Mortgage rates are over 7. Not that long ago they were 3.5 or something. Winning!
Oh no!
Over 7%!!!
Only worth like $1000/month to the buyer on a $400k mortgage. No biggie.
Mortgage rates can go all the way to 7?!?!
unprecedented
if you're under 30
You’re such a dishonest little shit. Look at the median cost of a home.
I realize you don’t give a fuck because at 65 or whatever you’re across the finish line on your home loan, but this is a huge problem for people in their 20s and 30s wanting to own their own house.
But keep up with the snark and glib replies that always fall flat. Even the dummies on this board see right through your bullshit.
10.25% was an issue when I bought my first home too.
You seem to ignore the fact that sellers are also impacted by rising rates.
But rates at 3 - 4% was always going to be the aberration.
Mortgage rates are over 7. Not that long ago they were 3.5 or something. Winning!
Oh no!
Over 7%!!!
Only worth like $1000/month to the buyer on a $400k mortgage. No biggie.
Mortgage rates can go all the way to 7?!?!
unprecedented
if you're under 30
You’re such a dishonest little shit. Look at the median cost of a home.
I realize you don’t give a fuck because at 65 or whatever you’re across the finish line on your home loan, but this is a huge problem for people in their 20s and 30s wanting to own their own house.
But keep up with the snark and glib replies that always fall flat. Even the dummies on this board see right through your bullshit.
10.25% was an issue when I bought my first home too.
You seem to ignore the fact that sellers are also impacted by rising rates.
But rates at 3 - 4% was always going to be the aberration.
Why's that?
The dodge was noted.
I'd avoid explaining economics if I were you as well.
Mortgage rates are over 7. Not that long ago they were 3.5 or something. Winning!
Oh no!
Over 7%!!!
Only worth like $1000/month to the buyer on a $400k mortgage. No biggie.
Mortgage rates can go all the way to 7?!?!
unprecedented
if you're under 30
You’re such a dishonest little shit. Look at the median cost of a home.
I realize you don’t give a fuck because at 65 or whatever you’re across the finish line on your home loan, but this is a huge problem for people in their 20s and 30s wanting to own their own house.
But keep up with the snark and glib replies that always fall flat. Even the dummies on this board see right through your bullshit.
10.25% was an issue when I bought my first home too.
You seem to ignore the fact that sellers are also impacted by rising rates.
But rates at 3 - 4% was always going to be the aberration.
You bought that home for less than $50k.
I said 1990, not 1890.
Yeah you said last week you attended law or business school in 1977. That makes you around 23-25 in 1977. You said you bought your first house in the 1990's not 1990. So you bought your first house in your late 30's to early 40's which is pretty fucking old for a 1st time home buyer in the 90's.
Mortgage rates are over 7. Not that long ago they were 3.5 or something. Winning!
Oh no!
Over 7%!!!
Only worth like $1000/month to the buyer on a $400k mortgage. No biggie.
Mortgage rates can go all the way to 7?!?!
unprecedented
if you're under 30
You’re such a dishonest little shit. Look at the median cost of a home.
I realize you don’t give a fuck because at 65 or whatever you’re across the finish line on your home loan, but this is a huge problem for people in their 20s and 30s wanting to own their own house.
But keep up with the snark and glib replies that always fall flat. Even the dummies on this board see right through your bullshit.
10.25% was an issue when I bought my first home too.
You seem to ignore the fact that sellers are also impacted by rising rates.
But rates at 3 - 4% was always going to be the aberration.
You bought that home for less than $50k.
I said 1990, not 1890.
Yeah you said last week you attended law or business school in 1977. That makes you around 23-25 in 1977. You said you bought your first house in the 1990's not 1990. So you bought your first house in your late 30's to early 40's which is pretty fucking old for a 1st time home buyer in the 90's.
And no supplemental Medicare. Can we get a go fund me going?
Mortgage rates are over 7. Not that long ago they were 3.5 or something. Winning!
Oh no!
Over 7%!!!
Only worth like $1000/month to the buyer on a $400k mortgage. No biggie.
Mortgage rates can go all the way to 7?!?!
unprecedented
if you're under 30
You’re such a dishonest little shit. Look at the median cost of a home.
