Home Prices what the hell is going on?
- Thread starter phantom69
- Start date
Zstar
Veteran Member
I could live there quite happily.If we sold our house, we could actually afford this island home in Ontario,
A private island in Canada with a 4-bedroom home is on sale for less than the average house in America. Take a look.
Duval Island, a private island in Ontario, Canada, is on the market. It sits on 5.40 acres of land and has a four-bedroom home and guest cabin.news.yahoo.com
View attachment 148137
Not too far north of where we currently live. I kind of always wanted my own island!
Just to keep things in perspective….
$83k in 1983 is about $275k in todays dollars. I am not saying housing prices aren’t crazy when the average mortgage is over $400k but time value of money is an important thing to keep in mind when making comparisons.
pigboy's71
Member
mrfleet12
Veteran Member
Dang I'd jump on that. I like my privacy.
For what it's worth. Not quite sure how to interpret this. I think they're still going up, just not as fast.
"U.S. home prices cooled in July at the fastest rate in the history of the S&P CoreLogic Case-Shiller Index, according to a report released Tuesday."
"Home prices in July were still higher than they were a year ago, but cooled significantly from June gains. Prices nationally rose 15.8% over July 2021, well below the 18.1% increase in the previous month, according to the report."
"The 10-City composite, which tracks prices in major metropolitan areas such as New York and Boston, climbed 14.9% year over year, down from 17.4% in June. The 20-City composite, which adds regions such as the Seattle metro area and greater Detroit, gained 16.1%, down from 18.7% in the previous month. July's year-over-year gains were lower compared with June in each of the cities covered by the index."
"U.S. home prices cooled in July at the fastest rate in the history of the S&P CoreLogic Case-Shiller Index, according to a report released Tuesday."
"Home prices in July were still higher than they were a year ago, but cooled significantly from June gains. Prices nationally rose 15.8% over July 2021, well below the 18.1% increase in the previous month, according to the report."
"The 10-City composite, which tracks prices in major metropolitan areas such as New York and Boston, climbed 14.9% year over year, down from 17.4% in June. The 20-City composite, which adds regions such as the Seattle metro area and greater Detroit, gained 16.1%, down from 18.7% in the previous month. July's year-over-year gains were lower compared with June in each of the cities covered by the index."
76z28
Veteran Member
I read something similar last night or this morning.
My house on zillow and redfin has been holding steady so far. With interest rates at 7%, for what I paid for my house and my current interest rate... it would be 600 more a month just in interest!
I don't see how prices aren't falling like a sack of potatoes... could be people trying to "get in before it gets worse"
If it maintains this.. I'm happy. If prices increase in the next wave then I could be set to sell it and buy a house cash where I realllllly want to live!
The economy is like a runaway train. You can't stop it on a dime. The past couple of years set us up for a bad economy by lowering interest rates to almost nothing. People thought they could get something free. Free always costs later, and "later" has arrived where everyone pays from here on.
I see house prices sliding down a bit, and that is good news. Higher interest rates should help lower house prices.
If the Fed stays the course and reverses their mistakes of the past few years and raises the interest to a sensible level and sticks with it, the "runaway train" can be slowed down and stopped. That means that borrowers need to start paying their fair share for money they borrow, and investers need to see higher interest rates paid to them for supplying the money.
If you have money invested in the Stock Market right now, do nothing. The Market should continue to slide a bit more and slowly recover. If it recovers too fast, the economy crashes even deeper into the hole the Fed and Congress and President have created. We need a slow turnaround. The other option is a bad crash.
If you want a good economy, expect to pay your fair share for borrowed money and push for the Government to stop giving away money they don't have. Stop stimulus money and other giveaway programs like Student loan forgiveness.
Everybody needs to learn the difference between "need" and "want". Stop spending money you don't have and thinking you can live on credit.
I see house prices sliding down a bit, and that is good news. Higher interest rates should help lower house prices.
If the Fed stays the course and reverses their mistakes of the past few years and raises the interest to a sensible level and sticks with it, the "runaway train" can be slowed down and stopped. That means that borrowers need to start paying their fair share for money they borrow, and investers need to see higher interest rates paid to them for supplying the money.
If you have money invested in the Stock Market right now, do nothing. The Market should continue to slide a bit more and slowly recover. If it recovers too fast, the economy crashes even deeper into the hole the Fed and Congress and President have created. We need a slow turnaround. The other option is a bad crash.
If you want a good economy, expect to pay your fair share for borrowed money and push for the Government to stop giving away money they don't have. Stop stimulus money and other giveaway programs like Student loan forgiveness.
Everybody needs to learn the difference between "need" and "want". Stop spending money you don't have and thinking you can live on credit.
72BIGBLOCK
Veteran Member
Everyone who’s buying for the most part can afford it or has equity. Market won’t crash might have a soft landing but no more 2006-2010. Plus rent in some cases ain’t cheap like it used to.
