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There has to be a correction in the housing and vehicle market at some point, right?
Posted on 7/11/23 at 7:36 am
Posted on 7/11/23 at 7:36 am
These prices and interest rates are going to have to start breaking people at some point huh?
37
Posted on 7/11/23 at 7:39 am to RoosterCogburn585
Not if the gubment keeps propping up shaky mortgages.
Posted on 7/11/23 at 7:42 am to RoosterCogburn585
People bought places as Airbnb and vrbo in our town and now there are just too many of them…will be interesting to see if they can carry these mortgages when they don’t rent often.
I’m sure Blackrock can funnel money in.
I’m sure Blackrock can funnel money in.
Posted on 7/11/23 at 7:42 am to RoosterCogburn585
I sure hope so. I’m stuck in an apartment and can’t find anything that I want anywhere close to my price range in the Houston area. As of now, I mostly work remotely so that gives me some freedom to expand my search but I don’t think that I’m in my forever job so not ready to pull the trigger on something an hour from downtown.
Posted on 7/11/23 at 7:45 am to RoosterCogburn585
It is happening now, just slow...12-18 months things will look better
Posted on 7/11/23 at 7:50 am to hubreb
Car repo's are up significantly.... can't imagine why. Home repo's would be up too, but the feds keep meddling in that market.
Posted on 7/11/23 at 7:51 am to RoosterCogburn585
They want to systemically make it really difficult to purchase vehicles and homes going forward. That's just a fact, so expect more policy to restrict people's ability to purchase those things and penalize the ones who do hold ownership.
Posted on 7/11/23 at 7:52 am to hubreb
quote:
It is happening now, just slow...12-18 months things will look better
This is what I think.
It's really needed to happen for quite a while and this gradual slow down is what needs to happen. It's better than a hard crash.
Posted on 7/11/23 at 7:52 am to RoosterCogburn585
No end in sight until a competent administration not set on destroying the foundations of our country is installed
Posted on 7/11/23 at 7:54 am to RoosterCogburn585
The market is slow to correct but it is happening. I follow the Mannheim used vehicle value index and while it was extremely fast to rise it is slowly falling.
I doubt we ever see pre COVID pricing, but the current pricing isn’t sustainable.
I doubt we ever see pre COVID pricing, but the current pricing isn’t sustainable.
Posted on 7/11/23 at 7:54 am to supadave3
quote:
I sure hope so. I’m stuck in an apartment and can’t find anything that I want anywhere close to my price range in the Houston area. As of now, I mostly work remotely so that gives me some freedom to expand my search but I don’t think that I’m in my forever job so not ready to pull the trigger on something an hour from downtown.
Dude, just work harder and it'll happen for you. It takes grit and determination.
Posted on 7/11/23 at 7:57 am to GetCocky11
quote:
Dude, just work harder
Get the government out of the housing market and everyone can afford it again.
Posted on 7/11/23 at 8:04 am to RogerTheShrubber
I waited for the prices of cars to come down and actively watched them for a year.
I finally broke and bought a 4 year old used Corolla with 38,000 miles for $18,000.
It was ridiculous but my daughter needs a car in college.
Car dealerships have figured out they would rather sell half the cars for the same profit as they did 4 years ago.
It will take one car company deciding they are going to compete on volume but so far no company has been willing to buck the 1/2 the work for the same profit gig they have going now.
House prices are driven up by the 25%-30% of houses being bought by investment corporations.
Also, higher prices for big ticket items is what inflation means. As the Government continues to borrow money and spend like crazy the prices of everything we buy will increase.
I finally broke and bought a 4 year old used Corolla with 38,000 miles for $18,000.
It was ridiculous but my daughter needs a car in college.
Car dealerships have figured out they would rather sell half the cars for the same profit as they did 4 years ago.
It will take one car company deciding they are going to compete on volume but so far no company has been willing to buck the 1/2 the work for the same profit gig they have going now.
House prices are driven up by the 25%-30% of houses being bought by investment corporations.
Also, higher prices for big ticket items is what inflation means. As the Government continues to borrow money and spend like crazy the prices of everything we buy will increase.
This post was edited on 7/11/23 at 8:08 am
Posted on 7/11/23 at 8:07 am to RoosterCogburn585
Baby Boomers are finally entering the death zone. I have to think they own a disproportionate share of good housing and other consumer items. Father Time is still undefeated. They will become infirm, downsize, transition to nursing or retirement homes and die just like every other human being who ever lived. When the "death boom" happens we should see a lot more inventory flood the market.
What we need to do is prevent cash rich institutional investors and hedge funds from sweeping in to buy it all as part of a policy to turn the American middle class into perpetual renters and corporate sharecroppers. But there's probably zero appetite for that in our political system despite the lip service from politicians on both sides.
Posted on 7/11/23 at 8:11 am to RoosterCogburn585
There is a lot of money moving around.
Posted on 7/11/23 at 8:12 am to RoosterCogburn585
Don't expect it for housing. People refied to 2-3% mortgages and aren't selling those houses for a long time. People aren't selling a 3% mortgage to go to a 7% mortgage.
There's not enough inventory of new houses and won't be for years. High borrowing rates and higher costs of construction will keep things steady at this pace. Imho
There's not enough inventory of new houses and won't be for years. High borrowing rates and higher costs of construction will keep things steady at this pace. Imho
Posted on 7/11/23 at 8:16 am to RogerTheShrubber
quote:
Get the government out of the housing market and everyone can afford it again.
With your plan RIP in peace 30-year fixed-rate mortgages.
Posted on 7/11/23 at 8:20 am to BestBanker
quote:
Don't expect it for housing. People refied to 2-3% mortgages and aren't selling those houses for a long time. People aren't selling a 3% mortgage to go to a 7% mortgage.
This is entirely dependent on housing costs dropping
Posted on 7/11/23 at 8:21 am to RoosterCogburn585
Naw, this is the new normal...
Posted on 7/11/23 at 8:22 am to bird35
quote:
finally broke and bought a 4 year old used Corolla with 38,000 miles for $18,000.
And it’s ridiculous that you had to pay that much.
We’ve been slowly looking for a few months for my kid something. Was thinking a truck in the $14-15k range but that market is a damn fine joke.
Might just settle for something way cheaper and buy something with hopes it will get last through final year of high school.
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