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This is only the very very beginning, yes houses here and in other high demand areas are still selling for good money but it’s not going to last. We are likely headed for recession and even higher interest rates, the over inflated housing market will be first to go.
An interesting analysis on the most overvalued markets and what areas are likely to get hit the worst (FL looks pretty bad) interestingly enough they have LI and the NY metro UNDERvalued lol
LI and the ny metro is unique. Nothing new built for decades, sure a new 5-30 home subdivisions give up here and there it doesn’t add to the inventory. New builds are mostly tear downs. As long as nyc crime exists and smart Asians and white kids get denied to high schools because “diversity” the desirable areas will be fine. Will prices probably flatline, yes. Will we see 20% drops no.
I guess you could burn or tear up the check if it upsets you so much.
Personally, I would rather see this money stay in the state and/or local coffers this year, because I just see increased tax levies in our future as a result of the gas tax holiday and no announcement of any programs or services being cut or delayed so far. That loss has to be made up somewhere, and it's going to end up being new taxes or fees
LI and the ny metro is unique. Nothing new built for decades, sure a new 5-30 home subdivisions give up here and there it doesn’t add to the inventory. New builds are mostly tear downs. As long as nyc crime exists and smart Asians and white kids get denied to high schools because “diversity” the desirable areas will be fine. Will prices probably flatline, yes. Will we see 20% drops no.
Agree good analysis. I don’t think this will be a 2008 housing crash but interest rates will certainly deflate the overheated market nationwide and some areas will get hit much harder than others.
Chase is at 5.875 mortgage rate for 30 year after todays surge. It’s going to get bad real quick. Hopefully after 2 years we can recover.
Home heating oil prices through the roof.
Gas prices through the roof.
Car prices through the roof.
Food prices through the roof.
Crime through the roof.
401k’s and the market dropped through the floor.
Rough winter coming up sadly.
Agree 100%. But we will finally start to see some banking interest rates back into the 4-5% soon. So that kind of helps the pain, just a little.
Agree good analysis. I don’t think this will be a 2008 housing crash but interest rates will certainly deflate the overheated market nationwide and some areas will get hit much harder than others.
Looks like they may raise .75 intrest rates will be well over 6.
There is another factor at play. Just my opinion i think it’s overlooked. We own rentals all where refi in last 2 years to 2.25-2.875 depending if it was 20 or 30 fixed. We would never sell because the loan rates makes the rental way more profitable, this goes for most investors. You are going to get many homeowners that want to maybe trade up but won’t because they have to give up that 2.875% 30 for a 5.5% 30 that eroded there buying power. It will be cheaper to just stay an expand/reno. This will keep inventory low thus keeping prices from falling to much.
There is another factor at play. Just my opinion i think it’s overlooked. We own rentals all where refi in last 2 years to 2.25-2.875 depending if it was 20 or 30 fixed. We would never sell because the loan rates makes the rental way more profitable, this goes for most investors. You are going to get many homeowners that want to maybe trade up but won’t because they have to give up that 2.875% 30 for a 5.5% 30 that eroded there buying power. It will be cheaper to just stay an expand/reno. This will keep inventory low thus keeping prices from falling to much.
5.5%? We are already there. 6 or 7% is more like it soon
I guess you could burn or tear up the check if it upsets you so much.
Personally, I would rather see this money stay in the state and/or local coffers this year, because I just see increased tax levies in our future as a result of the gas tax holiday and no announcement of any programs or services being cut or delayed so far. That loss has to be made up somewhere, and it's going to end up being new taxes or fees
Agreed, let the state keep the money. Obviously an effort to gain votes , as mentioned.
Getting a $190 check on 22k paid in taxes is similar to serving a party of fifteen in a restaurant and receiving a 1% tip.
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