So when’s the housing bubble bursting?

[Helico-pterFunk]

Dad emailed me the following links.

It's his friend's old place. It was built in 1967, but he gave it plenty of renovations around the late-80s or early-90s and lived there until 2015/2016 before downsizing to a condo with his GF.

It was a 5-bed, 4-bath when he lived there. The place was knocked down and is now an 8-bed, 6-bath.

He listed it for $1,988,000 and sold for 1,770,000 as noted.

The assessed value for the house in its place now is 4,106,000 as of July of last year.

5111 HARBOUR VIEW RD, Burnaby - SOLD

List Price: $1,988,000, Beds: 5, Baths: 4, Lot Size: 13,349 sqft, Listed By: Les Twarog and Sonja Pedersen

www.sonjapedersen.com

BC Assessment - Independent, uniform and efficient property assessment

BC Assessment provides current actual value assessments for tax purposes on all properties in British Columbia and provides expertise in real estate data, mass appraisal systems and management.

www.bcassessment.ca

 

[havelcok]

 

[jawnswoop]

back then when houses was cheap and mortgages was easy to pay

 

[praetor]

back then when houses was cheap and mortgages was easy to pay

I'm curious what neighborhood and year this was. This home might have been unavailable to black folks.

 

[jawnswoop]

I'm curious what neighborhood and year this was. This home might have been unavailable to black folks.

It could be florida or Cali

 

[Politic Negro]

Probably in the wrong thread...oh well

www.southparkcottages.com

 

[Helico-pterFunk]

Vancouver city council to hear presentation proposing 2% shift in commercial and residential tax distribution ratio

Vancouver city council will hear a presentation this week that calls for a two per cent shift in commercial and residential tax distribution ratio over the next four years.

bc.ctvnews.ca

 

[Da Backshot Champ]

back then when houses was cheap and mortgages was easy to pay

I would like to buy 2 blocks, sir. Yes, two blocks. All cash.

 

[praetor]

 

[Helico-pterFunk]

B.C. strata ordered to pay condo owner $19K in damages after dispute over exemption to rental rules

A Vancouver strata that denied a condo owner's request for an exemption to rental rules has been ordered to pay over $19,000 in damages, in a decision that describes the council's conduct as "insensitive, stubborn and high-handed."

bc.ctvnews.ca

 

[havelcok]

 

[praetor]

Need to know what she looks like. Lol.

 

[DC_Dude]

 

[praetor]

Wells Fargo?

 

[havelcok]

 

[praetor]

I can see it. They just finished a new rail line in between Orlando and Miami and will expand it to Tampa later. If they can make it a little faster, it'll allow people to live in Orlando while working in Miami.

As South Florida gets more expensive and more affected by climate change, people will look to Central Florida which could send home prices soaring.

20+ million Floridians aren't going to simply leave the state in the next 20 years.

 

[praetor]

I really wonder who's in Biden's ear when they come with some of this shit. I'm looking for another rental property this fall so now I'm going to get penalized for having good credit.

Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages

Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses.

amp.washingtontimes.com

The FHFA has officially responded:

So let me address some of these misconceptions directly:

