Havasu blue label
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No need when you will correct it mr charger
Play stupid games, win stupid prizes. That’s just flat out irresponsible.I have a coworker with 2 rentals and can't afford to carry either . All the equity in them is gone . He pulled it and spent it . 40 hrs a week does not get it done . He is one short week of pay away from it all collapsing or loosing a renter . He is 1 of a lot of people out there .
That’s roughI have a coworker with 2 rentals and can't afford to carry either . All the equity in them is gone . He pulled it and spent it . 40 hrs a week does not get it done . He is one short week of pay away from it all collapsing or loosing a renter . He is 1 of a lot of people out there .
Thank God…I’ll be in Vegas next weekWas pretty clear all the free money that Biden gave away to the economy into the mess and the inflation we have now
that donkey gave away so much free money every hood rat and LA made a beeline and pulled the money and came to Las Vegas. Every Airbnb in southern Nevada had a close up because of the hood rat parties. Hotels on the strip hard uniform metro police to man the doors to keep these shitheads out it was a big transformation that I’m glad it’s behind us now.
This is an interesting excerpt from the article.A more relatively modest read on things in my local So. Cal. (not LA Times) paper this Morning.
——————————————————————————————————-
MORTGAGES
30-year fixed rate for borrowers soars to 6.29%
It doesn’t matter if you’re shopping for a first mortgage or a home equity line of credit.
Borrowers of every stripe took a beating as Freddie Mac’s 30-year fixed rate rocketed up 27 basis points to 6.29% and the prime rate jumped three-quarters of a point to 6.25%.
Both barometers are at their highest levels since 2008 following the Federal Reserve’s short-term rate hike Wednesday.
If you were to take out a $647,200 mortgage today (Freddie Mac’s maximum conforming loan amount), your principal and interest payment would be $4,002. One year ago, the Freddie average rate was 2.88%, offering a principal and interest payment of $2,687.
That’s $1,315 more per month, or a payment jump of 49%.
Mortgage rates have doubled since the start of the year, the steepest and swiftest rise in Freddie Mac’s 51-year-old rate survey. The only increase surpassing that was a four-year run at the end of the Jimmy Carter administration, when rates soared from under 9% in the fall of 1977 to 18.6% in October 1981.
One could argue the cost of homeownership is up nearly 50% from a year ago if you include the state’s annual 2% property tax increase. That compares with the current 8.3% U.S. annual inflation rate. Cost crushing indeed.
Plenty of my shops’ preapproved borrowers, especially first-time buyers, are heading for the hills. Lots of homeownership angst between lofty rates and lofty prices. They want to wait it out for a year to see what happens.
Median home prices may not hit the hard skids, though. It’s unlikely we will see a collapse like the Great Recession and the 2008 mortgage meltdown. The job market is still very hot. The inventory level of homes for sale is still very tight.
“The labor market is still very strong, adding 315,000 jobs last month,” said Raymond Sfeir, economic research director at Chapman University. “There were 11 million job openings last month. That’s huge.”
The number of homes coming on the market are way down. New listings in Southern California are down 22% from the average for the three years preceding COVID-19, according to Steven Thomas, author of Reports on Housing.
Normal expected market time — or the time it would take to sell all the listings at the current sales pace — is 90 to 120 days. Currently, it is 74 days in Southern California — still low, but more than double the 33 days a year ago, Thomas’ figures show. That should translate into a market correction, but not a rout.
“Inventory has already peaked for the year,” said Thomas. “Prices will be down slightly through the end of the year.”
“The sky is not falling,” added Jordan Levine, chief economist at the California Association of Realtors. “The market is rebalancing. (California) prices are going down a little bit next year. Statewide, it will be a modest single-digit drop.”
This could be bad news for moving companies, agents, escrow officers and mortgage lenders since most borrowers in America took advantage of lifetime low mortgage rates during and because of the pandemic’s shock to the economy, with rates falling to an all-time low of 2.65% in January 2021.
Eighty-nine percent of U.S. borrowers have mortgage rates below 5%, and two-thirds of all borrowers have rates under 4% and a fourth have rates under 3%, according to Black Knight.
And for California property owners, moving means more in property taxes as well.
So where are mortgage rates headed in the near term? Even higher.
Sfeir, Levine and Thomas see fixed rates hitting about 6.5% through the end of the year. Levine expects rates at 7-7.5% next year.
