Great for home inspectors or homeowners and buyers, but the rest are screwed. You thought things were bad under Carter (some of you are old enough to remember).
CPI up 1.7%. Give me a break. Gas up 10% in 20 days. With the price of milk and beef up so much I think the cows joined a union. Real inflation is goingto kill us.
My advice is that if you can borrow at 5.25%… borrow all they’ll lend you. You can pay it back with toilet paper (U.S. dollars) years from now when it is worthless.
Home prices depend on demand for homes. Demand for homes will not rise until unemployment decreases.
People aren’t buying homes now, not because rates are too high (they are at historic lows). People aren’t buying homes because they don’t have jobs. The only way to spur home sales is to spur job growth. Until that happens, economic growth will be bumping along the bottom.
think you are right, Nick. Just read an interesting article showing how corporations/investors will be bringing in their offshore trillions since Treasury is now the place all Mortgage Backed Securities go to die. Everybody got paid off, no criminal penalties to banks and WS, no pensioners on the street due to their investment in RE. All those fradulent boxes of tranched MBS will just turn to dust at the Fed Reserve. Fannie and Freddie are paying the big banks bonuses to turn over servicing rights and walk away. Obama has about 3 weeks to make sure middle america knows prosperity is just around the corner and Nancy Pelosi gets here speaker job back. Ten more years of prosperity before the bubble bursts.