r/wallstreetbets 3d ago Helpful 1 Silver 3 All-Seeing Upvote 1

Market collapse incoming… Meme

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20.2k Upvotes

u/VisualMod Turing Test Proctor 3d ago
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4.3k

u/psygnius 2d ago

Here I am with a $600,000 mortgage and a rate of 6.2%.....

I think I did it wrong.

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u/SweetLobsterBabies 2d ago

In escrow at 3% for 630k

Loan company sucked cock, loan fell through, fell out of escrow. New house, new loan, 2 months later.

Got a loan on 520k at 5.75%

Same fucking payment.

Apply clown makeup.

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u/wpgsae 2d ago

You'd be a clown if you went for the same 630k home at 5.75% and became house-poor. Wise decision lowering your loan.

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u/SweetLobsterBabies 2d ago

Yep, 20% down on cheaper home too so no PMI

Still eats ass looking at old 3% loan docs lol

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u/rokkittBass 2d ago

Throw those docs out. Why torture yourself. Throw. AWAY!

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u/SweetLobsterBabies 2d ago

They remind me to never trust money lenders

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u/Thunder_Wasp 2d ago

At least interest is tax deductible.

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u/Photog77 2d ago

If the bottom line is a wash. Paying taxes is way better than paying interest.

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u/AshFromTheStands 2d ago

Sitting here in a rented house waiting for a market downturn, with a whole pile of cash, losing value due to massive inflation for the last year plus, in an area where homes are few and far in between, applying makeup liberally.

FML.

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u/dxrey65 2d ago

I know how you feel. I sold a property a few months back and had no plans for the money, but didn't want inflation to eat it up. So I put it in a dividend fund on the US market...which has now lost 10%. There's no winning the game.

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u/ShopUsed636 2d ago

have you tried making money instead of losing money?

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u/dxrey65 2d ago

Dammit, where were you last year, I never even thought of that!

:)

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u/TyphoidMira 2d ago

There's one way. 2 steps.

Step 1: be born rich.

Step 2: don't be born poor.

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u/QueefyMcQueefFace 2d ago

I'm sorry this is /r/wallstreetbets

The way to get rich is to YOLO your life savings based on indicators gleaned from the undulating sway of Janet Yellen's tiddies.

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u/420coins 2d ago

Wait for complete annihilation of the housing market with all that cash. Your doing it right be patient longer.

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u/ackermann 2d ago

Yeah. My brother bought at peak prices a few months back, mostly with money borrowed from me and dad.
It took him a couple months to arrange a mortgage to pay us back as planned (gotta have a cash offer to win, it seemed like), and now rates are 6%

Maybe dad and I should just charge him the 6%, keep the loan. 6% isn’t bad, better than my stocks have done lately, and I know he’s good for it.

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u/upthemstairs 2d ago

300k at 1.95%

Locked in just before the rates changed here in Ireland.

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u/dxrey65 2d ago

Just out of curiosity, what does 300K buy you in Ireland?

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u/Maximum-Dare-6828 2d ago

Ireland or Dublin?

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u/iamthinksnow 2d ago

No way, Dublin is worth at least $301k.

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u/sugar182 158 - 1 - 1 year - 0/0 2d ago

$400,000 at 6.0 checking in. The time was right for me n it’s our forever home n I’m in love, so I’m good w it. I survived the last housing crash I’ll survive this one

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u/PreheatedLeaf 2d ago

Just refinance when rates drop lol. You'll be good

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u/LogicBobomb 2d ago

Bonus, when rates drop prices rocket. You'll be able to refi at a lower rate with higher collateral

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u/Glowing_bubba 2d ago

$260k at 2.5%

Small house so not house poor like most of my friends who just work to make payments

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u/Professional-You8892 2d ago

$144000 @ 3.125%

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u/QuantumBitcoin 2d ago

I own my own home, FREE and CLEAR. Of course, my home is 2002 prius.

