Why are they losing money on a new mortgage?
Would this have anything to do with (a) big money printing by the govt leading people to invest in assets like real estate to avoid deflating away their wealth and consequent asset bubbles (b) the 10 million or so illegals living in the country and driving up housing demand in urban areas
I have a question and need help here. My daughter bought a house and got it mortgaged with the first nine years being fixed interest. She’s been in it for 4 years now. She just got a notice her mortgage was picked up by another bank and they are upping the interest on her loan. How is this not breach of contract?
Hard to have sympathy since they stopped giving people the slightest amount of interest on deposits.
Also hard to care since they can create money out of nothing via fracrional reserve lending, and for the past few years they, by law, only have to have 0% of deposits physically on hand. - Yeah so when you go to get your money out, they can’t cover anyones deposits.
Utter nonsense. If they lost money on every mortgage they’d simply stop making mortgages.
Just because it was in the news today. Someone posted the home of the Louisville mass shooter. It was $220k if I remember correctly.
I wouldn’t call it a dump but it certainly wasn’t anything fancy. That’s in a city in a part of the country which is know for low housing costs. If such a thing exists anymore.
If that's not the most incongruous headline ever written, it has to be in at least the top ... one.
There is a huge condo complex being built in my very rural neighborhood. Two story condos about 1500 sq ft were priced at 195k. I practically choked when I found out the price. Also, the second floor is up a very steep stairway, so no older people need apply. Some unknown number of these are set aside for “affordable housing.” That means there may be people with 1000-watt stereos or drug sellers living next to you. (This is what happened in my prior neighborhood before I moved into the woods.) After a year they hadn’t sold a single unit, so they put out a sign saying, “for lease.” Six months later, they hadn’t leased any units. Now, the entire complex, which they are still building, is up for sale. I suspect the entire thing will go Section 8 and that may have been the intent from the beginning.
Sometimes you’re just lucky when you sell at the perfect time.
YOU better OWN that LAND IN THE WOODS-—or the property OWNER will drive you out.
Joe Biden and Kamala Harris. Change promised. Change delivered.