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House Prices to Drop 30-50% next year.
07-12-2021, 05:06 PM
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#211
- rectifryer
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Originally Posted By ~Hades~⏩
you talk to lo's and that means what exactly? LO's have no idea what the fuk is going on, only what their bank may or may not do.i talk to LO's every day of my life and there's no fuking way those dip****s bought a 1.2 million house with 3% down when they are already over 100% dti with just the principal and interest alone thru a reputable lender. that LO and underwriter would be fired.
i actually wouldnt be surprised how many people bought houses at ~3% since i actually work in real estate and see this chit first hand every day. the team im on sold 600 houses last year alone so yeah i know more than your avg joe or your sister in law that sold 4 houses last year. if 3% is a shocker to you then your mind is gonna melt when you find out people get usda loans and va loans at 0%
the lending environment is nothing like it was in the lead up to 08....nothing
i actually wouldnt be surprised how many people bought houses at ~3% since i actually work in real estate and see this chit first hand every day. the team im on sold 600 houses last year alone so yeah i know more than your avg joe or your sister in law that sold 4 houses last year. if 3% is a shocker to you then your mind is gonna melt when you find out people get usda loans and va loans at 0%
the lending environment is nothing like it was in the lead up to 08....nothing
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07-12-2021, 05:18 PM
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#212
07-12-2021, 05:27 PM
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#213
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Originally Posted By rgnx⏩
the borrower would have to be able to cover the entire payment themselves and they cant given what you have told uswhy would you assume over 100% DTI?
They are making it because they are renting out 3 of the rooms. which was part of the plan
They are making it because they are renting out 3 of the rooms. which was part of the plan
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07-12-2021, 05:28 PM
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#214
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Originally Posted By rectifryer⏩
loan officers dont know what is going on with loans? but you guys here on the misc do right?you talk to lo's and that means what exactly? LO's have no idea what the fuk is going on, only what their bank may or may not do.
he told me i needed to talk to an LO. turns out i do. lots of them and they dont agree with either of you. shocker
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07-12-2021, 05:30 PM
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#215
Originally Posted By ~Hades~⏩
They had small loans from family/friends.the borrower would have to be able to cover the entire payment themselves and they cant given what you have told us
This is not the point though. The point is, there are a chit ton of people who have bought houses in the past 2 years who can't afford them.
My friend is an example of many. (house rich/cash poor). Idk why this is such a foreign concept here when its extremely common
07-12-2021, 05:32 PM
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#216
Originally Posted By ~Hades~⏩
Did you talk to a LO about this specific topic? Probably not, because if you did, you would know how easy it is to get a loan to buy a house right nowhe told me i needed to talk to an LO. turns out i do. lots of them and they dont agree with either of you. shocker
07-12-2021, 05:34 PM
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#217
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Originally Posted By rgnx⏩
Most people can not afford what they have.They had small loans from family/friends.
This is not the point though. The point is, there are a chit ton of people who have bought houses in the past 2 years who can't afford them.
My friend is an example of many. (house rich/cash poor). Idk why this is such a foreign concept here when its extremely common
This is not the point though. The point is, there are a chit ton of people who have bought houses in the past 2 years who can't afford them.
My friend is an example of many. (house rich/cash poor). Idk why this is such a foreign concept here when its extremely common
It is a joke.
My friend just bought a house.
$450k house. I lent him $300 for the uhaul lol
These people are all one month without pay from disaster
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07-12-2021, 05:35 PM
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#218
Any day now it's happening. This time for sure!
lmao
brb enjoying my new apartment upgrade - keep waiting for the right time bro, surely it's coming any day now
soon.jpeg
lmao
brb enjoying my new apartment upgrade - keep waiting for the right time bro, surely it's coming any day now
soon.jpeg
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07-12-2021, 05:35 PM
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#219
Originally Posted By rgnx⏩
Original information:They had small loans from family/friends.
This is not the point though. The point is, there are a chit ton of people who have bought houses in the past 2 years who can't afford them.
My friend is an example of many. (house rich/cash poor). Idk why this is such a foreign concept here when its extremely common
This is not the point though. The point is, there are a chit ton of people who have bought houses in the past 2 years who can't afford them.
