Posted on 08/13/2024 10:51:08 AM PDT by SeekAndFind
I had a 6.375% mortgage rate for my final refinance, back in around 2007. Today a 30 year rate > 6% is considered to be criminal by these spoiled wokesters.
Borrowing money at no charge is not good.
Most property reevaluations only occur every 7 years or so.
Many homes are still valued at a valuation before this madness occured.
Those new property owners are in for a rude surprise when their properties get repraised based on these new market values.
I bought a 2000sf Victorian in downtown Atlanta for $199,000 in July 1998. It sold for $805,000 April 2024.
The wife and I sold it for $322,000 in 2007.
The two white lawyers who bought it from us in 2007 put up a big ‘Black Lives Matter’ sign in the front yard after the George Floyd troubles, translation “Please Don’t Burn Our House”. The black hoods are never that far away in downtown ATL.
Not at all… it was a rent to own house with fresh carpet and paint that I made a deal with the owner and just bought with the owner carrying it. In 30 years everything has been redone once and a couple bathrooms twice. I put a roof on it 20 years ago now which was when I refinanced to do the roof, but we did a 20 year loan then. It was the neighborhood that was a fixer-upper and now we are 4 miles away from the Cardinals stadium and new houses being built in the 750-mil range.
In ‘09 during that collapse…. There were numerous properties within a square mile of me that went for $10K, they were already gutted by thieves…
1400 SqFt condo in SoCal bought in 1988 for 150k. Yep, Zillow says it is now worth $700k. It is STILL the same POS it was back then, except the crime, traffic and taxes have all gone up.
Inflation targeting wasn’t official until 2013, I believe, and then it was targeted to 2%. A little less theft at 2% as opposed to 3%, but still ultimately destructive. Now we got the Wall Street slime wanting a 3% target, unreal
They sure screwed that one up for the average person, didn’t they? I’m beyond seeing how any average person can afford their own home anymore. Bought mine MANY years ago or I’d be living in a cardboard box by now.
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