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Sarasota - Bradenton - Venice area Manatee and Sarasota Counties
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Old 05-30-2013, 02:52 PM
 
288 posts, read 423,490 times
Reputation: 162

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Is the bubble coming to an end? Rates are going up, which means loan payments will be higher. Borrowers might afford less loan...will prices go down again?
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Old 05-30-2013, 04:04 PM
 
Location: Lakewood Ranch, FL
5,648 posts, read 9,943,556 times
Reputation: 6871

A little perspective....
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Old 05-30-2013, 04:58 PM
 
1,581 posts, read 3,161,725 times
Reputation: 760
Dating myself but I remember those rates of the 80s!!
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Old 05-30-2013, 05:59 PM
 
Location: Hudson Vally/Suncoast
129 posts, read 225,351 times
Reputation: 271
I not only remember it, but got a mortgage in 1983, double ouch!
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Old 05-31-2013, 05:53 AM
 
781 posts, read 1,055,594 times
Reputation: 1528
Oh boy, do I remember. I also was part of that double digit mortgage rate. Yes, we are dating ourselves, but that also translates to experience in the home buying/selling experience.
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Old 05-31-2013, 01:27 PM
 
518 posts, read 1,164,407 times
Reputation: 213
I also remember getting 15% on my cd's with no risk. It was enough to easily pay my mortgage. It is a good thing I have no mortgages now. Because the free money they are doing now will come back to bite this county in the ass down the road. Nothing is free.
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Old 05-31-2013, 01:35 PM
 
Location: Jupiter
1,108 posts, read 4,019,323 times
Reputation: 640
Cool Pmi

Even worse...if you get stuck having to use an FHA Mortgage...PMI will be added for the entire length of the mortgage......regardless of how much you put down......that could add $50 or more a month to your payment monthly.

This goes into effect on any FHA loan that is applied for after June 3rd, 2013....How long do you think it will take the Conventional...Adjustable(ARM's) to follow suit......
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Old 05-31-2013, 06:15 PM
 
Location: Sarasota, FL
1,642 posts, read 3,167,120 times
Reputation: 813
The notion that 4% mortgages would in any way hurt the real estate recovery is utterly crazy.

The worldwide economic collapse, now that's another story.
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Old 05-31-2013, 06:25 PM
 
Location: Mtns of Waynesville,NC & Nokomis, FL
4,607 posts, read 9,650,350 times
Reputation: 6135
Quote:
Originally Posted by Rushmore View Post
The notion that 4% mortgages would in any way hurt the real estate recovery is utterly crazy.

The worldwide economic collapse, now that's another story.
I agree... good point, imo.
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Old 06-01-2013, 12:15 AM
 
2,076 posts, read 2,893,976 times
Reputation: 1019
Buyer interest goes up in the early stages of interest rate increases. Everyone feels like they have to buy while they can get in low. Probably the reason there is such a feeding frenzy going on now. Here in CA price increases are happening shockingly quickly because of the shortage of houses on the market. Our next door neighbors condo sold in one week with multiple offers. He picked the one that was $20,000 over the asking price.

A few years ago CA was in the same boat as florida with stuff selling at 45% of what it sold for at the peak. Last year was 20% appreciation and I expect this year to be the same.

Higher interest rates that are not continuing to rise could stablize the housing market and keep inventory and prices reasonable.
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