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More real estate doom and gloom

Adventurous

Starshine Bro
Mar 19, 2014
10,341
8,896
Crawlorado
I had to chuckle the other day when my mortgage company send out its monthly digest, including what would happen to my mortgage if I refinanced at the current rates. A new, 30-year fixed would increase my monthly payment $1,100 (42%!) and add $186K in interest to the life of the loan. :rofl:
 

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
41,189
13,339
Portland, OR
I had to chuckle the other day when my mortgage company send out its monthly digest, including what would happen to my mortgage if I refinanced at the current rates. A new, 30-year fixed would increase my monthly payment $1,100 (42%!) and add $186K in interest to the life of the loan. :rofl:
And this is why we are stuck for now, ugh. But it seems we could rent our place for $3k, but I'm not sure many folks here have $3k, so there is that.
 

mandown

Poopdeck Repost
Jun 1, 2004
20,259
7,787
Transylvania 90210
This is just math. Those were what, 3% down? options. Of course they'd be underwater quicker.
Agreed. Thin down and a little price volatility is all it takes. When you buy at/near historic low rates the likelihood is that rates will go up and wipe out some equity. The timing just sucks here, and of course the people who stretched the most to make it work are the ones that get the “hardest hit.”

It’s also a short term position. As long as they aren’t selling the property tomorrow it shouldn’t be a worry, assuming the owners can still make the payments and the loans aren’t variable rate.
 

Westy

the teste
Nov 22, 2002
54,436
20,236
Sleazattle
I've got polaroids of the signs off i95 to that place it is so embedded in my soul. I passed them constantly between the ages of 12-16.

And it's never. not. funny.
I used to drive by that area for work on occasion. That and a sign indicating that you were 69 miles away from Intercourse PA was impossible not to giggle.
 

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
40,316
16,773
Riding the baggage carousel.
Prices here are definitely down from peak, but it's still pretty hot. Fix and flip 4 doors down was on the market all of 8 days, as opposed to the 8 hours a home lasted on the market just 6 months ago. Still waiting to see what it actually went for.
 

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
41,189
13,339
Portland, OR
Prices here are definitely down from peak, but it's still pretty hot. Fix and flip 4 doors down was on the market all of 8 days, as opposed to the 8 hours a home lasted on the market just 6 months ago. Still waiting to see what it actually went for.
There is a house just outside the hood that I swear has been listed for at least 6 months, but no idea what they are asking. We are the extreme fringe of "metro" so it cools down out here first and $500k seems optimistic even 6 months ago for our hood, let alone last week.