From Liz Young: Despite being up 20% in 2023, mortgage activity is still down 62% since the end of 2021. Historically, mtg activity leads home prices by a year--so far that relationship is holding up. Unless demand picks up notably, there could be more downside. #CoSoFinance
@Gord02 @RealSeanBrodrick i am sorry to say that I lived through that time and it wasn’t rosy. We were told by the bank that we had to have 1/3 down - 10K, to get a mortgage to buy a 30K house. At &2.25 an hour, that was a problem. And they only would count spouses earnings to qualify since women ‘would quit as soon as they had a baby.’
@TheresaVermont @RealSeanBrodrick I think it's fair to say that society has always sucked. Be it that we discriminate against women, people of color, or the LGBTQ+ community, we just don't want to live as equals; someone always wants to feel superior to someone. You went through hard times to get your house, however, times are harder than ever before. It doesn't even make sense to buy a home anymore, and the rich are banking on it. They'll profit one way or another. It sucks to be poor.
@Gord02 @RealSeanBrodrick I do agree it’s difficult but it’s not a contest. We can only live in our moment and know our experience. Comparing to a mythical past doesn’t help. I don’t think it’s a good time to buy, personally. The baby boomers are starting to downsize in a big way, so I think housing volume will increase. Interest rates aren’t that bad (my first look was 18%) but you have to be able to afford. I think it will look different in a couple years unless the GOP gets in power.
@TheresaVermont I don't think I'll ever be able to afford a home (in an area I WANT to live in) in this country. I think I make pretty good money, but all of my bills just doubled (like everyone else's), so I have no buying power.
@Gord02 That is rough. I ended up buying an unwanted house outside Detroit during a real estate downturn. Over time I was able to leverage. But there’s nothing wrong with renting if you can afford that. It gives you freedom.
@TheresaVermont Maybe someday. I have too many bills to allow me to rent a house. I can barely afford a 2 bedroom apartment for me and my boys.
@Gord02 It sounds like you are doing your best to be a good dad. Lots of wonderful and smart adults grew up in apartments. Love your boys and it will be fine. I was a single parent too.
@Gord02 @RealSeanBrodrick I do wish you the best. I was 40 when I finally was able to buy a home. I do understand and empathize.
@TheresaVermont I'm 40 now, and I have no path forward.
@RealSeanBrodrick I'd love to buy a home, however, committing to a 30+ year loan on a $800K home when I'm only barely making $100K/year doesn't seem like a winning strategy. If only we could roll the clocks back 60+ years when minimum wage could allow you to buy a home and afford to live in it.