r/wallstreetbets Sep 22 '22

Market collapse incoming… Meme

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[removed] — view removed post

20.2k Upvotes

u/VisualMod GPT-REEEE Sep 22 '22
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4.3k

u/psygnius Sep 22 '22

Here I am with a $600,000 mortgage and a rate of 6.2%.....

I think I did it wrong.

992

u/SweetLobsterBabies Sep 23 '22

In escrow at 3% for 630k

Loan company sucked cock, loan fell through, fell out of escrow. New house, new loan, 2 months later.

Got a loan on 520k at 5.75%

Same fucking payment.

Apply clown makeup.

243

u/wpgsae Sep 23 '22

You'd be a clown if you went for the same 630k home at 5.75% and became house-poor. Wise decision lowering your loan.

108

u/SweetLobsterBabies Sep 23 '22

Yep, 20% down on cheaper home too so no PMI

Still eats ass looking at old 3% loan docs lol

66

u/rokkittBass Sep 23 '22

Throw those docs out. Why torture yourself. Throw. AWAY!

43

u/SweetLobsterBabies Sep 23 '22

They remind me to never trust money lenders

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u/[deleted] Sep 23 '22

Sitting here in a rented house waiting for a market downturn, with a whole pile of cash, losing value due to massive inflation for the last year plus, in an area where homes are few and far in between, applying makeup liberally.

FML.

134

u/dxrey65 Sep 23 '22

I know how you feel. I sold a property a few months back and had no plans for the money, but didn't want inflation to eat it up. So I put it in a dividend fund on the US market...which has now lost 10%. There's no winning the game.

137

u/[deleted] Sep 23 '22

have you tried making money instead of losing money?

50

u/dxrey65 Sep 23 '22

Dammit, where were you last year, I never even thought of that!

:)

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157

u/TyphoidMira Sep 23 '22

There's one way. 2 steps.

Step 1: be born rich.

Step 2: don't be born poor.

62

u/QueefyMcQueefFace Sep 23 '22

I'm sorry this is /r/wallstreetbets

The way to get rich is to YOLO your life savings based on indicators gleaned from the undulating sway of Janet Yellen's tiddies.

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u/420coins Sep 23 '22

Wait for complete annihilation of the housing market with all that cash. Your doing it right be patient longer.

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u/Thunder_Wasp Sep 23 '22

At least interest is tax deductible.

37

u/Photog77 Sep 23 '22

If the bottom line is a wash. Paying taxes is way better than paying interest.

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u/[deleted] Sep 23 '22

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15

u/dxrey65 Sep 23 '22

Just out of curiosity, what does 300K buy you in Ireland?

14

u/Maximum-Dare-6828 Sep 23 '22

Ireland or Dublin?

29

u/iamthinksnow Sep 23 '22

No way, Dublin is worth at least $301k.

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u/ackermann Sep 23 '22

Yeah. My brother bought at peak prices a few months back, mostly with money borrowed from me and dad.
It took him a couple months to arrange a mortgage to pay us back as planned (gotta have a cash offer to win, it seemed like), and now rates are 6%

Maybe dad and I should just charge him the 6%, keep the loan. 6% isn’t bad, better than my stocks have done lately, and I know he’s good for it.

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u/Glowing_bubba Sep 23 '22

$260k at 2.5%

Small house so not house poor like most of my friends who just work to make payments

58

u/Professional-You8892 Sep 23 '22

$144000 @ 3.125%

41

u/QuantumBitcoin Sep 23 '22

I own my own home, FREE and CLEAR. Of course, my home is 2002 prius.

