From Yahoo Money:
Mortgage rates hit highest level in 13 years and could cool housing market
Mortgage rates hit their highest level since August 2009 this week, following a sharp increase in the 10-year Treasury yield and continuing a breakneck ascent since the start of 2022.
The rate on the 30-year fixed mortgage increased to 5.27%, up from 5.10% last week, according to Freddie Mac. Mortgage rates have climbed over a half-point in the last four weeks and are up 2 percentage points from the start of the year.
The rapid increase in rates — tied to the Federal Reserve’s moves to hike interest rates to curb inflation — may be finally cooling the once-blistering hot housing market as affordability challenges become untenable for buyers.
“While housing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but is expected to decelerate in the coming months,” said Sam Khater, Freddie Mac’s chief economist.
The cost of financing 80% of a typical home listed for sale has increased by nearly 50% in the last year, according to Realtor.com. Housing affordability has worsened in the first quarter of 2022, with the monthly payment for an average existing home with a 20% down payment up $1,383, which is $319 or 30% more than a year ago, according to NAR analysts.
Families are spending 18.7% of their income on mortgage payments, compared with just 14.2% a year ago.
Foist
Again, the FED or money printing is not to blame for inflation. The source has always been businesses. Businesses are the ones that artificially lowered the amount of goods on the market by cutting production. They are the ones that created an artificial environment of less goods available, not the FED. Hence, more people/money chasing fewer goods…aka inflation.
Look around. Housing…supply issues (which i called long ago..millennials would overwhelm supply), oil…supply issues (opec cut back supply available to market), cars (cut back supply). See the trend here. Yet, blame the FED.
“While housing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but is expected to decelerate in the coming months,” said Sam Khater, Freddie Mac’s chief economist.
For those looking to buy, unfortunately, this is the deal moving forward. If you think you’re going to find a steal, forget it. Prices won’t decrease moving forward. They might wobble sideways but that 650K piece of shit is going to be 650K a year from now. Eventually, someone will capitulate and buy tubby Mary Muppet’s dump.
Bloomberg article today….props to them for telling the truth.
“Take a two-floor, 2,500-square-foot (232-square-meter) house listed in Berkeley last month for $1.795 million. The property, built in 1935 but extensively renovated, received 28 offers.
It sold to an all-cash buyer for more than $4 million.”
“People say they want to wait for the crash to buy,” said Anthony Salazar, a Burbank-based real estate agent who represents Hernandez and posts commentaries as @Homedealeranthony on TikTok. “It’s never going to crash.”
“But California’s housing deficit is so massive that it’s unlikely there will be significant or long-lasting price declines, even in a recession, Levine said. The state needs about 180,000 new units a year but has added only about 100,000 annually, he said, compounding a gap widened by regulations, lack of land and sky-high development costs.”
https://apple.news/AiHzoe3mIS9mjwTzF1rif5A
Fast Eddie,
Exactly. People are in for a let down. Housing is not like stocks. It’s very difficult for real estate to go down in real estate (unless second home market). BBC
Fast Eddie,
Exactly. People are in for a let down. Housing is not like stocks. It’s very difficult for real estate to go down in primary living locations (unless second home market). You rarely see prices go down unless there is a massive slow down in the economy where people who lose their jobs are forced to sell to the sharks.
Yet my house sold for 650K in 2005 and I bought it for 575k in late 2014. It can and will happen.
Fast: Housing prices don’t increase 20 percent in a year. That is a bubble period. Mortgage rates are rising, and that increases monthly payments, along with the price of gas and everyone else increasing. Millenials don’t have unending sources of cash to just continue to fat Mary’s asking price. Also, this nonsense that people simply won’t se their houses is nonsense. Their are a multitude of reasons people sell, and there are many boomers and Gen X homeowners who can sell in this environment and not worry about losing money. Stock market is getting whacked and housing will too, it takes longer to play out on the housing side. All the reasons to justify price increases will turn out to be mostly BS. The Fed did this, and now the Fed will undo it by raising rates.
Yet my house sold for 650K in 2005 and I bought it for 575k in late 2014. It can and will happen.