My friend is an example of many. (house rich/cash poor). Idk why this is such a foreign concept here when its extremely common
2 literal *******s with a combined income of $6k/month qualified for a 1.5m home with 2% down
Evolving information:
It may have been up to 4% down, the 6k isn't their gross income, they have loans from family (what is the point of the family loan? oh, to put it towards the down payment? so they put down more than 2-4%?)
Can't wait to see what else you add/change to this story!
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07-12-2021, 05:37 PM
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#220
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Originally Posted By rgnx⏩
according to lenders, who have more strict guidelines than in 2008, the borrowers actually can afford them(unlike your "friend").They had small loans from family/friends.
This is not the point though. The point is, there are a chit ton of people who have bought houses in the past 2 years who can't afford them.
My friend is an example of many. (house rich/cash poor). Idk why this is such a foreign concept here when its extremely common
This is not the point though. The point is, there are a chit ton of people who have bought houses in the past 2 years who can't afford them.
My friend is an example of many. (house rich/cash poor). Idk why this is such a foreign concept here when its extremely common
im not saying that people dont make dumb decisions. owning a home is responsibility that takes planning. lots of people dont plan well enough. that doesnt mean that lenders are giving loans out like candy tho
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07-12-2021, 05:38 PM
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#221
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Originally Posted By chino3⏩
ayyyy lmao thisOriginal information:
2 literal *******s with a combined income of $6k/month qualified for a 1.5m home with 2% down
Evolving information:
It may have been up to 4% down, the 6k isn't their gross income, they have loans from family (what is the point of the family loan? oh, to put it towards the down payment? so they put down more than 2-4%?)
Can't wait to see what else you add/change to this story!
2 literal *******s with a combined income of $6k/month qualified for a 1.5m home with 2% down
Evolving information:
It may have been up to 4% down, the 6k isn't their gross income, they have loans from family (what is the point of the family loan? oh, to put it towards the down payment? so they put down more than 2-4%?)
Can't wait to see what else you add/change to this story!
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07-12-2021, 05:38 PM
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#222
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Originally Posted By rgnx⏩
What you're saying isn't true. I just bought a multi unit building about 8? months ago. I have a credit score of 820 and an income of around 100k. Bank told me I couldn't afford a 500k property that had two units I could rent out + the one I was living in. Had to move back in with family to lower DTI or bank said I had to sell my car. Bank said I needed to make like 130k/year or bum off family to lower expenses.They had small loans from family/friends.
This is not the point though. The point is, there are a chit ton of people who have bought houses in the past 2 years who can't afford them.
My friend is an example of many. (house rich/cash poor). Idk why this is such a foreign concept here when its extremely common
This is not the point though. The point is, there are a chit ton of people who have bought houses in the past 2 years who can't afford them.
My friend is an example of many. (house rich/cash poor). Idk why this is such a foreign concept here when its extremely common
It's very hard to get a loan now compared to 2008. You also can't use rental income towards the loan unless you've been a landlord for two years prior.
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07-12-2021, 05:40 PM
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#223
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I agree, get out while you can! This gravy train isn’t going to last forever. I’m taking my 100k of equity and renting till this chit blows over. It’s gonna suck but I guarantee my house will be worth what I paid for it within a couple years.
07-12-2021, 05:40 PM
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#224
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Originally Posted By rgnx⏩
are you actually retarded? i'm in the real estate biz so i dont need to talk to one about this specific topic. i know that its not possible with what you have told us becasue i deal with this chit every single day bro lolDid you talk to a LO about this specific topic? Probably not, because if you did, you would know how easy it is to get a loan to buy a house right now
and by bro i mean never my bro
yure trying to tell us that youre one made up story is the norm and its absolutely not
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07-13-2021, 04:11 AM
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#225
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ITT a few miscers watched The Big Short and think they are the next Michael Burry.
07-13-2021, 04:14 AM
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#226
- FrankCostanza
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If that happened lots of new homeowners would default on their loans on purpose.
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07-13-2021, 04:30 AM
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#227
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It's not going to be pretty. Just LOL at thinking they'll just go up forever
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07-13-2021, 08:04 AM
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#228
Originally Posted By BulkingIsHard⏩
So it sounds like we need to make this the Democrats fault. Democrats controlled everything and didn’t to let him get anything done. Most of the bills that were able to get passed were Democrat bills, and then of course four years of tying him up with legal issues and impeachment. The Democrats, who controls everything, stonewalled everything, tied them up with legal issues, and now you’re going to sit there and act like the “let him be president”?Trump criticized Obama's bubble economy before he was in office. He correctly pointed out that rates were too low while assets just kept climbing higher and higher. Then when he became president the stock market pumped off the optimism that he would change things.