I realize you don’t give a fuck because at 65 or whatever you’re across the finish line on your home loan, but this is a huge problem for people in their 20s and 30s wanting to own their own house.
But keep up with the snark and glib replies that always fall flat. Even the dummies on this board see right through your bullshit.
10.25% was an issue when I bought my first home too.
You seem to ignore the fact that sellers are also impacted by rising rates.
But rates at 3 - 4% was always going to be the aberration.
You bought that home for less than $50k.
I said 1990, not 1890.
Yeah you said last week you attended law or business school in 1977. That makes you around 23-25 in 1977. You said you bought your first house in the 1990's not 1990. So you bought your first house in your late 30's to early 40's which is pretty fucking old for a 1st time home buyer in the 90's.
And no supplemental Medicare. Can we get a go fund me going?
I hear he lives in Seattle though. Not like us poor hillbillies in Orange County.
Mortgage rates are over 7. Not that long ago they were 3.5 or something. Winning!
Oh no!
Over 7%!!!
Only worth like $1000/month to the buyer on a $400k mortgage. No biggie.
Mortgage rates can go all the way to 7?!?!
unprecedented
if you're under 30
You’re such a dishonest little shit. Look at the median cost of a home.
I realize you don’t give a fuck because at 65 or whatever you’re across the finish line on your home loan, but this is a huge problem for people in their 20s and 30s wanting to own their own house.
But keep up with the snark and glib replies that always fall flat. Even the dummies on this board see right through your bullshit.
10.25% was an issue when I bought my first home too.
You seem to ignore the fact that sellers are also impacted by rising rates.
But rates at 3 - 4% was always going to be the aberration.
You bought that home for less than $50k.
I said 1990, not 1890.
Yeah you said last week you attended law or business school in 1977. That makes you around 23-25 in 1977. You said you bought your first house in the 1990's not 1990. So you bought your first house in your late 30's to early 40's which is pretty fucking old for a 1st time home buyer in the 90's.
And no supplemental Medicare. Can we get a go fund me going?
I hear he lives in Seattle though. Not like us poor hillbillies in Orange County.
All the OC hillbillies cashed out and moved to N Idaho.
Mortgage rates are over 7. Not that long ago they were 3.5 or something. Winning!
Oh no!
Over 7%!!!
Only worth like $1000/month to the buyer on a $400k mortgage. No biggie.
Mortgage rates can go all the way to 7?!?!
unprecedented
if you're under 30
You’re such a dishonest little shit. Look at the median cost of a home.
I realize you don’t give a fuck because at 65 or whatever you’re across the finish line on your home loan, but this is a huge problem for people in their 20s and 30s wanting to own their own house.
But keep up with the snark and glib replies that always fall flat. Even the dummies on this board see right through your bullshit.
10.25% was an issue when I bought my first home too.
You seem to ignore the fact that sellers are also impacted by rising rates.
But rates at 3 - 4% was always going to be the aberration.
Great, and what was the cost of that home? It doesn't work when home prices are incredibly inflated and rates are skyrocketing
If you think the macroeconomic climate is remotely comparable to whenever you were young, you're as addled as Biden
In fact, those two conditions cannot co-exist for very long.
I bought into the year 1990's "incredibly inflated" home values and paid 10.25% for the loan. The price then seemed just as absurd then as prices do now and within the year there was a "correction". And interest rates came all the way down to 6 - 7% too by 1993.
Nothing new under the sun.
You should take a look at your home price then versus today's dollars. The first home my parents bought for $165,000 in 1993 would be about $350,000 in 2023 dollars. Zillow says it's worth $1,042,000. 300% increase over 30 years doesn't seem very normal or healthy. That's 10% a year, on average, with the bulk of it coming over the past 6-7 years.
I don't think you're very aware of just how short on supply the housing market is, nor the other external factors present today which were not around in 1993. In the example above, the house would have to lose half of its value to become close to "affordable" for the average household in Snohomish County with where rates are right now.
Mortgage rates are over 7. Not that long ago they were 3.5 or something. Winning!
Oh no!
Over 7%!!!
Only worth like $1000/month to the buyer on a $400k mortgage. No biggie.
Mortgage rates can go all the way to 7?!?!
unprecedented
if you're under 30
You’re such a dishonest little shit. Look at the median cost of a home.
