Housing market's gonna crash

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  • nooshinjohn
    nooshinjohn Posts: 25,201
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    He did the same to me....
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  • xschop
    xschop Posts: 4,778
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    I predict the housing market thread's gonna crash.
    Don't take experimental gene therapies from known eugenicists.
  • SIHAB
    SIHAB Posts: 4,558
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    "August 30, 2022 at 9:00 AM Eastern:
    Bank of America Introduces Community Affordable Loan Solution™ to Expand Homeownership Opportunities in
    Black/African American and Hispanic-Latino
    Communities
    Zero down payment, zero closing cost mortgage advances efforts to broaden access to homeownership and adds to its existing $15 billion Community Homeownership Commitment."

    I think I read this book about a decade ago...
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  • xschop
    xschop Posts: 4,778
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    Did they mention the balloon payments?
    Don't take experimental gene therapies from known eugenicists.
  • sucks2beme
    sucks2beme Posts: 5,568
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    There will be some markets hit hard soon. Here in the greater Memphis
    area after 2008 a lot of houses were in limbo. Price drops left owners
    under water. And they stayed that way up till 2017. Some suburbs were
    fine, others in deep trouble. The owners either let them go into foreclosure
    or rented them out when they had to move. It switched almost overnight
    at the beginning of 2017. All the bank houses disappeared.
    I don't think it will be as bad this time. New stuff like the F150 plant will
    keep stuff on the East side of the county in demand. Workers moving in
    from other parts of the country are going to love local home prices.
    Utility costs like power and water are cheaper too. No state income
    tax either. Unlike Dallas, you're not going to get a $300 water bill in July.
    "The legitimate powers of government extend to such acts only as are injurious to others. But it does me no injury for my neighbour to say there are twenty gods, or no god. It neither picks my pocket nor breaks my leg." --Thomas Jefferson
  • treitz3
    treitz3 Posts: 18,527
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    3 graphs of recent housing market trends...

    s8u077yg9us4.png

    335akhnrtjal.png

    i8377laj5j8e.png

    Surprisingly, the Charlotte market still only has a 21day supply (up from a 1 to 2 week supply) and most homes sell within 13 days and still over market value. For now...

    One of our leading causes for not being like some other areas of the country are because of an influx of buyers from California, Chicago, New York, New Jersey, and Connecticut.

    Tom
    ~ In search of accurate reproduction of music. Real sound is my reference and while perfection may not be attainable? If I chase it, I might just catch excellence. ~
  • michaeljhsda2
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    My uncle from Connecticut being one of them. $12,000 real estate tax in Con is one of the reasons...
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  • sucks2beme
    sucks2beme Posts: 5,568
    edited September 2022
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    Given they are back to the same mortgage tricks of 2007,
    don't hold your breath. Most of the financial reforms of 2009
    were quietly repealed. A soft landing is going to be hard
    to pull off.
    "The legitimate powers of government extend to such acts only as are injurious to others. But it does me no injury for my neighbour to say there are twenty gods, or no god. It neither picks my pocket nor breaks my leg." --Thomas Jefferson
  • tonyb
    tonyb Posts: 32,912
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    sucks2beme wrote: »
    Given they are back to the same mortgage tricks of 2007,
    don't hold your breath. Most of the financial reforms of 2009
    were quietly repealed. A soft landing is going to be hard
    to pull off.

    Well, why not ? I mean if your deemed too big to fail and the government will bail you out if things go south...what do you have to lose?

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  • treitz3
    treitz3 Posts: 18,527
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    The average American home is now selling below list price.

    Tom
    ~ In search of accurate reproduction of music. Real sound is my reference and while perfection may not be attainable? If I chase it, I might just catch excellence. ~
  • treitz3
    treitz3 Posts: 18,527
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    THAT, we can agree on! ;)

    Those that are in the position? Time to start looking......in the hopes that the interest rate goes down, that is...

    Tom
    ~ In search of accurate reproduction of music. Real sound is my reference and while perfection may not be attainable? If I chase it, I might just catch excellence. ~
  • treitz3
    treitz3 Posts: 18,527
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    Just so the thread makes sense?

    A banned member posted something that I actually agreed upon.

    That member is now gone, along with his posts. Some of the other posts on this thread *may* no longer make sense but it is what it is.

    Carry on...

    Tom
    ~ In search of accurate reproduction of music. Real sound is my reference and while perfection may not be attainable? If I chase it, I might just catch excellence. ~
  • xschop
    xschop Posts: 4,778
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    It's difficult reading between the lines that have been removed.
    Don't take experimental gene therapies from known eugenicists.
  • treitz3
    treitz3 Posts: 18,527
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    Better than reading through lines of.....

    "Fluff" to achieve nothingness. Hot air is hard to read through as well.

    At least we can get back to the topic at hand without constant distraction.

    Tom
    ~ In search of accurate reproduction of music. Real sound is my reference and while perfection may not be attainable? If I chase it, I might just catch excellence. ~
  • xschop
    xschop Posts: 4,778
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    Awe, ok. It was a post-count thing. Forum cred. has replaced street cred lol.
    Don't take experimental gene therapies from known eugenicists.
  • mhardy6647
    mhardy6647 Posts: 33,224
    edited September 2022
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    . . . .

    (sorry)

  • Keiko
    Keiko Posts: 764
    edited September 2022
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    Right winger? WT? :D Lighten up, nonybooboo!

    1EhtbA.gif
  • SIHAB
    SIHAB Posts: 4,558
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    Housing market?

