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May 25, 2024
9:50:04am
SingleStrapBackpack All-American
I'm not arguing that the Fed is doing the wrong thing right now with rates being high. That is what they should have
been doing all along. The reason we're in this pickle in the first place is that the Fed kept interest rates criminally low for so long that now there are a ton of people in 3% mortgages that they're going to fight tooth and nail to keep. That keeps inventory low and prices high. It's a double whammy for new buyers – they have to pay twice the interest rate as long-time owners and at high prices that were inflated by the Fed pumping tons of $$ into the pockets of prospective buyers for nearly a decade.
SingleStrapBackpack
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SingleStrapBackpack
Joined
Mar 19, 2013
Last login
Jun 16, 2024
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36,959 (508 FO)