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279

u/SketchyTone Sep 22 '22

Refinance when rates drop

251

u/uglyhos324324324 Sep 22 '22

They said that in 2008

636

u/mrASSMAN Sep 22 '22

And they were right …

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u/sugar182 185C - 1S - 2 years - 0/0 Sep 23 '22

$400,000 at 6.0 checking in. The time was right for me n it’s our forever home n I’m in love, so I’m good w it. I survived the last housing crash I’ll survive this one

53

u/PreheatedLeaf Sep 23 '22

Just refinance when rates drop lol. You'll be good

28

u/LogicBobomb Sep 23 '22

Bonus, when rates drop prices rocket. You'll be able to refi at a lower rate with higher collateral

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u/Creative_Top_1007 Sep 22 '22

Refinance in 2 years

102

u/twittercom Sep 22 '22

and when his house is worth $500k? he'll owe $100k 🤡

36

u/ROK247 Sep 22 '22

he'll have to get PMI he'll be paying even more LOL

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2.3k

u/Braydee7 Sep 22 '22

I bought a house in 2015. If you consider my income, my wife's income, and the passive income from the increasing value of my house, the house is the breadwinner.

1.0k

u/Ink_Du_Jour Sep 22 '22

What about her boyfriend's income?

1.3k

u/Braydee7 Sep 22 '22

She fucks the house.

274

u/_toodamnparanoid_ Sep 22 '22

This guy Homeownerships.

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u/Top-Border-1978 Sep 23 '22

My house fucks me regularly.

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u/All-I-offer-is-girth Sep 23 '22

This is funny but the fastest way to actually fuck your house is neglecting your roof. Schedule an inspection of it if it’s older and save yourself money down the road

106

u/Playingwithmyrod Sep 23 '22

Instructions unclear...dick is now stuck in the shingles.

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u/Importer__Exporter Sep 23 '22

Running up to the peak our house averaged something like $6,000 a month in appreciation for 4 years.

68

u/flyme4free Sep 22 '22

I'm pretty certain my house has appreciated more than my than my take home salary in the past 12 months.

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1.3k

u/BigBlackHungGuy Sep 22 '22

40 year loans incoming.

753

u/cletus_ Sep 22 '22

On vehicles. Amiright?

147

u/istrx13 doesn't wear pants in a zoom interview Sep 23 '22

I walked by a new car the other day. Got a smell of it. So that was pretty cool.

25

u/mariana_kl Sep 23 '22

They got new car smell up at the dollar general for 3.50

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u/[deleted] Sep 23 '22

I drive rental cars all the time. This week, have a 2022 Grand Cherokee with so many bells and whistles. So nice. And I’ll go back to my 12 year old, 109k mile, BMW 3 series that I’m Hoping to get one more day, every day, out of.

“Paid for” means as much to me as family.

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u/NovaS1X Sep 22 '22

Seeing how expensive "normal" vehicles are getting, I wouldn't be surprised.

123

u/weaselpoopcoffee1 Sep 23 '22

Saw on the news the other day, average price is 47k. What????? Does anyone have 47k laying around?

168

u/NovaS1X Sep 23 '22

Just finance for 164 months 8.9% APR

34

u/Comekrelief Sep 23 '22

Good news, you can finance repairs too!!

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u/weaselpoopcoffee1 Sep 23 '22

OMG. Insane. Interest will exceed the cost of the vehicle.

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u/DogToesSmellofFritos Sep 23 '22

They don’t want you to pay cash, the real money is in the financing.

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u/PapiGoneGamer Disgraced Former Bear Gang Colonel Sep 23 '22

Even a base Nissan Altima S is pushing $27k right now.

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u/irascible_Clown Sep 23 '22

I worked at a car dealership that had tent sales for people with bad credit. They were selling used 2000 civics with $600 60 month payments. When you have no credit and need a car they bend you over

51

u/Jsizzle19 Sep 23 '22

Dude, several years ago (circa 2016), my buddy (not the brightest tool in the shed) asked me to take a look at his car loan and why the principal had gone down so little..,. I’m not exaggerating when I say it was 27.3%. My fucking jaw dropped.

52

u/BlackCatArmy99 Sep 23 '22

What Army base was this on and did this E-1 buddy ever end up marrying Chastity from the club

22

u/justaverage Sep 23 '22

I got laid off from my job back in 2011. As a stop gap, I walked into a car dealership, bent the sales manager’s ear, and was on the floor the next day.

A Chevy dealership. Less than 2 miles from a Marine Corps base. In 2011…just when Chevy was rebooting the Camaro.