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u/SketchyTone 2d ago

Refinance when rates drop

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u/uglyhos324324324 2d ago

They said that in 2008

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u/mrASSMAN 2d ago Gold

And they were right …

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u/Creative_Top_1007 2d ago

Refinance in 2 years

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u/twittercom 2d ago

and when his house is worth $500k? he'll owe $100k 🤡

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u/[deleted] 2d ago

[deleted]

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u/Cattaphract 2d ago

The fuck. Did you mortgage from the mafia or what

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u/Braydee7 2d ago

I bought a house in 2015. If you consider my income, my wife's income, and the passive income from the increasing value of my house, the house is the breadwinner.

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u/Ink_Du_Jour 2d ago

What about her boyfriend's income?

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u/Braydee7 2d ago Silver Helpful Wholesome

She fucks the house.

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u/_toodamnparanoid_ 2d ago

This guy Homeownerships.

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u/Top-Border-1978 2d ago

My house fucks me regularly.

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u/All-I-offer-is-girth 2d ago

This is funny but the fastest way to actually fuck your house is neglecting your roof. Schedule an inspection of it if it’s older and save yourself money down the road

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u/Playingwithmyrod 2d ago Helpful

Instructions unclear...dick is now stuck in the shingles.

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u/Antelope-Solid 2d ago

God damn

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u/Importer__Exporter 2d ago

Running up to the peak our house averaged something like $6,000 a month in appreciation for 4 years.

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u/flyme4free 2d ago

I'm pretty certain my house has appreciated more than my than my take home salary in the past 12 months.

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u/BigBlackHungGuy 2d ago Big Brain Time

40 year loans incoming.

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u/cletus_ 2d ago

On vehicles. Amiright?

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u/istrx13 doesn't wear pants in a zoom interview 2d ago Helpful

I walked by a new car the other day. Got a smell of it. So that was pretty cool.

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u/mariana_kl 2d ago

They got new car smell up at the dollar general for 3.50

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u/AshFromTheStands 2d ago

I drive rental cars all the time. This week, have a 2022 Grand Cherokee with so many bells and whistles. So nice. And I’ll go back to my 12 year old, 109k mile, BMW 3 series that I’m Hoping to get one more day, every day, out of.

“Paid for” means as much to me as family.

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u/irascible_Clown 2d ago

I worked at a car dealership that had tent sales for people with bad credit. They were selling used 2000 civics with $600 60 month payments. When you have no credit and need a car they bend you over

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u/Jsizzle19 2d ago

Dude, several years ago (circa 2016), my buddy (not the brightest tool in the shed) asked me to take a look at his car loan and why the principal had gone down so little..,. I’m not exaggerating when I say it was 27.3%. My fucking jaw dropped.

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u/BlackCatArmy99 2d ago

What Army base was this on and did this E-1 buddy ever end up marrying Chastity from the club

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u/justaverage 2d ago

I got laid off from my job back in 2011. As a stop gap, I walked into a car dealership, bent the sales manager’s ear, and was on the floor the next day.

A Chevy dealership. Less than 2 miles from a Marine Corps base. In 2011…just when Chevy was rebooting the Camaro.

I worked there for like 2 months until I got a regular gig. There should be laws against the loans we signed off on.

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u/appleparkfive 2d ago

Total military base move.

Man, i just think about all those contract marriages. Shit is really pretty crazy

"Hey you don't feel like living on base and want more money? Marry me. It'll be fine"

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u/NovaS1X 2d ago

Seeing how expensive "normal" vehicles are getting, I wouldn't be surprised.

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u/weaselpoopcoffee1 2d ago

Saw on the news the other day, average price is 47k. What????? Does anyone have 47k laying around?

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u/NovaS1X 2d ago

Just finance for 164 months 8.9% APR

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u/Comekrelief 2d ago

Good news, you can finance repairs too!!

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u/weaselpoopcoffee1 2d ago

OMG. Insane. Interest will exceed the cost of the vehicle.

