Google searches for "help with mortgage" passes 2008 housing crisis level.

[edjr 6,748]

 

Nothing to see. Keep buying those overpriced houses with a 7% rate. 

[avoiding injuries 1,641]

Oh no. Sell sell sell. 
 

Maybe the Fed should drop rates…

[Fireballer 2,666]

I would puke if I had to be house shopping right now.  Some of the younger guys at work are paying $800-1000 more than my mortgage per month RENT on a house half the size of mine. Gone are the days of a fireman making enough on a side hustle to let wife stay home and raise kids. It’s quite troubling

[edjr 6,748]

1 minute ago, Fireballer said:

 

peefoam quoting yourself?

[supermike80 2,033]

My stepson and his wife are looking at homes in the 600K range 600k!!!   They are childless so far.   Why do they need so much?  I don't get it.

He makes a good living, they both do.....but good gracious.

[Sean Mooney 2,031]

1 minute ago, Fireballer said:

I would puke if I had to be house shopping right now.  Some of the younger guys at work are paying $800-1000 more than my mortgage per month RENT on a house half the size of mine.  It’s quite troubling

It is sad in every way. We bought our house over a decade ago. We refinanced our interest rate down during COVID to upgrade some things and have a house right now that is worth 2.5X what we paid for it.

You hear young couples now and they are at 6 and 7% interest rates and having to go like 40-60K over the asking price in order to even have a sniff at a house. And the idea of "House goes on the market Monday, offers need to be in by Tuesday at 5 pm." The hell with that. 

[Sean Mooney 2,031]

3 minutes ago, supermike80 said:

My stepson and his wife are looking at homes in the 600K range 600k!!!   They are childless so far.   Why do they need so much?  I don't get it.

He makes a good living, they both do.....but good gracious.

To some degree it is people who are blinded by the numbers. A bank tells them "Well based off your numbers you can afford X." Of course that doesn't take into account they figure this out off gross income and not net. People don't think about money you will need after you move in right away. 

It's partially their own fault but it is a lending predatory thing that needs to be reined in a little as well. 

[edjr 6,748]

2 minutes ago, Sean Mooney said:

To some degree it is people who are blinded by the numbers. A bank tells them "Well based off your numbers you can afford X." Of course that doesn't take into account they figure this out off gross income and not net. People don't think about money you will need after you move in right away. 

It's partially their own fault but it is a lending predatory thing that needs to be reined in a little as well. 

Much like 2008. The banks are desperate and have no problem selling snake oil

[Alias Detective 1,441]

21 minutes ago, Fireballer said:

I would puke if I had to be house shopping right now.  Some of the younger guys at work are paying $800-1000 more than my mortgage per month RENT on a house half the size of mine. Gone are the days of a fireman making enough on a side hustle to let wife stay home and raise kids. It’s quite troubling

I think what someone needs and someone wants have changed.  A cell phone, door dash, coffee to go seem to be a necessity these days.  Oh, apple music, this app, that app, 5 bucks here, 2 bucks there.  It adds up every month.  Limit your monthly fixed expenses to stay within your means.  Maybe at 50 people can then live the life they worked for.

[Strike 5,869]

19 minutes ago, supermike80 said:

My stepson and his wife are looking at homes in the 600K range 600k!!!   They are childless so far.   Why do they need so much?  I don't get it.

He makes a good living, they both do.....but good gracious.

600k doesn't go that far in many areas of the country.

[edjr 6,748]

2 minutes ago, Strike said:

600k doesn't go that far in many areas of the country.

Even with 200k down. it is very sad

[supermike80 2,033]

28 minutes ago, Strike said:

600k doesn't go that far in many areas of the country.

It does in Michigan.  Its WAYYYY more house than they need

[edjr 6,748]

Just now, supermike80 said:

It does in Michigan.  Its WAYYYY more house than they need

Who would want to live there unless they had no choice? That is why it is cheap.

 

 

[supermike80 2,033]

1 minute ago, edjr said:

Who would want to live there unless they had no choice? That is why it is cheap.

 

 

Nah.   There are plenty of good homes, around 1800 sq ft or so, 3 bedrooms, 2.5 baths, with a full basement and a garage for 300K.  I know because I own one

[edjr 6,748]

Just now, supermike80 said:

Nah.   There are plenty of good homes, around 1800 sq ft or so, 3 bedrooms, 2.5 baths, with a full basement and a garage for 300K.  I know because I own one

 

[TheNewGirl 1,584]

1 hour ago, supermike80 said:

My stepson and his wife are looking at homes in the 600K range 600k!!!   They are childless so far.   Why do they need so much?  I don't get it.

He makes a good living, they both do.....but good gracious.

That's low for CA, $600k would be a find here. 

[Hardcore troubadour 15,764]

Old people refusing to let go of their houses is part of the problem. 

[supermike80 2,033]

2 minutes ago, Hardcore troubadour said:

Old people refusing to let go of their houses is part of the problem. 

[Hardcore troubadour 15,764]

6 minutes ago, supermike80 said:

I’m talking people in their 80’s and 90’s. At one time you could count on them to pass, but many are living longer and longer and refuse to downsize.  

[supermike80 2,033]

2 minutes ago, Hardcore troubadour said:

I’m talking people in their 80’s and 90’s. At one time you could count on them to pass, but many are living longer and longer and refuse to downsize.  

LOL yah I know.  Still need our place...to live in and what not.

