It's the same as buying and expensive car or watch or jewelry; it's relative and its for show...
So when’s the housing bubble bursting?
- Thread starter Dr. Truth
- Start date
Word up . I had a small wedding on the beach in Hawaii and reception at a nice resteraunt owned by my wife’s friend . Fuck all that 5 and 6 figure wedding shit
No, cars are a hobby for car enthusiasts
This mofo is feeling himself. You are not going to be able to tell him shit. Ol’ “I told you so” ass negro.
He knows what he is talking about though. He got receipts too.
He made some valid points.
This mofo is feeling himself. You are not going to be able to tell him shit. Ol’ “I told you so” ass negro.
He knows what he is talking about though. He got receipts too.
Crazy thing in some places even if the seller drops their price by 10 or 15% they still making a profit.
That’s why he kept saying you have to appreciate where we are at. Sellers were getting 100% over the asking price at one point.
And then he said houses are selling under the average of the listing price.
So sellers are still netting 60-80% profit. But that profit is only as good as the sellers mortgage
This is probably hurting investors more than homeowners.
Gic
GIC?
A few of the videos said investors are about to take a blood bath.That’s why he kept saying you have to appreciate where we are at. Sellers were getting 100% over the asking price at one point.
And then he said houses are selling under the average of the listing price.
So sellers are still netting 60-80% profit. But that profit is only as good as the sellers mortgage
This is probably hurting investors more than homeowners.
Atlanta is one of the top cities with investors buying properties, i believe the number was like 40% of new homes purchased.
Guaranteed investment certificates and term deposits: know your rights - Canada.ca
Buying GICs or term deposits, terms and conditions changes, value, cashing in, renewals.
Some people say 500k Rolls Royce isn't worth it; some people say 1 mill watch isn't worth it; some people say 1k for shoes isn't worth it; it's all relative..
..
That's ridiculous and if so look out...
Ok we call them CDs here.Guaranteed investment certificates and term deposits: know your rights - Canada.ca
Buying GICs or term deposits, terms and conditions changes, value, cashing in, renewals.www.canada.ca
Nice. Yeah - they are more appealing now with better rates you only need to lock in for 1 year. In the past, they
would encourage people to lock in for 3 - 5 years.
With the TFSA (tax-free savings acct) in Canada, that’s been around for just over 10 years. For the majority of the time the max annual contribution amt has been 5 - 6000. One or two years they allowed for 10,000. And it’s up to everyone to decide where they want to keep their funds. Mine wasn’t doing so well in recent years so I recently moved it over to a TFSA GIC. Have some other RRSP GICs, and regular savings / GICs elsewhere. The rates in Canada have varied in recent years. I think the lowest they were offering was 0.75. Now it has improved to 4.4 - 4.5%.
Back when I was in my 20s I remember banks having some 3-yr terms which were like 2.5, 5, 7 or 7.25%, but sometimes people were a bit hesitant to tie up their $ for 3 years. And now some of the 3 to 5 year GICs don’t even vary much. You can get the same interest as year 3 or 5 on just a 1-year investment at 4.4 - 4.5%.
4% for 3 yrs. I might rather put it in ufb at 2.6 and have access to my money.
Man. Wifey and I sold that bitch today. 30 days on market. One full price offer.
All I can say is that this was a crazy experience. We put in $10k in the house to get it right. I didn’t know if it was the right decision but that shit felt good to deposit that check in the account.
We are gonna bank the cash, will figure out next step a little later. Never thought we would get any price close to this when we first talked about selling last year. Then we rode out the interest rate roller coaster.
I mean I did that when I bought my first crib in DC (50%) of my income and was paying 10% in student loans. Also had CC debt. Got to know how to budget.
Crib doubled in value though after 10 years.
Congratulations bro. I know you feeling good. Where you thinking of moving?
Appreciate it brotha.
Already moved to Oakland. We damn near went through our savings moving to the Bay Area from Atlanta and paying rent/mortgage.
Already moved to Oakland. We damn near went through our savings moving to the Bay Area from Atlanta and paying rent/mortgage.
The shock of high prices and low incomes. While some places have the advantage of companies relocating to their area and bringingsome jobs (which means higher income). Other are just receiving an influx of retirees with retirement funds (pension, investments, etc..)who can afford to pay a little more than the locals.
Layoffs, shutdowns hit mortgage industry as high rates crush lending
Emily Peck
September 21, 2022
www.axios.com
After getting laid off from her job at mortgage provider Better.com in March, Charmaine Steele interviewed at eight other mortgage companies. Each one subsequently announced layoffs of their own, she tells Axios. At least one has gone out of business.
Why it matters: It's lean times in the real estate business. The slowdown is a warning for the economy more broadly, and a rare labor market weak spot at a time of strong overall employment.
- With interest rates hitting 14-year-highs, and lending activity way down from the peaks of the past two years, layoffs and shutdowns are happening with alarming frequency.
"The housing market tends to lead the broader economy both into and out of recessions," Mike Fratantoni, chief economist at the Mortgage Bankers Association, tells Axios.
It was a grim job search, says the 30-year-old Steele, who lives in Charlotte, North Carolina. "Nobody was hiring anybody."