I worked there for like 2 months until I got a regular gig. There should be laws against the loans we signed off on.

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u/dalecor Sep 23 '22

Soon you’ll buy your house and car with the same loan.

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u/Krisevol Sep 22 '22

I hope not. It will raise prices.

27

u/OHYAMTB Sep 23 '22

You will own nothing and be happy

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u/ng208 Sep 22 '22

I talked to a lady manages the rental house across from my home, I told her I planned on renting my house (first home, 260k 2.9 % rate) and she told me some bank here is doing 40 year mortgages now lol

Fuck I can’t even imagine the overall cost on that term haha

142

u/johnnyi2004 Sep 22 '22

When mortgage lenders start getting ‘creative’ it’s a sign of the financial apocalypse.

49

u/cophotoguy99 Sep 23 '22

like Bank of America offering zero down mortgages last month? I've got puts on BAC now....

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u/PoliticalHate Sep 22 '22

I was writing 40 year at 9% before collapse in 2008. Part of the reason I left. You cannot have a soul and work for a bank

32

u/_toodamnparanoid_ Sep 22 '22

So what was the P&I ratio in that first year? O_o

27

u/MedalsNScars Sep 23 '22

Some quick math tells me about 93% of your first year's payments will be interest, or about a 14:1 ratio of interest to principle paid

In total you'd pay about 2.9 times the face value of the loan, and your payments don't start going more to principle than interest until 22 years and 4 months

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u/left_schwift Sep 22 '22

Sadly those are already a real thing

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1.9k

u/sumochump Sep 22 '22

The best part though is that $600,000 house in 2021 is now listed at $750,000 in late 2022. Quadruple payments baby, woooooooooooh.

993

u/[deleted] Sep 22 '22

Yep. I bought a house in late 2020 at a 2.75% rate. My mortgage is $2,000. If I were to buy it at today's market value and today's rate, my mortgage would be $4,700.

1.1k

u/daytradingguy Sep 22 '22

How does it feel to not be able to afford to buy your own house again?

751

u/The_High_Life Sep 22 '22

It feels like we can never leave, not sure if that's good or bad.

378

u/Film-Icy Sep 22 '22

This is my issue. 189k purchased in 2012, refinanced 2 years ago at 2.85% and everything around me is 600k now- I don’t want to pay those taxes.

101

u/ResidentGerts Sep 22 '22

I was similar to you. Bought condo in ‘14 at 4.25. Sold condo and bought house in 2020 at 2.9. Sale of condo was the 20% down payment of the house plus a little. Houses in neighborhood going for $80k more than I paid two years ago

37

u/[deleted] Sep 22 '22

I suspect our local municipalities are going to be pricing so many of us out of our own homes with property taxes since they will want to tax us for that inflated price.

7

u/Standback1987 Sep 23 '22

Or raise the tax rates.

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u/NotBlazeron Sep 22 '22

Buy in 2012 and refinance in 2021 is the perfect play.

I'm thinking buy in 2023 and refinance in 2025. Although the houses I'm looking at I could buy for ~1500/month and rent it for ~2k/month.

43

u/Film-Icy Sep 22 '22

It’s really my only good investment this century 😂 😭

46

u/NotBlazeron Sep 22 '22

That's 1 more good investment than most people in this sub.

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u/Bigalow10 Sep 22 '22

The best time to buy property is always 20 years ago

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u/ExperiencedMaleDom Sep 22 '22

$500/month is not enough for the headache of being a landlord. Trust me.

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u/Still_Reading Sep 22 '22

It’s $500/mo on top of his mortgage being paid for him. If you can cash flow at 25% that’s fantastic, trust me.

18

u/Quiet-Road-1057 Sep 23 '22

I used to be a professional landlord and I’ve never thought it was that good an investment. People fail to pay rent, things break, units sit vacant way too often. If we didn’t have a professional legal/accounting/cleaning/maintenance team, I don’t think it would have been worth it.

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u/Ok-Coyote6934 Sep 22 '22

This shit killed me :4271:.

I'm in the same damn boat. Bought a house for $425k in 2021 on a 3.5% rate. The house is now conservatively sitting at around $600k.

