Crnr2Crnr Posted May 22, 2023 Share Posted May 22, 2023 14 Million Mortgages Were Refinanced During ‘Pandemic Boom.’ That Makes Life Very Difficult for Home Buyers. Homeowners most likely to refinance their mortgage owed a balance of $400,000 to $500,000 on their mortgage, the NY Fed concluded. https://www.marketwatch.com/story/14-million-mortgages-were-refinanced-during-pandemic-boom-that-makes-life-very-difficult-for-home-buyers-766b8ab $4-500k owed? jfc... Quote Link to comment Share on other sites More sharing options...
sleepybrew Posted May 22, 2023 Share Posted May 22, 2023 we have sold one denali after another. likely the same scenario. plus the fools that paid 5k over sticker in the heat of the moment , in the car world that's called upside down 2 Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted May 22, 2023 Author Share Posted May 22, 2023 57 minutes ago, sleepybrew said: we have sold one denali after another. likely the same scenario. plus the fools that paid 5k over sticker in the heat of the moment , in the car world that's called upside down insanity... but they've just gotta have it 1 Quote Link to comment Share on other sites More sharing options...
sleepybrew Posted May 22, 2023 Share Posted May 22, 2023 34 minutes ago, Crnr2Crnr said: insanity... but they've just gotta have it my buddy had some seriously sad shit go on. wife died slowly from cancer, he had issues as well, now his 32 year old son has cancer that is rare and a death sentence. through all that he got behind on taxes. decided to sell before they took it. sweet home on a hill with a huge garage. also 52 acres on a separate parcel. he was looking for 279k for the house. no price for the land that he may have kept. couple from nyc show up, don't even care about the house. she does sculptures and he is a beekeeper. offered him 604k for all of it. even told him to leave the junk by the garage, goldmine for her sculptures. many looked and they bid it up quite a bit. 604k was nothing to these people 1 Quote Link to comment Share on other sites More sharing options...
racer254 Posted May 22, 2023 Share Posted May 22, 2023 Seems inflation drove interest rates crazy and people are actually trying to be responsible and keep their current low rates. Sounds responsible to me. 1 Quote Link to comment Share on other sites More sharing options...
sleepybrew Posted May 22, 2023 Share Posted May 22, 2023 4 hours ago, racer254 said: Seems inflation drove interest rates crazy and people are actually trying to be responsible and keep their current low rates. Sounds responsible to me. yeah any moves now are costly Quote Link to comment Share on other sites More sharing options...
racinfarmer Posted May 22, 2023 Share Posted May 22, 2023 7 hours ago, sleepybrew said: we have sold one denali after another. likely the same scenario. plus the fools that paid 5k over sticker in the heat of the moment , in the car world that's called upside down You should read up on what 911 Turbos, GT3's, and GT3-RS's were getting marked up out west. Even more if it was a PTS or PTS+ car. I'm patiently waiting for the GT3 market to crater, so I still can't justify one. 1 Quote Link to comment Share on other sites More sharing options...
sleepybrew Posted May 22, 2023 Share Posted May 22, 2023 Just now, racinfarmer said: You should read up on what 911 Turbos, GT3's, and GT3-RS's were getting marked up out west. Even more if it was a PTS or PTS+ car. I'm patiently waiting for the GT3 market to crater, so I still can't justify one. i saw 30k over on a gladiator. truck ain't worth that to begin with Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted May 22, 2023 Gold Member Share Posted May 22, 2023 I don’t think a recession will hurt those that refied during the pandemic. A $500,000 mortgage payment with pandemic rates is about as expensive as a $250,000 will todays rates Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted May 23, 2023 Share Posted May 23, 2023 13 minutes ago, BOHICA said: I don’t think a recession will hurt those that refied during the pandemic. A $500,000 mortgage payment with pandemic rates is about as expensive as a $250,000 will todays rates As long as they can keep up with all their payments after they lose their jobs. The housing market is coming to a screeching halt. Saw the other day the RV and camper market was absolutely tanking. Power sports are right behind it. 1 Quote Link to comment Share on other sites More sharing options...
