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re: Mortgages Jump to 7.16%, Highest Since 2001
Posted on 10/27/22 at 11:58 am to Caraway Rye
Posted on 10/27/22 at 11:58 am to Caraway Rye
quote:
Sure but houses were less than half the price in relation to median incomes in the 70s and interest rates on a savings account were 15%
Both of those things will happen if the rates stay that high.
0
Posted on 10/27/22 at 12:05 pm to thatsnotmydog
quote:
And my retirement savings are at about 60% of end of year value. That’s tough as I live on the earnings. Lots of folks in my boots. It’s not a great time to be retired.
As a millennial, I really think you should skip the avocado toast and daily Starbucks and pick up a 2nd job.
Posted on 10/27/22 at 12:11 pm to Jcorye1
I am curious to see what happens with spec houses. Have heard of a few groups buying up homes from builders and renting them, the builders are taking +/-20% off the sticker.
Also, what about all the people who have adjustable rate mortgages? When those come up they are going to be upside down.
Also, what about all the people who have adjustable rate mortgages? When those come up they are going to be upside down.
Posted on 10/27/22 at 12:12 pm to GACornrowWallace
quote:
Have heard of a few groups buying up homes from builders and renting them, the builders are taking +/-20% off the sticker.
This is just fricking evil.
Posted on 10/27/22 at 12:21 pm to frequent flyer
You young uns getting a taste of what we paid back in the day. You'll all survive.
Posted on 10/27/22 at 12:33 pm to wadewilson
quote:
This is just fricking evil.
For the builders, it's not evil it's just survival. Completed specs that sit unsold acrue costs on a daily basis that are sunk costs. Builders are better off selling a chunk of specs at no profit than sitting on unsold specs.
Posted on 10/27/22 at 12:38 pm to bbvdd
quote:
30yr US treasury is down 30bps this week.
The 10yr is down 32bps.
Yup. Dropped big again off the GDP news
But tomorrows inflation should be around 5.2 which could erase it
Posted on 10/27/22 at 12:44 pm to Green Chili Tiger
quote:
For the builders, it's not evil it's just survival.
Yes, and I get that, I should have clarified. I have a lot of sympathy for smaller builders. It's hard to stay above water and be competitive for a home builder in good conditions.
I have less sympathy for large track home developers, like DSLD, because they're part of the housing problem.
I have a major problem with corporate entities cornering housing markets. This is something that will have to be dealt with in a way that's going to make a lot of people uncomfortable with government overreach. Localities aren't strong enough or organized enough to stop this.
Posted on 10/27/22 at 12:46 pm to Cosmo
quote:lol
Crash is coming and I have my eyes on several properties out west
Posted on 10/27/22 at 1:18 pm to GACornrowWallace
We have a new luxury townhome complex developed by a tract builder (not any of the big national ones). I noticed last week that the right side of them are now available for lease. Figured it was the builder just trying to make money until people buy again but now wondering if a group bought them to keep as rentals. Seems like it will shoot the builder in the foot when it comes to selling the rest of them.
This post was edited on 10/27/22 at 1:20 pm
Posted on 10/27/22 at 1:20 pm to frequent flyer
Any OT realtors out here starting to dust off the old resumes?
Posted on 10/27/22 at 1:23 pm to Cosmo
quote:
Good
Crash is coming and I have my eyes on several properties out west
Plaquemine is calling your name now. Why wait you can pick up hundreds of properties in the 50-60k range there.
Posted on 10/27/22 at 1:38 pm to bayoudude
quote:
If we get another 2008 type real estate crash I am scooping up as many rentals as I can.
This is not directed at you, I don't know your individual circumstances, but I see this sentiment a lot and think it is mostly wrong. When housing markets crash and the prices crater, it isn't a bonanza where your average middle class Joes all swoop in together and get great deals. If it worked that way, prices would be up. Housing crashes are almost always going to be accompanied by a lack of demand for real estate due to other reasons (interest rates are too high, inflation is too high, savings are wiped out, a third of the country lost their jobs, etc.). Put simply, the economy will most likely be in the shitter when a housing collapse happens and no one will be willing to buy because it is too risky or impossible.
If you have plenty of liquid disposable capital and won't be majorly affected by recession, then the crash will be your time, King.
Posted on 10/27/22 at 4:05 pm to Green Chili Tiger
quote:
Meanwhile, the single largest generation since the boomers are entering the prime home buying stage of life and the US is already nearly ten million housing units undersupplied.
frick my life.
Posted on 10/27/22 at 5:03 pm to Jcorye1
I hear the undersupplied narrative mostly from builders and realtors i.e. people who have a vested interest in that statement being fact.
Posted on 10/27/22 at 5:04 pm to frequent flyer
My rate keeps looking better and better.
Posted on 10/27/22 at 5:08 pm to Tigerlaff
I don’t think desirable vacation spots are going to crash. Covid era was very good for the very wealthy
Posted on 10/27/22 at 5:09 pm to frequent flyer
Will someone wake up uncle joe and let him know.
Posted on 10/27/22 at 5:13 pm to A Menace to Sobriety
quote:
Failure Joe and his administration are fricking disasters. Thanks to the idiots who voted for this garbage. We appreciate it.
Wrong board brother. id say about 98% on this board didnt vote for Joe
Posted on 10/27/22 at 5:41 pm to PetroBabich
quote:
I hear the undersupplied narrative mostly from builders and realtors i.e. people who have a vested interest in that statement being fact.
Through Q2 of this year, nationwide rental vacancy rates are at their lowest percentage since 1983, but I'm sure that's just a coincidence and the more likely explanation is a conspiracy of builders and realtors just lying because they need business.
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