People aren't buying homes. They're too expensive, overpriced, the interest rate for mortgages is too high, and the economy is looking flakey. There, I've explained the problem and regardless of what some think, all the government meddling anticipated will only make it worse. That's what caused the problem.
Do I get some kind of reward for my simple explanation? After all, people are getting paid the big bucks for long articles, graphs, and tons of BS that have the same explanation.
Son's home in Phoenix was being surrounded by folks from California. So he decided to get out while the gettin' was good. with all the lefties moving in he sold at the top of the curve and used it to put a great down payment on a beautiful (bigger) home outside Nashville... and got a 3% interest rate on the loan.
ReplyDeleteNow it appears he'll be in that home a while. Interest rates, inflated home values and impossible mortgage rates make it near impossible for him to sell right now.
Good thing he's pleased with the move, huh?
(Greybeard)
He got out before the worst of the bubble hits. We may never see such low mortgage rates again.
DeleteYup, it's that simple.
ReplyDeleteTo me it's obvious. To others, I don't know if they can't see it, or have their fingers crossed they'll make a good deal.
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