I realize you don’t give a fuck because at 65 or whatever you’re across the finish line on your home loan, but this is a huge problem for people in their 20s and 30s wanting to own their own house.
But keep up with the snark and glib replies that always fall flat. Even the dummies on this board see right through your bullshit.
10.25% was an issue when I bought my first home too.
You seem to ignore the fact that sellers are also impacted by rising rates.
But rates at 3 - 4% was always going to be the aberration.
Great, and what was the cost of that home? It doesn't work when home prices are incredibly inflated and rates are skyrocketing
If you think the macroeconomic climate is remotely comparable to whenever you were young, you're as addled as Biden
In fact, those two conditions cannot co-exist for very long.
I bought into the year 1990's "incredibly inflated" home values and paid 10.25% for the loan. The price then seemed just as absurd then as prices do now and within the year there was a "correction". And interest rates came all the way down to 6 - 7% too by 1993.
Nothing new under the sun.
You should take a look at your home price then versus today's dollars. The first home my parents bought for $165,000 in 1993 would be about $350,000 in 2023 dollars. Zillow says it's worth $1,042,000. 300% increase over 30 years doesn't seem very normal or healthy. That's 10% a year, on average, with the bulk of it coming over the past 6-7 years.
I don't think you're very aware of just how short on supply the housing market is, nor the other external factors present today which were not around in 1993. In the example above, the house would have to lose half of its value to become close to "affordable" for the average household in Snohomish County with where rates are right now.
Sellers need prices to go up or stay relatively flat to justify trading into a higher rate mortgage and maintain a similar lifestyle. Buyers need them to go down to justify the current rates in monthly payments. Lack of economic mobility is a very bad thing when an economy is already stalled out. As @UW_Doog_Bot said in another thread recently, there's a complete mismatch in the market (also in other financial markets for similar reasons) and something will have to give.
Mortgage rates are over 7. Not that long ago they were 3.5 or something. Winning!
Oh no!
Over 7%!!!
Only worth like $1000/month to the buyer on a $400k mortgage. No biggie.
Mortgage rates can go all the way to 7?!?!
unprecedented
if you're under 30
You’re such a dishonest little shit. Look at the median cost of a home.
I realize you don’t give a fuck because at 65 or whatever you’re across the finish line on your home loan, but this is a huge problem for people in their 20s and 30s wanting to own their own house.
But keep up with the snark and glib replies that always fall flat. Even the dummies on this board see right through your bullshit.
10.25% was an issue when I bought my first home too.
You seem to ignore the fact that sellers are also impacted by rising rates.
But rates at 3 - 4% was always going to be the aberration.
Great, and what was the cost of that home? It doesn't work when home prices are incredibly inflated and rates are skyrocketing
If you think the macroeconomic climate is remotely comparable to whenever you were young, you're as addled as Biden
In fact, those two conditions cannot co-exist for very long.
I bought into the year 1990's "incredibly inflated" home values and paid 10.25% for the loan. The price then seemed just as absurd then as prices do now and within the year there was a "correction". And interest rates came all the way down to 6 - 7% too by 1993.
Nothing new under the sun.
You should take a look at your home price then versus today's dollars. The first home my parents bought for $165,000 in 1993 would be about $350,000 in 2023 dollars. Zillow says it's worth $1,042,000. 300% increase over 30 years doesn't seem very normal or healthy. That's 10% a year, on average, with the bulk of it coming over the past 6-7 years.
I don't think you're very aware of just how short on supply the housing market is, nor the other external factors present today which were not around in 1993. In the example above, the house would have to lose half of its value to become close to "affordable" for the average household in Snohomish County with where rates are right now.
Sellers need prices to go up or stay relatively flat to justify trading into a higher rate mortgage and maintain a similar lifestyle. Buyers need them to go down to justify the current rates in monthly payments. Lack of economic mobility is a very bad thing when an economy is already stalled out. As @UW_Doog_Bot said in another thread recently, there's a complete mismatch in the market (also in other financial markets for similar reasons) and something will have to give.
It will be investors/sellers just like any commodity market once it starts to slip it will have to find bottom. First out wins.
There's something like 14 million investor owned vacant homes. Why hold real estate when a bond will make a better return? Even a 5% divestment of that stock would crash the shit out of the market.
