Biden's Final Housing Accomplishment

[Elliott]

(WSJ 1/24/25) "U.S. existing-home sales fell in 2024 to the lowest level since 1995, the second straight year of anemic sales due to stubbornly high mortgage rates.

High costs related to homeownership sapped sales again. The average rate for a 30-year fixed mortgage has hovered between 6% and 8% since late 2022, making it prohibitively expensive for many Americans to buy homes at current prices, which hit record highs last year. Rising home insurance and property tax costs are also adding to homeowners’ expenses.

Home prices have continued rising on a year-over-year basis, because the inventory of homes for sale is lower than historically normal levels. Inventory is up from year-ago levels, but supply is still tight in many markets because many would-be sellers with low mortgage rates are unwilling to sell and take on a higher rate to buy a different home."

 

[Vermonter]

In before it all gets blamed on Trump

 

[Tim Hicks (Texas)]

It is amazing how they held off foreclosures until this year. I have done 8 REOs in the past 40 days when I had 2 for the previous three years. I have done about 10 short sales in the last three years.

 

[TerryRohrer]

It is amazing how they held off foreclosures until this year. I have done 8 REOs in the past 40 days when I had 2 for the previous three years. I have done about 10 short sales in the last three years.

And prices are still rising there? Imagine the mess in store for market that are flat or declining!

 

[Charles West]

It should take about a year before a noticeable change in rates and inflation occurs. The animal spirits are in place, and people are acting upon them.

 

[Fernando]

(WSJ 1/24/25) "U.S. existing-home sales fell in 2024 to the lowest level since 1995, the second straight year of anemic sales due to stubbornly high mortgage rates.

High costs related to homeownership sapped sales again. The average rate for a 30-year fixed mortgage has hovered between 6% and 8% since late 2022, making it prohibitively expensive for many Americans to buy homes at current prices, which hit record highs last year. Rising home insurance and property tax costs are also adding to homeowners’ expenses.

Home prices have continued rising on a year-over-year basis, because the inventory of homes for sale is lower than historically normal levels. Inventory is up from year-ago levels, but supply is still tight in many markets because many would-be sellers with low mortgage rates are unwilling to sell and take on a higher rate to buy a different home."

View attachment 95866

Rates now are similar to the 1990s. Get use to it.
Tax Reform 2.0 can stimulate real estate if SALT restored, no limit on mortgage and property tax deductions. Can't wait.

 

[TerryRohrer]

No Commitment, Just Pleasure: Find Your Date Tonight in Your Town

Best Sex Game

Try the pool tournament, you will likely have better luck!

 

[Vermonter]

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Nando bait

 

[WestMichiganCG]

(WSJ 1/24/25) "U.S. existing-home sales fell in 2024 to the lowest level since 1995, the second straight year of anemic sales due to stubbornly high mortgage rates.

High costs related to homeownership sapped sales again. The average rate for a 30-year fixed mortgage has hovered between 6% and 8% since late 2022, making it prohibitively expensive for many Americans to buy homes at current prices, which hit record highs last year. Rising home insurance and property tax costs are also adding to homeowners’ expenses.

Home prices have continued rising on a year-over-year basis, because the inventory of homes for sale is lower than historically normal levels. Inventory is up from year-ago levels, but supply is still tight in many markets because many would-be sellers with low mortgage rates are unwilling to sell and take on a higher rate to buy a different home."

View attachment 95866

I don't think 6% to 8% is a stubbornly high mortgage rate.

 

[Elliott]

But wait, it gets better:

Trump berates Bank of America CEO in sudden live broadcast attack for 'not lending to conservatives'

MSN

BofA fussed around for two months on a HO loan with me back in 2021. My only tell that would make me a 'conservative' is contributing to the campaigns of 'some' republicans. I would like to see the BofA list. I think Merrill Lynch should drop their association with BofA.