Unless the rates go down to the 4 range or housing prices scale back to about the same value as when we originally bought, no chance it would ever make sense to leave. The only option will be to sell here and move to a shittier market.

35

u/The_Bit_Prospector The_Loss_Harvester Sep 22 '22

are houses selling in the last 3 months at those prices? Or is your estimate based on the prices from the spring? Theres a lot of inventory sitting on the market being listed at spring prices that aint gonna sell at fall rates.

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u/lmaccaro Sep 22 '22

Great, because I can live there cheap forever, or I can rent it out for $5k/mo.

An investor trying to buy a home to rent next to mine will be at $6k/month expenses and need to charge $7k/mo rent, so I can always undercut that investor and stay rented.

40

u/daytradingguy Sep 22 '22

I bought my house 22 years ago. It is paid for and worth 5 times what I paid for it. I could not afford to buy it. LOL.

36

u/[deleted] Sep 22 '22

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u/famoso2891 Sep 22 '22

Took a 600,000k 20 Year @ 2.75 and the house is worth 1.3 today. #bayarea

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u/koinoyokan89 Sep 22 '22

I got a rate of 5.2 months back and that feels like a blessing

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u/24667387376263 Sep 23 '22

Locked in 5.35 a couple weeks ago. Almost giddy that we pulled the trigger on it.

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u/SheWantsTheDan Sep 22 '22

What are rates currently at now?

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u/Anothercraphistorian Sep 22 '22

They were over 6,%, but the FED raised rates .75% yesterday, with 3 more planned increases by February, so rates could se 7 and 8% by Spring.

54

u/DurdenVsDarkoVsDevon Sep 22 '22

You mean 7% within 30 days.

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u/PapiGoneGamer Disgraced Former Bear Gang Colonel Sep 23 '22

7% by next week

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u/YoloAddict69 Sep 22 '22

6+

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u/wa_ga_du_gu Sep 23 '22

It wasn't long ago when the media and economists were freaking out about sub-6 rates because that's just crazy low

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u/Fibocrypto Sep 22 '22

Imagine those who bought milk at 2.50 per gallons versus those who purchased it as 4.80

526

u/mpoozd Sep 22 '22

Imagine buying milk after drinking it for free from your mama

140

u/lifeintraining Sep 22 '22

I don’t have to imagine. I drank milk for free from your mama and I still pay for milk.

65

u/IrishNinja8082 Sep 22 '22

Your dad pays me to milk him.

28

u/Robert_Denard Sep 22 '22

My dad went to buy some milk

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u/Charming-Ad4156 Sep 22 '22

In my neck of the woods. You have to go to Costco for 4.80 milk. Otherwise it’s 6.92

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u/0DTEFlexing Sep 22 '22

Checks out - just paid $6.49 for milk. Calls on MOO

8

u/[deleted] Sep 22 '22

I don’t see where you guys pay that much… still less than $3 for me here in AZ

22

u/0DTEFlexing Sep 22 '22

Yeah, but that shit be desert milk

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u/[deleted] Sep 22 '22 edited Sep 23 '22

I wish I could find this $392,000 home you speak of.

Edit: in a place that isn't Missouri.

227

u/Germannestingdoll Sep 22 '22

It's a 500sqft studio condo

42

u/loudaggerer Sep 22 '22

See San Bruno, CA.

9

u/suckfail No life outside r/wsb Sep 23 '22

In Brampton

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u/hideous_coffee Jackin' it in San Diego Sep 22 '22 edited Sep 23 '22

It's in the midwest

edit: folks it's not just the midwest simmer the fuck down

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u/ShakeandBaked161 Sep 22 '22

As a Missourian, yes you are correct.

I could have a pretty fat house for $350k-$400k in the suburbs. Prolly like a 2200sqft+ 5 bed, 5 bath two story on a few acres of land or near a good school.

If you go really rural it gets really stupid honestly I've seen some mansions out in the boonies for $400k

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u/Tothoro Sep 23 '22

Fellow Missourian, can confirm. The trade-off is that you have to live in Missouri.