    Hell the whole thing is going to collapse.
    Speakers: Polk Lsim, ATC SCM19 v2, NHT SuperzeroSpeaker Cables: DH Labs, Transparent, Wireworld, Canare, Monster: Beer budget, Bose ears
  • Keiko
    Keiko Posts: 764
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    The World is Mine!
  • mhardy6647
    mhardy6647 Posts: 33,224
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    Keiko wrote: »
    The World is Mine!

    Dr. "O" I presume?

    https://youtu.be/wpPkmF538l8
  • GlennDog
    GlennDog Posts: 3,104
    edited September 2022
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    SIHAB wrote: »
    Hell the whole thing is going to collapse.

    https://www.youtube.com/watch?v=K63AVSCPcSI
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  • Keiko
    Keiko Posts: 764
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    We're all going to die!
  • treitz3
    treitz3 Posts: 18,527
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    Okay, y'all...

    Now that the fun is over and the pesky fly has all but been eradicated?

    Time to get seriously back to the situation at hand.

    The housing market has taken a turn for the worse (as predicted). There are a plethora of articles pointing one way or another but just look at your own house value. Has it gone up in the past 30 days or down?

    We have gone from people buying houses, sight unseen, houses selling multiple thousands to multiple tens of thousands over list price (for a non-uber home, mind you), long lines and appointment only showings to....

    Houses now dramatically reducing in asking price...only to sit once again. Investment companies coming to seemingly a complete halt. It seems they are just selling the properties they have or are completely unloading them with the bare minimum done to them.

    I had an interesting conversation with my flooring folks today. "Usually", I call and they have an install crew out there the next day. Even if I call them at 4:00pm the day before. No worries. I get flooring the next day.....so I call my guy and I he proceeds to tell me that next Wednesday is the earliest he has available.

    WHAT?

    He stated that he has seen a current trend. When interest rates go up? He gets slammed for 3 weeks. People are not wanting to fix jack ****, they just want to make a property look as good as it can and dump it. After that? business as usual. So, be wary (f you are in the market right now) of a crappy house with a brand new floor. They are most likely covering something up - - NO pun intended. In fact, that's a warning....or a red flag, if you will.

    The times are-a-changin' and hold on to your hats because while this may be a repeat of the '07 crash....or it may not? Many things have changed since then and the investment companies have put a major dent into the market.

    Rental prices may go up, many investment companies will fold (IMO). While I do not see a repeat of '07? There will be (as John stated in the OP), a crash. This crash will not be like the others. Wall street is involved now. Many different players and with interest rates seemingly on a trajectory like that of gas prices last year?

    You put two and two together.

    In the meantime? Watch what happens in your own neck of the woods and what happens to your own home value/ease of selling/the economy/new builds/etc. ect....

    Tom

    ~ In search of accurate reproduction of music. Real sound is my reference and while perfection may not be attainable? If I chase it, I might just catch excellence. ~
  • Jstas
    Jstas Posts: 14,739
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    I read a news story the other day that the interest on a current 30-year, fixed rate average for a mortgage is 6.02%.

    The last time interest rates were that high was in 2008.

    In 2022 the average monthly payment for a 30-year mortgage (principal, interest, and private mortgage insurance) is nearly $2,430, based on a median house price of $406,890 and a 10% down payment.

    About a year ago, the average monthly payment would have been only $1,610 per month, based on a 2.86 percent mortgage rate and a median house price of about $375,410 and a 10% down payment.

    Slap runaway inflation down on that and you're going to see people over-paying drastically for a junk house or renters galore. This is the first time in my memory that it's actually cheaper to rent. For a little bit, anyway. Until the rental market catches up and aspiring land lords start dumping extra cash into investment properties and then jack up the rent to cover the mortgage.
    Expert Moron Extraordinaire

    You're just jealous 'cause the voices don't talk to you!
  • tonyb
    tonyb Posts: 32,912
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    Lots of truth in the last few posts, the wildcard being....wages are not going to keep up as they never do. Businesses will suffer, the consumer in general will suffer.You drive middle America into the poor house.

    Then what ?

    The largest sector of what drives our economy is middle America.
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  • invalid
    invalid Posts: 1,299
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    tonyb wrote: »
    Lots of truth in the last few posts, the wildcard being....wages are not going to keep up as they never do. Businesses will suffer, the consumer in general will suffer.You drive middle America into the poor house.

    Then what ?

    The largest sector of what drives our economy is middle America.

    Then I guess their plan is working just the way they want it to.
  • sucks2beme
    sucks2beme Posts: 5,568
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    I see a bunch of rental houses in the neighborhood vacant. A couple have been most of the year.
    My guess is the rental price is too high. If all the LLC's that bought them get a cash flow problem,
    thing's are going to get dicey in a hurry. There is one huge one that sticks out. Grass mowing
    Has fallen into neglect. They mow about once a month, no edge trimming at all. Grass by the
    Curb is starting to look like a bad comb over.
    "The legitimate powers of government extend to such acts only as are injurious to others. But it does me no injury for my neighbour to say there are twenty gods, or no god. It neither picks my pocket nor breaks my leg." --Thomas Jefferson
  • Jstas
    Jstas Posts: 14,739
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    Yeah, property maintenance on vacant houses that have either just been built or were bought and put up for rent has been pretty lax around here too.
    Expert Moron Extraordinaire

    You're just jealous 'cause the voices don't talk to you!
  • xschop
    xschop Posts: 4,778
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    Blackrock will be your new landlord.
    Don't take experimental gene therapies from known eugenicists.
  • polrbehr
    polrbehr Posts: 2,826
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    According to Zillow, my house is worth $3400 less than it was a month ago.

    Maybe I should cut the grass?
    So, are you willing to put forth a little effort or are you happy sitting in your skeptical poo pile?


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