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Posted on 12/2/24 at 5:21 pm to Bonkers119
quote:
At least there was some home growth in 2021 and 2022
Home growth increased in 23 and this year
Always a dumbarse
Posted on 12/2/24 at 5:23 pm to stout
quote:
You have to remember that as long as they can get a house through conveyance, they are reimbursed by HUD for all expenses to foreclose unless it is a conventional loan.
Are most not conventional loans? Or are you talking investment properties and not primary residences?
Why is anyone shocked here? Interest rates spike after years of low interest allowing people to buy above their means essentially, and then we have massive inflation causing homes to cost much more to build. Which equates to a huge percentage of homeowners in a position where selling their home would require a massive increase in a monthly payment to buy something else. Of course sales will drop.
Along with massive inflation, builders are going bigger and bigger and bigger. Its harder to find a neighborhood in a decent area with homes that are under 3000 sq ft now. Whereas even in 2000-2010 homes were often in the 1800-2400 range, now homes tend to be 2600-3500 in midrange "starter" neighborhoods.
Posted on 12/2/24 at 5:30 pm to baldona
quote:
Are most not conventional loans?
Around 30% are government-backed in some way
The lenders I deal with are mostly FHA lenders. We used to have one client who was only a VA servicer but dropped them when they changed from paying typical reimbursement rates for our services to a flat fee per house rate no matter how much work or how little we did.
The only client I deal with who does mostly conventional is Mr Cooper
I should have clarified that I was speaking from my own experience with the lenders I deal with daily
Posted on 12/2/24 at 5:30 pm to SlowFlowPro
quote:
Because everyone wants to live in the ghettos where illegals live
"Mixed Income Housing"
Posted on 12/2/24 at 5:50 pm to Knuckle Checker
quote:
We’re still several years away from seeing adequate inventory.
You are such a clown. Must be a realtor.
No way this is an inventory problem. It’s 100% an inflation, chickens coming home to roost problem.
While Paul loves to eat extra large sacks of dicks, he is correct in his assessment and if you think inventory is not a problem then I think we’ve identified the actual clown.
Would be sellers don’t list as they can’t afford the current interest rates which keeps that supply off the market. Rising labor and material costs which would include your inflation have caused a lack of new construction has negatively impacted the housing market.
Increasing population and millennials in prime home buying ages have attributed to the lack of housing as builders have not kept up.
Add institutional investors gobbling up large portions of existing and new housing coming online for rent takes all of those units out of the available pool of housing.
And add all those roosting chickens…
Posted on 12/3/24 at 12:23 am to Dire Wolf
quote:
Cause Jose is buying a 3/2 in a good school district
That’s exactly who’s buying them
Posted on 12/3/24 at 2:53 am to Cosmo
Seeing junk at $200/ft that is 20% + overpriced
Also see high end around $200/ft but unaffordable due to price point.
Sorry but everyone does not have $700k+ for a 3,100 sq ft house.
Also see high end around $200/ft but unaffordable due to price point.
Sorry but everyone does not have $700k+ for a 3,100 sq ft house.
Posted on 12/3/24 at 7:39 am to fareplay
quote:
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?
Every time a home sells, a lot of money will change hands. The realtors are the obvious ones, but skilled laborers also benefit from remodeling, as do manufacturing sectors which supply paints, adhesives, lumber, plumbing supplies, etc.
Posted on 12/3/24 at 7:47 am to stout
Probably a good thing
Higher interest rates are naturally going to slow home sales. It’s okay
Higher interest rates are naturally going to slow home sales. It’s okay
Posted on 12/3/24 at 7:49 am to tonydtigr
quote:
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?
quote:
Every time a home sells, a lot of money will change hands. The realtors are the obvious ones, but skilled laborers also benefit from remodeling, as do manufacturing sectors which supply paints, adhesives, lumber, plumbing supplies, etc.
Yep. And that’s just the tip of the iceberg. People buying a home triggers all sorts of economic activity in the community where the home is located even after the builders are done.
Posted on 12/3/24 at 8:25 am to Odysseus32
quote:
My sister needs more house and she can’t because she’s locked in sub 3.
This is where my wife and I are. Want more space but love our area and really no point with us being locked in at 2.85
This post was edited on 12/3/24 at 8:26 am
Posted on 12/3/24 at 9:30 am to stout
It's a complicated tightrope walk...inflation hawks keep the interest rates high to try to cool the crazy inflation in the housing market we've seen over the last 5 years or so.
Posted on 12/3/24 at 10:08 am to bubbz
quote:
This should be no surprise considering mortgage rates are still sky high.
Yeah. There's no way I'd give up my 3% mortgage and buy something new at 6%. I'll stay where I am.
Posted on 12/3/24 at 10:11 am to PUB
quote:
Sorry but everyone does not have $700k+ for a 3,100 sq ft house.
More people would if they quit drinking craft beer and taking trips to Disney
Posted on 12/3/24 at 12:23 pm to jizzle6609
quote:
In the same week I saw rates drop and then mortgage rates jumped.
The relationship between the two is a spurious correlation. They both relate to with the same other things, but not directly to each other. They can move in opposite directions.
Posted on 12/3/24 at 12:31 pm to Martini
quote:
While Paul loves to eat extra large sacks of dicks, he is correct in his assessment and if you think inventory is not a problem then I think we’ve identified the actual clown.
I'm just ignorant here I guess, but if home sales are at the lowest level since 1995 how is inventory the problem? Homes are dropping in price and selling for less on average around me than last year. How many Americans are living on the street because there are not enough homes?
Everyone wants to live in a bigger house, we had artificially low interest rates for many years. I don't quite understand how inventory can still possibly be low with most other metrics pointing the opposite direction.
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