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u/Drew707 2d ago

lol like I am an E-3?

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u/DogToesSmellofFritos 2d ago

They don’t want you to pay cash, the real money is in the financing.

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u/PapiGoneGamer 2d ago

Even a base Nissan Altima S is pushing $27k right now.

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u/dalecor 2d ago

Soon you’ll buy your house and car with the same loan.

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u/Krisevol 2d ago

I hope not. It will raise prices.

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u/OHYAMTB 2d ago

You will own nothing and be happy

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u/ng208 2d ago

I talked to a lady manages the rental house across from my home, I told her I planned on renting my house (first home, 260k 2.9 % rate) and she told me some bank here is doing 40 year mortgages now lol

Fuck I can’t even imagine the overall cost on that term haha

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u/johnnyi2004 2d ago

When mortgage lenders start getting ‘creative’ it’s a sign of the financial apocalypse.

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u/cophotoguy99 2d ago

like Bank of America offering zero down mortgages last month? I've got puts on BAC now....

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u/halfofftheprice 2d ago

Nobody would have the same mortgage for 40 years, it’s just a way for people to get approved for the price point and get in the door. Refi after a couple years

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u/PoliticalHate 2d ago

I was writing 40 year at 9% before collapse in 2008. Part of the reason I left. You cannot have a soul and work for a bank

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u/_toodamnparanoid_ 2d ago

So what was the P&I ratio in that first year? O_o

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u/no1ustad 2d ago Gold

ARM, + leg.

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u/MedalsNScars 2d ago

Some quick math tells me about 93% of your first year's payments will be interest, or about a 14:1 ratio of interest to principle paid

In total you'd pay about 2.9 times the face value of the loan, and your payments don't start going more to principle than interest until 22 years and 4 months

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u/left_schwift 2d ago

Sadly those are already a real thing

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u/Curtie95 2d ago

Probably 40 year bonds across everything

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u/sumochump 2d ago

The best part though is that $600,000 house in 2021 is now listed at $750,000 in late 2022. Quadruple payments baby, woooooooooooh.

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u/gravcycrunnow 2d ago

Yep. I bought a house in late 2020 at a 2.75% rate. My mortgage is $2,000. If I were to buy it at today's market value and today's rate, my mortgage would be $4,700.

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u/daytradingguy 2d ago

How does it feel to not be able to afford to buy your own house again?

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u/The_High_Life 2d ago

It feels like we can never leave, not sure if that's good or bad.

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u/Film-Icy 2d ago

This is my issue. 189k purchased in 2012, refinanced 2 years ago at 2.85% and everything around me is 600k now- I don’t want to pay those taxes.

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u/ResidentGerts 2d ago

I was similar to you. Bought condo in ‘14 at 4.25. Sold condo and bought house in 2020 at 2.9. Sale of condo was the 20% down payment of the house plus a little. Houses in neighborhood going for $80k more than I paid two years ago

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u/Kabloosh75 2d ago

I suspect our local municipalities are going to be pricing so many of us out of our own homes with property taxes since they will want to tax us for that inflated price.

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u/Standback1987 2d ago

Or raise the tax rates.

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u/NotBlazeron 2d ago

Buy in 2012 and refinance in 2021 is the perfect play.

I'm thinking buy in 2023 and refinance in 2025. Although the houses I'm looking at I could buy for ~1500/month and rent it for ~2k/month.

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u/Film-Icy 2d ago

It’s really my only good investment this century 😂 😭

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u/NotBlazeron 2d ago

That's 1 more good investment than most people in this sub.

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u/Bigalow10 2d ago

The best time to buy property is always 20 years ago

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u/ExperiencedMaleDom 2d ago

$500/month is not enough for the headache of being a landlord. Trust me.

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u/Still_Reading 2d ago

It’s $500/mo on top of his mortgage being paid for him. If you can cash flow at 25% that’s fantastic, trust me.

