it’s got fentanyl in it now.Quote:
Originally Posted by liv2ski
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it’s got fentanyl in it now.Quote:
Originally Posted by liv2ski
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My extremely overvalued dump in Seattle gives me a front row, and fentanyl ain't cool.Quote:
Originally Posted by Woolly the Mammoth
Reserve prices in auctions...how do they work?Quote:
Originally Posted by liv2ski
Lol. Here’s an article with stats on the relative popularity of auctions in Oz. https://www.abc.net.au/news/2023-07-...dney/102549152Quote:
Originally Posted by RootSkier
My anecdotal recollection was that they were pretty stressful for all involved due to the compressed time period but more transparent than the quasi-auctions in the US in which one relies on the buying agent for intel on what new offer to make etc.
Both Australia and the UK have worse housing affordability than the USA.Quote:
Originally Posted by dunfree
https://www.forbes.com/advisor/au/pr...#39;s%20115%25.
"One measure of affordability is the household debt-to-income ratio. Australia’s housing sector is burdened by some of the highest debt levels in the world, with a household debt-to-income ratio of 211%, more than double the 101% in the US and far higher than the UK’s 148% and Japan’s 115%."
coke was the party drug of the moneyied set ( not me ) in the 80'sQuote:
Originally Posted by Woolly the Mammoth
nowdays pretty much everything might have Fentynal in it
I got a good belly laugh from this, thank youQuote:
Originally Posted by J. Barron DeJong
Other than they share a language and a monarch it’s hard to seethe relevance of this factoid. ex-London/SE the UK picture changes; there’s not much in Oz outside the major urban areasQuote:
Originally Posted by RoooR
Interesting I wasn't aware of that.Quote:
Originally Posted by dunfree
Quote:
Over about a four-week period leading up to the auction, interested house-hunters can schedule visits and inspections on the home in order to prepare their bids.
Then on bidding day, typically a Saturday, interested buyers gather on the sidewalk outside the home and place their bids out in the open, in an auction led by the seller's agent.
The process usually lasts about 10 to 15 minutes and the spectacle often attracts an audience who just come by to watch. It's not uncommon for house-hunters to attend multiple auctions in one day, quickly moving onto the next property on their list if they fail to win a home.
Huh, that's pretty cool
The very next paragraph after the one he quoted...Quote:
Originally Posted by dunfree
Quote:
However, economists caution against a simple comparison of these metrics, given that some of them don’t consider the varying government and institutional ownership of different housing markets and the wide variation of interest rates in different countries.
Can't remember the name but there was a reality show about Aussie RE auctions. Lots of anger and tears on the sidewalk.
That's been happening here for awhile, John Steinbeck wrote a book, Willy started Farm Aid.
https://www.farmaid.org/
Hey Joe, a good idea from France...
The difficulty people face in buying a home may be one explanation for the lack of rentals available.
To try and tackle the issue, the French government will extend its 0% interest rate loans for low-income families and will open it up to more people next year to help them get on the property ladder.
What safeguards are in place to prevent these loans from leading to a housing bubble, similar to what has been observed in other economies with easy lending practices?Quote:
Originally Posted by liv2ski
Could the extension of these loans lead to an increase in speculative buying, and if so, how could that be mitigated?
How will the government address the risk of homeowners defaulting on their mortgages if there is an economic downturn or if their financial circumstances change?
From my experience in 39 years of loan origination, very few low income people can find a home cheap enough to qualify for, hence not many of those loans are originated.Quote:
Originally Posted by RoooR
These are owner occ loans, not for rentals.
The same as any other loan. Use standards underwriting guidelines and hope everyone isn't laid off.
Doesn't the suggestion to make loans at far below the market rate suggest a complete abandoning of underwriting standards? When I think of the government backing loans at below market rates it makes me thing of 1980's S&L crisis, 1980's Japan Bubble, 2000's Subprime, and the 1997 East Asian financial crisis. Are there examples of it actually working out you can think of or will US taxpayers just be on the hook (again.)Quote:
Originally Posted by liv2ski
Why such a goofy comment? Everything is underwrited exactly the same, just one loan has a lower PITI that helps the buyers qualify for more than at 7.5%.Quote:
Originally Posted by RoooR
Your examples are way off base, but whatever. You do you.
Housing bubble? Getting a few thousand or million low income families into home ownership- they still have to pay off the loan, make payments, have legit income. I’ll take the bubble if it means people get in houses. And if you do it right…it isn’t a bubble anyway!Quote:
Originally Posted by RoooR
Who gives a shit about a housing bubble anyway.
