Posted on 11/30/2022 8:22:27 AM PST by Kaiser8408a
The Federal Reserve continues to remove the monetary punch bowl despite the global yield curve inverting and The Fed fighting Bidenflation.
On the mortgage front, mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 25, 2022. This week’s results include an adjustment for the observance of the Thanksgiving holiday.
The Refinance Index decreased 13 percent from the previous week and was 86 percent lower than the same week one year ago. The unadjusted Purchase Index decreased 31 percent compared with the previous week and was 41 percent lower than the same week one year ago.
On the housing front, US pending home sales fell for a fifth month in October as demand continued to sag under the weight of high mortgage rates.
The National Association of Realtors index of contract signings to purchase previously owned homes decreased 4.6% last month, according to data released Wednesday. And fell -36.7% YoY.
All together now. Look at pending home sales YoY and mortgage purchase applications SA compared with M2 Money YoY.
Is this part of The Great Reset??
(Excerpt) Read more at confoundedinterest.net ...
Another big lie. Where I live housing prices are NOT down. Local real estate keeps prices where THEY want them. Most small town realtors do that. Lies, lies, lies.
“Where I live housing prices are NOT down. Local real estate keeps prices where THEY want them. Most small town realtors do that”
A potential buyer can make a written offer.
I believe firm written offers must be communicated to sellers by agents.
Seller can refuse or accept, or make counteroffer.
Don’t be afraid to make a reasonable price offer. Potential buyers tend to do so.
A buyer can specify desired closing/repair/upgrade cost help from seller.
It takes both a buyer and a seller to make a sale.
Remember, every house that gets sold is affordable (to the buyer(s)).
Real estate websites will show empty houses.
Sellers of these are most likely to take a reduced price offer.
Wish they would be coming down where I am after the 2020-2021 bidding wars for single family homes in my area - post WWII “starter homes”
In what were until recently working class neighborhoods in Westchester County start at $670K. For the white collar areas you are looking at $900K and up often for less than 2,000 square feet. This is in Westchester County NY.
I searching for a house on a real estate website, the houses that are just modestly attractive outside are also almost always the most likely to have a nice inside, at least in upscale areas.
“Westchester County NY”
Incredibly high taxes there, probably the most vicious in the USA
The unholy metro trinity of Westchester, Essex, and Nassau Counties.
In Westchester County you are renting from the teachers’ unions.
I wouldn’t pay much for a house there.
My property taxes were less than $1200 for my ~1070 square foot under air house here in Florida.
I took full title in 2010 and homestead protections keep taxes sane.
Look forward to lower property taxes when I retire to a place with mountains and a bone dry climate. :)
Look forward to lower property taxes when I retire to a place with mountains and a bone dry climate. :)
In much of the country real estate taxes run about 1.5%.
In NC and VA somewhat over 1%.
In parts of IL, NJ, PA and CT somewhat over 2%.
In much of NY, well over 2%. Outside NYC, nearly 3%.
Homeowners insurance is sky high in my part of Florida.
My neighbor’s cousin was quoted about $9500 for her rather nice house of about 2,000 square feet.
She didn’t buy this year, and five trees crashed down on her backyard totaling her pool cage. The windstorm deductible would be more than the cost of the pool cage replacement.
She wildly overpaid to have the trees removed.
My neighbor Marty paid (50% of) $4500 to have three large trees removed by crane that were left leaning towards other peoples’ houses by Ian.
I renewed a CD recently. The bank only wanted to pay the newer higher rates for no more than 18 months.
I looked at my old financial statements. My pre-Obama money market account returns only spiked up for about a year.
And the next two years id going to be a hell of a lot worse 2023 going to be like a soup line.
I stayed in Dobbs Ferry in June for the dog show.
I couldn’t believe how expensive the real estate taxes were there. They are high here in NH, but we do not have sales or income taxes.
Dobbs Ferry and neighboring Hastings and Ardsley have property taxes above $20K for a shack. Hard to make CT look like a bargain but Westchester does.
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