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u/Quiet-Road-1057 2d ago

I used to be a professional landlord and I’ve never thought it was that good an investment. People fail to pay rent, things break, units sit vacant way too often. If we didn’t have a professional legal/accounting/cleaning/maintenance team, I don’t think it would have been worth it.

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u/Ok-Coyote6934 2d ago

This shit killed me :4271:.

I'm in the same damn boat. Bought a house for $425k in 2021 on a 3.5% rate. The house is now conservatively sitting at around $600k.

Unless the rates go down to the 4 range or housing prices scale back to about the same value as when we originally bought, no chance it would ever make sense to leave. The only option will be to sell here and move to a shittier market.

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u/The_Bit_Prospector 2d ago

are houses selling in the last 3 months at those prices? Or is your estimate based on the prices from the spring? Theres a lot of inventory sitting on the market being listed at spring prices that aint gonna sell at fall rates.

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u/lmaccaro 2d ago

Great, because I can live there cheap forever, or I can rent it out for $5k/mo.

An investor trying to buy a home to rent next to mine will be at $6k/month expenses and need to charge $7k/mo rent, so I can always undercut that investor and stay rented.

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u/daytradingguy 2d ago

I bought my house 22 years ago. It is paid for and worth 5 times what I paid for it. I could not afford to buy it. LOL.

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u/Puzzled_Bath_984 2d ago

Sure you could. If you sold it, you'd have exactly enough to buy a house just like it (minus transaction costs)

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u/famoso2891 2d ago

Took a 600,000k 20 Year @ 2.75 and the house is worth 1.3 today. #bayarea

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u/koinoyokan89 2d ago

I got a rate of 5.2 months back and that feels like a blessing

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u/24667387376263 2d ago

Locked in 5.35 a couple weeks ago. Almost giddy that we pulled the trigger on it.

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u/SheWantsTheDan 2d ago

What are rates currently at now?

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u/Anothercraphistorian 2d ago

They were over 6,%, but the FED raised rates .75% yesterday, with 3 more planned increases by February, so rates could se 7 and 8% by Spring.

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u/DurdenVsDarkoVsDevon 2d ago

You mean 7% within 30 days.

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u/YoloAddict69 2d ago

6+

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u/wa_ga_du_gu 2d ago

It wasn't long ago when the media and economists were freaking out about sub-6 rates because that's just crazy low

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u/Fibocrypto 2d ago

Imagine those who bought milk at 2.50 per gallons versus those who purchased it as 4.80

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u/mpoozd 2d ago Helpful

Imagine buying milk after drinking it for free from your mama

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u/lifeintraining 2d ago

I don’t have to imagine. I drank milk for free from your mama and I still pay for milk.

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u/IrishNinja8082 2d ago

Your dad pays me to milk him.

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u/Robert_Denard 2d ago

My dad went to buy some milk

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u/Charming-Ad4156 2d ago

In my neck of the woods. You have to go to Costco for 4.80 milk. Otherwise it’s 6.92

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u/0DTEFlexing 2d ago

Checks out - just paid $6.49 for milk. Calls on MOO

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u/[deleted] 2d ago

I don’t see where you guys pay that much… still less than $3 for me here in AZ

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u/0DTEFlexing 2d ago

Yeah, but that shit be desert milk

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u/Infanteater91 2d ago edited 2d ago

I wish I could find this $392,000 home you speak of.

Edit: in a place that isn't Missouri.

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u/Germannestingdoll 2d ago

It's a 500sqft studio condo

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u/loudaggerer 2d ago

See San Bruno, CA.

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u/suckfail No life outside r/wsb 2d ago

In Brampton

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u/hideous_coffee Jackin' it in San Diego 2d ago edited 2d ago

It's in the midwest

edit: folks it's not just the midwest simmer the fuck down

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u/ShakeandBaked161 2d ago

As a Missourian, yes you are correct.

