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Originally Posted By AR_Dale: Mine was 9% in 1991 Originally Posted By AR_Dale: Originally Posted By OregonShooter: The 30 year mortgage rate climbed to 7.45% today. Mine was 9% in 1991 What was your yearly household income including the salary of your wife if you had one in 1991? Also tell us what was the price of the house at the time in 1991? |
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Originally Posted By Laydown: I'm still getting unsolicited offers for my property because location and it is subdividable. I'm guessing some of this backlog is due to location. That is always the case. Even in the worst of the 2008 housing issues, it was pretty normal where I live almost like nothing major was happening except on wall street. This is how national data tells a better story. The most desired areas will still have new homes being built and homes selling even in the worst economies as long as they didn't over build excessively during the boom before the crash. While those areas move along through a crash other areas are completely devastated. If we want to know how the national economy is doing we use national data. I always find it funny when someone says well 3 houses were built on my block alone last week and the other 10 all sold within a day of listing. So in my case 2008 was a lie it never happened because we didn't see anything change in my town. |
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2005 I bought our house for $285K. I earned $86K that year. 3.31 ratio. If I sold today for $450K, same ratio is $136K. Seems doable to me. I think the change is younger kids don't want to drive hoopties, forego vacation trips, or drink Folgers to make it happen... |
I create no joinder in the EE. Any attempts to create joinder in the EE initiated from this profile should be considered fraudulent.
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Originally Posted By lefty-weaver-g19: What was your yearly household income including the salary of your wife if you had one in 1991? Also tell us what was the price of the house at the time in 1991? Originally Posted By lefty-weaver-g19: Originally Posted By AR_Dale: Originally Posted By OregonShooter: The 30 year mortgage rate climbed to 7.45% today. Mine was 9% in 1991 What was your yearly household income including the salary of your wife if you had one in 1991? Also tell us what was the price of the house at the time in 1991? Most of them don’t/won’t get it. A 12% mortgage in 1991 would be the equivalent to the 7.24% of today. His 9% in 1991 was equivalent to a 4.9% today. But heres a comparison of a 9% then to a 7.24% today. 
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Originally Posted By atavistic: A 7.5% mortgage is not insanely high. The 3% and 4% levels for the past 20 years are the aberration. Gen X lucked out on those. Maybe later Gen X, not me. 6.87% here. By the time rates dropped, we didn't owe enough to make it worthwhile to refinance. |
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Originally Posted By Sajer: So as boomers die off there will be roughly 1 million homes coming to market per year over the next ten years. With our population contracting , as long as we continue to expel illegals , how bad is the drop going to be in that 10 years? I could have afforded a bigger house, and at times when the kids lived with us wish I had , but I planned for our home to be "manageable" as we age. That will be interesting but one school of thought is that boomers will refinance those homes into oblivion and thier heirs will be lucky to break even. In other words they'll keep prices high or the banks will own them. After 2008 i dont see the banks fire saling those. But who knows. |
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote."
Necessity is the plea for every infringement of freedom. It is the argument of tyrants; it is the creed of slaves.
Necessity is the plea for every infringement of freedom. It is the argument of tyrants; it is the creed of slaves.
Joined:
May 2025
Posts:
1549
EE: 0% (0)
PA, USA
Joined:
May 2025
Posts:
1550
EE: 0% (0)
PA, USA
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Originally Posted By bigborehound: 1993 $50k income $150,000 at 6.87% Originally Posted By bigborehound: Originally Posted By lefty-weaver-g19: What was your yearly household income including the salary of your wife if you had one in 1991? Also tell us what was the price of the house at the time in 1991? 1993 $50k income $150,000 at 6.87% 50K in 1993 was balling. You know that right? |
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