Credit Union rep just called me. We’ve been preapproved for an FHA first time home buyer loan for some time while shopping around. The credit union has immediately suspended the program until further notice. Bumps my rate from 6.5 to 7.5+. Pretty awesome.
congrats on mingling a bunch of unrelated shit again. Figured out why Australia is nothing like the UK yet? Hint: it’s not interest rates, it’s the best paying sector of the economy being in bumfuckistanQuote:
Originally Posted by RoooR
Apply with a mortgage broker. CU’s often only underwrite “portfolio” products which means they keep the loan and won’t sell it to another mortgage company. Sounds like some kind of internal control was triggered, that’s pretty unusual. Sometimes CU’s are competitive (my home loan is with one of our local CU’s) - but not always. Don’t let one lender change your plan.Quote:
Originally Posted by snapt
Huh? I never heard of a FTB program for FHA loans
We applied with several brokers (MIL works in real estate) and even with the friends and family connection nobody could touch Idaho Central. Our mortgage person is awesome and has worked super close with our agent on all of our offers. The wife has some old dormant USAA and other federal accounts we’ll explore. I’m just more curious now what that mean economically for our lender to suddenly suspend a FTH program.Quote:
Originally Posted by lowsparkco
Have a mortgage broker buddy who is clearly trying to close out a non abysmal Q4 by spamming his Facebook page with temporary buy down posts. Thought being, rate ratchets up each year and ultimately lands on the current rate in year 4 but you hope for a refi before then I guess. And I assume the seller basically “pays” for the buy down somehow, maybe dropping purchase price by a fraction that is rolled into this program for the buyers benefit but it gets the house sold in a tough market?
Curious what you dirt pimps know about this and if it is actually being used? Not in the market but was curious.
I’m getting timeshare math vibes from the guy.
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By the way, anyone want to buy a timeshare? If you can’t afford to own all of something, why not buy 1/200th for 70% of the total cost?
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Timeshares, baàahaahaàa.
I think an RE auction figured into an episode of Kath & Kim which is about my only point of reference for life in Australia. :)Quote:
Originally Posted by Ted Striker
The downward slide is startingQuote:
Originally Posted by Art Shirk
Advertising a 10k reduction in price is a joke when 5 years ago the house was worth/selling for 250k and today it's some how selling for 500k
Houses that need new roofs have dated leaky bathrooms and 40 year old kitchens aren't worth what people are asking.
Time for a correction
Agreed, just look on Zillow at the estimated value in October 2020 and that is where stuff should be at the most or GTFO sellers.Quote:
Originally Posted by fastfred
Points only make sense if you plan on staying in the home until the break even point. Crystal balling where rates will be at x point in the future is a fool's errand, and broker buddy is fishing for fools.Quote:
Originally Posted by Art Shirk
"Elaine" is working for a buyer with a VA loan, and they've made two offers with points/credits at closing that were easily beaten by stronger conventional offers. Getting fancy never beats cash - of which there's still plenty out there.Quote:
Originally Posted by Art Shirk
So, when does the correction happen? What month is the RE housing market going to correct?
I'm going to say January '25
Bragging rights for those that call it.
Define correction.
As long as the buyer qualifys and the bank will lend them the money I have never understood what difference it makes if the funds come from a bank or from the buyer who has cash as long as the vendor gets paid at closing ?Quote:
Originally Posted by Ted Striker
It's going to take a lot of boomer empty nesters to finally move out of their 4 bd/3 bath homes, or die, to get prices moving in that direction. But it won't be a correction like 2008-12.Quote:
Originally Posted by Toadman
For starters, people are weird. After that, the property needs to appraise at the selling price for the collateral side of the loan. When it comes up short someone needs to cough up some cash. Since everything is negotiable, the seller doesn't want to be in the position where the buyer needs a concession or the deal falls apart, and the property goes back on the market. Properties that return to market more than once raise people's suspicions and are harder to sell (kind of like blood in the water for sharks) and for some, time is money.Quote:
Originally Posted by XXX-er
It's a slow fade to stagnation
By Feb the market will start to feel it
The reality of higher taxes and higher ins costs are just starting to catch up
People have been riding the pig with helocs spent on consumer goods and over leveraging to buy multiple properties at inflated costs.
100% of the major metropolitan areas down 10%+ in the Chase Schiller index for the previous quarter and still headed down.Quote:
Originally Posted by Ted Striker
well i won't argue people are wierd and of course the buyer may not qualify or sft especialy if its not a super clean deal but I am talking about a clean deal and every deal is different of courseQuote:
Originally Posted by Ted Striker
Back when I was a coorporate animal I actualy did win a deal by a few thou where i wasn't the highest of I think 5 bids at once I didnt actualy have the money but it was a pretty clean deal
the agent said "he has a corporate transfer to Vangroovy, he is qualifyed SO you pick him ! "
We won our first house even though the competing offer was higher. Without getting into the details, they just liked us better.