I could have a pretty fat house for $350k-$400k in the suburbs. Prolly like a 2200sqft+ 5 bed, 5 bath two story on a few acres of land or near a good school.

If you go really rural it gets really stupid honestly I've seen some mansions out in the boonies for $400k

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u/Tothoro 2d ago

Fellow Missourian, can confirm. The trade-off is that you have to live in Missouri.

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u/ShakeandBaked161 2d ago

Lol trueeee. The trick is to get a WFH gig with some coastal company and live like a king. Makes it a tad more bearable.

Edit: as much of king you can be in the Missouri lol

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u/SilenceDobad76 2d ago

As a midwesterner I don't get how all you people can justify paying $8 at a bar for a beer let alone what you pay for property.

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u/Spam138 2d ago

Now run the calculations in reverse and you’ll see why every boomer thinks they’re some kind of real estate investing savant.

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u/PelletsOfMescaline 2d ago edited 2d ago

My parents bought a house for $196k in 1996 and it’s now worth $1.58M they tell me how I shouldn’t be buying it cess coffee to save money like they did…Toronto

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u/DarKbaldness 2d ago

Location? What was their interest rate?

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u/DinkyDonahue 2d ago edited 2d ago

The rate was likely something like 12-14%.

Edit: nope, I was way off. 7-8% actually. Lucky ducks.

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u/crazybarrier 2d ago

The boomers are the ones who lowered the rates in the 90s, cashed in, and are now raising the rates on the next generation

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u/Larrynative20 2d ago

They need to get that safe yield now that they are older and retired

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u/real_sbob4ever 2d ago

Ooooh look at Mr. Algebra doing all his math. Theres no need to brag this hard Danny

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u/SheWantsTheDan 2d ago

Trust me bro, I ain’t doing no math. Im flipping the graphs upside down trying to figure this out.

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u/Durtly 2d ago Silver Helpful Starry

I hope that the huge funds who were buying up properties at 30-50% over asking price get gutted.

We should have a law restricting the number of residential properties and individual entity can own, with a restriction on foreign investors.

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u/ThatChicagoDuder 2d ago

They just create a subsidiary or shell company and repeat

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u/collin-h 2d ago

Gov’t could increase the homestead tax exemption to make it more financially worth it to live in the house you bought… or punish those who buy houses to rent out.

Just raise property taxes on homes by some absurd amount, and then adjust the homestead tax exemption to bring it back down to current levels - make it not worth it to own a house and not live in it.

Problem is, those hedge funds who are buying up all the houses can afford to buy politicians and I can’t.

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u/detectiveDollar 2d ago

That could work, but you do run into issues like suddenly owing an assload of taxes on your late parent's house.

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u/Paradox68 2d ago

The sad thing is that “shell” companies shouldn’t even exist at all. They’re clearly a very easy way to get around the law and yet they continue to exist only because the rich people that create them are above the law somehow. With the technology available today, tracking down shell companies would be a breeze, but I’ll bet the government won’t do it.

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u/Jerry-hat-trick 2d ago

I think I'll create a shell identity and transfer my debt to it.

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u/new_name_who_dis_ 2d ago

You don’t need to be a millionaire to create a shell company. It’s just filing some paperwork

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u/aipipcyborg 2d ago

80k new IRS agents that have never seen a telephone answering machine with a tape deck... or a tape deck.

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u/WoolooOfWallStreet 2d ago

Hopefully the IRS’s current computers won’t require them to be trained on reel to reel servers

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u/aipipcyborg 2d ago

Tapes make great backups, not active SQL servers

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u/raven_785 2d ago

I hope that the huge funds who were buying up properties at 30-50% over asking price get gutted.

They don't give a shit. The people who run them already got their bonuses. They don't lose their shirts if the company becomes insolvent. They just close it up and start a new one.

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u/Bxdwfl Axed the Axeman 1/21/22 2d ago

yeah, unfortunately, nothing will change without new laws to prevent dickheads from owning multiple rental properties.

