Housing Market crash imminent *DOUBLE DOOMSDAY*

[TimmySmith 2,782]

6 minutes ago, Hardcore troubadour said:

JP Morgan has laid off over 1k mortgage bankers and are reassigning others to lower paid positions. 

People hired during the refinance boom. Obviously that boom is now over.

[Hardcore troubadour 12,588]

7 minutes ago, TimmySmith said:

People hired during the refinance boom. Obviously that boom is now over.

I’ve also read that cash out home equity loans are way up. 

[TimmySmith 2,782]

5 minutes ago, Hardcore troubadour said:

I’ve also read that cash out home equity loans are way up. 

Hadn't heard that. That is how the danger starts.  Putting idiots underwater if a fall happens. 

[edjr 5,547]

8 minutes ago, Hardcore troubadour said:

I’ve also read that cash out home equity loans are way up. 

and rates are high. People can't afford what they bought.  Big trouble.. 

[TimmySmith 2,782]

Just now, edjr said:

and rates are high. People can't afford what they bought.  Big trouble.. 

They are trying to get cash while home valuations are high. Then they'll have 2 loans and a house they can't sell to cover the debt. Stupid people dealing with unscrupulous people.  Never good for the rest of us.

[edjr 5,547]

Just now, TimmySmith said:

They are trying to get cash while home valuations are high. Then they'll have 2 loans and a house they can't sell to cover the debt. Stupid people dealing with unscrupulous people.  Never good for the rest of us.

One of my good friends does mortgages. He would sell a AR mortgage to his grandmother for the commission 

[edjr 5,547]

nailed it.   

Free fallin......

[wiffleball 4,631]

Sorry, but it's about f****** time. Every idiot and their brother-in-law is a realtor these days.

 

And rents and housing prices are just insane.

[edjr 5,547]

19 minutes ago, wiffleball said:

Sorry, but it's about f****** time. Every idiot and their brother-in-law is a realtor these days.

 

And rents and housing prices are just insane.

The hair ball chin is priceless. 

[iam90sbaby 2,120]

Can't wait 

[Alias Detective 1,179]

2 hours ago, iam90sbaby said:

Can't wait 

Then buy now.

[MTSkiBum 1,593]

The only problem is that this will only help cash buyers. Since interest rates are going up even though house prices are dropping the price of housing will remain the same or possibly be more expensive.

 

 

[TimmySmith 2,782]

5 minutes ago, MTSkiBum said:

The only problem is that this will only help cash buyers. Since interest rates are going up even though house prices are dropping the price of housing will remain the same or possibly be more expensive.

If the market tanks, I see the following,  Those who bought in the last 5 years will have a low payment, but will be underwater if they sell. I doubt we will see a glut of houses, So they are stuck in the house or able to rent.  Not at all like those in the 2000's who were underwater and couldn't rent.  It's actually a bit of a no lose situation for homeowners, unless they are absolutely forced to sell.  If cycles go in 15-20 year increments, then its 65 year olds who are truly screwed.  Us 55 year olds might squeak by,

[edjr 5,547]

We definitely needed a new thread on this. 

[Gladiators 1,903]

31 minutes ago, edjr said:

We definitely needed a new thread on this. 

I agree.  Your thread didn't have doomsday in the title.

[edjr 5,547]

2 minutes ago, Gladiators said:

I agree.  Your thread didn't have doomsday in the title.

[Hawkeye21 1,848]

On 9/1/2022 at 1:18 PM, MTSkiBum said:

The only problem is that this will only help cash buyers. Since interest rates are going up even though house prices are dropping the price of housing will remain the same or possibly be more expensive.

 

 

I think it helps those who can't afford the down payment.  There are a lot of people who can afford the monthly payments but can't afford the down payment.

[edjr 5,547]

1 minute ago, Hawkeye21 said:

I think it helps those who can't afford the down payment.  There are a lot of people who can afford the monthly payments but can't afford the down payment.

yeah, like in 2006....... with shite credit on top of it

[Hardcore troubadour 12,588]

15 minutes ago, Hawkeye21 said:

I think it helps those who can't afford the down payment.  There are a lot of people who can afford the monthly payments but can't afford the down payment.

No one helped me with my down payments. And it’s not like I was making a ton of money. Living within your means and saving works. 

[jerryskids 5,169]

56 minutes ago, edjr said:

We definitely needed a new thread on this. 

A "housing crash imminent" thread from April 2020 might as well have been titled "I know nothing about the housing market."  Epic phayle. 

 

[edjr 5,547]

Just now, jerryskids said:

A "housing crash imminent" thread from April 2020 might as well have been titled "I know nothing about the housing market."  Epic phayle. 

 

I guess housing is too hard to search

[jerryskids 5,169]

15 minutes ago, edjr said:

I guess housing is too hard to search

I'm guessing that in high school you were the kid who ate bugs off of the windshield for money, and otherwise acted as the class clown, as your ways of getting attention.   

[TimmySmith 2,782]

1 minute ago, jerryskids said:

I'm guessing that in high school you were the kid who ate bugs off of the windshield for money, and otherwise acted as the class clown, as your ways of getting attention.   

He is our class clown. 

