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which I asked for the source, since I couldn't find it. Said source (beyond some possibly handcrafted reddittor's work) hasn't been produced. In trying to find it myself, I and at least 1 more have linked to official information which conflicts this.
Quote:
Mortgage interest rates on the 30 year have doubled under Biden.
Mortgage rates should have already been 5% since 2018. The economy had recovered. Free money was no longer needed to stimulate homebuying nor business investment.
You make it political when you attribute this to Biden. I didn't even vote for Biden. You take a snapshot - On Inauguration Day 2021, the 30 yr avg was 2.77% (per above chart). Last available they are 5.1%. New numbers come out tomorrow.
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Few saw the last bubble. Peter Schiff was mocked and even called a communist when he correctly called the last top. He sees another top.
there's a million people who claim they called the last bubble, and 10 million that have probably shut their mouths. As noted, it sounds like this Schiff fellow is a frequent recession-caller. He's bound to be right eventually.
yes, while I would - in the abstract - favor requirements that:
ARM's can't be < 7 yrs at original rate
to get an ARM, you must still DTI at the fixed rate OR
to get an ARM, you must have 20% down
the lenders have all the data they need to determine just who, from a financial standpoint, defaults on their loans.
And I daresay those categories, as of 2008, would be in this order:
Low downpayment
Low credit score at qualification
Excessive DTI
ARM's are typically qualified at the initial interest rate +2%. So even most 5 year ARMS's would not hit the rate in which the DTI was qualified at until year 7.
ARM's are typically qualified at the initial interest rate +2%. So even most 5 year ARMS's would not hit the rate in which the DTI was qualified at until year 7.
that's good to know! It sure wasn't that way in '06 ... or there were that many stated income ("I need you to say your income is...") loans.
New single-family home sales plunged by 16.6% from March and were down 26.9% year on year. New home sales dropped to the lowest level since the lockdown in April 2020.
We refinanced at the rock bottom of the mortgage rates. As rates increase, the value of homes will decrease. People will find themselves "upside-down" again. Not looking good for the immediate economic future.
We don't plan on ever moving again. You can't be "upside down" unless you are using your property as an investment and not a home.
Said 48% of renters don't think they'll ever buy, because ...
Would anyone like these types of buyers as a neighbor? If they can't afford the down payment, how do you think they will be able to afford the maintenance and upkeep of the property? Do you want to live next door to a house that needs to be painted or has a tarp on the roof because they can't afford a new one??
We don't plan on ever moving again. You can't be "upside down" unless you are using your property as an investment and not a home.
as long as you don't live in a hell hole like Long Island where teachers and cops make mid six figures so your annual property tax bill on a small bungalo is $20,000
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