1 in 7 Home buyers backed out in July

[Mark K]

It's not really that it is a local issue. It is that the group that the ratio impacts is only first time homeowners.

I think it is. In this area, for example, taxes and insurance are relatively cheap compared to other locations where, combined, they can be a huge, additional part of the payment. Also, the median price here is cheaper than the national average and the ratio of deals falling apart are probably more like 1 in 20 and that's generally due to a potential buyer having his deadbeat past catch up with him.

It also helps that the new construction builders are buying down the interest rate to 5% and you can get a new 1,800 sf, 3/2, 2 car on a 12,000 sf lot for $325K.

 

[Terrel L. Shields]

Why not enjoy the equity from the home?

Sure. Live for today. If the economy blows up, Uncle Sugar will bail you out just like it did Fannie Mae.
What happens if you have a stroke and are unable to speak clearly let alone function and generate the income to pay off the monthly note? I've appraised far too many homes of retirees borrowing money to stay afloat and working as greeters or one old guy was a gate guard at a warehouse well into his 80s working the night shift.

I work to keep my mind from growing stale. I have written a lot of historical articles and 2 books published and 3 manuscripts in play. And appraising is a way I get out of the house, roam the countryside mostly rural property. But I've not had to work for years. And I make nary a penny's payment on my house, cars, or farm. Haven't had payments in almost 10 years except a commercial lawnmower that had a zero down and zero interest 3-year deal. Why not let my money earn money and take that deal? Set it up to auto draw from my account and paid it off 5 years ago.

 

[djd09]

U.S. Birth Rates Plummet as Home Prices Surge: Here’s How the Housing Market Is Shaping Family Planning​

The U.S. birth rate plunged to an all-time low in 2024 after being on a downward trajectory for roughly 20 years, with soaring housing costs widely cited as a major contributing factor.

Earlier this summer, the U.S. Centers for Disease Control and Prevention (CDC) released updated birth data for the previous year, revealing that the nation's fertility rate decreased to fewer than 1.6 kids per woman, down from 2.1 kids per woman recorded in 2006, which is the rate the country needs to sustain its population.

The last two decades saw women increasingly delaying having children, or choosing not to have them at all. There are many factors fueling this trend, including personal and cultural, and one of them is the rising housing costs, according to some experts.

https://www.realtor.com/news/trends/birth-rates-plummet-home-prices-surge-housing-market-family-planning/

blame the appraiser...

 

[Fernando]

U.S. Birth Rates Plummet as Home Prices Surge: Here’s How the Housing Market Is Shaping Family Planning​

The U.S. birth rate plunged to an all-time low in 2024 after being on a downward trajectory for roughly 20 years, with soaring housing costs widely cited as a major contributing factor.

Earlier this summer, the U.S. Centers for Disease Control and Prevention (CDC) released updated birth data for the previous year, revealing that the nation's fertility rate decreased to fewer than 1.6 kids per woman, down from 2.1 kids per woman recorded in 2006, which is the rate the country needs to sustain its population.

The last two decades saw women increasingly delaying having children, or choosing not to have them at all. There are many factors fueling this trend, including personal and cultural, and one of them is the rising housing costs, according to some experts.

https://www.realtor.com/news/trends/birth-rates-plummet-home-prices-surge-housing-market-family-planning/

blame the appraiser...

So your point is, more immigration to sustain a growing economy.

 

[Elliott]

My financing saga continues.....was close to calling it quits, but because of the new tax law, I expect the government to pay 25% of my interest, just like the good 'ole Schdl A-days. I'm paying $1000 for 'the appraisal' and the LTV is 30%.


Today rates:

 

[Charles West]

I'm signing tomorrow morning, funding on Monday, yay!

 

[Fernando]

My financing saga continues.....was close to calling it quits, but because of the new tax law, I expect the government to pay 25% of my interest, just like the good 'ole Schdl A-days. I'm paying $1000 for 'the appraisal' and the LTV is 30%.


Today rates:

View attachment 103578

$1,000 appraisal fee sounds high. Your property must be difficult to appraise.

 

[Fernando]

I'm signing tomorrow morning, funding on Monday, yay!

Will you donate a big portion to Trump in name of Fernando?

 

[Charles West]

Will you donate a big portion to Trump in name of Fernando?

Not a chance; it all goes to the market - no gold tennis shoes. A trip to Napa, yes, but no MAGA caps.

 

[djd09]

...