Good, maybe that will help the housing market cool and maybe rents will cool. Which will help with inflation data.
Thanos was the hero
Yeah I'd say it's a good step also
Housing in our area has really dropped. Prices are even coming down, with ads stating reduced price. I think people are really scared and rightfully so.
You know it is out of whack when a mid 5% interest rate precludes people from buying. This just shows how artificially propped up everything was the last few years. Reality in real estate is about to set in.Originally Posted by Bassin08
Yep, and all of these realty companies better have prepared correctly
The cost of a home is going to have to adjust fot the increase in interest and tax increases. People have been buying on the “How much is the monthly payment plan”.
Builders here are starting to pay closing costs and pay points to buy down rates in order to prevent buyers from having to cancel. It is a 180 from where were were just 6 months ago.
Saw where over 70% of people that purchased a home in the last year are regretting their purchase. Most people will be upside down soon if not already. Lots of clutsy real estate agents will be kicking rocks soon. LOL!!
Wait until Blackstone starts to dump those houses and flood the market in the near future, or the newly minted 'landlord' thinking that they were going to make a killing buying 25K over asking, which could find themselves upside down soon and very soon.
Unfortunately, it will be the little guy that is going to end up getting hurt, or the good folks that bought their house on 2 incomes.
I was having this conversation yesterday at work. I was wondering if we really were undersupplied or if there is a vast amount of vacant homes and condos (at least down in South Florida) that are vacant and just purchased as an investment or to move money out of another country in order to hold an asset in dollars.
Nitro,
I saw vacation/cottages up in the St Lawrence/Henderson area selling like hot cakes in the last 2 yrs, that were bought, dolled up to hide the hack job done, and rolled back out. I have several realtors' friends that were telling about corporations calling them buying places site unseen. Now with things nearly fully opened, I see some of those same places coming back on the market, with one that I had looked at in Sackets Harbor was listed this spring for nearly 400K, which had sold for 275K though listed for 225K in early 2021. It has had 2 price drops, and I am sure it will sit there during the winter, since some Corp owns it so they don't care.
Housing in my area are already starting to come down in listed pricing from just 6 months ago, and I am sure once renters can figure out that renting is putting money in someone else's pocket with nothing to your benefit.
The government is again putting programs together for people to buy homes that they would not normally qualify for. I swear that this government is trying to derail the efforts the FED is trying to achieve? Are we really going back to 2008?
Between that and student loan handouts, you got to wonder.
https://www.dailywire.com/news/boa-r...8tgxy48UEuPVNk
Community Affordable Loan Solution available from Bank of America offers no down payment, no closing costs and no pmi, what could go wrong?
Build Back Better!
What govt program are you speaking of? What does build back better or the gov't have to do with the Bank Of America program?
Thanos was the hero
We’ll see how fast a stop is put on these types of loans, or will they be used as a pawn.
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