25

u/ShakeandBaked161 Sep 23 '22

Lol trueeee. The trick is to get a WFH gig with some coastal company and live like a king. Makes it a tad more bearable.

Edit: as much of king you can be in the Missouri lol

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u/SilenceDobad76 Sep 22 '22

As a midwesterner I don't get how all you people can justify paying $8 at a bar for a beer let alone what you pay for property.

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u/Spam138 Sep 22 '22

Now run the calculations in reverse and you’ll see why every boomer thinks they’re some kind of real estate investing savant.

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u/PelletsOfMescaline Sep 23 '22 edited Sep 23 '22

My parents bought a house for $196k in 1996 and it’s now worth $1.58M they tell me how I shouldn’t be buying it cess coffee to save money like they did…Toronto

15

u/DarKbaldness Sep 23 '22

Location? What was their interest rate?

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u/[deleted] Sep 23 '22 edited Sep 23 '22

The rate was likely something like 12-14%.

Edit: nope, I was way off. 7-8% actually. Lucky ducks.

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u/crazybarrier Sep 23 '22

The boomers are the ones who lowered the rates in the 90s, cashed in, and are now raising the rates on the next generation

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u/Larrynative20 Sep 23 '22

They need to get that safe yield now that they are older and retired

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u/Durtly Sep 22 '22

I hope that the huge funds who were buying up properties at 30-50% over asking price get gutted.

We should have a law restricting the number of residential properties and individual entity can own, with a restriction on foreign investors.

329

u/ThatChicagoDuder Sep 22 '22

They just create a subsidiary or shell company and repeat

89

u/collin-h Sep 23 '22

Gov’t could increase the homestead tax exemption to make it more financially worth it to live in the house you bought… or punish those who buy houses to rent out.

Just raise property taxes on homes by some absurd amount, and then adjust the homestead tax exemption to bring it back down to current levels - make it not worth it to own a house and not live in it.

Problem is, those hedge funds who are buying up all the houses can afford to buy politicians and I can’t.

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u/detectiveDollar Sep 23 '22

That could work, but you do run into issues like suddenly owing an assload of taxes on your late parent's house.

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u/[deleted] Sep 22 '22

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u/Jerry-hat-trick Sep 23 '22

I think I'll create a shell identity and transfer my debt to it.

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u/new_name_who_dis_ Sep 23 '22

You don’t need to be a millionaire to create a shell company. It’s just filing some paperwork

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u/aipipcyborg Sep 22 '22

80k new IRS agents that have never seen a telephone answering machine with a tape deck... or a tape deck.

5

u/WoolooOfWallStreet Sep 23 '22

Hopefully the IRS’s current computers won’t require them to be trained on reel to reel servers

7

u/aipipcyborg Sep 23 '22

Tapes make great backups, not active SQL servers

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u/raven_785 Sep 22 '22

I hope that the huge funds who were buying up properties at 30-50% over asking price get gutted.

They don't give a shit. The people who run them already got their bonuses. They don't lose their shirts if the company becomes insolvent. They just close it up and start a new one.

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u/Bxdwfl Axed the Axeman 1/21/22 Sep 22 '22

yeah, unfortunately, nothing will change without new laws to prevent dickheads from owning multiple rental properties.

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u/real_sbob4ever Sep 22 '22

Ooooh look at Mr. Algebra doing all his math. Theres no need to brag this hard Danny

11

u/SheWantsTheDan Sep 22 '22

Trust me bro, I ain’t doing no math. Im flipping the graphs upside down trying to figure this out.

150

u/Such-Wrongdoer-2198 Sep 22 '22

I told my wife I didn't want to prepay our 3.5% fixed rate mortgage, but she insisted.

On the other hand the stocks I would have bought instead are down 22%.

On the third hand, that is after a 200% runup.

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u/cletus_ Sep 22 '22

I have a pretty good guess what you are doing with the fourth hand.

39

u/Visvism Sep 23 '22

Playing with his wife’s boyfriends third leg.

