Posted on 10/09/2023 1:37:39 PM PDT by millenial4freedom
#NEW @MBAMortgage , @NAHBhome , and @nardotrealtor just wrote a letter to Fed Chair Jerome Powell.
They’re asking for…
1. No more rate hikes
2. The Fed to “not sell off any of its MBS holdings until and unless the housing finance market has stabilized”
Demands? Well, I demand that politicians reduce spending and cut the deficit. I think we both will have equal success with our "demands".
I’m not sure how much is mbs-
the fed is holding $8trillion in assets-
up from $0 25yrs ago.
Funny. I don’t recall these guys calling for action when rates were destructively low.
Lol doesn’t work like that you entitled clowns. Construction and real estate is subjected to economic cycles. You’ve had a nice 13+ year run. Sit down, shut up and wait it out.
Rates are just now getting back into the long term averages.
They have been artificially low for the last 15 years. Too many got too used to cheap money.
The year 2000 mortgage rate average was 8.1%.
Agreed...
How about the people, who shouldn’t in any way be fans of Powell, take a moment to tell the builders and snakes in the realtor business to GO F*CK THEMSELVES!!!!
They’re one of the root causes for all of these problems.
I love it...why not?!?!? Send them a letter a day like Andy Dufrane did in Shawshank.
9.5 was standard in 1985. Loans have been too cheap for too long. The Fed kept it low to push the inevitable correction into the future. The pols, being criminals, of course thought it was great.
ok, I’ll bite. How are relators/builders the root cause of the problems...presumably higher interest rates being one of them?
These are the same folks that control state legislatures, especially in the South, where out of control building and development are taking place. They’re the ones that are the root cause for so much illegal immigration and cheap labor.
Interestingly, the money saved on the all ‘illegal alien’ framing crew or concrete crew doesn’t seem to carry over to a reduction in the cost of the homes that are being built.
Sorry, no more easy money, we’re fresh out.
Because they’re the ones building, marketing and selling these homes for far more than they’re worth. And the buyers have no choice but to bite.
And I forgot to add the tax assessors with their insane assessments in order to squeeze more property taxes from folks.
All one big happy Continuing Criminal Enterprise, if I say so myself.
I see homes popping up that wouldn’t be worth more than $150-175k, in subdivisions that are starting at the mid-$300s. These are places that don’t have a job market to support such places. But, if you want to live there, you gotta buck up the cash to do so.
I’m not a socialist or liberal troll, if you want to go down that road. I’ve framed, finished and appraised homes at various times in life.
Hell, my realtor tried to get me to buy my house for over $20k than what I offered. She wasn’t doing me any favors.
A listing agent is there to get what they can for their client. A buyers agent is there to be an advocate for their clients, are they not? Aren’t they supposed to get their clients the best deal possible? I later found out, with some helpful research from a co-worker, that in his opinion I should have paid even less for my house than I did. The house being a foreclosure that had been on the books for some time.
Yes...a house is worth what someone is willing to pay for it. Got it.
But this artificial inflation based on low rates for years, agents and builders knowing that they have people by the short hairs, and tax assessors ridiculously inflating assessments to get more tax money from folks because they know they’d have a tough time raising the mileage rates are what’s causing all of this.
That’s a lot to unpack there but very little evidence to support your position. And the next thing out of your mouth will likely be, the government should do something about this travesty.
By your logic, anyone who builds, markets and sells something is responsible for higher prices and in someway doing a disservice to the people who have no choice but to buy these things.
Builders are not unlike individuals....they like us, have to deal with rates and the overall regulatory environment in which it operates. We/they don’t control that environment, at least to the extent you claim.
Frankly you make it sound like home buyers are victims who have been preyed upon in every way.
Who did they support in 2016 and 2020? Hubby is a part time realtor and the market has sucked for the last 3 yrs. Nobody was selling during CoVID and now nobody is selling or buying unless they absolutely have to.
And the next thing out of your mouth will likely be, the government should do something about this travesty....and that’s when folks like you make an A$$ out of yourself with assumptions.
Government shouldn’t be involved in any of it. Most importantly in the lending of money. That should all be up to the banks and how they look at a prospective lendee.
anyone who builds, markets and sells something is responsible for higher prices and in someway doing a disservice to the people who have no choice but to buy these things......NOPE....what I’m saying is the government, with their cheap money, allowed builders and realtors to use their positions to ridiculously inflate the values of their products. And folks, have no choice but to buy their snake oil.
Frankly you make it sound like home buyers are victims who have been preyed upon in every way.....that may be how you take it. Fine. But that is not the case. At the end of the day it is the buyer that is ultimately responsible for what they buy. If they want to bite the bullet on something that isn’t worth the sales price that’s on them.
Where’s the inventory?
Right now, outside Atlanta, a development is going up. Some type of mixed use thing that promises...get this....possibly 100,000 residents in the next 100 years if all goes well. Awesome, right? So the developers, get all their tax breaks, etc up front for something that may happen in 100 years.
One of the things that occurred leading up to this development was the purchase of a lot of farm land, along 316. Article written in a local paper detailing an interview with a person “familiar” with the deal....we didn’t tell the landowners what was the land was going to be for, so we could get the land cheaper.
So the government, real estate agents that helped broker the land deals, county zoning board and county government all conspired to “rip off” the local landowners.
Headline writer converted “strongly urge” into “demand” to get the clicks. Today’s interest rates are right in the normal historical range. People got used to that which can’t continue forever, which isn’t a surprise. We do that with everything we spend money on.
If they got market price they were not ripped off
Your comment is like Cotton Candy, all looks and sparkle.
The price of a home is determined by the buyer and seller, period.
“99% of failure comes from people who make excuses.”
-George Washington
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