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Started By
Message
re: Feds raise interest rates 1/2%
Posted on 5/4/22 at 1:58 pm to LSUSkip
Posted on 5/4/22 at 1:58 pm to LSUSkip
They are always too late both going up and down
Latest Gallup data show that only 30% of Americans think it's a good time to buy a house, down 23% from a year ago and the first time the figure has been below 50%
Economy is already screwed
Latest Gallup data show that only 30% of Americans think it's a good time to buy a house, down 23% from a year ago and the first time the figure has been below 50%
Economy is already screwed
This post was edited on 5/4/22 at 2:04 pm
0
Posted on 5/4/22 at 2:01 pm to jclem11
quote:
Going to get rich off that savings account now.
Not after credit card and mortgage rates go up you won't.
Posted on 5/4/22 at 2:05 pm to SantaFe
Something I haven't heard talked about is skyrocketing assessments. Most people, especially first time homeowners, have property taxes built into their mortgage payment via escrow. Our property assessment went from 195k last year to 299k this year. One year. This is going to impact our mortgage payment.
Thankfully, it's not a big deal for us since our mortgage is less than 15% of our gross incomes, but I'm willing to bet there are a LOT of people who cannot afford another $100 in escrow added to their mortgage payment every month.
Thankfully, it's not a big deal for us since our mortgage is less than 15% of our gross incomes, but I'm willing to bet there are a LOT of people who cannot afford another $100 in escrow added to their mortgage payment every month.
Posted on 5/4/22 at 2:07 pm to TigerFanatic99
^^^
Great point and true
Also, trucks move majority of our economy lets check diesel prices
Great point and true
Also, trucks move majority of our economy lets check diesel prices
Posted on 5/4/22 at 2:09 pm to AubieinNC2009
Only 18% to go if they want to catch inflation
This post was edited on 5/4/22 at 2:11 pm
Posted on 5/4/22 at 2:13 pm to Homesick Tiger
quote:
Not after credit card and mortgage rates go up you won't
Lucky for me i pay my card off weekly and i just refinanced my house at 2.5%
Maybe i can finally get some rewards for maintaining an emergency fund.
Posted on 5/4/22 at 2:23 pm to Rogers Hog
quote:
Lucky for me i pay my card off weekly
Same here. Don't pay it weekly but every month, if I have a balance to pay off. I just read the average cc balance in America is $5,585 according to Karma. Damn, there's some folks out there that owe some serious jack it appears.
Posted on 5/4/22 at 2:45 pm to Homesick Tiger
quote:
Not after credit card and mortgage rates go up you won't.
Don't carry a balance on my credit cards and mortgage locked in at 3.6%.
Posted on 5/4/22 at 2:46 pm to AubieinNC2009
Dow up almost a 1000 points in the last hour
Posted on 5/4/22 at 2:48 pm to HubbaBubba
People betting this will curtail inflation. I ain't taking that bet.
Posted on 5/4/22 at 7:20 pm to TigerFanatic99
quote:
Something I haven't heard talked about is skyrocketing assessments. Most people, especially first time homeowners, have property taxes built into their mortgage payment via escrow. Our property assessment went from 195k last year to 299k this year. One year. This is going to impact our mortgage payment. Thankfully, it's not a big deal for us since our mortgage is less than 15% of our gross incomes, but I'm willing to bet there are a LOT of people who cannot afford another $100 in escrow added to their mortgage payment every month.
Property taxes(recently, and certainly moving forward in time) have not been an accurate reflection of municipal services costs. Fairly soon, property owners will be down at town hall screaming with pitch forks and torches in protest of these outrageous taxes.
I, for one, already do not feel that I am getting my taxes worth for the amount of property tax that I pay to my town each year.
Posted on 5/4/22 at 8:49 pm to AubieinNC2009
The last people to figure out a bust market will always be the sellers.
A 2k sq.ft. house in our new neighborhood that was going for $349k this time last year is now on the market for around $506K. Even at 2.5%, that price was still far too high, because you couldn't finance out of it due to no possibility of a rate decrease, and don't even get me started on the taxes. Now that the rate has over doubled, it will sit there until they bring the price down where it should be. Glad they have built to sell so far, but the construction is about to come to a screeching halt for the second and third phase of the neighborhood (about 60 houses short of the planned 120). Glad we got in when we did.
A 2k sq.ft. house in our new neighborhood that was going for $349k this time last year is now on the market for around $506K. Even at 2.5%, that price was still far too high, because you couldn't finance out of it due to no possibility of a rate decrease, and don't even get me started on the taxes. Now that the rate has over doubled, it will sit there until they bring the price down where it should be. Glad they have built to sell so far, but the construction is about to come to a screeching halt for the second and third phase of the neighborhood (about 60 houses short of the planned 120). Glad we got in when we did.
Posted on 5/4/22 at 8:55 pm to AubieinNC2009
Good shitting the housing market down further and all the Biden voting suburban white women who are 90% realtors will suffer.
Posted on 5/5/22 at 6:26 am to Bass Tiger
quote:
One year late….
15 yrs too late
Posted on 5/5/22 at 6:36 am to Wtodd
This shite is exact reason why I don’t day trade and let others manage my money…. I’m flabbergasted that the housing market hasn’t crashed yet with rates going up 2% in last 4 months.
Posted on 5/5/22 at 6:58 am to Wtodd
quote:
quote:
One year late….
15 yrs too late
This fella gets it. You can take heroin for years, then the collective damage kicks your azz
Posted on 5/5/22 at 7:13 am to SantaFe
quote:I had a client call me to make sure they’re closing on time to make sure they didn’t miss their rate lock.
So how will the housing market take this ?
330k house 1/2 percent is about $100 a month differential in payment. It’ll turn out to be at least 1 full percent in mortgages so I expect I’ll see less people looking under 200k, but anyone 350k and up will likely keep right on buying, just might be 330k instead of 350k range
Posted on 5/5/22 at 7:18 am to Lsut81
quote:I’m not. I’m busier than I’ve ever been, which is saying something. I’ve got 10 under contract right now, which What peak in June/July typically is for me. I hit 10 under contract in late March and have stayed there.
I’m flabbergasted that the housing market hasn’t crashed yet with rates going up 2% in last 4 months.
Rates were historically low. My first mortgage was 13%, and I paid 4 points to get to that. At the low rates even a percentage point change wasn’t that big of an issue
Posted on 5/5/22 at 7:25 am to llfshoals
don't forget homeowners insurance. replacement cost causing big increases in rates. between taxes and insurance, you will see peoples mortgage payments go up unless you pay those seperately.
This post was edited on 5/5/22 at 7:33 am
Posted on 5/5/22 at 7:31 am to texas tortilla
quote:I didn’t. Even if you have a 20% increase in homeowners insurance, the increase in rates (around here anyway) is 15-20 a month for a 250-300k house.
don't forget homeowners insurance. replacement cost causing big increases in rates.
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