Tangs
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Congrats. 9 years ago when I visited Houston/Galveston and G.O.M. coast I had a good time. I really liked your zoo. I thought that the animals had big enough pens and all seemed to be happy.
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Houston ...#1 place to move to...congrats (1 Viewer)
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soymilk
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no, move back to whatever state yall came from. i can't afford housing anymore
Cody
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Tangs
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Yes growing pains... Texas now has a bigger economy than Canada and r.
soymilk
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so if the estimates are correct. 11-18% apr and the average median price sold for a house in houston was like 380k.
5k house note a month. nah bruh.
5k house note a month. nah bruh.
Cody
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You joke but 50 year mortgages in addition to 10 year car notes are real things now.40 years mortgage???
30yr is bad enough. @ 50yrs you will be paying interest and lining someone else’s pockets for 20 additional years. That’s $$ that used to go into the value of being a homeowner. Between that and a 7 year car note, healthcare costs and and and..
According to O'Connor and Associates the biggest housing bubble ever is about to happen. A lot of these inflated homes prices were bought up by lot of NY and Californians... thinking hey this 700k home is like 2.1 where I'm from. I can afford this. Yet they don't pay property taxes, state income instead. So a lot of these new mortgages are already under water. Those who took the free 1 year either had to pay up the end of the year or redo their mortgages... I know a lot of people who went from a 15yr and couldn't pay the 1 yr up and were forced into a 40yr mortgage!! Nope no way... sure setup for failure.
soymilk
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I don’t think anyone selling their 1mil+ house and buying a cheaper house here isn’t gonna have extra money on the side to pay for taxes.
The ones that are defaulting are the ones that got caught up in the hype and bought a 400k house with a 10-15% APR and thought they could afford it on a 60k income.
The ones that are gonna hurt are Houstonians that want to move out of an apartment and can’t afford a starter home not in the hood. The Californian and New Yorkers are still flush with the extra money from their house sales.
The new normal is 270-400k for an “entry level” house in the next few years. People that bought houses already get to ride the new rise in property value. Youngins that didn’t buy or couldn’t are now ducked. We actually might see an exodus of younger professionals as they try to balance housing and raising a family.
The ones that are defaulting are the ones that got caught up in the hype and bought a 400k house with a 10-15% APR and thought they could afford it on a 60k income.
The ones that are gonna hurt are Houstonians that want to move out of an apartment and can’t afford a starter home not in the hood. The Californian and New Yorkers are still flush with the extra money from their house sales.
The new normal is 270-400k for an “entry level” house in the next few years. People that bought houses already get to ride the new rise in property value. Youngins that didn’t buy or couldn’t are now ducked. We actually might see an exodus of younger professionals as they try to balance housing and raising a family.
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I’m going to have to agree with that. What really gets me is that this kind of thing is pervasive in our “system” it goes the same way for higher education and a lot of other things. By the time you get done paying someone else for your ability to get a job that doesn’t pay you in peanuts and will allow you to actually buy a house and raise a family, you will have lined someone else’s pockets with capital that should have served you well into your retirement as it has for previous generations. Now you can go watch someone else retire comfortably. Now get back to work serf…
Edit: Also.. it is possible that everything goes to down the chute in a hand basket. The fed drops the ball and inflation/interest makes a hard landing. Foreclosures and reality will hit homeowners that have 2-3 mortgages on their house and/or have no equity that can be taken out. Add a loss of income that is probable in an aforementioned economic contraction and..well, it sure paints a picture doesn’t it?
Edit: Also.. it is possible that everything goes to down the chute in a hand basket. The fed drops the ball and inflation/interest makes a hard landing. Foreclosures and reality will hit homeowners that have 2-3 mortgages on their house and/or have no equity that can be taken out. Add a loss of income that is probable in an aforementioned economic contraction and..well, it sure paints a picture doesn’t it?
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soymilk
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that’s why I feed my tangs good. In a pinch I might have to eat them
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Enjoy the read.
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Yea that pretty bearish. Let’s see how the timeline squares up. Also.. Hedgefunds are not made up of faceless money. That’s someone’s grandpa, Pension, 401k and retirement money. Not gonna be pretty.
See my inside sources gave me the info 3 weeks ago on the housing crisis.