Sfeir sees two more short-term rate increases of one-quarter to one-half percent at the Fed’s November and December Fed meetings. Mortgage rates are influenced by the Fed’s moves but don’t move in concert with them.
“Inflation has peaked, but its still on the high side,” he said.
This is the opportunity for first-time buyers with little down. You can get in now. You can refinance when rates drop in a year. So long as you don’t plan to sell within five years or less, your home value will be safe.
Freddie Mac rate news: The 30-year fixed rate averaged 6.29%, 27 basis points higher than the previous week. The 15-year fixed rate averaged 5.44%, 23 basis points higher.
The Mortgage Bankers Association reported a 3.8% mortgage application increase from the previous week.
Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $647,200 loan, last year’s payment was $1,315 less than last week’s payment of $4,002.
What I see: Locally, well-qualified borrowers can get the following fixed-rate mortgages without points: a 30-year FHA at 6%, a 15-year conventional at 6.125%, a 30-year conventional at 6.375%, a 15-year conventional high-balance ($647,201 to $970,800) at 6%, a 30-year conventional high-balance at 6.5% and a 30-year purchase jumbo at 5.875%.
Eye-catcher loan of the week: a 30-year jumbo mortgage with interest-only payments locked at 5.75% for the first seven years, without points.
Jeff Lazerson is a mortgage broker. He can be reached at 949-334-2424 or mortgagegrader.com">jlazerson@mortgagegrader.com. His website is mortgagegrader.com.
And if you don't have a less then 5 percent loan rate I hope you bought last week otherwise you probably should of not been lent moneyThis is an interesting excerpt from the article.
“Eighty-nine percent of U.S. borrowers have mortgage rates below 5%, and two-thirds of all borrowers have rates under 4% and a fourth have rates under 3%, according to Black Knight.”
Another so called expert .A more relatively modest read on things in my local So. Cal. (not LA Times) paper this Morning.
——————————————————————————————————-
MORTGAGES
30-year fixed rate for borrowers soars to 6.29%
It doesn’t matter if you’re shopping for a first mortgage or a home equity line of credit.
Borrowers of every stripe took a beating as Freddie Mac’s 30-year fixed rate rocketed up 27 basis points to 6.29% and the prime rate jumped three-quarters of a point to 6.25%.
Both barometers are at their highest levels since 2008 following the Federal Reserve’s short-term rate hike Wednesday.
If you were to take out a $647,200 mortgage today (Freddie Mac’s maximum conforming loan amount), your principal and interest payment would be $4,002. One year ago, the Freddie average rate was 2.88%, offering a principal and interest payment of $2,687.
That’s $1,315 more per month, or a payment jump of 49%.
Mortgage rates have doubled since the start of the year, the steepest and swiftest rise in Freddie Mac’s 51-year-old rate survey. The only increase surpassing that was a four-year run at the end of the Jimmy Carter administration, when rates soared from under 9% in the fall of 1977 to 18.6% in October 1981.
One could argue the cost of homeownership is up nearly 50% from a year ago if you include the state’s annual 2% property tax increase. That compares with the current 8.3% U.S. annual inflation rate. Cost crushing indeed.
Plenty of my shops’ preapproved borrowers, especially first-time buyers, are heading for the hills. Lots of homeownership angst between lofty rates and lofty prices. They want to wait it out for a year to see what happens.
Median home prices may not hit the hard skids, though. It’s unlikely we will see a collapse like the Great Recession and the 2008 mortgage meltdown. The job market is still very hot. The inventory level of homes for sale is still very tight.
“The labor market is still very strong, adding 315,000 jobs last month,” said Raymond Sfeir, economic research director at Chapman University. “There were 11 million job openings last month. That’s huge.”
The number of homes coming on the market are way down. New listings in Southern California are down 22% from the average for the three years preceding COVID-19, according to Steven Thomas, author of Reports on Housing.
Normal expected market time — or the time it would take to sell all the listings at the current sales pace — is 90 to 120 days. Currently, it is 74 days in Southern California — still low, but more than double the 33 days a year ago, Thomas’ figures show. That should translate into a market correction, but not a rout.
“Inventory has already peaked for the year,” said Thomas. “Prices will be down slightly through the end of the year.”
“The sky is not falling,” added Jordan Levine, chief economist at the California Association of Realtors. “The market is rebalancing. (California) prices are going down a little bit next year. Statewide, it will be a modest single-digit drop.”