Yep. You caught a small window and timed it right. Valleys and peaks. I’m glad you were able to snag it. Overall, the trend is forever higher. Yes, the dips will occur but chubby Mary will unfortunately get her asking price. I hate the game and hate the fat fucks who step in blind shit believing they’re savvy investors. It’s all luck and I’d still low ball a shit box tomorrow just to send a message to the smelly losers.
That was different. That was price increases driven by people who couldn’t afford to own, but hoped to flip for a quick profit. They had zero down loans, hence no skin in the game. So they easily abandoned said houses when the easy loans were no longer there to support pricing.
Bystander says:
May 7, 2022 at 10:02 am
Yet my house sold for 650K in 2005 and I bought it for 575k in late 2014. It can and will happen.
They had the money to drive up prices 20%, no?
“Millenials don’t have unending sources of cash to just continue to fat Mary’s asking price.”
Fast: The fundamentals never change, delayed, manipulated, but they never change. I remember all the way back in the late 80 s same talk. Mortgage brokers layoffs across the countries. We are going into a recession and it won’t be pretty, housing party is over.
“Why should some 80 year old get to vote on something that is none of her business…”
Totally agree. I’ve long advocated on here that to vote one has to have a vested interest.
“And although Ginsberg did not like the ruling the way it went down, it doesn’t appear that she was anti-abortion.”
Again, the topic of the ruling is immaterial to me. Poking around uteri, gun rights, porn, doesn’t matter. Get the Feds out, bring the decision-making back to the citizens to the smallest governmental unit possible. That is Alito’s opinion in a nutshell…leave us alone, this is not our job, it’s your responsibility, stop punting and you guys figure it out.
We’re pretty close in outlook, I believe.
Re: the Constitution, what a document, all the more extraordinary given the ages of the authors. Few works last into three centuries…I would be impressed with one author having that foresight and analytical ability…to get it done by consensus with compromise? Outstanding.
“States should not regulate what you do to your body if it has no deterrent or benefit to anyone else. Worst all, the banning of abortion is punitive against only ONE person and it takes TWO to even make it an option. States that choose to ban abortion are no better than countries that require Sharia Law. Actually. They are much worse.”
I’d have sympathy for this view if the ONE/TWO rule were consistently applied….so TWO of us can make a baby but we are drawing a line around only one person?
She decides yes, I’m bound financially for decades? But she decides no – even though I want yes – and OUR baby goes poof?
Inequitably applied law is not good law…
If the yes/no decision resides solely with mom, then so does everything else…you want to draw a fence around a woman’s body alone, I’ll agree with that stipulation…
“32 days Pumpkin-free”
“Re: the Constitution, what a document, all the more extraordinary given the ages of the authors. Few works last into three centuries…I would be impressed with one author having that foresight and analytical ability…to get it done by consensus with compromise? Outstanding.”
And how was Hamilton taken down? By an affair with a married woman whose husband extorted him for money.
LW,
Yeah, we are close in agreement. With this part as well:
She decides yes, I’m bound financially for decades? But she decides no – even though I want yes – and OUR baby goes poof?
Inequitably applied law is not good law…
“If the yes/no decision resides solely with mom, then so does everything else…you want to draw a fence around a woman’s body alone, I’ll agree with that stipulation…”
https://www.history.com/news/alexander-hamilton-maria-reynolds-pamphlet-affair
Today due to circumstances was thrust into the ” arena” of the hockey world at an arena.
Nice group of people, friendly and accommodating. Enjoyed myself.
All lugging tons and tons of gear. Escalades and Tahoes everywhere.
It’s a lot more popular than I had imagined. And the fathers- clean cut, hillbillies, rednecks, professionals, man buns- all seemed to get along just fine.
They had money to drive up prices and are now begging the government to bail out their student loans.
They had the ability to borrow money…
Joyce: And in a further response to BRT, some of them took the payments for their student loans that were paused and used it towards their down l
Payments and now want their student loans forgiven
Phoenix, nice. Hopefully on a date or such as an observer and not drawn to the rink for your professional services…
As an observer, my kid likes to figure skate. Who figured?
Only on standby if someone needed my services while there, luckily not needed.
Pleasantly surprised about the overall atmosphere.
Mark Zandi, chief economist at Moody’s Analytics, said that while he sees the U.S. housing market cooling through the end of the year, a substantial national home price correction is unlikely.
