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re: Pending home sales fall to the lowest level in 26 years
Posted on 10/22/26 at 9:51 am to Mingo Was His NameO
Posted on 10/22/26 at 9:51 am to Mingo Was His NameO
quote:
The price was “too high” because rents are not equitable with the price of ownership. I had 3 applications and a new renter within a week at 20% cash flow after taxes and insurance.
Say it with me, you could have sold it easily for a very nice profit but it made more sense to rent.
Again Mingo, that doesn't mean you couldn't sell it.
You do you
Posted on 10/22/26 at 9:54 am to baldona
quote:
Say it with me, you could have sold it easily for a very nice profit but it made more sense to rent.
God, you are dumb
Posted on 10/22/26 at 9:54 am to stout
And they should continue to plummet. Screw the banks, private equity, and the government for getting us here
Posted on 10/22/26 at 9:56 am to stout
Drumf tanked the housing market so all his billionaire buddies can buy up all the property for cheap and raise rent on POC
Posted on 10/22/26 at 9:58 am to theunknownknight
Prices aren’t going to plummet
Posted on 10/22/26 at 10:04 am to CatfishJohn
quote:
I fall squarely into this. We'd love to buy a different home with more land. Our house has appreciated a ton and we are in a better spot financially than when bought our current home (although it's just fine). We aren't even considering it now because we are at a 3% interest rate.
I'm not buying more home AND taking on a 7-7.5% rate. My mortgage would triple or more.
We are always looking at new houses and land online for fun, but it just doesn't make sense. Tons of things for sale, but it's financially stupid to move right now.
I'm in the same boat. My income has tripled since I bought my (very small) house but I'm staying in it as long as I can. If I financed the same amount at today's interest rates I'd be paying $525/month more just in interest.
Posted on 10/22/26 at 10:08 am to ClientNumber9
Being back the illegals!!
Says the real estate developers.
Says the real estate developers.
Posted on 10/22/26 at 10:10 am to Dragula
Yeah, how Dare they for wanting a favorable ROI
Treating single family homes as investments is why we are at this point now.
Treating single family homes as investments is why we are at this point now.
Posted on 10/22/26 at 10:10 am to SlowFlowPro
quote:
I know a lot of this market was propped up by the psychology that rates being increased was only temporary, but it's been like 3 years and they still haven't accepted the fact that they're not coming down anytime soon
I've said for a while now I believe there were a lot of "passive speculators" who got caught as rates increased, thinking they would return to sub-5% within a year or three. These people were buying homes to live in, but their real goal was to sell in a few years for a massive profit. Now they're stuck and the question now is how many of them can afford to remain in their current setup and how many are running out of cash.
The larger group though are those who bought at ~5%-6% or less and are stable in their situation, but would like to move but can't because rates + price equal paying more for less than what they already have.
Posted on 10/22/26 at 10:12 am to jmarto1
Even with the fastest trains thats a 2 hour commute
Posted on 10/22/26 at 10:13 am to baldona
quote:
Rates aren't that bad, I'm sorry. The essentially free money days of 2-4% interest were an exception not the norm.
Economists were saying for years that the 3% interest rates were going to bite us in the arse at some point.
The hard truth is interest rates in the 5-8% range is healthy. That allows a healthy bond market and generally speaking helps with inflation.
You aren't wrong on a lot of this, but you're not adjusting your outlook on the situation based on the current factors at play.
We should not have kept mortgage interest rates at 2.8-3% for as long as we did. Absolutely agree. But, we did do that. So we can't just not react to that fact. Doing that inflated home prices to a point where any sort of mass correction on home values will cause a crisis. Then we had COVID and building materials shot through the roof. There has been some recovery on that side, but we all know once things inflate they rarely if ever go back down to the pre-inflation prices.
The simple fact is that our greed from keeping rates so low for longer than necessary has made a market dependent on lower rates. We essentially have to get back down to at least the low 5's if not high 4's in terms of the average mortgage rate to get the housing market going again. Mortgages are too high in relation to income levels.
The amount you actually pay for the house is absolutely meaningless to most people. The number they care about is their mortgage payment. $600k for a house in some neighborhoods is the steal of the lifetime, and if you dropped that same house into a different neighborhood it would be a 2x overpay. Conceptually the value of an individual home just does not matter to people. But you tell them their payment, and now we can have a discussion.
Posted on 10/22/26 at 10:16 am to Tiger4life306
quote:
Prices aren’t going to plummet
They can't be allowed to. Almost half of seniors get most of their income from Social Security. A house is the largest single investment for a huge percentage of Americans.
Posted on 10/22/26 at 10:17 am to ShrimperDan
I'm one of the people who plan to retire in the next 10 years. Plan to sell my house and downsize when I do. Hopefully things get turned around soon. Under the current market conditions, I would have to probably delay retirement for another year or two.
Posted on 10/22/26 at 10:19 am to stout
I was hoping to build soon, but that’s not gonna happen it doesn’t look like
Posted on 10/22/26 at 10:20 am to stout
quote:
one of the largest builders in America, Lennar, is allegedly colluding with another entity they have an interest in, buying their own homes and renting them for less than market value
A couple builders here in the Baton Rouge market have been doing this for years.
Posted on 10/22/26 at 10:21 am to ShrimperDan
quote:
Prices aren’t going to plummet
They can't be allowed to. Almost half of seniors get most of their income from Social Security. A house is the largest single investment for a huge percentage of Americans.
Possibly.
Or alternatively they absolutely have to (or young people will continue form fewer families and have fewer children).
We don't want to become Japan. Their policies since the 90s have prioritized the elderly above the young and their demographic issues will continue to harm the country's fiscal and demographic future
Posted on 10/22/26 at 10:23 am to molsusports
quote:
Or alternatively they absolutely have to (or young people will continue form fewer families and have fewer children).
We don't want to become Japan. Their policies since the 90s have prioritized the elderly above the young and their demographic issues will continue to harm the country's fiscal and demographic future
100000000%
Posted on 10/22/26 at 10:26 am to molsusports
Nah. 50 year mortgages are the solution 
This post was edited on 10/22/26 at 10:26 am
Posted on 10/22/26 at 10:28 am to Salmon
quote:
Nah. 50 year mortgages are the solution
it would be like being eiffle towered by the "you won't own anything and you'll like it gang"...on one side property taxes and on the other 50 year mortgages
Posted on 10/22/26 at 10:28 am to Eauxs Eaux Face
quote:
Another issue, is that people with 4-5% rates that bought homes in the teens, then put Helocs on their inflated equities during the Covid boom, are stuck with trying to sell their homes at those higher prices because if they did not they would be netting nearly zero or even paying out of pocket at closing.
I mean, boo hoo for them. There better have been a good reason for the HELOC.
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