This could be bad news for moving companies, agents, escrow officers and mortgage lenders since most borrowers in America took advantage of lifetime low mortgage rates during and because of the pandemic’s shock to the economy, with rates falling to an all-time low of 2.65% in January 2021.
Eighty-nine percent of U.S. borrowers have mortgage rates below 5%, and two-thirds of all borrowers have rates under 4% and a fourth have rates under 3%, according to Black Knight.
And for California property owners, moving means more in property taxes as well.
So where are mortgage rates headed in the near term? Even higher.
Sfeir, Levine and Thomas see fixed rates hitting about 6.5% through the end of the year. Levine expects rates at 7-7.5% next year.
Sfeir sees two more short-term rate increases of one-quarter to one-half percent at the Fed’s November and December Fed meetings. Mortgage rates are influenced by the Fed’s moves but don’t move in concert with them.
“Inflation has peaked, but its still on the high side,” he said.
This is the opportunity for first-time buyers with little down. You can get in now. You can refinance when rates drop in a year. So long as you don’t plan to sell within five years or less, your home value will be safe.
Freddie Mac rate news: The 30-year fixed rate averaged 6.29%, 27 basis points higher than the previous week. The 15-year fixed rate averaged 5.44%, 23 basis points higher.
The Mortgage Bankers Association reported a 3.8% mortgage application increase from the previous week.
Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $647,200 loan, last year’s payment was $1,315 less than last week’s payment of $4,002.
What I see: Locally, well-qualified borrowers can get the following fixed-rate mortgages without points: a 30-year FHA at 6%, a 15-year conventional at 6.125%, a 30-year conventional at 6.375%, a 15-year conventional high-balance ($647,201 to $970,800) at 6%, a 30-year conventional high-balance at 6.5% and a 30-year purchase jumbo at 5.875%.
Eye-catcher loan of the week: a 30-year jumbo mortgage with interest-only payments locked at 5.75% for the first seven years, without points.
Jeff Lazerson is a mortgage broker. He can be reached at 949-334-2424 or mortgagegrader.com">jlazerson@mortgagegrader.com. His website is mortgagegrader.com.
This is an interesting excerpt from the article.
“Eighty-nine percent of U.S. borrowers have mortgage rates below 5%, and two-thirds of all borrowers have rates under 4% and a fourth have rates under 3%, according to Black Knight.”
Is it in Utah California prices are stable
That does not matter. Have you heard the sky is falling?
I’m sure you care . If you don’t , your not being honest to yourself .View attachment 1157914
I bought at the “peak” here and am still positive by at least 10% based on comps.
I don’t care at all what my house is valued at for at least 10 years. I own it because I need a place to live with low controlled costs.
I’m sure you care . If you don’t , your not being honest to yourself .
Okay.I literally don’t, and won’t from probably 10 years. My primary residence is a place to live and rent control. I can’t think of a time in modern history when housing went down in the medium to long term. Even those that bought in the peak of 2006 were whole again by 2016, and are now up 30%.
This is exactly my situation & thoughts exactly. 1 to 1.5 million dollar homes will be the normal entry level price. I don't know if they'll even drop like they did 10 years ago. Wages & salaries will adjust accordingly.I literally don’t, and won’t for probably 10 years. Just because I don’t care does not mean I won’t pay attention though.
My primary residence is a place to live and rent control. It is not an investment. I can’t think of a time in modern history when housing went down in the medium to long term, can you? Even those that bought in the peak of 2006 were whole again by 2016, and are now up 30% if not more.
If your plan is to live in a house for a decade plus, why would you care?
Do I care what my rental properties are doing? Yes. But I’m not planning on selling those anytime soon either.
This is exactly my situation & thoughts exactly. 1 to 1.5 million dollar homes will be the normal entry level price. I don't know if they'll even drop like they did 10 years ago. Wages & salaries will adjust accordingly.
Meantime, watch the CD rates as the feds keep doing there thing to curb inflation. May be easy gains if your money is just sitting there anyways.
Going to need a lot of wage inflation to support that entry level point. Wage inflation spurs even more inflation.
Going to need both higher wage and a Fed pivot to lower interest rates to support those entry level prices in my opinion.
Going to need a lot of wage inflation to support that entry level point. Wage inflation spurs even more inflation.
Going to need both higher wage and a Fed pivot to lower interest rates to support those entry level prices in my opinion.
Im just going to wait for everyone to get a 40% raise. Then its off to the races again
I like the inmates saying
It will never be like 2008–2010
Really ?
How do you know ?