But as soon as I retire...selling and downsizing

[edjr 6,748]

6 minutes ago, Hardcore troubadour said:

I’m talking people in their 80’s and 90’s. At one time you could count on them to pass, but many are living longer and longer and refuse to downsize.  

Where will their 50 year old son in the basement live?

[Hardcore troubadour 15,764]

10 minutes ago, edjr said:

Where will their 50 year old son in the basement live?

I assume there. 

[edjr 6,748]

1 minute ago, Hardcore troubadour said:

I assume there. 

Pretty sure the new owners would have a say

[TheNewGirl 1,584]

35 minutes ago, Hardcore troubadour said:

I’m talking people in their 80’s and 90’s. At one time you could count on them to pass, but many are living longer and longer and refuse to downsize.  

Can't speak for other states, but part of the reason this happens in CA is that a lot of those old people are still paying 1970s property taxes. AND...their houses are paid off. 

At this point, if my dad (77) were to move, he'd have a mortgage, even if he got ALL the proceeds from the sale of his house. 

Why should he move? 

 

[edjr 6,748]

1 minute ago, TheNewGirl said:

Can't speak for other states, but part of the reason this happens in CA is that a lot of those old people are still paying 1970s property taxes. AND...their houses are paid off. 

At this point, if my dad (77) were to move, he'd have a mortgage, even if he got ALL the proceeds from the sale of his house. 

Why should he move? 

 

Daisies need pushing up

[TheNewGirl 1,584]

Just now, edjr said:

Daisies need pushing up

Give it time. 

[TimHauck 3,159]

Oh @edjr must be so happy and hoping for a housing market crash, which of course wouldn’t be good for the economy overall 

[TimHauck 3,159]

2 hours ago, Sean Mooney said:

having to go like 40-60K over the asking price in order to even have a sniff at a house. And the idea of "House goes on the market Monday, offers need to be in by Tuesday at 5 pm." The hell with that. 

I don’t think this has really been all that common outside of some select markets in the last 2-3 years.

[zsasz 377]

Help on Day One!!!!!!!

Con Man is always gonna be conning.  

[Kopy 582]

2 hours ago, supermike80 said:

My stepson and his wife are looking at homes in the 600K range 600k!!!   They are childless so far.   Why do they need so much?  I don't get it.

He makes a good living, they both do.....but good gracious.

My daughter and her husband have been with us for 2 year's now, next month. Better off giving us $500 a month. Than the pos apartment they had for $1500 a month. 

They make decent money. So hopefully after taxes next year. June, July-ish, they want to be out. (So do we). But yes. Here in western Massachusetts, nothing move in ready is under a half million. Sure a couple things have come up. But timing is everything there.

Fixer uppers with no property at all. Still just even list for close to 300k.

 

[Hardcore troubadour 15,764]

38 minutes ago, TheNewGirl said:

Can't speak for other states, but part of the reason this happens in CA is that a lot of those old people are still paying 1970s property taxes. AND...their houses are paid off. 

At this point, if my dad (77) were to move, he'd have a mortgage, even if he got ALL the proceeds from the sale of his house. 

Why should he move? 

 

Downsize? 

[Strike 5,869]

1 minute ago, Hardcore troubadour said:

Downsize? 

You don't understand how prop. 13 works in CA.

[Hardcore troubadour 15,764]

6 minutes ago, Strike said:

You don't understand how prop. 13 works in CA.

I guess I don’t. Ok, except California, old people won’t get out of their houses. 

[Kopy 582]

I bought my house 22 year's ago for 185. Just a simple 1100 SQ ft house. Finished basement, on a 3/4 acre lot.

I haven't done a thing to it. That's why we bought it. We already liked everything about it. 

If something gets dirty, we clean it. If something break's we fix it. If we need something new, we get it. Otherwise, house and property are still the same. We just up keep. It's valued at almost 400k right now. I'm thankful, but wow. It blows my mind.

 

 

[TheNewGirl 1,584]

10 minutes ago, Hardcore troubadour said:

I guess I don’t. Ok, except California, old people won’t get out of their houses. 

Prop 13 allows home owners to keep their property tax rates at the levels they were in the late 70s (roughly 1%). They are paying significantly less in property tax than people who purchased after that. If they move, they will pay current property taxes. Downsizing would be dumb in this case for someone who is 77, on limited income and is in their last decade of their life. 

So, you're looking at someone who pays like $500/year to go up to over $3k/year...if not more. 

Why would they move if their house is paid off and they pay less in taxes? 

My dad bought that house brand new in 1978 for $24k. Fock, I wouldn't move either. 

[Sean Mooney 2,031]

1 hour ago, TimHauck said:

I don’t think this has really been all that common outside of some select markets in the last 2-3 years.

It's still pretty common. I live in a rural area- over an hour from a major city- and it's 100% happening here. Most recently a house down the street was listed for 305K and it sold for 355K

[easilyscan 974]

6 hours ago, Hardcore troubadour said:

Old people refusing to let go of their houses is part of the problem. 

I respect your opinion troubadour, & agree that it's part of the problem, but I think it's far less substantial than the following. 

It's controversial, but I believe it's largely responsible. 
I’m guessing this article was written around 2005.

People talk about bubbles, but the real bubble is the entire global economy. Today, a staggering 18 children are born for every 1 job created. 
In 1980 that figure was only 3 to 1. So not only are jobs becoming more scarce, another problem is lack of savings. I honestly don't think people grasp the magnitude of problems the "new one world" economy has produced. As if we didn't have enough problems, nations are playing with fire as they run up enormous amounts of debt. 

Regards