“In terms of house prices, I expect [growth] to go flat,” Zandi told Fortune on Monday. “There will be markets where we will see a price decline of around 5% to 10%.”
Crash will come, 3b…your day will come, but this is the early stages….2024 is the mania stage-2026 is the bust.
I do believe what is being bought right now is the floor in good locations. Like i said, party only getting started. 2024 we take off.
“They had money to drive up prices and are now begging the government to bail out their student loans.”
Why are the corporations BEGGING the government to interfere with supply and demand over labor? Better yet, why is the government supporting them vs “hands off” capitalism? How did they get these politicians in their pockets?
Gonna strangle the capitalistic method (supply and demand) of wages? Then pay off student loans if you want slave (wage controlled) labor. You don’t get to have it both ways.
https://welch.house.gov/sites/welch.house.gov/files/WH%20Nurse%20Staffing.pdf
And every one of those signatures is attached to someone collecting Cadillac health care benefits.
Way better than the benefits of the individuals they are trying to push legislation against.
I trained and worked with these young individuals during the darkest days of Covid.
Have some respect for them. They stepped up. I was there.
If you’re looking for a vision of history where people were generally peaceful and contented, though, you might want to check in with societies outside of the Middle Ages. Perhaps look for a group of people not perpetually engaged in siege warfare. “Medieval peasants are a weird one to go to, because, you know, they were rebelling constantly,” Janega noted. “Why are they storming London and burning down the Savoy Palace, if this is a group of happy-go-lucky, simple folk who really love the way things are?”
https://apple.news/A-LRo9wPgQ9G7HiKOLOtnDQ
American Dream Mall lost $60 million last year.
How right they are.
I bought my house in 2011 for 7.5% less then the owners paid in 2005 – I believe anyone who bought in last 6 months grossly overpaid
Chloe D. Ricks @iAmChlo_O
Leaving stuff to states is a bad idea.
Sincerely,
A black woman from Mississippi
Mike S: I would say in the last year. 20 percent increase in a year is insane.
I’ll keep making the plea for everyone here to read this.
https://www.amazon.com/Me-People-Selfless-Rewrite-Constitution/dp/0812981685/
We think of our Constitution as the painstakingly designed blueprint drawn up by, in Thomas Jefferson’s words, an “assembly of demigods” who laid the foundation for the sturdiest republic ever created. The truth is, it was no blueprint at all but an Etch-A-Sketch, a haphazard series of blunders, shaken clean and redrawn countless times during a summer of petty debates, drunken ramblings, and desperate compromise – as much the product of an “assembly of demigods” as a confederacy of dunces.
No wonder George Washington wished it “had been made more perfect.” No wonder Benjamin Franklin stomached it only “with all its faults.” The Constitution they wrote is a hot mess. For starters, it doesn’t mention slavery, or democracy, or even Facebook; it plays favorites among the states; it has typos, smudges, and misspellings; and its Preamble, its most famous passage, was written by a man with a peg leg. Which, if you think about it, gives our Constitution hardly a leg to stand on.
“Get the Feds out, bring the decision-making back to the citizens to the smallest governmental unit possible. ”
No it should be the other way round. I’ll put it in terms of “Small Government” I’m all for it, the problem comes that when entities such as businesses cant regulate themselves, then the government has to step in and regulate for them. So if companies cant stop poisioing the water supplies around their facilities, we need the EPA to step in.
There are things that the Feds should do to give us standards across the country. Why do we have 50 sets of traffic laws, gun laws education standards etc etc etc.
I get the whole, I wanna live how I wanna live, but you cant impose that on other people. You want to live in your Gilead, create your colony and away you go. You dont need laws for that. But you cant impose restrictions on those living there already who don’t want to live your fantasy.
Steve Schmidt running the Russia Bus over Meghan McCain.
https://twitter.com/SteveSchmidtSES/status/1523108447088128001
Check the video to hear it from Buffett’s own mouth. Wasn’t I saying this the other day.
““He’s winning,” says Buffett on @elonmusk”
https://twitter.com/valueanalyst1/status/1523284368311353346?s=21&t=ZRU1TuHVIlScrN9VlYFojA
“Why do we have 50 sets of traffic laws, gun laws education standards etc etc etc.
