Home buying thread

Lanx

<Prior Amod>
64,723
144,299
Hell most people are retarded as fuck with their finances. People are refinancing like crazy right now at the 7-8% range because they have variable rate HELOCS and Credit Card debt up to their fucking eyeballs.

3% rates never should have fucking existed and honestly every PPP loan that was very given out should be required to be paid back in full with interest. Along with everyone in the FED getting a full on hug session for letting shit get this way in the first place.
i'm seeing a few stories where youtube car dealers have customers coming back trying to sell their stupidly overpriced ma (market adjustment) cars

if anything needs to crash, it's the entire car industry/car loan
 
  • 2Like
  • 1Solidarity
  • 1Worf
Reactions: 3 users

BoozeCube

The Wokest
<Prior Amod>
51,085
299,138
i'm seeing a few stories where youtube car dealers have customers coming back trying to sell their stupidly overpriced ma (market adjustment) cars

if anything needs to crash, it's the entire car industry/car loan

That's on the way too. Student Loans starting back this month is sure to kick start the decline. Student Loans into Car Defaults into Mortgage foreclosure.
 
  • 1Worf
Reactions: 1 user

Lanx

<Prior Amod>
64,723
144,299
That's on the way too. Student Loans starting back this month is sure to kick start the decline. Student Loans into Car Defaults into Mortgage foreclosure.
lulz, you can be homeless and loose your house and get your stupid jeep rubicon repo'd but you still have to pay back sallie mae
 
  • 1Paper Hands
Reactions: 1 user

Burnem Wizfyre

Log Wizard
12,247
21,068
lulz, you can be homeless and loose your house and get your stupid jeep rubicon repo'd but you still have to pay back sallie mae
I know a woman who is married and doesn’t file with her husband, shit credit, husband claims the kids, they take her IRS refund check every year. She literally works as a barista at Starbucks 36 years old, degree in liberal arts 118k debt.
 
  • 1WTF
Reactions: 1 user

Sanrith Descartes

You have insufficient privileges to reply here.
<Aristocrat╭ರ_•́>
43,969
117,667
I know a woman who is married and doesn’t file with her husband, shit credit, husband claims the kids, they take her IRS refund check every year. She literally works as a barista at Starbucks 36 years old, degree in liberal arts 118k debt.
Has she considered an OF account?
 

Daidraco

Golden Baronet of the Realm
9,956
10,195
That's on the way too. Student Loans starting back this month is sure to kick start the decline. Student Loans into Car Defaults into Mortgage foreclosure.
You're too quick to expect the worst. I cant think of the name of the deferment program, but students can kick start that shit again - just letting interest accrue. OR, you have the low income shit which is like financial based income payments, with a yearly income less than 30k resulting in 0$ due a month - once again, letting interest accrue.

In other words, I dont think anyones going to feel the sting except the middle class and all thats going to change is they "might" be loud as fuck on the internet - but more directly, their parents are the ones that are likely paying out the ass for it all.
 

Tide27

Bronze Baronet of the Realm
1,791
8,481
It now costs $12,000 more per year to borrow against a house that costs 60% more.

That's just wild. The typical function of higher cost of borrowing is a lower purchase price, but that ain't happening bc of demand.

What I'm really interested in seeing in the next couple years is how much demand is being propped up w variable rate mortgages consumers believe will lower "back to 3%" or whatever after two years. And when they don't lower after two years, how many people are going to be upside down and backwards and wanting to gtfo of their house.
People have rapidly run out of options. It's not always as simple as just " move somewhere else ". The particular area that I live around in Indiana has seen an explosion in prices. There are really no homes to be had sub $300k, and if you want to rent....there goes about $2k a month now....whereas a year ago homes were in the 200s and rent was $1200.

I feel like people are rapidly approaching a lack of options, and quite a few people in our neighborhood are now multi- family units to keep things affordable.
 
  • 1Like
Reactions: 1 user

Siliconemelons

Naxxramas 1.0 Raider
11,724
17,539
That number seems high by a factor of 5, if not 10. I think you're thinking of the total number of illegal immigrants living here, not the annual flow.



Re-ruralization of the population is not happening. There's insufficient infrastructure, housing stock, anyone to build the housing, or employment for people living there.
On part of this I blame HOAs

unrestricted land is hard to find in any decent “semi rual” area. Heck go to the darn blue ridge mountains, find a random “city” aka a town with a stop light, and a grocery store and try and buy a plot of land to build your own shack… newp restrictions this that and the other. Golden septic permits held by some dingus city comptroller. Etc etc. it’s sad
 
  • 1Rustled
Reactions: 1 user

Sludig

Potato del Grande
9,844
10,462
My brothers fucking trailer home in a not very nice trailer park in a small suburb along i25 in Colorado is valued at something retarded like 350k.....