Mortgage rates are over 7. Not that long ago they were 3.5 or something. Winning!
Oh no!
Over 7%!!!
Only worth like $1000/month to the buyer on a $400k mortgage. No biggie.
Mortgage rates can go all the way to 7?!?!
unprecedented
if you're under 30
You’re such a dishonest little shit. Look at the median cost of a home.
I realize you don’t give a fuck because at 65 or whatever you’re across the finish line on your home loan, but this is a huge problem for people in their 20s and 30s wanting to own their own house.
But keep up with the snark and glib replies that always fall flat. Even the dummies on this board see right through your bullshit.
10.25% was an issue when I bought my first home too.
You seem to ignore the fact that sellers are also impacted by rising rates.
But rates at 3 - 4% was always going to be the aberration.
Great, and what was the cost of that home? It doesn't work when home prices are incredibly inflated and rates are skyrocketing
If you think the macroeconomic climate is remotely comparable to whenever you were young, you're as addled as Biden
In fact, those two conditions cannot co-exist for very long.
I bought into the year 1990's "incredibly inflated" home values and paid 10.25% for the loan. The price then seemed just as absurd then as prices do now and within the year there was a "correction". And interest rates came all the way down to 6 - 7% too by 1993.
Nothing new under the sun.
You should take a look at your home price then versus today's dollars. The first home my parents bought for $165,000 in 1993 would be about $350,000 in 2023 dollars. Zillow says it's worth $1,042,000. 300% increase over 30 years doesn't seem very normal or healthy. That's 10% a year, on average, with the bulk of it coming over the past 6-7 years.
I don't think you're very aware of just how short on supply the housing market is, nor the other external factors present today which were not around in 1993. In the example above, the house would have to lose half of its value to become close to "affordable" for the average household in Snohomish County with where rates are right now.
Sellers need prices to go up or stay relatively flat to justify trading into a higher rate mortgage and maintain a similar lifestyle. Buyers need them to go down to justify the current rates in monthly payments. Lack of economic mobility is a very bad thing when an economy is already stalled out. As @UW_Doog_Bot said in another thread recently, there's a complete mismatch in the market (also in other financial markets for similar reasons) and something will have to give.
It will be investors/sellers just like any commodity market once it starts to slip it will have to find bottom. First out wins.
There's something like 14 million investor owned vacant homes. Why hold real estate when a bond will make a better return? Even a 5% divestment of that stock would crash the shit out of the market.
Prices and what makes sense is so out of whack in other stuff too. Just got back some shipping quotes to move 10 pallets of goods from Italy to the US. 2 day air shipping is cheaper than ocean. Have never seen that before, usually air is like 5-6x ocean. Economy is so strange, everything is weird.
Mortgage rates are over 7. Not that long ago they were 3.5 or something. Winning!
Oh no!
Over 7%!!!
Only worth like $1000/month to the buyer on a $400k mortgage. No biggie.
Mortgage rates can go all the way to 7?!?!
unprecedented
if you're under 30
You’re such a dishonest little shit. Look at the median cost of a home.
I realize you don’t give a fuck because at 65 or whatever you’re across the finish line on your home loan, but this is a huge problem for people in their 20s and 30s wanting to own their own house.
But keep up with the snark and glib replies that always fall flat. Even the dummies on this board see right through your bullshit.
10.25% was an issue when I bought my first home too.
You seem to ignore the fact that sellers are also impacted by rising rates.
But rates at 3 - 4% was always going to be the aberration.
Great, and what was the cost of that home? It doesn't work when home prices are incredibly inflated and rates are skyrocketing
If you think the macroeconomic climate is remotely comparable to whenever you were young, you're as addled as Biden
In fact, those two conditions cannot co-exist for very long.
I bought into the year 1990's "incredibly inflated" home values and paid 10.25% for the loan. The price then seemed just as absurd then as prices do now and within the year there was a "correction". And interest rates came all the way down to 6 - 7% too by 1993.
Nothing new under the sun.
You should take a look at your home price then versus today's dollars. The first home my parents bought for $165,000 in 1993 would be about $350,000 in 2023 dollars. Zillow says it's worth $1,042,000. 300% increase over 30 years doesn't seem very normal or healthy. That's 10% a year, on average, with the bulk of it coming over the past 6-7 years.