• Higher-credit-score borrowers are not being charged more so that lower-credit-score borrowers can pay less. The updated fees, as was true of the prior fees, generally increase as credit scores decrease for any given level of down payment.
• Some updated fees are higher and some are lower, in differing amounts. They do not represent pure decreases for high-risk borrowers or pure increases for low-risk borrowers. Many borrowers with high credit scores or large down payments will see their fees decrease or remain flat.
• Some mistakenly assume that the prior pricing framework was somehow perfectly calibrated to risk – despite many years passing since that framework was reviewed comprehensively. The fees associated with a borrower’s credit score and down payment will now be better aligned with the expected long-term financial performance of those mortgages relative to their risks.
• The new framework does not provide incentives for a borrower to make a lower down payment to benefit from lower fees. Borrowers making a down payment smaller than 20 percent of the home’s value typically pay mortgage insurance premiums, so these must be added to the fees charged by the Enterprises when considering a borrower’s total costs.
• The targeted eliminations of upfront fees for borrowers with lower incomes – not lower credit scores – primarily are supported by the higher fees on products such as second homes and cash-out refinances. The Enterprises’ statutory charters specifically include references to supporting low- and moderate-income families by earning returns on mortgages for these borrowers that may be less than the returns earned on other products. Indeed, Congress incorporated this into the Enterprises’ charters decades ago and it is a long-standing component of the Enterprises’ core business models.
• The changes to the pricing framework were not designed to stimulate mortgage demand. We publicly announced the objectives of the pricing review at its onset (as noted above), and stimulating demand was never a goal of our work.

So why does all this matter?

Since entering conservatorship in 2008, the Enterprises have remained undercapitalized and maintain a taxpayer backstop should they confront significant losses. This change will better protect taxpayers in the long term and put the Enterprises on more durable footing, which will allow them to support affordable, sustainable mortgage credit across the economic cycle to the benefit of all Americans.

The updated pricing framework will further the safety and soundness of the Enterprises, which will help them better achieve their mission. They will provide reliable liquidity to the market while also providing more targeted support for creditworthy borrowers limited by income or wealth. And they will do so with a pricing framework that is more accurately aligned to the expected financial performance and risks of the loans they back.

Public Affairs Detail | Federal Housing Finance Agency

www.fhfa.gov

Fannie Mae and Freddie Mac’s New Pricing Is Not Punishing Those with Better Credit: Follow the Numbers

Three figures underscore how Fannie Mae and Freddie Mac’s pricing changes are getting conflated.

www.urban.org

 

[DC_Dude]

The FHFA has officially responded:

So let me address some of these misconceptions directly:

• Higher-credit-score borrowers are not being charged more so that lower-credit-score borrowers can pay less. The updated fees, as was true of the prior fees, generally increase as credit scores decrease for any given level of down payment.
• Some updated fees are higher and some are lower, in differing amounts. They do not represent pure decreases for high-risk borrowers or pure increases for low-risk borrowers. Many borrowers with high credit scores or large down payments will see their fees decrease or remain flat.
• Some mistakenly assume that the prior pricing framework was somehow perfectly calibrated to risk – despite many years passing since that framework was reviewed comprehensively. The fees associated with a borrower’s credit score and down payment will now be better aligned with the expected long-term financial performance of those mortgages relative to their risks.
• The new framework does not provide incentives for a borrower to make a lower down payment to benefit from lower fees. Borrowers making a down payment smaller than 20 percent of the home’s value typically pay mortgage insurance premiums, so these must be added to the fees charged by the Enterprises when considering a borrower’s total costs.
• The targeted eliminations of upfront fees for borrowers with lower incomes – not lower credit scores – primarily are supported by the higher fees on products such as second homes and cash-out refinances. The Enterprises’ statutory charters specifically include references to supporting low- and moderate-income families by earning returns on mortgages for these borrowers that may be less than the returns earned on other products. Indeed, Congress incorporated this into the Enterprises’ charters decades ago and it is a long-standing component of the Enterprises’ core business models.
• The changes to the pricing framework were not designed to stimulate mortgage demand. We publicly announced the objectives of the pricing review at its onset (as noted above), and stimulating demand was never a goal of our work.

So why does all this matter?

Since entering conservatorship in 2008, the Enterprises have remained undercapitalized and maintain a taxpayer backstop should they confront significant losses. This change will better protect taxpayers in the long term and put the Enterprises on more durable footing, which will allow them to support affordable, sustainable mortgage credit across the economic cycle to the benefit of all Americans.