[Hawkeye21 1,848]

17 minutes ago, Hardcore troubadour said:

No one helped me with my down payments. And it’s not like I was making a ton of money. Living within your means and saving works. 

You just said that you didn't even need to make a down payment in the other thread.

[jerryskids 5,169]

1 minute ago, TimmySmith said:

He is our class clown. 

I pointed out that he always starts new threads when an existing thread is sitting there 5 down from the top of page 1, so now he thinks it is some big gotcha to me when he bumps a failed thread from 2.5 years ago about an "imminent" housing crash.  Hell, there is probably a similar thread from the 2000s, maybe we should bump that as well, it's just as relevant.   

[edjr 5,547]

Home prices see biggest drop in 9 years, thanks to higher mortgage rates

 

https://www.npr.org/2022/09/21/1124272098/home-prices-see-biggest-drop-in-9-years-thanks-to-higher-mortgage-rates

 

 

[RLLD 3,455]

10 minutes ago, edjr said:

Home prices see biggest drop in 9 years, thanks to higher mortgage rates

 

https://www.npr.org/2022/09/21/1124272098/home-prices-see-biggest-drop-in-9-years-thanks-to-higher-mortgage-rates

 

 

It ends up being a zero sum game, but mostly hurts the seller. So the seller ends up "paying" for Bidens inflation tax

[TimHauck 1,795]

On 9/15/2022 at 9:31 AM, jerryskids said:

A "housing crash imminent" thread from April 2020 might as well have been titled "I know nothing about the housing market."  Epic phayle. 

 

Lol, nailed it.  And comes here to say “prices are down 6%” when they’re up in total like 40% or something since the post was made.

I do think prices will come back down a bit, but doubt they’ll get lower than they were in April 2020 save maybe a few areas.

[TimmySmith 2,782]

Lots of texts from those "homebuyers" agencies, lately, looking to cash in a cheap deal.  

[edjr 5,547]

 

[TimHauck 1,795]

On 9/15/2022 at 9:31 AM, jerryskids said:

A "housing crash imminent" thread from April 2020 might as well have been titled "I know nothing about the housing market."  Epic phayle. 

 

I laugh at this every time ed bumps this thread…

[jerryskids 5,169]

1 hour ago, edjr said:

 

That was interesting, thanks.  I'm certainly aware of what's going on here in Phoenix; what I guess I didn't realize is how much worse it is than in other places.  Then again, our highs were higher as well.  Funny, 20 years ago when this area was experiencing slow and steady growth, housing prices went up slowly and methodically.  Then Californians started moving here in droves, bringing suitcases of money from selling their overpriced shacks back home and dropping it on houses here (tax laws used to as much as require it).   

We timed ours well, selling our more expensive home last summer for more than we ever thought we would, then buying our smaller home when rates were at the bottom -- I think we got 2.75% 30 yr fixed.  My son, 26, bought his about 3 years ago before the big runup but when rates were almost as low -- he said recently that he couldn't afford his house if he had to by/mortgage it today.

I think everyone knows we're in a recession; maybe the administration will admit as much after the election today, instead of redefining it again.   

[edjr 5,547]

49 minutes ago, TimHauck said:

I laugh at this every time ed bumps this thread…

keep your head buried in the sand and it won't happen

[TimHauck 1,795]

4 minutes ago, edjr said:

keep your head buried in the sand and it won't happen

I know housing prices are going to come down, but stop pretending like you “called it” in April 2020, you look silly.

I still have my doubts that it will be “worse than 2008-2011” like all of your doomsday videos are saying though.  And let’s be real, the main driver of the decline in demand is the historically fast jacking up of interest rates, not necessarily due to anything that caused the surge in prices in the first place. Hopefully you plan to buy in cash.

[cmh6476 748]

The thing that's going to test the market is how many people who have lived in their homes for 30 years will start dying off over the course of the next decade. 

[edjr 5,547]

1 hour ago, jerryskids said:

That was interesting, thanks.  I'm certainly aware of what's going on here in Phoenix; what I guess I didn't realize is how much worse it is than in other places.  Then again, our highs were higher as well.  Funny, 20 years ago when this area was experiencing slow and steady growth, housing prices went up slowly and methodically.  Then Californians started moving here in droves, bringing suitcases of money from selling their overpriced shacks back home and dropping it on houses here (tax laws used to as much as require it).   

We timed ours well, selling our more expensive home last summer for more than we ever thought we would, then buying our smaller home when rates were at the bottom -- I think we got 2.75% 30 yr fixed.  My son, 26, bought his about 3 years ago before the big runup but when rates were almost as low -- he said recently that he couldn't afford his house if he had to by/mortgage it today.

I think everyone knows we're in a recession; maybe the administration will admit as much after the election today, instead of redefining it again.   

 

[Hawkeye21 1,848]

 

[edjr 5,547]

12 minutes ago, Hawkeye21 said:

 

Nothing to see here. Move along. It's all fake.

[TimHauck 1,795]

3 minutes ago, edjr said:

Nothing to see here. Move along. It's all fake.

Who said that?  It’s just happening now, not April 2020

[Strike 3,947]

Pffft.  Get back to me when we're at TRIPLE DOOMSDAY!!!