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Started By
Message
re: Fannie Mae Downgrades Housing, Origination Forecast
Posted on 6/2/22 at 9:43 am to Gee Grenouille
Posted on 6/2/22 at 9:43 am to Gee Grenouille
I saw a 2 bedroom pile of junk house for 400k in Woodstock, Ga a bit ago.
0
Posted on 6/2/22 at 9:44 am to stout
We’re still several years away from adequate inventory. Prices are going to simply stabilize, not go down.
Posted on 6/2/22 at 9:44 am to Jcorye1
In a similar situation. Work my arse off wife works hard as well. Fortunate in one way that we bought a starter home in a nice but not hip suburb several years ago to get something reasonable safe and affordable.
Had to move for work so while sold into the market also bought into it as well. Our combined income is relatively high for the area we are in but we felt like we could barely look at anything in this market. Same situation would have been there at our previous locale too. Combine that with rent being substantially higher than the mortgage payment really felt trapped. We did all the things listed by the boomers in this thread-live in the suburbs not in the hip trendy urban area. Looked to try to rent to wait it out etc.
May get transferred again so hope things hang on for a short while longer. These are related to promotions but with this market and current inflation it’s making things ridiculous.
Had to move for work so while sold into the market also bought into it as well. Our combined income is relatively high for the area we are in but we felt like we could barely look at anything in this market. Same situation would have been there at our previous locale too. Combine that with rent being substantially higher than the mortgage payment really felt trapped. We did all the things listed by the boomers in this thread-live in the suburbs not in the hip trendy urban area. Looked to try to rent to wait it out etc.
May get transferred again so hope things hang on for a short while longer. These are related to promotions but with this market and current inflation it’s making things ridiculous.
Posted on 6/2/22 at 9:46 am to cable
quote:
Quit trying to live in trendy areas.
The home prices in the entire DFW metroplex have substantially gone up the last few years. This isn’t exclusive to “trendy” areas. I’m sure it’s the same story in other major cities.
A large chunk of the population is being priced out of home ownership and that’s not a good thing.
Posted on 6/2/22 at 9:47 am to El Segundo Guy
quote:Home ownership is what created the “American dream”. It was by far the biggest creation of wealth for people in this country. It’s dead. We have absolutely moved to the European model
When did the American dream outline home ownership as a necessity in your 20s?
Posted on 6/2/22 at 9:48 am to El Segundo Guy
quote:since the 50s
When did the American dream outline home ownership as a necessity in your 20s?
Posted on 6/2/22 at 9:50 am to GreatLakesTiger24
Well I guess the American dream passed me by. FML
Posted on 6/2/22 at 9:51 am to threeputtforbogie
quote:
The home prices in the entire DFW metroplex have substantially gone up the last few years.
Even areas 1.5 hr drives outside the ft Worth/Dallas downtown areas are shooting up significantly. I know a guy looking to move to OK and commute two days a week on hybrid schedule.
Posted on 6/2/22 at 9:51 am to El Segundo Guy
quote:
Assuming you are in good health, you could have done the same. My pension pales in comparison to my investments made through sweat equity.
Nobody is going to discredit whatever hard work you put in.
But it's easier to take big financial risks like starting your own business when you know that you have a pension coming.
Posted on 6/2/22 at 9:52 am to Adam Banks
When we bought in '21, it was my SO's second house (41, he owned a house with his ex-wife they bought 10+ years ago and it was fully paid off when they sold it) and it was my first (I'm 40). At this point, we both make as individuals above the median household income for our area.
We bought a house in the suburbs in a decent area. That's it. Our mortgage is a little bit lower than what our rent was when we left our 2 bedroom, 2 bath apartment. I checked the rent there (and we're talking a basic place with no big amenities on-site because there were plenty in the area) and we would have been paying almost $600 more a month than our current mortgage on a new lease. That's why we went ahead and pulled the trigger.
To add insult to injury to those who haven't bought yet, everything apartment-wise they're building at this point is $1200 a month or well above. It's nuts.
