Jun 29, 2022
9:08:59am
9:08:59am
It sure seems like (in my uneducated option) that the housing market could get really bad, really fast.
People paid a LOT for homes (or refinanced on their new "values"), and leveraging them to the max. Totally understandable with such low interest rates.
Now, rates are way up (and going to get a lot worse). Monthly payments that people will qualify for are going to reduce drastically. A lot of people are going to be upside down, once again. Foreclosures and short sales will go up, further depressing the prices.
The only real winners are those that aren't going to move, and those paying cash (or huge down payments) for homes.
I never thought the situation 6 months ago was the "new normal", despite my realtor acquaintances reassuring me it was.
Now, rates are way up (and going to get a lot worse). Monthly payments that people will qualify for are going to reduce drastically. A lot of people are going to be upside down, once again. Foreclosures and short sales will go up, further depressing the prices.
The only real winners are those that aren't going to move, and those paying cash (or huge down payments) for homes.
I never thought the situation 6 months ago was the "new normal", despite my realtor acquaintances reassuring me it was.
Originally posted on Jun 29, 2022 at 9:08:59am
Message modified by Ragnar Danneskjold on Jun 29, 2022 at 9:25:48am
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Children:
Fed: That's a nice bubble we made there Housing ... shame if something happened (grosven, Oct 11, 2022 at 12:42pm)
RE: be careful when getting advice from professionals (Booya Grandma, Jun 29, 2022 at 10:13am)
Messages
Time
It sure seems like (in my uneducated option) that the housing market could get really bad, really fast.
6/29/22 9:08am
6/29/22 9:13am
6/29/22 9:17am
6/29/22 9:20am
6/29/22 9:33am
One thing that could save a lot of people is remote work and there being less need to sell a home and move for new work.
6/29/22 10:00am
6/29/22 10:42am
6/29/22 10:13am