How does this effect someone who owns their home, or even rentals for that matter, with no plans to sell? Once again the Misc copers trying to convince someone that something affects them when it doesn't.

The fuk "small home" did they buy 16 years ago that dropped hard enough to end up $200k underwater after a decade and a half of equity building plus value increases in that time? A "Small home" in my mind is maybe $300-400k today much less back in 2006

Your anecdote sounds like renter erotic literature to me

the delusional response from people who bought recently will be

1. I bought at 3% rates...I am NEVER SELLING

2. I can always just rent it out


When the economy continues to get worse, unemployment rises, and job security is an an alltime low....you may need to sell, and you may not be able to find tenants. This is what happened in 2008.

If you bought 10 years ago (or even 5-6 years ago), you are probably OK. Or if you are buying now on a discount (already seeing 100k drops which I think will help keep you from going super underwater). But RIP to any buyer from 2020 to Q2 2022.

My brother and his wife bought a small home in 2006. They had 2 little kids at the time. House barely fit them. It was fine, they could build equity, stop being a RENTCELL, and move into something larger in a few years.

Well, they had more kids, kids got older and bigger, and they were 200k underwater on the home. Took them until 2019 to finally get what they paid for it, and they finally sold and bought something larger. It was a huge issue for them, caused lots of marital stress, and their kids were always at my parents house to play which was larger and more spacious. Not a disaster or anything (and he kept his job thankfully), but it was a huge sore spot for them.

You need to be careful, sometimes NEVER SELLING is as a much as a burden as selling at a loss.

After the decline in 2007, the overall US housing market was back above the previous high within 6 years. By 2017, the median house was sold at a price 31% higher than during the previous high a decade earlier in 2007

If what you're describing is true, it sounds like they were hit by the absolute worst circumstances possible considering how the overall market moved during the same timeframe combined with the principal loan amount declining simultaneously. And it sounds like they were likely leveraged to the brim.

i believe you just like i believe you making 37K monthly

Bruh you work in the back office for 75k, quit LARPing and shine your square toed shoes

I make 225k base, 225k bonus. Thats average nyc salary in finance(srs). Sorry if that blows your mind.

lol, I pay more than 75k in taxes on bonus at year end.

all while renting and miscin 10 hrs a day , sounds legit

most people at my pay band rent in nyc boyo. I cant afford a 1.7 million dollar 2 bedroom co-op in the city....

capital markets are slow AF at the moment. not much work to do during the day right now(ded fkn srs)

these low iq idiots just don't get it.

Houses are still astronomically priced in my area.

I don’t know wheredafuq you guys get your info, but maybe time to take the tin foil hats off.

heres a random example near where I live

https://www.zillow.com/homedetails/2...38042641_zpid/

Sold in 1999 for 340k
Sold in 2006 for 500k (PEAK OF MARKET)

*goes underwater*

Tries in sell in 2012 for 548k (which would cover closing costs from initial investment). No buyers

Tries to sell in 2016 for 629K
Drops price to 619K

Listing removed, puts it up for rent

Tries to sell in 2019 for 688k, removes listing

FINALLY sells in July 2021 (as market is starting to collapse for 609k).

Now new owner is trying to rent it out (listing is still up after a month lol).


This is in a town (Tenafly NJ), this is a tier one blue ribbon school district and has a quick commute to NYC. Tenafly is one of the most desired spots in NJ.

most people at my pay band rent in nyc boyo. I cant afford a 1.7 million dollar 2 bedroom co-op in the city...and I dont agree with prices in the suburbs just yet (getting there with all the drops though)

capital markets are slow AF at the moment. not much work to do during the day right now(ded fkn srs)

$500k mortgage amount on a 30-year fixed with 6% interest would put them at like $457k by the end of year 6, so they were trying to sell for almost $100k more than their principal amount in 2012. But these are worst case scenario, longest mortgage term with a generous rate for the year, and it sounds like a super hot real estate market that would represent the worst case on that end. Now with that sale in 2021, they would have had a minimum $250k equity in there



How can you not afford $1.7m at $500k income? I make half of what you claim and my houses right now would sell for like $1.5-1.6m

they bought a townhome for like 350k (might been in 2007 or 08, but I digress). Went down to about 150k in value (this was a small bedroom community in washington state).

didn't really hit 350k in value until like 2018. ded srs.

I saw a home get sold in long island recently that finally hit its 2008 purchase price. its more common than you think. there were lots of people underwater over a decade in many parts of the country.

So renters won't be able to 'level up' to home owner ship, they will be stuck renting, So can raise rents and they have no option but to eat that **** sandwich and pay.

Sounds like its more of a negative for renters, they are stuck in their ****ty rental lives and can't get out.

Those that already got homes are in good shape unless they are trying to move/sell and not a cash buyer.

Ouch.

Says the Canadian rentcel lmao

Just LOL @ beavercels srs.

LMAO @ beavercel rentcels even more.

However you want to cope with being a rentcel.

lol @ this idiot

rentcel isn't an insult in 2022.


you're the bagholding cuck

I would be so smart selling my house to more than double my monthly cost and put my profits into a tanking stock market while I anxiously wait for the market to drop and interest rates to fall so I can afford to get back in

Lmao @ you

I lose brain cells everytime I come in one of these housing threads.


If you spend your day arguing about “rentcels vs mortgagecell” you are a straight no life retard, no cap.

Carry on now morans

they bought a townhome for like 350k (might been in 2007 or 08, but I digress). Went down to about 150k in value (this was a small bedroom community in washington state).

didn't really hit 350k in value until like 2018. ded srs.

I saw a home get sold in long island recently that finally hit its 2008 purchase price. its more common than you think. there were lots of people underwater over a decade in many parts of the country.

I agree. These dudes legit argue about the same things each and every time. Not sure who has the bigger mental illness, the guys arguing the same arguments or me reading them. LOL

lol, I pay more than 75k in taxes on bonus at year end.

Halifax

Just lmao at the rentcel cope

In 2-3 years the prices will be much higher than now.

Vacancy rate is damn near 0 in halifax and I could get 1500 easy for rent if I wanted to rent it out