soeaster Posted May 23, 2023 Share Posted May 23, 2023 We refinanced to 3.875% during the pandemic and owe well under $200k. Have 1 car payment (wife's, <$15k), a small balance student loan (also wife's) and utilities. Should all be gone by Christmas besides the mortgage. Fuck this rabid spending trend! Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted May 23, 2023 Gold Member Share Posted May 23, 2023 1 minute ago, teamgreen02 said: As long as they can keep up with all their payments after they lose their jobs. The housing market is coming to a screeching halt. Saw the other day the RV and camper market was absolutely tanking. Power sports are right behind it. I think the article mentioned that those that refied during the pandemic saved a couple hundred a month…. I think we would need to see a huge collapse in housing prices to hit those that refied with ultra low rates. What these rates did during the pandemic is lock many out from buying and selling and upgrading. Housing prices haven’t collapsed and rates are up huge. Makes no sense on tying on a mortgage these days with rates that are so expensive which is why mortgage applications are in the shitter Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted May 23, 2023 Gold Member Share Posted May 23, 2023 (edited) 7 minutes ago, soeaster said: We refinanced to 3.875% during the pandemic and owe well under $200k. Have 1 car payment (wife's, <$15k), a small balance student loan (also wife's) and utilities. Should all be gone by Christmas besides the mortgage. Fuck this rabid spending trend! Got a 2.25% during the pandemic. On a $300,000. Payment including taxes, and insurance is just under $1500 a month. Would make absolutely no sense in attempting to upgrade and tie on any mortgage at todays rates or selling and renting. Would cost substantial more to buy or rent today. Edited May 23, 2023 by BOHICA Quote Link to comment Share on other sites More sharing options...
soeaster Posted May 23, 2023 Share Posted May 23, 2023 5 minutes ago, BOHICA said: Got a 2.25% during the pandemic. On a $300,000. Payment including taxes, and insurance is just under $1500 a month. Would make absolutely no sense in attempting to upgrade and tie on any mortgage at todays rates or selling and renting. Would cost substantial more to buy or rent today. We missed the exceptionally low rates but we're still happy with where we are. Should have it fully paid off within 6-7 years at most. Quote Link to comment Share on other sites More sharing options...
1jkw Posted May 23, 2023 Share Posted May 23, 2023 People are still buying here, not the local blue collar folks, most are priced out from demand or high interest rates and a combo of both. Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted May 23, 2023 Author Share Posted May 23, 2023 59 minutes ago, racinfarmer said: You should read up on what 911 Turbos, GT3's, and GT3-RS's were getting marked up out west. Even more if it was a PTS or PTS+ car. I'm patiently waiting for the GT3 market to crater, so I still can't justify one. which vintage? touring or track variant? 37 minutes ago, teamgreen02 said: As long as they can keep up with all their payments after they lose their jobs. The housing market is coming to a screeching halt. Saw the other day the RV and camper market was absolutely tanking. Power sports are right behind it. someone gets it... 2 minutes ago, 1jkw said: People are still buying here, not the local blue collar folks, most are priced out from demand or high interest rates and a combo of both. we sold property in 2021... waiting for the next buying opportunity. it's coming... 1 Quote Link to comment Share on other sites More sharing options...
