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re: The average interest rate on a 30-year mortgage rises to 7.62%, the highest since 2000
Posted on 9/8/23 at 8:43 am to stout
Posted on 9/8/23 at 8:43 am to stout
Meanwhile large investment groups (and foreign companies) buy up entire neighborhoods at a time
People really need to do research and learn what happened to London and England as a whole 15 years ago. That was a test run for what is going on here.
Big money buys everything up in a recession driving up the prices to keep the normies from being able to compete and then continues to buy everything up creating two sources of income:
1. Collateral to borrow against at special rates lower than most investment returns so the rich can get richer without spending a dime
2. Rental properties for essentially easy income while holding on to the assets
People really need to do research and learn what happened to London and England as a whole 15 years ago. That was a test run for what is going on here.
Big money buys everything up in a recession driving up the prices to keep the normies from being able to compete and then continues to buy everything up creating two sources of income:
1. Collateral to borrow against at special rates lower than most investment returns so the rich can get richer without spending a dime
2. Rental properties for essentially easy income while holding on to the assets
This post was edited on 9/8/23 at 8:44 am
0
Posted on 9/8/23 at 8:45 am to Schmelly
quote:
is a zombie house
They are homes that are in legal limbo. The house is in foreclosure but the bank hasn't started servicing the property yet. This usually happens when there is a question about the legality of the foreclosure.
That isn't always the case though as Wells Fargo was sued years ago for not maintaining their foreclosures in ghettos and paid a huge fine.
Oftentimes, as soon as a house goes vacant the bank moves in and starts maintaining it to keep it from deteriorating. They maintain it despite not legally owning it yet per the mortgage contract that gives them the right to do so once you are behind on payments and vacate the property.
Zombie houses aren't being maintained by anyone and are a blight on the neighborhood and eventually get a ton of violations stacked up against them.
This post was edited on 9/8/23 at 8:49 am
Posted on 9/8/23 at 8:48 am to stout
quote:
The average interest rate on a 30-year mortgage rises to 7.62%
Which is still not that bad, but home prices still listing at 2020/2021 prices is the problem.
Posted on 9/8/23 at 8:48 am to madamsquirrel
Neighbor put his house up during the peak recently and was on the market one weekend. Visited four times and got an offer over asking for 365k. Sold.
We put ours up in March at 350k and have since lowered it to 300k. Only people interested in it seems to be investors to rent it out. It is a little smaller than the neighbors but the lot is considerably bigger being a corner lot.
Agent said she's not selling much of anything right now
We put ours up in March at 350k and have since lowered it to 300k. Only people interested in it seems to be investors to rent it out. It is a little smaller than the neighbors but the lot is considerably bigger being a corner lot.
Agent said she's not selling much of anything right now
Posted on 9/8/23 at 8:49 am to Rize
quote:
My arse may just end up renting when I move to Houston.
Plenty of options in the suburbs.
Posted on 9/8/23 at 8:50 am to stout
A big crash has been building since all the stimulus money hit the market. Heavy inflation in such a short time hurt too many people. Going to be a fun 5 years. Maybe longer.
Glad I got my house at 2.7. Feel badly for others.
Glad I got my house at 2.7. Feel badly for others.
This post was edited on 9/8/23 at 8:51 am
Posted on 9/8/23 at 8:51 am to Areddishfish
Where's that Bambi whatever alter douche when you need him?
Posted on 9/8/23 at 8:52 am to GeorgeTheGreek
quote:
Glad I got my house at 2.7. Feel badly for others.
Are you still in Cali?
Cali is going to be the hardest hit IMO. You know there is a bubble when houses in Compton are reaching a cool $1 million and they are tear-downs.
Posted on 9/8/23 at 8:53 am to Epic Cajun
quote:
Supply has to be very low as well. I can't imagine what would have to happen for me to sell my current house at 2.75% and buy a house at 7%.
This is the problem. Supply and demand principle can't help lower the price yet because there are still more folks who need housing then there is housing available. It's a high price combo, with a side of high interest and a large cup of low supply all coinciding with each other.
Posted on 9/8/23 at 8:53 am to stout
quote:
since 2000
Oh noes!!!!
Posted on 9/8/23 at 8:54 am to Deactived
One of our kids (not Louisiana) is wanting to move next summer. They are going to list this month and see what happens in case it sits. They will just rent if it sells.
Posted on 9/8/23 at 8:57 am to Deactived
quote:
We put ours up in March at 350k and have since lowered it to 300k. Only people interested in it seems to be investors to rent it out. It is a little smaller than the neighbors but the lot is considerably bigger being a corner lot.
Agent said she's not selling much of anything right now
I follow a bunch of properties on FBM and the movement has slowed considerably. Some properties have reduced 50-75k and have sat for months.
Posted on 9/8/23 at 8:57 am to Sput
quote:
I remember when people would line up for a city block to get 7.62%
Yet the price of a 1500 square foot home was the same as a Ford f150 XLT, not 2 Yukons.
Get the frick out of here.
Posted on 9/8/23 at 8:58 am to LSUnation78
quote:
Oh noes!!!!
The problem is those rates are on houses priced for 2021
Posted on 9/8/23 at 8:58 am to Ingeniero
quote:
We ain't moving.
That’s the rub. No one wants to sell. It makes a lot of sense to rent if you want to move somewhere. Rates are high and selection is limited. Unless you want a new build in an exurb.
Posted on 9/8/23 at 9:01 am to JasonDBlaha
quote:
Couldn’t imagine being a Gen Z kid who just graduated from college and is working while trying to find a home now. It’s going in the direction where you pretty much have to be married or come from generational wealth if you want to buy a house in a decent, low-crime area with amenities. Gone are the days where you could have an average-paying job out of school and be able to buy a house and raise a family with it.
Considering how the younger generations are statistically less likely to get married, you’re going to see more cases of kids living with their parents until their 32.
Unless mom and dad are putting up all the upfront costs, how is a new college grad going to buy a house anyway? Renting and saving until you can get a house is the rule not the exception.
And if these kids would quit pursuing degrees that don't pay while taking on mountains of debt, they'd stand a better chance of not having to live with their parents.
Posted on 9/8/23 at 9:02 am to Sidicous
quote:
Wake me when we hit the Carter Era double digits.
You could get a house for the price of a Honda civic.
Shut the frick up.
Posted on 9/8/23 at 9:03 am to SlowFlowPro
quote:
The problem is those rates are on houses priced for 2021
Posting this stat again to show how far out of average affordability the current market is
Per Black Knight: It would take some combination of up to a 28% decline in home prices, a more than 4% reduction in 30-year mortgage rates, or up to a 60% growth in median household incomes to bring home affordability back to its 25-year average.
Posted on 9/8/23 at 9:05 am to stout
and Gas is closing in on $4 a gallon. The morons that vote for this shite.
Posted on 9/8/23 at 9:05 am to Cosmo
quote:
Yet prices still arent dropping
quote:
Realtors are assholes
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