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re: The average 30-year fixed mortgage rate jumps to 7.50%
Posted on 4/16/24 at 3:48 pm to BuckyCheese
Posted on 4/16/24 at 3:48 pm to BuckyCheese
They’re in our face and laughing about it now. They seemed to hide their disdain for us a little better back then.
1
Posted on 4/16/24 at 3:49 pm to lsuguy84
They don’t even pretend to hide it. They dare us to vote them out knowing we never will. It’s twilight zone shite.
Meanwhile most of the country continues to fund and defend them!
Meanwhile most of the country continues to fund and defend them!
This post was edited on 4/16/24 at 3:50 pm
Posted on 4/16/24 at 4:03 pm to 4cubbies
I’m glad to see we see eye to eye on something 
Posted on 4/16/24 at 4:11 pm to Henry Jones Jr
quote:
Because it’s unfair to regular citizens to try and buy a house with a loan only to have a corporation come in and pay $50,000 over asking price and in cash. Anyone that says this isn’t common enough to be an issue is a moron.
No corporation is paying $50k over market value that would never get approval. The “cash” corporations are using to buy houses is leveraged which means they finance at nearly identical interest rates as the average consumer.
The corporate buyer also needs to achieve a certain hurdle rate which eliminates the purchases of a property over $350k. Most corporations have been on buying freezes for the past 2 years. Corporations own less than 1% of the housing stock. I could go on and on.
Near zero interest rates created all of the inflation in the housing market. Especially during COVID.
But most Americans are too dumb to understand how the fed is fricking them.
Posted on 4/16/24 at 4:12 pm to hawkeye007
Interesting data:
LINK
quote:
Who owns the single-family rental houses in the US:
There are 146 million housing units in the US:
91% (132 million) are occupied 9% (14 million) are vacant.
Of the 14 million vacant housing units:
56% (8 million) are single-family houses, attached and detached. 34% (5 million) are apartments 10% (1 million) are mobile homes, boats, etc.
Of the 132 million occupied housing units: 66% (87 million) are occupied by owners (single-family houses, condos, co-ops, townhouses) 34% (45 million) are owned by landlords and occupied by renters.
Of the 45 million rented housing units: 65% (29 million) are apartments in multifamily buildings. 31% (14 million) are single-family houses, attached and detached. 4% (2 million) are mobile homes, boats, etc.
Of the 14 million single-family rentals (attached and detached houses): 80% (11.2 million houses) are owned by mom-and-pop landlords with 1-9 rentals 14% (1.96 million houses) are owned by landlords with 10-99 units 3% are owned by landlords with 100-999 units 3% (around 400,000 houses) are owned by a handful of huge landlords with 1,000+ units each.
The data for the above comes from John Burns Research & Consulting, based on its aggregation of public records data and Census Bureau data.
LINK
Posted on 4/16/24 at 4:14 pm to cadillacattack
quote:
The data for the above comes from John Burns Research & Consulting
He’s the industry standard for sfr data analytics.
Posted on 4/16/24 at 4:22 pm to ManBearSharkReb
quote:Hate to be the bearer of bad news but they are. One friend accepted an offer $37k over appraisal and my other buddy accepted an offer $53k over appraisal
No corporation is paying $50k over market value that would never get approval.
Posted on 4/16/24 at 4:24 pm to ManBearSharkReb
quote:
No corporation is paying $50k over market value that would never get approval.
Not true. My brother sold his house to a rental conglomerate in May of 2022. They paid $60k over asking price. Atlanta metro area. In major metro areas with good jobs that was absolutely happening.
Posted on 4/16/24 at 4:31 pm to 4cubbies
quote:
No one in charge agrees with you. They benefit from corporate profits by way of bribes. We’re doomed as long as people keep hysterically screaming about how terrible the other side is. We have to come together and demand better from our shithead leaders.
I agree, but I also believe that unity just wont happen. Maybe a once in a generation unifier will be able to unite us all, but I doubt that at this point. Or maybe the CIA will orchestrate another national event that will bring us all together :-) I can see the latter happening.
Posted on 4/16/24 at 4:40 pm to TigerAxeOK
quote:
Chinese nationals and CCP corporations need to be banned from buying these properties altogether. In Oklahoma the housing/land market is way up and you don't have to worry too long (especially in more rural areas) about selling. Chini will very literally show up with bankrolls of money in a contractor bag or duffel bag, count it out to you for asking price, then follow you to the abstract and title office to finalize the deal in hours. The foothold they've gained here with fentanyl trafficking and illegal weed farms is unbelievable. Everyone I talk to that isn't from here thinks I'm embellishing. People who live here see it every day.
And as far as I can tell, majority of congress has been bought & paid for, so fixing this and other ills is all but off the table.
Posted on 4/16/24 at 4:41 pm to Old Money
quote:
Or maybe the CIA will orchestrate another national event that will bring us all together
But we need unity against the oppressive government, not in support of it.
Posted on 4/16/24 at 4:44 pm to Old Money
quote:
Or maybe the CIA will orchestrate another national event that will bring us all together
What was the first one?
Posted on 4/16/24 at 4:54 pm to DarthRebel
quote:Inventory is down to zilch here where I'm at so people are still paying whatever the price to get into a home is.
People need to quit buying at those prices.
Posted on 4/16/24 at 5:07 pm to Chief One Word
Not good
Posted on 4/16/24 at 5:09 pm to tigersmanager
quote:
SUMMARY OF FED CHAIR POWELL'S COMMENTS (4/16/24):
1. Recent data "shows lack of further progress on inflation"
2. Inflation has "introduced new uncertainty" on whether the Fed can cut rates later this year
3. Fed can maintain higher rates for "as long as needed"
4. Recent data has not given greater confidence on inflation
5. Restrictive Fed policy needs more time to work
6. It will likely take longer to "regain confidence" on inflation
LINK
Posted on 4/16/24 at 5:15 pm to AmishSamurai
quote:
It's going higher. Think Carter and Reagan eras ... Feel for the cats born into this shitshow... but the genx /gen z/ miillineals who continue to vote for these policies ... not so much
These young Wokesters under 25-30 are gonna shite the bed if the US gets into a war and the government calls for a military draft.....they wanted this shite and they'll likely get to serve the country, but hey, they got some student loan forgiveness so it's all good.
Posted on 4/16/24 at 5:15 pm to stout
Bidenomics at work
Posted on 4/16/24 at 6:02 pm to Henry Jones Jr
quote:
over appraisal
That’s not market value. What’s the name of the company over paying for properties? Opendoor?
Posted on 4/16/24 at 6:04 pm to stout
We did it Joe!
Posted on 4/16/24 at 6:05 pm to ronricks
quote:
My brother sold his house to a rental conglomerate in May of 2022. They paid $60k over asking price. Atlanta metro area.
Guarantee that company folded. Paying $60k over ask 2 months after interest rates began to rise. No way that deal hit the hurdle rate.
This post was edited on 4/16/24 at 6:07 pm
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