The updated pricing framework will further the safety and soundness of the Enterprises, which will help them better achieve their mission. They will provide reliable liquidity to the market while also providing more targeted support for creditworthy borrowers limited by income or wealth. And they will do so with a pricing framework that is more accurately aligned to the expected financial performance and risks of the loans they back.

Public Affairs Detail | Federal Housing Finance Agency

www.fhfa.gov

Fannie Mae and Freddie Mac’s New Pricing Is Not Punishing Those with Better Credit: Follow the Numbers

Three figures underscore how Fannie Mae and Freddie Mac’s pricing changes are getting conflated.

www.urban.org

Facts! People need to stop saying if you have bad credit you will get a better deal. This is in reference only to people at the lower acceptance score rate. You still need to meet the requirements.

I had to stop following anyone that said you are being punished for having good credit.

Wall Streep trapper said it best the other day, if my little extra 1% can help someone who is probably black get a home then I’m alll for it.

 

[^SpiderMan^]

Facts! People need to stop saying if you have bad credit you will get a better deal. This is in reference only to people at the lower acceptance score rate. You still need to meet the requirements.

I had to stop following anyone that said you are being punished for having good credit.

Wall Streep trapper said it best the other day, if my little extra 1% can help someone who is probably black get a home then I’m alll for it.

You are making a Strawman argument. Nobody is complaining that people with bad credit get a better deal than people with good credit. People are complaining that in the new framework, people with good credit pay a higher percentage than they did before the proposed change while people with bad credit pay less than they did before the proposed change. The people benefitting are more likely to be CACs than Black too.

 

[DC_Dude]

You are making a Strawman argument. Nobody is complaining that people with bad credit get a better deal than people with good credit. People are complaining that in the new framework, people with good credit pay a higher percentage than they did before the proposed change while people with bad credit pay less than they did before the proposed change. The people benefitting are more likely to be CACs than Black too.

YOU CAN NOT GET A FUCKING MORTGAGE WITH BAD CREDIT!!!!

THAT IS WHAT SOCIAL MEDIA HAS FUCKED THIS THING UP! I KNOW PEOPLE WHO FUCKING WORK AT HUD AND IF YOU HAVE BAD CREDIT YOU WILL NEVER BE A FUCKING HOME OWNER. PERIOD

THIS IS IN REFERENCE TO PEOPLE AT THE LOWER SPECTRUM OF THE CREDIT SCORE THAT IS ARE ELIGIBLE FOR HOME LOAN. IF A NIGGA HAS A 300 CREDIT SCORE HE HAS BAD CREDIT AND WILL NEVER GET APPROVED.

- YouTube

Enjoy the videos and music that you love, upload original content and share it all with friends, family and the world on YouTube.

youtube.com

- YouTube

Enjoy the videos and music that you love, upload original content and share it all with friends, family and the world on YouTube.

youtube.com

- YouTube

Enjoy the videos and music that you love, upload original content and share it all with friends, family and the world on YouTube.

www.youtube.com

TRAP EXPLAINED WHY THIS SHIT IS GOOD.

THE FACTS ARE THE FACTS AND THIS SHIT WILL HELP MORE BLACK AND BROWN PEOPLE THAN WHITE PEOPLE. IF THE CREDIT SCORE OF THE AVG BLACK PERSON IS 621, THAT MEANS WE HAVE WAY MORE PEOPLE NOT MEETING THE NECESSARY REQUIREMENT OF 620 TO GET A FUCKING MORTGAGE.

- YouTube

Enjoy the videos and music that you love, upload original content and share it all with friends, family and the world on YouTube.

www.youtube.com

START AT 2:34

If giving 1% to help your fellow black man is too much then maybe you shouldn’t be a home owner and don’t understand how people who wouldn’t even have a chance at home ownership will have an opportunity.
IMO and from my experience, home ownership can open up many doors and is a gateway to wealth.

