being poor.
I guess I'm the only one on the OT who doesn't have a subscription to Fortune.com. It sucks being poor.
Posted on 9/9/22 at 7:49 am to Swamp Angel
quote:
Pay wall. Can't see map. I guess I'm the only one on the OT who doesn't have a subscription to Fortune.com. It sucks being poor.
There is a screenshot of the map in the OP.
Posted on 9/9/22 at 7:57 am to hikingfan
Definitely seeing this in TX. Houses were going in hours after listing in 2020-21. Now it’s more like weeks, with price cuts along the way.
The reason is simple. Mortgage rates have added hundreds of $ to a monthly payment.
It’s not a 2008 economic crash. Lending practices are much tighter now.
The reason is simple. Mortgage rates have added hundreds of $ to a monthly payment.
It’s not a 2008 economic crash. Lending practices are much tighter now.
Posted on 9/9/22 at 8:06 am to HerkFlyer
quote:imagine wanting to buy a house in Alabama
Chickens coming home to roost for all those people that paid too much for a lake house in North Central Alabama.
Posted on 9/9/22 at 8:07 am to hikingfan
The drop in housing prices will need to be significant.
I didn't have the best timing, but I bought a this past January. Comparing that to today, given what my rate would be now, to get the same mortgage payment the house would need to cost 125k less.
I didn't have the best timing, but I bought a this past January. Comparing that to today, given what my rate would be now, to get the same mortgage payment the house would need to cost 125k less.
Posted on 9/9/22 at 8:09 am to TejasHorn
quote:
Definitely seeing this in TX. Houses were going in hours after listing in 2020-21. Now it’s more like weeks, with price cuts along the way.
The reason is simple. Mortgage rates have added hundreds of $ to a monthly payment.
It’s not a 2008 economic crash. Lending practices are much tighter now.
I'm curious to see if this results in any actual reduction in value. If someone bought a house for $750k two years ago, listed it last month for $1M, and then cut the price to $850k, we are still talking about massive (hypothetical) year over year gains.
Put another way, just because someone incorrectly thought their house appreciated X, but it really only appreciated Y, isn't a true reduction in home values.
Posted on 9/9/22 at 9:35 am to MikeBRLA
quote:
There is a screenshot of the map in the OP.
Thanks. I'm at the office checking in once in awhile. Images frequently don't show up on the laptop here. Will check again when I get home this evening.
Posted on 9/9/22 at 9:46 am to Joshjrn
quote:If Redfin is to be believed, my home's value increased since December at $695k up to $802k in August, but this month they dropped it to $773k, an almost $30k drop in one month.
I'm curious to see if this results in any actual reduction in value. If someone bought a house for $750k two years ago, listed it last month for $1M, and then cut the price to $850k, we are still talking about massive (hypothetical) year over year gains.
Put another way, just because someone incorrectly thought their house appreciated X, but it really only appreciated Y, isn't a true reduction in home values.
My neighbor just sold their home next door. Had it listed at $730k and had to drop to $695k to sell it. That was $201 a square foot.
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