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u/Commotion Sep 23 '22

More like, everyone who locked in a 2.6 fixed rate isn’t going to sell and inventory stays low / prices don’t correct

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u/wolfsrudel_red Sep 23 '22 edited Sep 23 '22

Yup this is the truth that Reddit doesn't want to hear. Can't have a 2008 crash if inventory is scarce from a decade of underbuilding and people keeping their 2.8% mortgages on ice for 15 years

9

u/[deleted] Sep 23 '22

Only way it happens is if a bunch of people get their shit foreclosed all in one shot.

But. 2020 house prices and 2020 interest rates. Where do you go? Go rent a place half the size and it’s still more than your fucking mortgage.

I’d sell a kidney before I let someone take a $300,000 home with a $900/month payment from me.

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u/jbjbjb10021 Sep 22 '22

That's how much it's going to go down.

Almost nobody says "I have $425,000 to spend on a house", they say "$2200/mo, we can swing that"

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u/[deleted] Sep 22 '22

Historically, rates and prices don't track this closely.

160

u/[deleted] Sep 22 '22

Especially as homeowners just stop selling to avoid losing the 2.7% 30-year they got a year ago. Volume is going to drop off a cliff, and rent will go up, but who knows what exactly will happen to house prices.

71

u/Smeltanddealtit Sep 22 '22

This. Got a 2.9% rate. Wouldn’t leave if the house was haunted.

20

u/TinaLoco Sep 23 '22

Agreed. We bought in 2019 and refinanced last year at 2.625. I will die in this house.

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u/wanna_meet_that_dad Sep 23 '22

This 100%. We considered selling our home but now wouldn’t think of it. Why give up that sweet 2.5% rate?

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u/sum_dude44 Sep 22 '22

that’s the point. Part of the reason housing & rent went up 50% in 2 years were you could afford a $600k house for the price of $400k. J Pow botched keeping inflation in check to dig us out of Covid, but actually created something worse than a Covid recession. We might hit 10% mortgages b/4 this is done

177

u/jbjbjb10021 Sep 22 '22

My parents bought their house in 1980, the mortgage was 20%. $400/mo on a $22000 house.

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u/alwaysmyfault Sep 22 '22

They were also getting something like 20% on their savings accounts as well.

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u/daytradingguy Sep 22 '22

Yes and they walked to work uphill, both ways, In the snow.

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u/Sguru1 Sep 22 '22

And answered the phone without being able to see who’s calling first

29

u/SilenceDobad76 Sep 22 '22

Ohh this one's spookie

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u/OGColorado Sep 22 '22

No way! I had a sweet 72 Camaro toting my carcass around😃

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u/mrTheJJbug Sep 22 '22

Yeah, the housing market is about to change forever. One group will be pissed and the other will be celebrating. Considering they need more workers for the economy to continue to work, and young people cannot afford to have children right now, my guess is that interest rates will go super high and stay there for a long time to reset home prices.

16

u/Uries_Frostmourne Sep 22 '22

Who will be celebrating?? The buyers?

52

u/clinton-dix-pix Sep 22 '22

Buyers with 20+% down and high incomes. The days of squeezing into homes with 3.5% down are over.

25

u/crouching_dragon_420 Sep 22 '22

don't know why you got downvoted but that's exactly what they did in 2008.

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u/MeatStepLively Sep 22 '22

My parents paid 18.5% in the early eighties. That rate is irrelevant when the price of their home is now 600% above what they paid. Boomers have seen their assets increase in price at a rate that is unheard of in previous (and future) generations. They need an ass fucking. Sorry geezers; parties over.

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u/[deleted] Sep 22 '22

Yep. It's resetting back to being housing. Keep eyes on Canada. Itll be the first to fall.

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u/Detective-E Sep 22 '22

How tf do people afford these places

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u/littlemegzz Sep 23 '22 edited Sep 23 '22

Serious question though.... people making six figures? I get. Someone barely making 70k. How are they surviving??

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u/[deleted] Sep 23 '22

I make $70k, I live near DC in one of the more expensive places to live. I have make high payments on a car I should have never bought, my apartment rent feels like a mortgage, and I pay student loans. I still save a decent amount of money per month. Granted, I don't go out much or travel. My idea of fun is going for a hike or laying in my hammock. But I always wonder what people spend their money on. A friend of mine lives rent free with his girlfriend at her parents house. Make $50k a year. Constantly complains about living week to week. Like my guy, where is all that money going?