 

[praetor]

You are making a Strawman argument. Nobody is complaining that people with bad credit get a better deal than people with good credit. People are complaining that in the new framework, people with good credit pay a higher percentage than they did before the proposed change while people with bad credit pay less than they did before the proposed change. The people benefitting are more likely to be CACs than Black too.

People are complaining because Fox News, Fox Business, and the NY Post told them to. None of these people complained in 2017 when the fees went down for low credit scores but were flat for high scores.

None of them said anything in 2021 when they went down for low scores and up for high scores.

That's in addition to the fact that the fees are going DOWN for high score holders depending on how much they put down.

 

[^SpiderMan^]

TRAP EXPLAINED WHY THIS SHIT IS GOOD.

THE FACTS ARE THE FACTS AND THIS SHIT WILL HELP MORE BLACK AND BROWN PEOPLE THAN WHITE PEOPLE. IF THE CREDIT SCORE OF THE AVG BLACK PERSON IS 621, THAT MEANS WE HAVE WAY MORE PEOPLE NOT MEETING THE NECESSARY REQUIREMENT OF 620 TO GET A FUCKING MORTGAGE.


If giving 1% to help your fellow black man is too much then maybe you shouldn’t be a home owner and don’t understand how people who wouldn’t even have a chance at home ownership will have an opportunity.
I

Your Math is off. We are only 13% of the US population. That means for every 100 people, 13 are Black. The mass majority of the subprime homebuyers that will benefit from this is white folks.
There is benefit to having diverse sources that ou get information from. “WallStreet Trapper” shouldn’t be your primary source of financial information.

 

[Dr. Truth]

Fuck Florida golden ticket to what? Anti Education, Anti Black , pro guns and anti abortion? I’d never move to that humid cesspool of racism

 

[tpotda]

Fuck Florida golden ticket to what? Anti Education, Anti Black , pro guns and anti abortion? I’d never move to that humid cesspool of racism

Florida was fun for me during my college yrs but i haven't lived there since

 

[Dr. Truth]

Florida was fun for me during my college yrs but i haven't lived there since

I went to FAMU and even though it was fun racists were giving us weekly bomb threats. I’m done with that shit hole and I got family in West Palm Beach and Miami too.

 

[Helico-pterFunk]

B.C. real estate agent fined $35K for failing to ensure clients knew about special levy before condo purchase

The real estate agent for a downsizing B.C. couple who were shocked to learn that their new home came with a more-than-$60,000 special levy has agreed to face discipline for misconduct.

bc.ctvnews.ca

Real estate prices are dropping across Canada, but that doesn't mean affordability is improving

The price of the average home in Vancouver has fallen by more than $100,000 over the last year, but thanks to soaring interest rates, the amount of money needed to afford such a home has risen, according to Ratehub.ca.

bc.ctvnews.ca

 

[DC_Dude]

 

[^SpiderMan^]

IMO Redlining and Jim Crow are an even better argument for Reparations than Slavery. The economic effects to us today are more obvious. Anybody who claims to be about equity and righting wrongs but doesn’t prioritize Reparations is disingenuous.

 

[praetor]

 

[DC_Dude]

 

[Helico-pterFunk]

 

[Helico-pterFunk]

https://bc.ctvnews.ca/vancouver-s-april-home-sales-show-16-5-annual-dip-board-predicts-a-comeback-soon-1.6380146

 

[praetor]

 

[Helico-pterFunk]

Posthaste: Homeowners buckling under high interest rates as mortgage rates balloon

Many anxious higher rates will lead to bigger payments come renewal time

ca.finance.yahoo.com

For 20 per cent of homeowners, their mortgage payments aren't getting them closer to paying off their home: Here are 4 ways to get out this cycle of debt

Homeownership can slip further away if you're not proactive

ca.finance.yahoo.com

Three-quarters of homeowners worry about mortgage renewal: Poll

Variable and fixed mortgage rates have soared to the mid-single digits from ultra-low levels in just over a year.

ca.finance.yahoo.com

 

[Helico-pterFunk]