We bought a house in the suburbs in a decent area. That's it. Our mortgage is a little bit lower than what our rent was when we left our 2 bedroom, 2 bath apartment. I checked the rent there (and we're talking a basic place with no big amenities on-site because there were plenty in the area) and we would have been paying almost $600 more a month than our current mortgage on a new lease. That's why we went ahead and pulled the trigger.
To add insult to injury to those who haven't bought yet, everything apartment-wise they're building at this point is $1200 a month or well above. It's nuts.
This post was edited on 6/2/22 at 9:54 am
Posted on 6/2/22 at 9:53 am to CunningLinguist
quote:
Even areas 1.5 hr drives outside the ft Worth/Dallas downtown areas are shooting up significantly. I know a guy looking to move to OK and commute two days a week on hybrid schedule.
Bro I get on Zillow everyday and even at my income realize I just might have to enjoy this fricking apartment a whole lot longer because there is ZERO chance im driving 25 miles in on the DNT EVERYDAY
Posted on 6/2/22 at 9:53 am to wadewilson
I started those businesses in my 20s when the furthest thing on my mind was staying in for 20.
Posted on 6/2/22 at 9:55 am to El Segundo Guy
quote:
One was a commercial lawn service only servicing government contracts and the other was Paintless Dent Repair.
And you started both of these up without any outside financial help?
Posted on 6/2/22 at 9:55 am to wadewilson
Yea same concept as if you already have money it’s much easier to make an investment to net more money.
I do think this market with creativity can generate wealth. If you already own a home and have a good stable job that allows remote work then in theory you could down size and sell at a peak, get a tiny house or RV and work anywhere then once it all crashes scoop back in and buy a larger house than before for less.
That all predicates that the labor market for your job stays stable, which I feel it will in most fields as labor participation is insanely low all over.
I do think this market with creativity can generate wealth. If you already own a home and have a good stable job that allows remote work then in theory you could down size and sell at a peak, get a tiny house or RV and work anywhere then once it all crashes scoop back in and buy a larger house than before for less.
That all predicates that the labor market for your job stays stable, which I feel it will in most fields as labor participation is insanely low all over.
Posted on 6/2/22 at 9:57 am to cable
quote:
Quit trying to live in trendy areas
Just to shite on this stupid statement some more.
In South BR they just cleared a street for new homes on Staring a stones throw from the Staring Inn and a shitty dry cleaner and Chinese pickup. The entire area is pretty dated and the sign says homes starting in the 370s.
On Highland road across from Ace Hardware, 1 large lot just got leveled and they put a road in the middle for what looks to be 7-8 homes. These things are going to be built on top of each other like some projects. Sign says they start in the 750s. Lol ridiculous
This post was edited on 6/2/22 at 9:58 am
Posted on 6/2/22 at 9:58 am to Adam Banks
quote:
We did all the things listed by the boomers in this thread-live in the suburbs not in the hip trendy urban area.
Well they bought their 2000 sf house for $120k back in the 80's, but the interest was 8%, so you should be fine. Have you tried picking yourself up by your bootstraps yet?
Posted on 6/2/22 at 9:58 am to BluegrassBelle
After reading all of this, I am so thankful and relieved that we paid off our home a year and a half ago.
With the coming recession, insane housing and rental prices and mortgage rate increases, I would not want to deal with any of that shitstorm.
With the coming recession, insane housing and rental prices and mortgage rate increases, I would not want to deal with any of that shitstorm.
Posted on 6/2/22 at 9:58 am to BluegrassBelle
Correct. Instead of buying Escalades post deployments, I started businesses and put my arse into them. Seeat equity.
Posted on 6/2/22 at 9:59 am to El Segundo Guy
quote:
Correct. Instead of buying Escalades post deployments, I started businesses and put my arse into them. Seeat equity.
Uh huh.
And you're how old?
Posted on 6/2/22 at 10:02 am to BluegrassBelle
47. Retired and drinking coffee and smoking a bowl of high test. Looking at a few limbs that fell on my cattle farm from the storm last night.
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