Oh no ? What will seven more .5% rate hikes leave us at from today's rate ?? LMFAO.
Exciting times. Glad I'm locked on both places right now.
I gotta quote this lol
Yeah we all have 3% loans so big fucking deal. No one is going BK with a 3% loan and a mortgage payment that is only 50% of what the rent payment would be on my house. edit not replying to you but the thread in general
Given the record low rates over the last 1-3 years, I would imagine most got a fixed rate?
Agreed. But typical heloc are adjustable and I think that’s what CB was referring too.
New truck today can easily be 80k. I know we all pay cash on RDP but most run with payment outside of this fine establishment.I believe total consumer debt divided by population equals 80k.
I find it hard to believe people are carrying the average household income in debt. Put another way a family house hold making 90k has 80k in non mortgage debt.
Maybe they do
Smart guy. All government created and started under Trump. It’s going to be interesting.
I believe you about the stated incomes, and people having more tied up in their homes. That is my one sliver of hope really. The only thing I have seen that bothers me here in my area, is the number of 1st time buyers that refied within a year or so, and bought all kinds of toys and cars. Most of them are "contractors". I don't know how that plays out in the long term. I know these guys tend to be younger, and a little less seasoned or prepared.
Lol. But the “average” American household does not have a F250 lariat in the driveway.
I've said it before, it's coming from the bottom up. The government has built a system for the working class that rewards you for making less. People get better healthcare coverage the less money they make. Working moms are making more money by staying home. If the goal is to spend less, the working class is headed that direction as they follow the leader of inflation.
As someone who was on the front lines of the refinance boom, I can tell you with 100% certainty that 1st time buyers were not refinancing within a year or so and buying toys and cars. They were refinancing into lower rates / lower mortgage insurance or getting a lower rate and eliminating mortgage insurance altogether. I don't think that people give this generation enough credit. A lot of them saw what happened to their family and friends in 2008 and know not to make the same mistakes. Granted, there are people that probably refinanced, took cash out and bought a toy, but the majority didn't. I know that it is tough for a lot of people on this site to believe, but those are the facts.
Me to, would like a new patio added on to the house and maybe a pool. Better yet if housing drops 50% I will just buy one that has both.
You forgot to add realtors and mortgage brokers to that list as well. LOL...Im sure they all have my our best interests at heart!
That’s what we did three years into our mortgage a while ago. Got a better rate and got rid of mortgage insurance.
You are on the frontline on a much different battlefield than where I am. It may be completely different in SoCal compared to here. Being the guy doing liftkits, exhaust systems and other upgrades on newer trucks, I can tell you with great certainty there is a fair percentage out here that did just that. Many of them under 35yo, and pretty much bragging because they "made so much on their house".
He fails to cover supply/demand, and how there’s been a shortage of entry-level homes for decades…that didn’t just start in 2021.
I mean, if someone sold their home they bought in 2011 - 2019 they definitely made some money. If they moved to your area and bought a new home with a cheaper monthly payment then their California home and still had money left over from the sale then I could see someone using that to buy a toy or customize a truck, etc. Not the smartest thing to do IMO, but not everyone is an intelligent investor.
If a buyer can stay in their purchase long enough, they should be fine. That is what always scared me about rentals...I didn't make enough to cover the other doors without a renter. With the eviction BS they did, I would have gone ballistic. By the time things got to where I could make that kind of move, values here skyrocketed, so I held off. Maybe this next cycle? No matter what. There will be opportunities for some, and headache for others. Pretty sure it's always been that way.
That is the key example of all the retirees in the development at the end of my road. New trucks, new cowboy boots and a "look at me" attitude
Most came from track homes they made a killing on, but were probably very "average". Here, they are big fish in a small pond. Hell, I had one customer that refied his home and used a good portion of the funds for an early car...If I'd had known that, I wouldn't have done so much work, if any, for him. He's the first ever to stiff me, even if just for a few hundred.
A lot of people do this when purchasing lots to build on because the terms on a HELOC are better than a land loan. They then roll that lot purchase into a construction loan to build.
We were close to this but the cost of dirt and not being able to hold suppliers to material quotes due to inflation and availability kept me on the sidelines.
So it's all Trumps fault?
Look man.... everyone got those 50K side by sides and 150-250K boats all cash!! no funny money from the home bank accts....... Even though there are stats showing 500billion in equity pulled out in cash our refinances over the last 2 years....
he did touch on that for a bit... about population size, in comparison to available SFR / apartments etc
Up here, the younger guys are brazen about stating they "paid cash" with the cash out refi...stupid things to brag about, but they do.
