Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Mortgage demand falls to the lowest level in 22 years, amid rising rates and slowing home sales
Continuing with the theme of the last year and a half-everything Joe touches turns to crap. Those of us over a certain age remember, faintly, the presidency of Jimmy (peanut farmer) Carter. Record inflation, sky-high interest rates, shortages, record gas prices, gas shortages, lines at the pump, collapsing housing market. These times feel ominously like the Carter years in so many ways.
The biggest...issue was with the Carter years wasn't just the worst recession since the Great Depression, but the lack of leadership and the feeling that this country was failing, that everything was turning to crap. That America and our leadership couldn't do a single thing right and was off-course. As bad as Carter was though, he didn't display the divisiveness of Biden; he didn't deliberately pit Americans against one another trying to tear this country apart. And even he wasn't dumb enough to leave our borders wide open to a tsunami of foreign criminals.
It seems likely that Carter will lose the title of "Worst President in American History" within the next few months. Many are still in shock at how we can go from the best, strongest economy in US history and drive it into the river in just a few short months. In the words of Ted Kennedy, "we'll drive off that bridge when we come to it".
Biden doesn't give a rat's ass about the suffering of the American people. He has a purely political agenda which, by design, damages our economy. Destroying fossil fuels is not only destructive for the US economy but it also harms the world's fossil fuel economy. so when these contemptible Biden hacks deflect by pointing to high gas prices in other nations, Biden's anti-fossil fuel policies harm their oil prices as well
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,585 posts, read 81,186,228 times
Reputation: 57820
Quote:
Originally Posted by PullMyFinger
Well, there are 3 homes for sale in my neighborhood that haven’t budged for over a month. I haven’t seen that since 2008. I personally think the bubble is breaking again.
It depends on where you are. Here in my area homes are taking longer to sell, 5-6 days instead of 2-3, with fewer offers over asking, and even one sold for $20,000 under the asking price of $1.6 million. There are still buyers with cash or who make enough to not be too concerned about the interest.
Oh just stop it with the excuses for your Potatohead president. He and his administration is responsible for federal interest rates, money printing, trillion dollar wasteful bills, and since it all effects the economy including real estate, it is all inter-related.
No, the POTUS is not responsible for interest rates or money printing. That's on the Fed. They kept this unsustainable ball rolling with their quantitative easing nonsense. It had to come to roost at some point. However, I do agree that increasing government debt is a huge problem, and it always is, no matter who is in office. No president wants to not increase the debt ceiling, and hasn't. I think the last balanced budget was under Clinton.
I also understand we had a pandemic and that caused a lot of financial heartache for a lot of people who needed help.
fun fact: due to rising prices and inflation in general, many of you no longer qualify for the mortgage for the house you already have as the qualification process changed in 2008/2009 to include such factors.
The housing market is still HOT in Oklahoma where national trends, good or bad, take a while to arrive.
Depends on the market. I'll bet you that in states where people are fleeing the state governmental tyranny, that houses are not selling very quickly at all, because no one wants to move to these places.
Then again, the wealthy might see all of these homes going up for sale by fleeing residents, that it's a great opportunity to buy up houses to turn them into rental property.
it would be nice if "news articles" included more details, to whit:
"The sweeping changes include:
* down payment assistance - how much, and where's the money coming from? How if at all does it get repaid?
* lower mortgage insurance premiums - is there some evidence that MIP are too high? Do Blacks/underserved communities default less frequently, which would justify this? What's the actuarial calculation?
* a credit reporting system that factors in rent payment history - as it could/should
* expanding counseling services to support housing stability - I don't know what this means, but they've had counseling services available forever
*introduce technology that would improve access to credit - again, what does this even mean?
* and make home appraisals more equitable. - how does this work? They're claiming that licensed professionals (appraisers) aren't accurately considering comparable sales?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
