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ScratchCat

(2,721 posts)

21. Here's another/better question

Reply to Buckeyeblue (Reply #5)

Mon Jul 26, 2021, 11:50 AM

Jul 2021

What happens when all these people who bought houses in the past two years realize they can never lower their payment on the house they overpaid for because interest rates will never go lower? We are setting up a problem far worse than the 2009 mortgage crisis. There will be no "refinance market" in a year or so for mortgage lenders. And everyone will be upside down.

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The new real estate normal: Boise house that sold for $239K in 2018, sells for $523K in bidding war [View all] Demovictory9 Jul 2021 OP

White demographics driven, as the Boise City-Mountain Home-Ontario, ID-OR Combined Statistical Area Celerity Jul 2021 #1

I hope rents don't follow suit captain queeg Jul 2021 #2

My brother is in Spokane and he's afraid rents will go up leftyladyfrommo Jul 2021 #3

I used to live in Spokane. It was considered one of the more affordable cities in WA. captain queeg Jul 2021 #4

The cost of real estate there is insane now. leftyladyfrommo Jul 2021 #6

They absolutely will. tinrobot Jul 2021 #14

The rich people in beautiful areas will have to commute to where the riff-raff lives Wingus Dingus Jul 2021 #16

Here on the west coast of Florida rents are increasing every year by double digits. cinematicdiversions Jul 2021 #22

We are seeing the same thing around here (SW MI) Buckeyeblue Jul 2021 #5

Here's another/better question ScratchCat Jul 2021 #21

Excellent point Buckeyeblue Jul 2021 #23

The couple who bought my home included a 2-page handwritten letter Shrek Jul 2021 #7

It's really nuts. I've been watching real estate listings in our area and properties come on the Vinca Jul 2021 #8

Here's more craziness. rgbecker Jul 2021 #9

This is happening all across the country. MineralMan Jul 2021 #10

I sold my house a couple of weeks ago above asking and contingencies in Demsrule86 Jul 2021 #19

Well, if you're a buyer, you have to plan for that. MineralMan Jul 2021 #20

Very smart on your part. We had an offer on our house an hour after it hit the Demsrule86 Jul 2021 #24

These people are fucking crazy. Wingus Dingus Jul 2021 #11

Same escalation of prices in my neck of the woods peggysue2 Jul 2021 #12

Are they buying it as a regular home for themselves or a financial investment with intention to rent JI7 Jul 2021 #13

I know in "hot" areas they're being bought as investments, but even with that Wingus Dingus Jul 2021 #15

My buyers are living there with their kids which makes me very happy...my realtor told Demsrule86 Jul 2021 #25

Work from home consequences Johnny2X2X Jul 2021 #17

yep... i know people making decision on housing based on assuming they will get to continue to WFH Demovictory9 Jul 2021 #26

Yep...Canada too... Fix The Stupid Jul 2021 #18

Can't count how many of these I have lived through HAB911 Jul 2021 #27