Fast forward two years, and he didn't end enough regulation and cut back on enough spending/taxation for us to compete with China. Hell, he didn't even get around to ending Occupational Licensing till late 2020. Around 2018 the market started to dangerously waver as the Fed very slowly raised rates. We made it to 2.25% before they went back to cutting rates so we could go back to being drunk on cheap money. Meanwhile Trump praised stock valuations, unemployment, jobs, etc. as his miracle economy.
Despite the dovish Fed, around mid 2019 we were on the brink of recession. Yields had inverted, momentum had slowed, and the COVID-19 retardation was just the spark that ignited the powder keg.
Fast forward two years, and he didn't end enough regulation and cut back on enough spending/taxation for us to compete with China. Hell, he didn't even get around to ending Occupational Licensing till late 2020. Around 2018 the market started to dangerously waver as the Fed very slowly raised rates. We made it to 2.25% before they went back to cutting rates so we could go back to being drunk on cheap money. Meanwhile Trump praised stock valuations, unemployment, jobs, etc. as his miracle economy.
Despite the dovish Fed, around mid 2019 we were on the brink of recession. Yields had inverted, momentum had slowed, and the COVID-19 retardation was just the spark that ignited the powder keg.
So you’re complaining he didn’t get things done, but the Democrats didn’t work with him at all and I didn’t see you mention that anywhere as a complaint
One party system; Most Republicans are Democrats, but no Democrats are Republicans.
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07-13-2021, 08:32 AM
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#229
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Originally Posted By ~Hades~⏩
Damn, tell me (or PM me) about a 0% VA loan. We're in the market for a house and that'd be some crazy chit.i talk to LO's every day of my life and there's no fuking way those dip****s bought a 1.2 million house with 3% down when they are already over 100% dti with just the principal and interest alone thru a reputable lender. that LO and underwriter would be fired.
i actually wouldnt be surprised how many people bought houses at ~3% since i actually work in real estate and see this chit first hand every day. the team im on sold 600 houses last year alone so yeah i know more than your avg joe or your sister in law that sold 4 houses last year. if 3% is a shocker to you then your mind is gonna melt when you find out people get usda loans and va loans at 0%
the lending environment is nothing like it was in the lead up to 08....nothing
i actually wouldnt be surprised how many people bought houses at ~3% since i actually work in real estate and see this chit first hand every day. the team im on sold 600 houses last year alone so yeah i know more than your avg joe or your sister in law that sold 4 houses last year. if 3% is a shocker to you then your mind is gonna melt when you find out people get usda loans and va loans at 0%
the lending environment is nothing like it was in the lead up to 08....nothing
07-11-2023, 06:30 PM
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#230
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Hahahaga
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07-11-2023, 06:32 PM
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#231
07-11-2023, 06:33 PM
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#232
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Bet all the doomer/gloomer types here bought housing low, and now rent it for high prices right?
Right?
Right?
07-11-2023, 06:34 PM
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#233
07-11-2023, 06:35 PM
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#234
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lol at these bimbos who bought during peak covid
paying 50k+ also adding another 50k on top to buy it in haste.
now that house is worth 150k less
JUST LOL!!
paying 50k+ also adding another 50k on top to buy it in haste.
now that house is worth 150k less
JUST LOL!!
07-11-2023, 06:42 PM
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#235
07-11-2023, 06:43 PM
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#236
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Originally Posted By fishnbrah⏩
The Zesty Estimate?Damn, thread made me check my estimate, it went up. Highest it’s been I think.
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07-11-2023, 06:45 PM
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#237
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Lmao...a house in my area sold on 2018 for 180k. It sold recently for 400k. They just did the minimal flipping gray paint and some cheap ass upgrades.
07-11-2023, 06:50 PM
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#238
07-11-2023, 07:02 PM
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#239
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It’s over
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07-11-2023, 07:16 PM
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#240
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Fuarrrrrrrkkkkkk
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