Originally Posted by propain
Utterly clueless. Nice work dancing on how you were wrong about payments not going up.
Donít confuse todays HISTORICALLY LOW interest rate as a normal rate. We will go back to normal rates. You guys want normal home values, it also comes with normal interest rates. 7-8%. The interest rate honeymoon is over. You cant have it both ways.
When interest rates were 8%, a new house could be had for 200K on LI. A 200K house with an 8% has a monthly payment of around $1500.
Don't confuse todays still overinflated prices as anywhere near in line with historical norms...on Long Island, nonetheless.