I don't think you're very aware of just how short on supply the housing market is, nor the other external factors present today which were not around in 1993. In the example above, the house would have to lose half of its value to become close to "affordable" for the average household in Snohomish County with where rates are right now.
Sellers need prices to go up or stay relatively flat to justify trading into a higher rate mortgage and maintain a similar lifestyle. Buyers need them to go down to justify the current rates in monthly payments. Lack of economic mobility is a very bad thing when an economy is already stalled out. As @UW_Doog_Bot said in another thread recently, there's a complete mismatch in the market (also in other financial markets for similar reasons) and something will have to give.
It will be investors/sellers just like any commodity market once it starts to slip it will have to find bottom. First out wins.
There's something like 14 million investor owned vacant homes. Why hold real estate when a bond will make a better return? Even a 5% divestment of that stock would crash the shit out of the market.
Prices and what makes sense is so out of whack in other stuff too. Just got back some shipping quotes to move 10 pallets of goods from Italy to the US. 2 day air shipping is cheaper than ocean. Have never seen that before, usually air is like 5-6x ocean. Economy is so strange, everything is weird.
Just wait until China bubble really collapses. There's going to be bidding wars for things like spare engine parts like spark plugs. It's going to be a shit show.
That plus a credit crunch and maybe deflation, capital destruction? Idk we are sailing into new and dangerous waters similar to when stagflation first happened and we needed new models to explain it.
Mortgage rates are over 7. Not that long ago they were 3.5 or something. Winning!
Oh no!
Over 7%!!!
Only worth like $1000/month to the buyer on a $400k mortgage. No biggie.
Mortgage rates can go all the way to 7?!?!
unprecedented
if you're under 30
You’re such a dishonest little shit. Look at the median cost of a home.
I realize you don’t give a fuck because at 65 or whatever you’re across the finish line on your home loan, but this is a huge problem for people in their 20s and 30s wanting to own their own house.
But keep up with the snark and glib replies that always fall flat. Even the dummies on this board see right through your bullshit.
10.25% was an issue when I bought my first home too.
You seem to ignore the fact that sellers are also impacted by rising rates.
But rates at 3 - 4% was always going to be the aberration.
Great, and what was the cost of that home? It doesn't work when home prices are incredibly inflated and rates are skyrocketing
If you think the macroeconomic climate is remotely comparable to whenever you were young, you're as addled as Biden
In fact, those two conditions cannot co-exist for very long.
I bought into the year 1990's "incredibly inflated" home values and paid 10.25% for the loan. The price then seemed just as absurd then as prices do now and within the year there was a "correction". And interest rates came all the way down to 6 - 7% too by 1993.
Nothing new under the sun.
You should take a look at your home price then versus today's dollars. The first home my parents bought for $165,000 in 1993 would be about $350,000 in 2023 dollars. Zillow says it's worth $1,042,000. 300% increase over 30 years doesn't seem very normal or healthy. That's 10% a year, on average, with the bulk of it coming over the past 6-7 years.
I don't think you're very aware of just how short on supply the housing market is, nor the other external factors present today which were not around in 1993. In the example above, the house would have to lose half of its value to become close to "affordable" for the average household in Snohomish County with where rates are right now.
Sellers need prices to go up or stay relatively flat to justify trading into a higher rate mortgage and maintain a similar lifestyle. Buyers need them to go down to justify the current rates in monthly payments. Lack of economic mobility is a very bad thing when an economy is already stalled out. As @UW_Doog_Bot said in another thread recently, there's a complete mismatch in the market (also in other financial markets for similar reasons) and something will have to give.
It will be investors/sellers just like any commodity market once it starts to slip it will have to find bottom. First out wins.
There's something like 14 million investor owned vacant homes. Why hold real estate when a bond will make a better return? Even a 5% divestment of that stock would crash the shit out of the market.
Prices and what makes sense is so out of whack in other stuff too. Just got back some shipping quotes to move 10 pallets of goods from Italy to the US. 2 day air shipping is cheaper than ocean. Have never seen that before, usually air is like 5-6x ocean. Economy is so strange, everything is weird.
Just wait until China bubble really collapses. There's going to be bidding wars for things like spare engine parts like spark plugs. It's going to be a shit show.