Like said before . Even the people who know , don’t know a fucking thing .Liquit
It was bipartisan, 2 wings of the same bird. They are all in it to screw us.Was pretty clear all the free money that Biden gave away to the economy into the mess and the inflation we have now
that donkey gave away so much free money every hood rat and LA made a beeline and pooled the money drove to Las Vegas. Every Airbnb in southern Nevada had a close up because of the hood rat parties. Hotels on the strip hired uniform metro police to man the doors to keep these shitheads out it
was a big transformation that I’m glad it’s behind us now.
Was pretty clear all the free money that Biden gave away to the economy into the mess and the inflation we have now
that donkey gave away so much free money every hood rat and LA made a beeline and pooled the money drove to Las Vegas. Every Airbnb in southern Nevada had a close up because of the hood rat parties. Hotels on the strip hired uniform metro police to man the doors to keep these shitheads out it
was a big transformation that I’m glad it’s behind us now.
Annualized spending by quarter.Was pretty clear all the free money that Biden gave away to the economy into the mess and the inflation we have now
that donkey gave away so much free money every hood rat and LA made a beeline and pooled the money drove to Las Vegas. Every Airbnb in southern Nevada had a close up because of the hood rat parties. Hotels on the strip hired uniform metro police to man the doors to keep these shitheads out it
was a big transformation that I’m glad it’s behind us now.
Where to you see interest rates going by the end of the week? Will the dust settle from the MBS and Treasuries getting obliterated and any chance of a little pull back? Or, the sky’s the limit! I know, wish I had a crystal ball too. Weird times. TIAMBS and Treasuries are getting obliterated today
Don't know, depends on if we keep selling off or if it bounces. Your guess is as good as mine.Where to you see interest rates going by the end of the week? Will the dust settle from the MBS and Treasuries getting obliterated and any chance of a little pull back? Or, the sky’s the limit! I know, wish I had a crystal ball too. Weird times. TIA
What's the payment with the 480k loan?Don't know, depends on if we keep selling off or if it bounces. Your guess is as good as mine.
Here is what I have today -
$600K PP
20% Down
$480K LA
740 FICO
Conventional 30 YR
7.375% with no points, no lender fees
Ooofff...If rates stay over 7%, I'm gonna have to revise my estimates.Don't know, depends on if we keep selling off or if it bounces. Your guess is as good as mine.
Here is what I have today -
$600K PP
20% Down
$480K LA
740 FICO
Conventional 30 YR
7.375% with no points, no lender fees
Prob 4k all in!What's the payment with the 480k loan?
$3315What's the payment with the 480k loan?
That's a hefty rate!Don't know, depends on if we keep selling off or if it bounces. Your guess is as good as mine.
Here is what I have today -
$600K PP
20% Down
$480K LA
740 FICO
Conventional 30 YR
7.375% with no points, no lender fees
Don't know, depends on if we keep selling off or if it bounces. Your guess is as good as mine.
Here is what I have today -
$600K PP
20% Down
$480K LA
740 FICO
Conventional 30 YR
7.375% with no points, no lender fees
That would be P&I only. What income to qualify with no debt, no car payments 144k?$3315
At that income you could qualify for a payment of around $5400/month assuming no other debt.That would be P&I only. What income to qualify with no debt, no car payments 144k?
Yeah $600k purchase priceOuch. Glad you diversified.
My mortgage broker lives next door, and says things have slowed way down and it's going to be a rough ride.
Edit: Does $600k mean the cost of the house? You can't be giving out many of those loans in CA. MAYBE for a condo in a dodgy location....
Dang. Literally boarding a flight to Vegas now. Still like that? Staying at the Luxor for 2 days and haven’t been to Vegas since 2019Was pretty clear all the free money that Biden gave away to the economy into the mess and the inflation we have now
that donkey gave away so much free money every hood rat and LA made a beeline and pooled the money drove to Las Vegas. Every Airbnb in southern Nevada had a close up because of the hood rat parties. Hotels on the strip hired uniform metro police to man the doors to keep these shitheads out it
was a big transformation that I’m glad it’s behind us now.
I stayed at the Luxor last spring for my daughter's volleyball tournament, total shit fest. The fire alarm went off 2 nights in a row, the place needs some updates. It looks like they built it and never spent a dime in maintenance. No offer from management to compensate me for 2 sleepless nights.Dang. Literally boarding a flight to Vegas now. Still like that? Staying at the Luxor for 2 days and haven’t been to Vegas since 2019