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Msg  501790 of 550892  at  6/5/2023 9:22:43 AM  by

doomonyou


 In response to msg 501788 by  nipper_dog99
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Re: Who’s on First

I think the real problem with housing is the nature of the Sword of Damocles that this extended super low rate refinancing period created in the US.

If you have a 3% mortgage (I do, I assume everyone else at this point does too) you'd be a fool to give it up for minor fluctuations and replace it with a 6% or 7%.

So you might hold on to a house and rent it while you move if you can (I know people doing that) or just not move at all and put up with whatever the issue is (longer commute, house is too big because kids moved out, etc)

But as the housing prices eventually start to really roll over because supply increase (investors start to sell, AirBnB empires start to dissolve, people who held off for a year or two have to sell because of life) there will be a huge amount of supply unlocked at some threshold where the losses exceed the savings on the mortgage.

If the economy is really slowing (and I really think its starting to) that will just push that process along faster.


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Replies
Msg # Subject Author Recs Date Posted
501860 Re: Who’s on First vxmike 5 6/5/2023 1:45:48 PM
501877 Re: Who’s on First billlkay 5 6/5/2023 2:44:28 PM




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