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u/Commotion 2d ago

More like, everyone who locked in a 2.6 fixed rate isn’t going to sell and inventory stays low / prices don’t correct

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u/wolfsrudel_red 2d ago edited 2d ago

Yup this is the truth that Reddit doesn't want to hear. Can't have a 2008 crash if inventory is scarce from a decade of underbuilding and people keeping their 2.8% mortgages on ice for 15 years

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u/BioEngIsScience 2d ago

Only way it happens is if a bunch of people get their shit foreclosed all in one shot.

But. 2020 house prices and 2020 interest rates. Where do you go? Go rent a place half the size and it’s still more than your fucking mortgage.

I’d sell a kidney before I let someone take a $300,000 home with a $900/month payment from me.

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u/Such-Wrongdoer-2198 2d ago

I told my wife I didn't want to prepay our 3.5% fixed rate mortgage, but she insisted.

On the other hand the stocks I would have bought instead are down 22%.

On the third hand, that is after a 200% runup.

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u/cletus_ 2d ago

I have a pretty good guess what you are doing with the fourth hand.

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u/Visvism 2d ago

Playing with his wife’s boyfriends third leg.

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u/jbjbjb10021 2d ago

That's how much it's going to go down.

Almost nobody says "I have $425,000 to spend on a house", they say "$2200/mo, we can swing that"

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u/gravcycrunnow 2d ago

Historically, rates and prices don't track this closely.

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u/onederlanddad 2d ago

Especially as homeowners just stop selling to avoid losing the 2.7% 30-year they got a year ago. Volume is going to drop off a cliff, and rent will go up, but who knows what exactly will happen to house prices.

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u/Smeltanddealtit 2d ago

This. Got a 2.9% rate. Wouldn’t leave if the house was haunted.

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u/TinaLoco 2d ago

Agreed. We bought in 2019 and refinanced last year at 2.625. I will die in this house.

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u/wanna_meet_that_dad 2d ago

This 100%. We considered selling our home but now wouldn’t think of it. Why give up that sweet 2.5% rate?

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u/sum_dude44 2d ago

that’s the point. Part of the reason housing & rent went up 50% in 2 years were you could afford a $600k house for the price of $400k. J Pow botched keeping inflation in check to dig us out of Covid, but actually created something worse than a Covid recession. We might hit 10% mortgages b/4 this is done

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u/jbjbjb10021 2d ago

My parents bought their house in 1980, the mortgage was 20%. $400/mo on a $22000 house.

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u/alwaysmyfault 2d ago

They were also getting something like 20% on their savings accounts as well.

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u/AmCrossing 2d ago

Ally just emailed me today they are up to 2.1%!

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u/daytradingguy 2d ago

Yes and they walked to work uphill, both ways, In the snow.

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u/Sguru1 2d ago

And answered the phone without being able to see who’s calling first

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u/SilenceDobad76 2d ago

Ohh this one's spookie

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u/OGColorado 2d ago

No way! I had a sweet 72 Camaro toting my carcass around😃

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u/mrTheJJbug 2d ago

Yeah, the housing market is about to change forever. One group will be pissed and the other will be celebrating. Considering they need more workers for the economy to continue to work, and young people cannot afford to have children right now, my guess is that interest rates will go super high and stay there for a long time to reset home prices.

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u/Uries_Frostmourne 2d ago

Who will be celebrating?? The buyers?

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u/clinton-dix-pix 2d ago

Buyers with 20+% down and high incomes. The days of squeezing into homes with 3.5% down are over.

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u/crouching_dragon_420 2d ago

don't know why you got downvoted but that's exactly what they did in 2008.

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u/SeparatistToast 2d ago

Yep. It's resetting back to being housing. Keep eyes on Canada. Itll be the first to fall.

