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this post was submitted on 18 Jul 2023
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which is precisely what needs to happen to bring housing costs down.
3% mortgages vastly inflated home prices. the people who bought at the top of the market should be feeling the hurt just like they did in 2008.
2008 saw the unprecedented approval of loans, but also there were a LOT of adjustable or variable rate mortgages. So as rates increased sharply, people all of a sudden were deep under water. At least here they still have low rates. even if it is on a higher priced house, their payments won’t be getting worse.
But yes housing prices are out of control. People are starting to feel it, and it could very quickly go wrong for people. People even have crazy high loans on used cars. Going to be very interesting how it plays out.
i rent an affordable apartment and have a paid off car.
3/4 people i have met in the past 5 years thinks I'm crazy for not being leveraged up the wazoo like they are.
Yea like what? Why pay 50% more for a house or have a “market adjusted rate” on a used car. These assets are not worth leveraging that much for.