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u/Bloody_Whombat Sep 23 '22

My wife and I jumped from a $1400/mo 1br apartment to a $1600/mo 3br house in 2021. I'd say we're surviving for the most part but there's no chance in hell we'd be able to drop $10k+ on a new roof or HVAC or something like that any time soon. Together we're at ~$100k for reference.

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u/YourMumKnows Sep 22 '22

Imagine buying a 100k house at 15% interest rate :D

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u/[deleted] Sep 23 '22

Talk to your parents about it.

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u/charitelle Sep 22 '22

And that was what was required to bring home prices down.

Because rates will nor remain high for 30 years.

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u/DrOctagonBlueFlowers Sep 22 '22

That's why no one could afford to buy in the 80-90s.

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u/incriminatory Sep 22 '22

Meanwhile here in California we are laughing at the idea of a $600k house let alone $400k 😂

Laugh so I don’t cry, laugh so I don’t cry….

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u/tortellinipp2 Sep 23 '22

It's so bad right now. I get excited if I see anything pop up under 900k in a 10-mile radius from my job, and those homes like like absolute shit lol.

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u/KRossKoWolf Sep 22 '22

I bought my place last year for the equivalent of $96000 at 2.4% - 20% down. To get it now, I'm talking $130000 at 3.99% with 20% down. Seems to be much better rate wise here, but still quite the increase.

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u/[deleted] Sep 22 '22

The R squared on this regression analysis is very, very low.

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u/sassyseconds Sep 23 '22

The R squared in this sub however...

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u/[deleted] Sep 22 '22

All the people that paid 400k for house that was worth 200k in 2021 in florida are gonna be wrecked

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u/freightdude Sep 22 '22

They're only wrecked if they sell

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u/rmphys Sep 23 '22

Or when the inevitable hurricanes hit...

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u/goliath227 Sep 23 '22

Did you read the meme? They got it at 2.6% and their payment is minuscule. Why would they be wrecked? They just hold and pay their tiny monthly payment.

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u/rclr- Sep 22 '22

I just want my kbh put print so I can buy a shed and call it a house

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u/[deleted] Sep 22 '22

Will high rates normalize a 40 year mortgage?

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u/goofy-boots Autistic Jimmy Buffett Sep 22 '22

I want to die

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u/backruptcyfomo Sep 22 '22

People bought home this year are about to find out what upside down really means :4641::4271:

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u/shahthobani Sep 22 '22

With the high interest rates the housing market will see a down fall in coming years and on top of everything there are companies who are still offering 3.75% to 4% because mortgage industry is also impacted

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u/Capital_Ad9574 Sep 22 '22

Jesus I hope prices keep coming down so I’ll finally be able to buy 😂

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u/DoesntUnderstandJoke norman bates Sep 23 '22

Imagine not refinancing in 2021

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u/Sprint9ks Sep 22 '22

People do realize that not all 30 year mortgage rates are at 6% right? Our credit union is offering 3.9-4.1%. Also, I love how people are crying about 6% but have no problem paying 8% on a $80,000 dollar truck lol. Get out of here.

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u/HashSlingingstonks Sep 22 '22

8%? Try 18-28% 😂😂

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u/PuzzyPounder Sep 22 '22

That sum bitch is going to get repoed in six months. Once people start getting laid off there will be a glut of cars to pick from.

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u/originalusername__ Sep 23 '22

I’m hoping this stupid shit of used cars costing as much as new ones at least goes away. I have never hated dealerships more.

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u/Logger351 Sep 22 '22

Maybe those aren’t the same group of people? No one here is going to advise 8% auto loan or an $80K truck unless you own a construction company.

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u/[deleted] Sep 23 '22

[deleted]

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u/whatsaburneraccount Sep 22 '22

Your credit union is either charging mad points or losing 10-15 points on every loan…

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u/drbob234 Sep 22 '22

What credit Union is this

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