I get the whole, I wanna live how I wanna live, but you cant impose that on other people.”
Two statements, typed consecutively….LOL.
Any cognitive dissonance as you typed your post? As in, do you see the incongruity and humor of saying you can’t impose your views on others yet question why we have different laws across states on individual topics?
Fabs, good to see you though. I was missing our raving socialist, our bluest of blue member two steps to left of even our resident liberals like Ex, Old, etc.
Aside from you answering your own question, here’s the answer…..literally the final words in the Bill of Rights:
“The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.”
Keep your power grabbing, control mongering philosophies and social experiments in the broken liberal hellholes from which they originate. Red America will take a pass, thank you.
The US needs to pass Federal universal on street overnight parking legislation.
Democrats are pro-choice. How dare you tell someone what to do with their body! Except when it comes to vaccines. Then you’ll be forced to take a needle or else you’ll be castigated, berated, lectured, censored, belittled, mocked and fired from your job. It would be difficult feeding your children after the government forces you out of a job. Oh… maybe you should have murdered a kid or two as they were leaving the womb. I hear murdering babies in the long run not only frees one from responsibility but saves a ton of money to spend on useless shit.
Fast-
So you are against mandatory polio/measles/etc. vaccines for school children?
Joyce,
Who let you speak? The men here are discussing the Bill of Rights. Which Left seems to maintain stops at the 10th. If we ever get to the 19th, we might consider listening to you. In the meantime if you have something to say, get your Husband, Father or Male Guardian to post on your behalf.
Left and youre reaching for the Bill of rights? Thats funny.
“(B)ills of rights … are not only unnecessary in the proposed Constitution, but would even be dangerous.” Hamilton asks, “For why declare that things shall not be done (by Congress) which there is no power to do? Why, for instance, should it be said that the liberty of the press shall not be restrained, when no power is given (to Congress) by which restrictions may be imposed?”
How big of a piece of trash do you have to be to belittle a disabled person? Typical behavior of the unhinged left and you should be ashamed of yourself.
“its most famous passage, was written by a man with a peg leg. Which, if you think about it, gives our Constitution hardly a leg to stand on.”
“(B)ills of rights … are not only unnecessary in the proposed Constitution, but would even be dangerous.” Hamilton asks, “For why declare that things shall not be done (by Congress) which there is no power to do? Why, for instance, should it be said that the liberty of the press shall not be restrained, when no power is given (to Congress) by which restrictions may be imposed?”
LOL. You are priceless, answering all your own questions in advance….
In finance, it’s called ‘belt and suspenders’. Meaning even though you’re bound by one provision, we really don’t trust you enough so we are going to bind you to the same thing through another provision.
So back to your [Hamilton’s] question….fair enough, if the government is not explicitly given the right to control the presses why do we need something saying they can’t?
Are you of all people really asking this question?
Disinformation Governance Board?
With no explicit right given to the government to control the press and – despite Hamilton’s argument – even with the belt and suspender of an explicit prohibition against it you leftist fuckers are still trying to silence any opposition to your horror show policies. LOL.
You are a piece of work buddy. Good entertainment on an otherwise somewhat dreary Sunday though.
Left. If I remember my American history correctly, Hamilton wanted a monarchy, and if not that, than a President for life, and was not a fan of individual states, and did not think they should exist. He advocated a strong central government. The period after the revolution was unstable and the new country lacked money, so a period of chaos ensued. Fortunately,saner minds prevailed, including George Washington who came out of retirement to lead and stabilize the situation. Thanks to him our Republican system prevailed, and our states and federal government structures were solidified, and our Bill of Rights. Strong central government is a European thing, particularly France and until recently Britain. The majority of Americans thankfully don’t want that system.
Don’t forget the Federalist papers…Publius…..direct line to today….same issues, slightly more advance medium….
Trash, my father lost his leg to a Soft Cell Carcinoma and he would have made that joke so get a life.
Left, the point that you don’t seem to be getting is that the Constitution is flawed as it was the day it was written. Straight away you have a long tortured process to try and use the amendments to correct and clarify. 27th Passed in 1789, Ratified in 1992.
Such a perfect document.
Reducx, the Hamilton quote was straight from the Federalist Papers.