State of play: On Tuesday, real estate brokerage Compass announced the second round of layoffs. Just the day before, Opendoor — which is in the business of buying and flipping houses — announced it lost money on 42% of its transactions in August.
- Steele's former employer Better.com has done four rounds of headcount cuts, including the famously botched mass layoff via Zoom in December 2021, Tech Crunch reported.
- Real estate company Redfin laid off 8% of its staff in June.
- Rocket, one of the largest non-bank mortgage lenders, has done two rounds of cuts. Briefly a meme stock in 2021 when it traded at over $25, Rocket is now at less than $8.
- Small fintechs in the mortgage space, like Reali, closed up shop. Sprout, a mortgage company, also went out of business. First Guaranty Mortgage Corp. filed for Chapter 11.
By the numbers: "Mortgage banking and brokerage shops trimmed 3,600 full-timers from their payrolls in July," reports Inside Mortgage Finance, citing the most recent BLS data. "Hardly anyone is immune. If a lender isn't cutting staff, it's offering early buyout packages."
Catch up fast: Mortgage companies hired like crazy over the past couple of years, as low-interest rates drove a surge in refinancing. For a while, things were great for workers in the industry — some companies were paying seven-figure signing bonuses, Fratantoni told MarketWatch recently. (A spokesman for the MBA confirmed the eye-popping number with Axios Tuesday.)
Steele says she was earning around six figures at Better.com, her first job at a lender after working as a real estate agent. She's now working in the small business lending space, making 50% less.
The bottom line: For those getting financial crisis flashbacks, this is different. Two-thirds of the mortgage business is now the province of small non-bank lenders — and Fratantoni estimates there are 4,500 companies in the space.
Though banks have made cuts to their mortgage businesses, too, in recent months, they're much less exposed to housing overall.
And there's far less likelihood of the kind of systemic spillover we saw nearly two decades ago. Improved underwriting standards mean borrowers have better credit (foreclosure rates are still low), and most of them have mortgages with rates under 5%.
Emily Peck
September 21, 2022
Hard times hit the real estate business
The slowdown is a rare labor market weak spot at a time of strong overall employment.
www.axios.com
After getting laid off from her job at mortgage provider Better.com in March, Charmaine Steele interviewed at eight other mortgage companies. Each one subsequently announced layoffs of their own, she tells Axios. At least one has gone out of business.
Why it matters: It's lean times in the real estate business. The slowdown is a warning for the economy more broadly, and a rare labor market weak spot at a time of strong overall employment.
- With interest rates hitting 14-year-highs, and lending activity way down from the peaks of the past two years, layoffs and shutdowns are happening with alarming frequency.
"The housing market tends to lead the broader economy both into and out of recessions," Mike Fratantoni, chief economist at the Mortgage Bankers Association, tells Axios.
It was a grim job search, says the 30-year-old Steele, who lives in Charlotte, North Carolina. "Nobody was hiring anybody."
State of play: On Tuesday, real estate brokerage Compass announced the second round of layoffs. Just the day before, Opendoor — which is in the business of buying and flipping houses — announced it lost money on 42% of its transactions in August.
- Steele's former employer Better.com has done four rounds of headcount cuts, including the famously botched mass layoff via Zoom in December 2021, Tech Crunch reported.
- Real estate company Redfin laid off 8% of its staff in June.
- Rocket, one of the largest non-bank mortgage lenders, has done two rounds of cuts. Briefly a meme stock in 2021 when it traded at over $25, Rocket is now at less than $8.
- Small fintechs in the mortgage space, like Reali, closed up shop. Sprout, a mortgage company, also went out of business. First Guaranty Mortgage Corp. filed for Chapter 11.
By the numbers: "Mortgage banking and brokerage shops trimmed 3,600 full-timers from their payrolls in July," reports Inside Mortgage Finance, citing the most recent BLS data. "Hardly anyone is immune. If a lender isn't cutting staff, it's offering early buyout packages."
Catch up fast: Mortgage companies hired like crazy over the past couple of years, as low-interest rates drove a surge in refinancing. For a while, things were great for workers in the industry — some companies were paying seven-figure signing bonuses, Fratantoni told MarketWatch recently. (A spokesman for the MBA confirmed the eye-popping number with Axios Tuesday.)
Steele says she was earning around six figures at Better.com, her first job at a lender after working as a real estate agent. She's now working in the small business lending space, making 50% less.
The bottom line: For those getting financial crisis flashbacks, this is different. Two-thirds of the mortgage business is now the province of small non-bank lenders — and Fratantoni estimates there are 4,500 companies in the space.
Though banks have made cuts to their mortgage businesses, too, in recent months, they're much less exposed to housing overall.
And there's far less likelihood of the kind of systemic spillover we saw nearly two decades ago. Improved underwriting standards mean borrowers have better credit (foreclosure rates are still low), and most of them have mortgages with rates under 5%.
David Eby proposes rapid construction of affordable homes, new flipping tax
B.C. NDP leadership hopeful David Eby has released a sweeping plan to address the province's housing crisis, which includes an initiative to fast-track the construction of affordable homes.
Yup desirable areas are not seeing much of a change.
Leaky fridge leaves B.C. condo-buyer owing $100K before he moves in
A leaky fridge has left a B.C. condo owner on the hook for a painful $100,000 insurance deductible, despite his argument that the damage happened before he moved into the unit.