Home Ownership

[Gatordash]

Originally Posted by Jibartik [You must be logged in to view images. Log in or Register.]

can u eli5?

ELI5: It looks like home prices peaked last month and are starting to come down.

Home prices were already increasing before Covid, but have really skyrocketed since for two main reasons:
1. Demand: if you can work online and don't have to commute as much then you can move out to a nice house in the suburbs.
2. Federal Reserve Quantitative Easing: Since Covid, the government has spent over a trillion dollars buying mortgages every month in order to keep interest rates low and home prices high.

Covid is still a thing and the government is still spending $40 billion/mo in QE yet prices are coming down. If you are looking to buy a house this is a good sign of light at the end of the tunnel.

One thing that has changed that I can think of is people are starting to see inflation hit their pocketbooks so they might not be all gung-ho bidding over asking price on a home now.

[Jibartik]

https://www.reuters.com/world/us/us-...rce=reddit.com

WASHINGTON, Aug 26 (Reuters) - The U.S. Supreme Court on Thursday ended the pandemic-related federal moratorium on residential evictions imposed by President Joe Biden's administration in a challenge to the policy brought by a coalition of landlords and real estate trade groups.

[Gatordash]

Originally Posted by Jibartik [You must be logged in to view images. Log in or Register.]

https://www.reuters.com/world/us/us-...rce=reddit.com

Should open up some inventory at least. And maybe rent prices will finally start to come down. They were up like 30% in my area.

The next round or two of household pulse surveys from the US Census Bureau are going to be interesting now that Landlords can start the eviction process. (Housing Table 3b). Even after the CDC extended the eviction moratorium again, 43% of renters polled (who are late on payments) think they may get evicted in the next 2 months. That seems way too high, I must be reading this table wrong.

[Whale biologist]

Originally Posted by Gatordash [You must be logged in to view images. Log in or Register.]

Should open up some inventory at least. And maybe rent prices will finally start to come down. They were up like 30% in my area.

The next round or two of household pulse surveys from the US Census Bureau are going to be interesting now that Landlords can start the eviction process. (Housing Table 3b). Even after the CDC extended the eviction moratorium again, 43% of renters polled (who are late on payments) think they may get evicted in the next 2 months. That seems way too high, I must be reading this table wrong.

Not out of the woods yet. CDC lacks the authority(x2!), but the Rectors provinciae may have it. [You must be logged in to view images. Log in or Register.]

[Jibartik]

lmao housing prices are going to go down because the sky is litearlly going to be on fire in like 3 years.

They will continue to go up and down but mostly up until then.

[Shourty]

My parents were saying housing is too expensive in the mid 60s when I was in high school. It was. They bought an old house for like 10k and scrimped to make the mortgage payments. They were saying, when I got ready to buy it would be impossible.
My wife and I purchased our first home in the early 70s for 67k and scrimped to make the mortgage.
Our kids payed over a hundred k for their houses and scrimped to pay the mortgage.
I see a pattern here.
Right now, because of the shutdown for the pandemic, there aren't as many new houses on the market making the older ones more expensive. Folks are going to have to scrimp to make the mortgage payments. Shocking!

[Whale biologist]

Originally Posted by Shourty [You must be logged in to view images. Log in or Register.]

My parents were saying housing is too expensive in the mid 60s when I was in high school. It was. They bought an old house for like 10k and scrimped to make the mortgage payments. They were saying, when I got ready to buy it would be impossible.
My wife and I purchased our first home in the early 70s for 67k and scrimped to make the mortgage.
Our kids payed over a hundred k for their houses and scrimped to pay the mortgage.
I see a pattern here.
Right now, because of the shutdown for the pandemic, there aren't as many new houses on the market making the older ones more expensive. Folks are going to have to scrimp to make the mortgage payments. Shocking!

Now consider purchasing power and apply scrutiny. [You must be logged in to view images. Log in or Register.]

[Jibartik]

Originally Posted by Shourty [You must be logged in to view images. Log in or Register.]

My parents were saying housing is too expensive in the mid 60s when I was in high school. It was. They bought an old house for like 10k and scrimped to make the mortgage payments. They were saying, when I got ready to buy it would be impossible.
My wife and I purchased our first home in the early 70s for 67k and scrimped to make the mortgage.
Our kids payed over a hundred k for their houses and scrimped to pay the mortgage.
I see a pattern here.
Right now, because of the shutdown for the pandemic, there aren't as many new houses on the market making the older ones more expensive. Folks are going to have to scrimp to make the mortgage payments. Shocking!

Median mortgage 1960: $11,900
Median income 1960: $5,600

A home costs x2 your income.

Median mortgage 2018: $272,500
Median income 2018: $65,000

A home costs 4x your income.

This is why people hate boomers.

[Jibartik]

Dutch cities want to ban property investors in all neighborhoods

https://nltimes.nl/2021/09/02/dutch-...-neighborhoods

[Jibartik]

https://www.consumerfinance.gov/abou...osing-housing/

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