Parents moved from their 900k 1 acre mini ranch thing back to their nearby suburban 3bed home worth ~700k and let him move into the other one. Was originally going to sell and he save to buy something else some day. (Semi hoarders, with him renting they can keep use of the shop as a warehouse)

Told them as fucked as rates are indefinitely, even picking up the profit off the trailer home, hes going to have a tough time affording anything (HVAC corporate trainer and wifes a minimum wage sack of shit) So he should problably rent that thing out to have a backup, but I just assume at this point he's staying there forever and will be taking that 1 acre property as part of his half of inheritance.


I wish we'd been able to juggle keeping ours as a rental from out of state, but was going to be a little too tight and that nest egg did finance a ton of work and upgrades etc at the new place. It's been nice that wife hating OK can't return if she wanted too, but I hate feeling a little trapped in this home because even with cheaper houses, if I wanted to buy smaller closer to city, or just an acreage that's similiar with a house/land that's a little more ideal, it's going to annihilate all our nut trying to buy it down as far as possible so the >5% interest swing doesn't obliterate us and any savings/profit from the 1st home.
 

Gravel

Mr. Poopybutthole
38,981
127,243
That's insane. My house on the Florida coast less than a mile from the beach, in a tourist destination, is barely at $350k.
 
  • 1WTF
Reactions: 1 user

Sludig

Potato del Grande
9,844
10,462
That's insane. My house on the Florida coast less than a mile from the beach, in a tourist destination, is barely at $350k.
And the trailer is like an hour from denver, the others are like the northern edge of the greater giant denver/metro sprawl (Westminster) though between Denver and Boulder puts it in mcnice yuppyville.
 

Gravel

Mr. Poopybutthole
38,981
127,243
So it's appreciated 90k or so in a year and half!?! Noice
We moved in two years ago, and it's appreciated about $60k. But yeah, still nice.

Plus we threw in almost all the equity we gained from our California house so we're a good $110-120k up if we sold.

If that number gets high enough, we'll sell and build a house in Orange Beach, AL.
 
  • 1Like
Reactions: 1 user

Sanrith Descartes

You have insufficient privileges to reply here.
<Aristocrat╭ರ_•́>
43,969
117,667
We moved in two years ago, and it's appreciated about $60k. But yeah, still nice.

Plus we threw in almost all the equity we gained from our California house so we're a good $110-120k up if we sold.

If that number gets high enough, we'll sell and build a house in Orange Beach, AL.
Gogo Flobama.
 

Jysin

Ahn'Qiraj Raider
6,444
4,330
Last edited:
  • 1Worf
Reactions: 1 user

Goatface

Avatar of War Slayer
9,833
15,524

Google, Lendlease axe plans for $15 billion development in Bay Area​

Alphabet’s Google has scrapped a development deal to build $15 billion worth of homes, offices and retail space in California’s Silicon Valley.

Google and Australian developer Lendlease “mutually reached” a decision to end their San Francisco Bay Project for four master-planned districts in the cities of San Jose, Sunnyvale and Mountain View, Lendlease announced Friday.

“The decision to end these agreements followed a comprehensive review by Google of its real estate investments, and a determination by both organizations that the existing agreements are no longer mutually beneficial given current market conditions,” Lendlease said in a statement.

.....

In June 2019, Google made a $1 billion pledge to help develop more affordable housing in the increasingly unaffordable region.

At the time, Google said it would repurpose at least $750 million of the land it owns for at least 15,000 new homes priced for a variety of income levels and put $250 million toward a developer incentive fund to build 5,000 affordable housing units.

“Our goal is to help communities succeed over the long term, and make sure that everyone has access to opportunity, whether or not they work in tech,” Google CEO Sundar Pichai wrote in a blog post in June 2019.

A month later, Google partnered with Lendlease to redevelop its landholdings for a 10- to 15-year project valued at $15 billion.

Earlier this year, Google said 12,900 residences had been approved in Mountain View and San Jose, and more than 3,800 affordable modular homes and other affordable units were under construction.

“We’ve made steady progress, but it hasn’t been without its challenges,” Scott Foster, Google’s vice president of real estate and workplace services, wrote in the blog post. “And while we expect more periods of slowdown and others of acceleration, we remain committed to working alongside local governments and organizations to address the rising need for housing in our community.”

=
 
  • 3Worf
Reactions: 2 users