Softening in RE market?? (Dallas, Howe: mortgage broker, broker, calculated)

[hbdwihdh378y9]

Originally Posted by aggie972

If for some reason we do have another great recession (seems unlikely considering the last one was a 70 year event)...Texas is . . . a non recourse loan state for mortgages (lender can foreclose and report to credit bureau, but can't take any of my other assets in a suit). If the home I paid ~$350k for suddenly drops to $180k before I am able to build up much equity, I always have the option of handing the keys back to the bank and saying "see ya!" I don't HAVE to pay $300k on a loan for a house suddenly worth $180k.

Surely you mean California. In Texas, you are on the hook for the entire loan balance.

[hbdwihdh378y9]

Originally Posted by Treasurevalley92

Well, based on the increased frequency of 100 and 500 year floods . . . .

What increase?

[hbdwihdh378y9]

A big problem with this thread is the equation/conflation of Frisco and surrounding areas with the greater DFW housing market.


Frisco and the nearby areas are the areas of speculative development. Price volatility is to be expected. But that volatility has absolutely nothing to do with the soundness of the DFW residential real estate market.

[MinesotaUser1]

Originally Posted by hbdwihdh378y9

A big problem with this thread is the equation/conflation of Frisco and surrounding areas with the greater DFW housing market.


Frisco and the nearby areas are the areas of speculative development. Price volatility is to be expected. But that volatility has absolutely nothing to do with the soundness of the DFW residential real estate market.

Please elaborate.

[UnfairPark]

Originally Posted by hbdwihdh378y9

A big problem with this thread is the equation/conflation of Frisco and surrounding areas with the greater DFW housing market.


Frisco and the nearby areas are the areas of speculative development. Price volatility is to be expected. But that volatility has absolutely nothing to do with the soundness of the DFW residential real estate market.

People with basic common sense have been predicting it for long time. Already built out centrally located towns wouldn’t see as much drama as artificially inflated newer areas with lots of inventory and longer commutes. This housing bubble has relatively limited scope. Prices weren’t drastically increased in rest of the metroplex and doesn’t have as much inventory to drown established areas.

[kyam11]

Originally Posted by hbdwihdh378y9

Surely you mean California. In Texas, you are on the hook for the entire loan balance.

No he means Texas.

California is a non recourse state. Texas is also a non recourse state.

[Treasurevalley92]

Originally Posted by djslakor

Quoting zillow as a source of truth is like quoting the onion for news.

Of course, I'm just saying, I'm seeing homes have price drops that had they been listed a year or two ago would have sold at or above list price with multiple offers. It seems like with more inventory and less buyers etc, less homes are going for more than they are worth? But then again homes are worth whatever people will pay for them.

I acknowledge this is anecdotal at most, but it will be interesting to see what the numbers look like over the next 6 months to a year or so.

[hbdwihdh378y9]

Originally Posted by kyam11

No he means Texas.

California is a non recourse state. Texas is also a non recourse state.

You are right. My mistake.

[MinesotaUser1]

More than 20 percent of Dallas-area homes on the market have had price cuts

https://www.dallasnews.com/business/...ket-price-cuts

[jiping]

From WSJ:

Once-hot markets are showing signs of cooling down. Bill Nelson, president of Your Home Free, a Dallas-based real-estate brokerage, said that in the neighborhoods where he works, the number of homes experiencing price cuts is more than double the number that are going into contract.

Brad and Virginia Reitinger closed on a new home in Dallas two weeks ago, and opted for an adjustable-rate mortgage so they could get a 4% rate. With a fixed-rate 30-year loan, they would have had to pay 4.5% to 5%, Mr. Reitinger said.