Thread: Mortgage Rates

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  1. #1
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    Mortgage Rates

    Should take care of the housing demand, at least for owner occupied.
    If we could get private equity to quit buying up Florida, we might slow.
    Rental prices are scary. No way the working poor will be able to stay.



    Of course, now we have another issue, critically low unemployment.
    Prices have jumped so high here, the working poor are diminished.
    Not sure they can stem inflation in Florida, even if they do elsewhere.

    Amazingly, our Florida metro cities are the most costly in the USA.

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    #2
    Just for gits and shiggles, where would you move?

    I remember nearly 20% interest rates on homes in the 1970's, and we bought a home. It drives house prices lower in general.

    Weather has thinned the available houses in Fort Meyer, Naples and the barrier islands.

    Have you seen out-of-state contractors moving in to rebuild there?

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    #3
    Quote Originally Posted by billnorman1 View Post
    Just for gits and shiggles, where would you move?
    I remember nearly 20% interest rates on homes in the 1970's, and we bought a home. It drives house prices lower in general.
    Weather has thinned the available houses in Fort Meyer, Naples and the barrier islands.
    Have you seen out-of-state contractors moving in to rebuild there?
    Panama, Spain, Uruguay are the most likely spots aside from staying here.
    We're holding due to our dogs, both 12 now. Silly to many but it's our call.
    If we end up staying stateside, Florida due to our protective homesteading.
    Foreclosure for medical debt isn't permitted here. And my new wife is sick.

    My first mortgage was 18% and automobile was 21%, we survived it fine.
    We needed good jobs, 20% down and even references and/or cosigners.

    While there are fewer available houses on the beach, it's not armageddon.
    Our home needed a new roof, done. And we still need a new fence, soon.
    Contractors are here in mass, we nearly couldn't get a room during repairs.
    Ended up at a $300/night property and the AC system was down, sweaty.

    What we are seeing, rentals at $10k instead of $3k. Vultures purely suck.
    The good news, law enforcement rounding up the unlicensed, it's a felony.

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    #4
    It's all part of the plan. Section 8 coming to a neighborhood near you sooner rather than later.

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    #5
    The problem is the home price appreciation was based on mortgage rates at around 3.5% rather than 7%. Either rates have to come down or prices have to fall. Blackstone ceased buying homes a few months ago and in the commercial market there is alot of debt held by private equity and other non-institutional lenders that will need to get refinanced soon at much higher rates. I'm not sure many commercial borrower are going to be able to handle it. I can tell you that where I work it is like someone turned off a spigot around 3 months ago. There are still lots of new projects developers are staring in Miami but the single family and commercial market have gone pretty quiet. I remember in 2006-2007 the outcry for affordable housing down here. Then 2 years later it became very affordable but no one wanted to buy because people were losing jobs. I kept thinking it was the perfect opportunity for local cities and municipalities to scoop up land on the cheap and build affordable housing but they didn't because it wasn't an issue at that point.

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    #6
    Quote Originally Posted by BarryFL View Post
    It's all part of the plan. Section 8 coming to a neighborhood near you sooner rather than later.
    Section 8 has been in nearly all neighborhoods for a long time.
    Unless rentals are banned from a HOA, they usually exist quietly.
    We have a few problem free. Private equity rentals are an issue.

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    #7
    Quote Originally Posted by TampaJim View Post
    Panama, Spain, Uruguay are the most likely spots aside from staying here.
    We're holding due to our dogs, both 12 now. Silly to many but it's our call................................
    ........................................... Vultures purely suck.
    The good news, law enforcement rounding up the unlicensed, it's a felony.
    Thanks for the reply Jim, sorry to hear your spouse is ailing. As far as dogs, my Dog Lucy is my best friend, raison d'etre so I know how that goes.