racinfarmer Posted May 23, 2023 Share Posted May 23, 2023 1 hour ago, sleepybrew said: i saw 30k over on a gladiator. truck ain't worth that to begin with 1 minute ago, Crnr2Crnr said: which vintage? touring or track variant? someone gets it... we sold property in 2021... waiting for the next buying opportunity. it's coming... 991.1 or 991.2 would be first choice, 992 or 997 second choice, 996 3rd choice. I looked at a higher mile 997 GT3 for like $60k pre-vid and bought a different hauler instead. Maybe should have bought the car while I was on a spending spree. 1 Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted May 23, 2023 Author Share Posted May 23, 2023 2 minutes ago, racinfarmer said: 991.1 or 991.2 would be first choice, 992 or 997 second choice, 996 3rd choice. I looked at a higher mile 997 GT3 for like $60k pre-vid and bought a different hauler instead. Maybe should have bought the car while I was on a spending spree. being a religious BAT watcher since it began... they don't seem to depreciate much. once the kid is done with school I'm getting an 11-12 Cayman R or Boxster Spyder for amusement and investment... unless Kimera. personally, I dig the Touring models. https://bringatrailer.com/porsche/911-gt3/?q=gt3 Quote Link to comment Share on other sites More sharing options...
Cat45 Posted May 23, 2023 Share Posted May 23, 2023 46 minutes ago, teamgreen02 said: As long as they can keep up with all their payments after they lose their jobs. The housing market is coming to a screeching halt. Saw the other day the RV and camper market was absolutely tanking. Power sports are right behind it. Yeah the rv market is in a tailspin now. I got out of the rv transport business and into freight this year. Lots of assembly lines and suppliers shutting whole plants down.The guys pulling rvs will be lucky to make their truck payments by fall. 1 Quote Link to comment Share on other sites More sharing options...
racinfarmer Posted May 23, 2023 Share Posted May 23, 2023 1 minute ago, Crnr2Crnr said: being a religious BAT watcher since it began... they don't seem to depreciate much. once the kid is done with school I'm getting an 11-12 Cayman R or Boxster Spyder for amusement and investment... unless Kimera. personally, I dig the Touring models. https://bringatrailer.com/porsche/911-gt3/?q=gt3 My big hitters are it has to not have any kind of strips and it has to be Mexico Blue or Birch Green. After that, no strips and almost any other non-metaillic PTS color. 1 Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted May 23, 2023 Share Posted May 23, 2023 Just now, Cat45 said: Yeah the rv market is in a tailspin now. I got out of the rv transport business and into freight this year. Lots of assembly lines and suppliers shutting whole plants down.The guys pulling rvs will be lucky to make their truck payments by fall. Freight is a good place to be right now. Freight and labor costs are keeping inflation high. Class 8 truck prices are really starting to come down now too. Quote Link to comment Share on other sites More sharing options...
Cat45 Posted May 23, 2023 Share Posted May 23, 2023 1 minute ago, teamgreen02 said: Freight is a good place to be right now. Freight and labor costs are keeping inflation high. Class 8 truck prices are really starting to come down now too. Freight is definitely good. I run a hotshot setup and I'm as busy as i want to be Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted May 23, 2023 Platinum Contributing Member Share Posted May 23, 2023 1 hour ago, teamgreen02 said: As long as they can keep up with all their payments after they lose their jobs. The housing market is coming to a screeching halt. Saw the other day the RV and camper market was absolutely tanking. Power sports are right behind it. Not around here.....very low inventory and bidding wars still going on. House down the street very similar to ours was listed for $599k and they ended up getting $800k. I am considering retiring again 😜 around July and may list house and if we get anywhere near that figure....I'm out . Just crazy prices still....thought it would have tanked by now. But realtor I talked to says they have a waiting list a mile long and thinks if interest rates drop, this buying spree will last well into next year. Quote Link to comment Share on other sites More sharing options...
Sled_Hed Posted May 23, 2023 Share Posted May 23, 2023 1 hour ago, teamgreen02 said: As long as they can keep up with all their payments after they lose their jobs. The housing market is coming to a screeching halt. Saw the other day the RV and camper market was absolutely tanking. Power sports are right behind it. I'm wishful that the used car market does something similar, still haven't pulled the trigger on one for the wife. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted May 23, 2023 Share Posted May 23, 2023 There won’t be a housing crash like we saw back in 2008. Getting juicy deals on real estate like we saw back then isn’t happening anytime soon. Quote Link to comment Share on other sites More sharing options...
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