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Oct 4, 2022
9:10
:04
pm
Eddie
Truly Addicted User
Which only matters if you want to sell and move.
If you got a great deal on a bunch of cash at low rates and aren't planning to move any time soon - still works out OK for you.
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Eddie
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Eddie
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Dec 12, 2002
Last login
May 22, 2024
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Messages
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Time
Wall Street: U.S. housing market to see the second-biggest home price decline since the Great Depression
SierraCoug
All-American
10/4/22 8:47pm
Oh cool
JoeExotic
10/4/22 8:49pm
That’s not all bad. Only bad for the people who purchased in the last couple
DataMouth
10/4/22 8:50pm
Or tapped large home equity lines
Jesse Pinkman
10/4/22 8:51pm
Why should that matter?
CarolinaCoug
10/4/22 8:57pm
You could now be under water with your housing debt
Jesse Pinkman
10/4/22 9:00pm
But you'll still have the same payments and debt owed. It's only bad if you'll
squidmark
10/4/22 9:09pm
Which only matters if you want to sell and move.
Eddie
10/4/22 9:10pm
Only bad for them if they were planning on a short term stay. It’ll come back up
homegrown
10/4/22 8:51pm
People who bought before that don’t lose equity? The rooting for a housing
Memmo
10/4/22 8:52pm
No, because equity isn't real. If they sell in a down market and buy another
Plato
10/4/22 8:54pm
Huh? Not following
Memmo
10/4/22 9:11pm
Yeah but 9% interest rates won’t last long either
DataMouth
10/4/22 8:56pm
Nobody knows anything
Memmo
10/4/22 9:07pm
100%... the fed (USD) is pushing the global economy in recession, sounds like
shamc
10/4/22 11:03pm
I'm torn, to be honest.
Eddie
10/4/22 9:12pm
Yep my loss is your gain congrats!
shamc
10/4/22 11:01pm
Or for anyone who has to move or is retiring and hoping to downsize.
Zooropa
10/5/22 6:21am
Part of what made the US the world's most dynamic economy was American mobility
Zooropa
10/5/22 6:23am
This is amazing news for everyone that is not already in their dream home
Coog4Life
10/4/22 8:51pm
How is this a new consensus. Wall Street thought those increases were
Plato
10/4/22 8:53pm
Lots of people were saying that price increases would slow down and stop, but that we wouldn’t see much decline in
mvtoro
10/4/22 9:20pm
That was consensus around here. Nothing seems obvious til it is
Memmo
10/4/22 9:25pm
That's called wishful thinking, not economics. Steep price increases are usually
TailgateU
10/4/22 9:30pm
Depends on the interaction of supply and demand.
VenturaCoug
10/4/22 10:33pm
Rates up, recession fears, demand down, home prices down. Supply and demand.
TailgateU
10/5/22 12:10am
Sure but those things weren’t caused by steep price increases.
VenturaCoug
10/5/22 10:10am
Increases were caused by low rates, sudden shift in demand, and a screaming hot
TailgateU
10/5/22 10:18am
And an absurd increase in materials cost which has now gone way down.
Plato
10/5/22 11:11am
People have been predicting it for years and been wrong. Just because something
VenturaCoug
10/5/22 12:37pm
Uhhh... which parts weren't supply and demand?
TailgateU
10/5/22 1:34pm
It’s not what I said. But if you didn’t see that proclaimed my “market experts” then you weren’t paying attention.
mvtoro
10/5/22 12:51am
What happened to home prices in 2020 and 2021?
Busiturtle
10/4/22 8:54pm
I might be able to buy a house now.
Tesla Coug
10/4/22 8:55pm
Got cash sitting and waiting.
zonacougar
10/4/22 8:55pm
That's a good thing
shakarocks
10/4/22 8:55pm
This is a nothingburger. Alarmist headline. Home prices have risen 50% over the
Mr. Rumsfield
10/4/22 8:56pm
Yep 7 to 10% drop is not much considering how much prices have
johnnybyu
10/4/22 9:00pm
A healthy housing market is one where new entrants of average income can
txblue
10/4/22 9:00pm
Until large companies arent allowed to overbid and pay cash vs single family
CarolinaCoug
10/4/22 9:14pm
I think that works itself out in a healthy housing market. Companies are after
txblue
10/4/22 9:19pm
Scary headline. Not so scary article
Tare
10/4/22 9:01pm
Honestly even a 25-30% correction would be healthy IMO.
HingleMcCringleberry
10/4/22 9:03pm
Heck, according to Zillow, I'm already down 10%.
squidmark
10/4/22 9:11pm
Me too, just over 9 percent in the last 2-3 months.
Emmett Fitz-Hume
10/4/22 9:56pm
Rapid decline that won’t return to the baseline of two years ago.
IGlowInTheDark
10/4/22 9:18pm
Great. Now Gen Z will have to come up with a new excuse for why they
Mister P
10/4/22 9:18pm
It's just math. If interest rates are going to triple something has to give.
JuicyJam
10/4/22 9:20pm
odds are property taxes dont adjust tho
Swishfromdeep3
10/4/22 9:43pm
They will. You can always appeal what they say, and if comps show your value is
TailgateU
10/4/22 9:45pm
BlackStone about to own a bunch more houses.
AZcougLawyer
10/4/22 10:13pm
As they should, the rocket upwards has been insane. Needs to calm down.
Mitty
10/4/22 11:13pm
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