People stretching their housing budget in the hopes and expectations of being able to refinance when mortgage rates come down. A stalling of values combined with a job loss puts them in a bad spot. Distressed sale, short payoff territory. Anyone gambling on rates coming down and continuing appreciation is taking a huge gamble. We are now about 18 months into people buying at high rates. Widespread layoffs are the only missing ingredient. People smarter than me are also baffled it hasn't happened yet.
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The seeds of the next housing crash
The seeds of the next housing crash
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Home buyers these days are typically " partners " ie not married. Then rent out a room to a friend to make it all work out. That usually lasts three years. Then the friend moves out. Tired of all the noise, in-laws. Other friends, realatives coming over . Who cleans? Who drank my milk, etc. The " partners" break up.
House ends up sold, if lucky. Or everyone walks away.