270,000 homebuyers who bought in 2022 are underwater on their mortgage
Among the 450,000 underwater borrowers in the third quarter, nearly 60% had mortgages originated in the first nine months of 2022.
finance.yahoo.com
So when’s the housing bubble bursting?
- Thread starter Dr. Truth
- Start date
finance.yahoo.com
some parts of baltimore are like warzones, coming from someone raised in the DC area lol
Homeowner Equity Keeps Growing Across U.S. In Third Quarter Despite Housing Market Slowdown
ATTOM's Q3 2022 U.S. Home Equity & Underwater Report shows that 48.5% of mortgaged homes in the U.S. were considered equity-rich in Q3 2022.
www.attomdata.com
Why inheritance is the dirty secret of the middle classes – harder to talk about than sex
Forget boomers v millennials: is the real divide between people who inherit from their parents – and those who don’t?
As rents soar, more Toronto landlords are moving to evict renters for their own use
Figures show a sharp increase in landlords’ own-use eviction filings in 2022 as critics fear efforts to undermine rent control rules
‘It’s Never Our Time’: First-Time Home Buyers Face a Brutal Market (Published 2022)
Unable to compete against older buyers with cash offers, younger potential buyers feel like they are never going to own a house.
Denied a mortgage? These are alternative paths to financing homeownership
Canadians hoping to purchase a home are being turned away from traditional banks, forcing them to seek out alternative lenders with pros and cons.
Bank of Canada will likely need to hold rates above 4% in 2023: IMF
The Bank of Canada will likely need to keep interest rates at or above 4% for most of 2023 to cool an overheated economy and tame high inflation, the International Monetary Fund said in a report.
Mortgage rates to soar higher after latest interest rate increase, but end of hiking cycle in sight
Big banks including RBC, TD, BMO raised their prime lending rates from 5.95% to 6.45%. Read more.
Canadian mortgage costs set to rise as big banks raise prime lending rate to 6.45% - National | Globalnews.ca
Major banking institutions across the country followed in lockstep behind the Bank of Canada's 50-basis-point hike to its benchmark interest rate on Wednesday.
globalnews.ca
'It comes down to price, or patience' as latest interest rate hike puts pressure on homebuyers
After the latest BOC rate hike, some homebuyers continue to worry about their ability to buy a home instead of renting, or using the bank
Financial Post
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Low-Income Renters Can Apply for a $500 Rent Top-Up Starting Today
What you need to know about qualifying and applying for the federal government's one-time $500 rent top-up to the Canada Housing Benefit.
storeys.com
Accused seek to dismiss $9.5-million forfeiture case linked to alleged money launderer Paul King Jin
A B.C. company owner and a Chinese-incorporated mortgage holder are seeking to dismiss a lawsuit where the province wants forfeited $9.5 million in property in Metro Vancouver it says is owned by alleged money launderer Paul King Jin.
No charges, but B.C. files fourth lawsuit seeking $10M in properties owned by alleged money launderer Paul Jin
Richmond gym owner Paul Jin has still not been charged with any criminal offence despite years-long police investigations and now a fourth civil forfeiture lawsuit.
Kitsilano apartment bought with casino money laundering proceeds, officials allege
Alleged money launderer Paul King Jin used a Hong Kong company to register mortgages against property he owned through shell companies, the B.C. Director of Civil Forfeiture claims.
www.vancouverisawesome.com
Strata tries to charge B.C. woman $14K in 'move-in' fees for Airbnb guests
A B.C. woman who faced $14,000 in fines for renting out her Burnaby condo for short-term accommodations has had her bill cleared by the province’s Civil Resolution Tribunal.
My hometown of Columbia, SC ranked #8. Can’t believe Augusta, GA and Aiken SC area is in the top 6.
www.realtor.com
The Top Real Estate Markets of 2023, Revealed
These cities will see more real estate activity in the year ahead than the rest of the country, according to our analysis.
Yeah Lennat been sending out mad emails about their discounts and etc. I didn’t know they were the largest home builder.
I purchased my home thru Lennar
Their signs are all over the place lol
Congrats! Are you in the NC area?
Canadians with fixed-rate mortgages 'terrified' in face of higher interest rates upon renewal
Canadians whose mortgages will soon be up for renewal say they're 'terrified' of not being able to afford payments. CTVNews.ca heard from dozens of homeowners with fixed-rate mortgages who either plan to sell their home, shop around for rates or cut back on spending to make ends meet.
Thousands of Vancouver housing units in limbo in tug-of-war between developers, city planners
Vancouver City Council’s desire to hasten new home building overtaken by city planner’s refusal to veer from the rules
www.theglobeandmail.com
Vancouver real estate forecast 2023 | CityNews Vancouver
Royal LePage says the Greater Vancouver region will see a dip in home prices of about one per cent year-over-year in 2023.
vancouver.citynews.ca
DOPE
What's to stop an investor from coming in there and buying a half dozen or more of them at a time?
And those discounts are intended for the "institutional" investors, not the mom and pop investors that may be able to get a couple or few at a time. They want to sell whole tracks to wall street backed firms and exacerbate the affordability problem.