That plus a credit crunch and maybe deflation, capital destruction? Idk we are sailing into new and dangerous waters similar to when stagflation first happened and we needed new models to explain it.
But hey guys! Inflation is now only 3.9%!
Where'd the economic genius go? Piss Boy working overtime?
Mortgage rates are over 7. Not that long ago they were 3.5 or something. Winning!
Oh no!
Over 7%!!!
Only worth like $1000/month to the buyer on a $400k mortgage. No biggie.
Mortgage rates can go all the way to 7?!?!
unprecedented
if you're under 30
You’re such a dishonest little shit. Look at the median cost of a home.
I realize you don’t give a fuck because at 65 or whatever you’re across the finish line on your home loan, but this is a huge problem for people in their 20s and 30s wanting to own their own house.
But keep up with the snark and glib replies that always fall flat. Even the dummies on this board see right through your bullshit.
10.25% was an issue when I bought my first home too.
You seem to ignore the fact that sellers are also impacted by rising rates.
But rates at 3 - 4% was always going to be the aberration.
Great, and what was the cost of that home? It doesn't work when home prices are incredibly inflated and rates are skyrocketing
If you think the macroeconomic climate is remotely comparable to whenever you were young, you're as addled as Biden
In fact, those two conditions cannot co-exist for very long.
I bought into the year 1990's "incredibly inflated" home values and paid 10.25% for the loan. The price then seemed just as absurd then as prices do now and within the year there was a "correction". And interest rates came all the way down to 6 - 7% too by 1993.
Nothing new under the sun.
You should take a look at your home price then versus today's dollars. The first home my parents bought for $165,000 in 1993 would be about $350,000 in 2023 dollars. Zillow says it's worth $1,042,000. 300% increase over 30 years doesn't seem very normal or healthy. That's 10% a year, on average, with the bulk of it coming over the past 6-7 years.
I don't think you're very aware of just how short on supply the housing market is, nor the other external factors present today which were not around in 1993. In the example above, the house would have to lose half of its value to become close to "affordable" for the average household in Snohomish County with where rates are right now.
Sellers need prices to go up or stay relatively flat to justify trading into a higher rate mortgage and maintain a similar lifestyle. Buyers need them to go down to justify the current rates in monthly payments. Lack of economic mobility is a very bad thing when an economy is already stalled out. As @UW_Doog_Bot said in another thread recently, there's a complete mismatch in the market (also in other financial markets for similar reasons) and something will have to give.
It will be investors/sellers just like any commodity market once it starts to slip it will have to find bottom. First out wins.
There's something like 14 million investor owned vacant homes. Why hold real estate when a bond will make a better return? Even a 5% divestment of that stock would crash the shit out of the market.
Prices and what makes sense is so out of whack in other stuff too. Just got back some shipping quotes to move 10 pallets of goods from Italy to the US. 2 day air shipping is cheaper than ocean. Have never seen that before, usually air is like 5-6x ocean. Economy is so strange, everything is weird.
Just wait until China bubble really collapses. There's going to be bidding wars for things like spare engine parts like spark plugs. It's going to be a shit show.
That plus a credit crunch and maybe deflation, capital destruction? Idk we are sailing into new and dangerous waters similar to when stagflation first happened and we needed new models to explain it.
But hey guys! Inflation is now only 3.9%!
Where'd the economic genius go? Piss Boy working overtime?
@HHusky why don't you want to talk about how great 3.9% inflation is?
Comments
I'd avoid explaining economics if I were you as well.
I don't think you're very aware of just how short on supply the housing market is, nor the other external factors present today which were not around in 1993. In the example above, the house would have to lose half of its value to become close to "affordable" for the average household in Snohomish County with where rates are right now.
There's something like 14 million investor owned vacant homes. Why hold real estate when a bond will make a better return? Even a 5% divestment of that stock would crash the shit out of the market.
That plus a credit crunch and maybe deflation, capital destruction? Idk we are sailing into new and dangerous waters similar to when stagflation first happened and we needed new models to explain it.
But hey guys! Inflation is now only 3.9%!
@HHusky why don't you want to talk about how great 3.9% inflation is?
Math, it's hard.
Do elaborate on your op for us though. I'm giddy with anticipation.
Please, whenever you're ready, expand on the op.