Fast-
So you are against mandatory polio/measles/etc. vaccines for school children?
Interesting, isn’t it? We care for and protect the “school children” with STATE-mandated vaccines but clamor for the right to suck their brains from their heads when they’re leaving the womb and then throw it in the trash along with coffee grinds, chicken bones and greasy napkins.
“Left, the point that you don’t seem to be getting is that the Constitution is flawed as it was the day it was written.”
A little slow today, huh?
I understand perfectly what you are saying but simply do not agree.
Again, you can throw out the entire deliberative process, the Federalist papers, and the ratification…as I said in my first post is it a function of collaboration and compromise which makes the result even more astounding…
It is a conceptual, intangible asset…how many men have created something similar that endured centuries…how many have been created by collaboration and endured?
But, hey, to you it is just some paper thrown together by a bunch of peg leg drunks on a hot afternoon in Philly….
What intangible of relevance have you created that will endure, say, even a year? Thought so, typical liberal.
And, yeah, I also know where the quote came from, that’s why I brought up the Federalist….
Fabius,
Can you please clarify this statement of yours?
I get the whole, I wanna live how I wanna live, but you cant impose that on other people.
It seems to me, based on this sentence and the context of your overall post, that you’re not okay with your neighbors potentially imposing something on you/others in your municipality but you are okay with strangers elsewhere potentially imposing something on you/others in the country as a whole?
Am I mistaken?
Fast-
Didn’t really answer my question, but since you brought it up I am generally against sucking the brains out of kids while they are leaving the womb and throwing their remains in with the greasy chicken bones.
Just wanted to make that clear.
Anyone else have the Gig connection with Fios (TV + internet).
How the hell have I not been able to break 80MB down/upload?
Almost nothing else on, I’ll go into the Fios app and literally remove things from the network if I need…but seriously, with one TV and one computer (phone is on 5G) I top out at 80 or so? WTF?
Three devices cannot degrade the performance THAT much, right?
LW,
Check speed using an Ethernet cable on a laptop.
First thing to determine, is it a wireless network problem or not.
Try hardwired first. If you can’t get speed hardwired, you need to contact them.
Left – reboot the equipment, it will automatically find a new channel with less interference from neighbors etc. Also make sure you are in the on the 5g
signal. From the FIOS app go into internet and turn off self organizing network. that will let you see which WiFi 2g or 5 g you are connected to, it will create a WiFi name for each.
you’re can also reboot the ONT which is the white box where the fiber optic enters the home, just unplug it for a minute.
Liberal hypocrisy at its finest.
LW,
This is wireless device, not fiber?
Thx all on the suggestions of Fios.
Phoenix, yes wireless device.
As someone who has experience with such things, it’s not really like this. Unless you are doing it at home with a Dyson, which I’m sure they don’t recommend and neither do I.
This may happen in some states in the future depending on the ruling.
“suck their brains from their heads when they’re leaving the womb and then throw it in the trash along with coffee grinds, chicken bones and greasy napkins.”
Nurses, be prepared to be more hated than teachers.
“Hospitals Look to Raise Treatment Costs as Nurses’ Salaries Increase
Health insurers and employers are pushing back against requests to increase hospital prices by as much as 15%”
https://www.wsj.com/articles/hospitals-look-to-raise-treatment-costs-as-nurses-salaries-increase-11652007602
Cheryl DeMars, CEO of the Alliance, a group of employers that provide insurance to 105,000 people in Wisconsin, Illinois and Iowa, said she has rejected hospitals’ requests this year for prices to recoup labor costs.
Ms. DeMars said she has used public pricing data from the hospitals that the Alliance is negotiating with to reinforce its position.
“It looks to us like we’re overpaying to begin with,” she said. “We’re not inclined to just roll with requests for higher prices because of current inflationary pressure.”
Porn for chi from George Noble. Not going to lie, scares me.
“The equity market offers zero upside and massive downside IMHO. Investors have been made complacent by years of reckless monetary policy from central banks around the world. Inflation has put an end to the liquidity game. #TINA IS DEAD. #GOLDILOCKS IS DEAD. #FOMO IS DEAD.”
https://twitter.com/gnoble79/status/1523490853062610944?s=21&t=JKYhoCdZdEtuQ4IN9z0TdA