  8. idbefishing
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    Quote Originally Posted by TampaJim View Post
    Section 8 has been in nearly all neighborhoods for a long time.
    Unless rentals are banned from a HOA, they usually exist quietly.
    We have a few problem free. Private equity rentals are an issue.
    our HOA just amended the rules limiting max # of rentals to 15 at any given time.

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    #9
    Quote Originally Posted by billnorman1 View Post
    Thanks for the reply Jim, sorry to hear your spouse is ailing. As far as dogs, my Dog Lucy is my best friend, raison d'etre so I know how that goes.
    With high respect to personal feeling, your dogs should never be your reason for existence or limiting your life. You may say to me ' you don't know what you are talking about.' yet you would be wrong because my wife runs her life around our Rotties to the point that she does not come up to our lake house cause her babies would be stressed by travel or the neighbor's little yippie dog.

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    Quote Originally Posted by digthemup View Post
    With high respect to personal feeling, your dogs should never be your reason for existence or limiting your life. You may say to me ' you don't know what you are talking about.' yet you would be wrong because my wife runs her life around our Rotties to the point that she does not come up to our lake house cause her babies would be stressed by travel or the neighbor's little yippie dog.
    We got rid of our teenager, we have no stress now. Our dogs are pleasures.
    And there's a reason to provide for them ... we made a promise, to be kept.
    Once they're gone (both 12) travel will become more frequent + relocation.

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    #11
    Quote Originally Posted by TampaJim View Post
    We got rid of our teenager, we have no stress now. Our dogs are pleasures.
    And there's a reason to provide for them ... we made a promise, to be kept.

    TJ,
    Respectfully, am I to understand that the promise made to dogs was not extended to your kin? Blood is blood, and there is no thing that can ever bond you to anything, regardless how things may feel in certain happenstance. I can not tell you for sure how many dogs I have had and those that I cared for relatives, but at the end of the day, no matter how much of a PITA my 3 kids have been and are will be remotely superseded by them.
    Be well
    Frank

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    #12
    Quote Originally Posted by digthemup View Post
    TJ,
    Respectfully, am I to understand that the promise made to dogs was not extended to your kin? Blood is blood, and there is no thing that can ever bond you to anything, regardless how things may feel in certain happenstance. I can not tell you for sure how many dogs I have had and those that I cared for relatives, but at the end of the day, no matter how much of a PITA my 3 kids have been and are will be remotely superseded by them.
    Be well
    Frank
    She's in school, down in Miami. While it was tempting, we didn't take her to the pound.

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    #13
    Quote Originally Posted by TampaJim View Post
    She's in school, down in Miami. While it was tempting, we didn't take her to the pound.


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    #14
    So we were supposed to have a bunch of new home closings in December. The higher mortgage rates have resulted in some cancellation but th builder said these will be pushed into next year because the subs were not showing up as they are taking on restoration work in Ft. myers and Naples.

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    #15
    Subs are not showing up cause they are probably picking up a crap load of work from all the damage especially from homeowners that have cash.

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    #16
    Quote Originally Posted by digthemup View Post
    Subs are not showing up cause they are probably picking up a crap load of work from all the damage especially from homeowners that have cash.
    Yep. Especially in Naples where they don't care what it costs they just want it fixed.

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    #17
    Contractors are booked thru the winter, some thru next summer.
    We got our roof, fence is supposed to start tomorrow, no clue inside.
    Best of all, we're STILL waiting for our carrier in regards to claims.
    Of course, in the meantime, we're handing out C-Notes like candies.

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    #18
    Quote Originally Posted by NitroZ7 View Post
    Yep. Especially in Naples where they don't care what it costs they just want it fixed.
    We went through similar situation in 2017-19 with the lake high water causing shore flooding and damage. FEMA did very little and the state dragged their feet, so people were paying cash up front with many getting ripped off by cons or bad work never finished. It is sad that there is crap bags like these taking advantage of people in need.
    I understand that you are in need, but take a moment to make sure you asked for references and especially insurance, since you can get sued if anyone get hurt on site.