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Originally Posted by Peaches
It's also because a lot of times they wouldn't qualify for the loan even if it's just half a point higher.
There are SO many people who have been buying houses with 0 down, ARMS, etc. who really had no business owning a home. Those are the ones I plan on renting their houses back to  |
That's about the gist of what the ABC News story covered.
They also stated that foreclosures/defaults are at a 10 year high. These things come in waves but I'm betting this is the last wave as the cost for a new home is far beyond what the average person can handle.
It used to be one person could buy a home. Then two. Now you need an investment group damn near.
I was surprised when I was able to convince my younger brothers and sisters to pool their money and buy a ranch instead. Far cheaper and roomier where they won't be getting into one another's hair. Sit on it for 5 years and sell it later.
We who work remote are luckiest. We can buy a great home in the wayback suburbs or country side and still save tons of money. I'm wrapping up on doing that now. Some of these properties, with lots of land are piss cheap. The same houses and land in or near a city would be $1 million easy. In my neighborhood a house with 20 acres would be worth $8 million easy, yet I can find better houses with more land for $100k.
It's to the point a great amount of the population can't afford decent housing and with the weather disasters forget it.
Quite an eye opener this real estate market is. If you don't have $500k to futz around with you're gonna be in trouble in a few years as real estate prices are going to increase because of greed not value. It distances people from acquiring new homes. Forces them to rent for more than had they mortgaged. They're pinched tween a rock and a hard place for sure.
It's a battle for survival of the fittest and people who sat around waiting for some help from above are going to find out a hard ass lesson in life.
It's gonna get real nasty out here very soon.