A California task force studying the possibility of state reparations estimated that Black residents could receive more than $223,000 each as compensation for the economic effects of racial discrimination over many generations.
The New York Times reported that the nine-member Reparations Task Force, created through legislation signed by Gov. Gavin Newsom in 2020, is expected to release a final report of its recommendations to state lawmakers in 2023. Lawmakers would then decide on how to act and determine how to fund reparations.
At this point, the task force has identified five areas for compensation: housing discrimination, mass incarceration, unjust property seizures, devaluation of Black businesses and health care.
The final compensation sum would likely exceed the $223,000 per person figure, which is based on the divided distribution of $569 billion to each qualified resident just for housing discrimination between 1933 and 1977.
California Task Force Reveals Reparations Price Tag
A final report on compensating Black Californians for generations of racial discrimination is expected in 2023.
I’m no republican but they’re building new homes at pace that can’t be sustained or acceptable. The pace is only being fueled by investors just trying to make people renters. I’m against this shit.
Canadians with fixed-rate mortgages 'terrified' in face of higher interest rates upon renewal
Canadians whose mortgages will soon be up for renewal say they're 'terrified' of not being able to afford payments. CTVNews.ca heard from dozens of homeowners with fixed-rate mortgages who either plan to sell their home, shop around for rates or cut back on spending to make ends meet.www.ctvnews.ca
Thousands of Vancouver housing units in limbo in tug-of-war between developers, city planners
Vancouver City Council’s desire to hasten new home building overtaken by city planner’s refusal to veer from the rules
Vancouver real estate forecast 2023 | CityNews Vancouver
Royal LePage says the Greater Vancouver region will see a dip in home prices of about one per cent year-over-year in 2023.
I have always thought it foolish to buy a condo for other than investment purposes (e.g., to rent for income, or flip for profit).
There are too many drawbacks, and, like a REAL house, if you don't pay your taxes, it will be taken from you anyway.
So, if the rules suck as they do, and they do, why not buy something without the negatives of hoping nobody with cockroaches moves above you? Or hoping you don't have to hear the gay couple fucking next door in your row house, because the walls are so thin? Or having some assholes insist on spending YOUR money on some shit you could really do without, but you are outnumbered by other condo "owners"?
Free standing structures, houses as well as commercial properties, are far superior stock, from a purely financial standpoint.
The market, such that it is, has never been structured for the common man, if you will, to easily be able to take advantage of the financial possibilities offered by real estate investment.
I have found it beneficial to purchase one, very expensive, quality piece, rather than buying two or three and renting them out. A roof can cost you a shitload, instantly. And one woman with 3 kids, two of which she hid before you rented the place to here, could spell your financial doom, if you are not fortified and amply prepared to take the hit, because you WILL be hit.
One good property can be lived in, used as a base of operation, and depending on the zoning, be used directly for a commercial operation, or rented to another as a base for their commercial operation.
The rental business is best for those who can afford SEVERAL- I would say 6 or more to start small- good, high return income properties. But income properties, even in the best neighborhoods, will not appreciate in the same way as a comparable property in a great neighborhood.
My 2 cents.
Another thing to be weary of too (with condos, highrises, etc) is future developments in the area. If you're looking to buy into a certain area, take a quick visit to city hall and ask about the zoning / planning in the years ahead. They'll let you know what's on the horizon. Also, taking a look at the strata minutes to make sure they're on top of things. Do they have a healthy CRF (contingency reserve fund)? Are there any potential big expenses on the horizon, or have those been handled already (i.e. - elevators, roofing, big renovations)?
On the flip side re: buying property ... development or extension of rapid transit can really help property values. When they improved the skytrain line in the GVRD ...that was a big one for many people.
On the flip side re: buying property ... development or extension of rapid transit can really help property values. When they improved the skytrain line in the GVRD ...that was a big one for many people.
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Very true. MY last house was 2 blocks from a major super market, and about a 5 minute walk to 2 bus lines, which I used for a couple of years because I did not want to pay for a car.
And of course, there is the issue of the school system. I recommend buying the shittiest house in a GREAT municipality, in terms of things like city services, and, in particular, the school system. Rental property in a good school system will ALWAYS hold a certain value, even if the market value of the structure dips. This is because working class, single women with kids, will often, if they can, pay STUPID rent for the ability to send their kids to a good school, without having to pay for private schooling, the fees for which can be prohibitive, even for the fairly well to do.
[/QUOTE]
Very true. MY last house was 2 blocks from a major super market, and about a 5 minute walk to 2 bus lines, which I used for a couple of years because I did not want to pay for a car.
And of course, there is the issue of the school system. I recommend buying the shittiest house in a GREAT municipality, in terms of things like city services, and, in particular, the school system. Rental property in a good school system will ALWAYS hold a certain value, even if the market value of the structure dips. This is because working class, single women with kids, will often, if they can, pay STUPID rent for the ability to send their kids to a good school, without having to pay for private schooling, the fees for which can be prohibitive, even for the fairly well to do.