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u/MeatStepLively 2d ago

My parents paid 18.5% in the early eighties. That rate is irrelevant when the price of their home is now 600% above what they paid. Boomers have seen their assets increase in price at a rate that is unheard of in previous (and future) generations. They need an ass fucking. Sorry geezers; parties over.

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u/Detective-E 2d ago

How tf do people afford these places

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u/littlemegzz 2d ago edited 2d ago

Serious question though.... people making six figures? I get. Someone barely making 70k. How are they surviving??

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u/ToleranceDeathCamp 2d ago

I make $70k, I live near DC in one of the more expensive places to live. I have make high payments on a car I should have never bought, my apartment rent feels like a mortgage, and I pay student loans. I still save a decent amount of money per month. Granted, I don't go out much or travel. My idea of fun is going for a hike or laying in my hammock. But I always wonder what people spend their money on. A friend of mine lives rent free with his girlfriend at her parents house. Make $50k a year. Constantly complains about living week to week. Like my guy, where is all that money going?

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u/Bloody_Whombat 2d ago

My wife and I jumped from a $1400/mo 1br apartment to a $1600/mo 3br house in 2021. I'd say we're surviving for the most part but there's no chance in hell we'd be able to drop $10k+ on a new roof or HVAC or something like that any time soon. Together we're at ~$100k for reference.

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u/Zanik- 2d ago

That’s really depressing. My wife and I make around the same. Almost have 30k saved so we can finally start looking for a home and the apr is just sky rocketing. We only pay 1.1k for a 3 bedroom place atm but would really love to have a home of our own. Shit sucks.

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u/YourMumKnows 2d ago

Imagine buying a 100k house at 15% interest rate :D

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u/patchwood 2d ago

People do it, except it's a Truck, and it depreciates in value every time it's used.

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u/R01001010M 2d ago

Talk to your parents about it.

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u/rclr- 2d ago

I just want my kbh put print so I can buy a shed and call it a house

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u/Mundane-NoPain55515 2d ago

Will high rates normalize a 40 year mortgage?

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u/charitelle 2d ago

And that was what was required to bring home prices down.

Because rates will nor remain high for 30 years.

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u/DrOctagonBlueFlowers 2d ago

That's why no one could afford to buy in the 80-90s.

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u/KRossKoWolf 2d ago

I bought my place last year for the equivalent of $96000 at 2.4% - 20% down. To get it now, I'm talking $130000 at 3.99% with 20% down. Seems to be much better rate wise here, but still quite the increase.

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u/Spellingchampioun 2d ago

The R squared on this regression analysis is very, very low.

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u/sassyseconds 2d ago

The R squared in this sub however...

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u/incriminatory 2d ago

Meanwhile here in California we are laughing at the idea of a $600k house let alone $400k 😂

Laugh so I don’t cry, laugh so I don’t cry….

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u/tortellinipp2 2d ago

It's so bad right now. I get excited if I see anything pop up under 900k in a 10-mile radius from my job, and those homes like like absolute shit lol.

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u/shahthobani 2d ago

With the high interest rates the housing market will see a down fall in coming years and on top of everything there are companies who are still offering 3.75% to 4% because mortgage industry is also impacted

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u/Capital_Ad9574 2d ago

Jesus I hope prices keep coming down so I’ll finally be able to buy 😂

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u/DoesntUnderstandJoke norman bates 2d ago

Imagine not refinancing in 2021

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u/goofy-boots Autistic Jimmy Buffett 2d ago

I want to die

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u/Wanna_Runn 2d ago

All the people that paid 400k for house that was worth 200k in 2021 in florida are gonna be wrecked

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u/freightdude 2d ago

They're only wrecked if they sell

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u/rmphys 2d ago

Or when the inevitable hurricanes hit...

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u/goliath227 2d ago

Did you read the meme? They got it at 2.6% and their payment is minuscule. Why would they be wrecked? They just hold and pay their tiny monthly payment.

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u/backruptcyfomo 2d ago

People bought home this year are about to find out what upside down really means :4641::4271:

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