Article

2023-11-22 Economy

Existing home sales fall to lowest level since 2010 thanks to high mortgage rates

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Posted by Besoeker 2023-11-22 01:21|| E-Mail|| Front Page|| [11144 views ] Top

#1 The current economy reminds me of JB's owner & controller Obama.

The values go up, but you can't sell it.
The Interest rates go up.
The Local, State & Fed Gov. taxes go up.
Insurance costs go up.
Service and Repairs costs go up.

Everything goes up except your Net Income.

Seriously those of us on SSA & retirement incomes might as well start lining up at the Food Banks. Which means Generation ?? living at home will need to get a job to help out.

But wait we have about 8 million Illegals holding US Jobs now?

Posted by NN2N1 2023-11-22 05:07|| 2023-11-22 05:07|| Front Page Top

#2 Maybe build smaller homes? Magically, my parents were able to prosper and raise two kids in a 3 bedroom, one bath home.

Posted by Procopius2k 2023-11-22 07:32|| 2023-11-22 07:32|| Front Page Top

#3 High mortgage rates?

I bought my first house in 1982 at 15%.
Put the $5000 down payment on my Visa at 21%.

Posted by Skidmark 2023-11-22 07:59|| 2023-11-22 07:59|| Front Page Top

#4 Collateral damage of the high rates is that people can't move because their they owe more than their houses are worth. Unlikely that there are any transferable low fixed-rate mortgages anymore - those would allow liquidity in home markets.

Posted by Glenmore 2023-11-22 10:21|| 2023-11-22 10:21|| Front Page Top

#5 Skid, same time I did the same thing. Best economic analysis of my life. Figured that the price wouldn't go up but I could re-finance and lower my outlay. 3 yrs later sold my $45000 Cape for $112000.
Worked out okay.

Posted by AlanC 2023-11-22 10:37|| 2023-11-22 10:37|| Front Page Top

#6 Like Skid, I remember buying my present house at a time of high mortgage rates.

But, guess what, I've refinanced a few times. Currently my rate is about 3%.

The high mortgage rates of the present may remain high but the likelihood is that they will go down again.

Posted by lord garth 2023-11-22 20:41|| 2023-11-22 20:41|| Front Page Top

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