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Started By
Message
U.S Home Sales on track for worst year since 1995
Posted on 12/2/24 at 11:29 am
Posted on 12/2/24 at 11:29 am
13
Posted on 12/2/24 at 11:29 am to stout
They are handing Trump a freaking grenade.
Posted on 12/2/24 at 11:34 am to stout
We’re still several years away from seeing adequate inventory.
Posted on 12/2/24 at 11:39 am to stout
This should be no surprise considering mortgage rates are still sky high.
Posted on 12/2/24 at 11:40 am to stout
Joe
Posted on 12/2/24 at 11:40 am to stout
What’s the benefit of high home sales? Could also be negative too right? Since if huge unemployment leads to sales, is that a good thing?
Posted on 12/2/24 at 11:56 am to stout
Rates were too low for too long, this enabled a lot of people to get rates we likely won't see again for quite a few years. That along with the jump in prices means many of those homeowners are locked into those homes at least until rates drop a good bit (average 30yr fixed has been moving up since the .5 cut by the Fed in September, sitting at just under 7% right now).
It wouldn't surprise me to see rates continue to remain above 6% for a while. Mortgage rates come from the MBS, which tracks the 10yr Treasury. The 10yr is being kept high because the Treasury is having to offer higher yields to entice buyers due to the federal government continuing to create assloads of Dollars through insane amounts of deficit spending.
It wouldn't surprise me to see rates continue to remain above 6% for a while. Mortgage rates come from the MBS, which tracks the 10yr Treasury. The 10yr is being kept high because the Treasury is having to offer higher yields to entice buyers due to the federal government continuing to create assloads of Dollars through insane amounts of deficit spending.
Posted on 12/2/24 at 11:57 am to stout
Less volume total in the market due to higher interest rate.
Those in sub 4% rates will not move for a 7% rate unless they have no choice. So people are sitting in their current houses.
The big issue is those trying to get into the market. High cost due to low inventory coupled with higher the recent rates.
Those in sub 4% rates will not move for a 7% rate unless they have no choice. So people are sitting in their current houses.
The big issue is those trying to get into the market. High cost due to low inventory coupled with higher the recent rates.
Posted on 12/2/24 at 11:58 am to Paul Allen
quote:
We’re still several years away from seeing adequate inventory.
Not once the deportations start.
Posted on 12/2/24 at 12:02 pm to Aubie Spr96
quote:
They are handing Trump a freaking grenade.
Who is "They"?
This has been a thing since prior to 2020, but Trump's covidbucks sent this into the stratosphere. Biden doubling down made it worse down the line.
Posted on 12/2/24 at 12:03 pm to Bard
quote:
That along with the jump in prices means many of those homeowners are locked into those homes at least until rates drop a good bit
Or until unemployment starts to rise...
Posted on 12/2/24 at 12:03 pm to frankthetank
quote:
Not once the deportations start.
Because everyone wants to live in the ghettos where illegals live
Posted on 12/2/24 at 12:16 pm to tigeraddict
quote:
Those in sub 4% rates will not move for a 7% rate unless they have no choice. So people are sitting in their current houses.
Mortgage rates haven’t been dropping even with the Fed cutting rates because the 10-year Treasury yield has been unusually stubborn. On top of that, Trump’s tariff threats haven't helped either and caused a spike in the yield just last week.
2025 might be a lot like 2024 has been.
Posted on 12/2/24 at 12:18 pm to bubbz
Rates right now are historically average.
My sister needs more house and she can’t because she’s locked in sub 3.
She will never leave if she’s waiting for rates to drop even to sub 3.5 before selling and buying again.
My sister needs more house and she can’t because she’s locked in sub 3.
She will never leave if she’s waiting for rates to drop even to sub 3.5 before selling and buying again.
Posted on 12/2/24 at 12:22 pm to SlowFlowPro
quote:
Because everyone wants to live in the ghettos where illegals live
Illegals have been heavily subsidized under Biden and many are living in desirable areas.
Posted on 12/2/24 at 12:36 pm to SlowFlowPro
quote:
This has been a thing since prior to 2020, but Trump's covidbucks sent this into the stratosphere. Biden doubling down made it worse down the line.
*Congress' COVID bucks, passed with veto proof majority.
Posted on 12/2/24 at 12:44 pm to frankthetank
quote:
Not once the deportations start.
Cause Jose is buying a 3/2 in a good school district
Posted on 12/2/24 at 12:50 pm to Boss13
quote:
*Congress' COVID bucks, passed with veto proof majority.
With direct collaboration with Trump's admin, as they were part of the negotiation at every stage
Posted on 12/2/24 at 12:55 pm to Bard
quote:
The 10yr is being kept high because the Treasury is having to offer higher yields to entice buyers due to the federal government continuing to create assloads of Dollars through insane amounts of deficit spending.
This is my fear. Obviously spending cuts are needed but Trump may have to slow walk it to avoid a gigantic recession.
Posted on 12/2/24 at 1:05 pm to bubbz
And home insurance is up. And property taxes are up. Add that in with mortgage rates being up and people are just refusing to buy. I wouldnt buy a house right now if I didn't absolutely have to. I think my escrow has gone up $100 a month every year for the last 3 years.
The whole thing is a fricking mess.
The whole thing is a fricking mess.
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