1moretimeagain
Iconic Member
- Messages
- 2,007
“This is the hottest story in world right now.”
Economic News
- Thread starter nycfan
- Start date
- Replies: 3K
- Views: 134K
- Politics
- Messages
- 1,647
Are you working with a lender to offer rate buy downs? If not, you should probably be. If that's not something your listing agent is suggesting, you might want to ask them about it. In the current environment, that is far more effective than price reduction.re #2 : I am in that select company. I now own two residences because my current residence has not sold. I will be moving to my new primary residence in a few weeks and will continue to be the not so proud owner of two primary residences until this house sells
Judging by their stocking issues and price increases, not that long. I go by about once a week, primarily because their baked goods are better in my opinion than most and a couple of other things like a coffee that I liked that they haven't had in six weeks. They are getting gaps on their shelves and some things seem to have been removed.
- Messages
- 3,358
It will be interesting to see what the Wegmans and the Harris Teeters of the world report in sales. Though i guess HT gets buried in Kroger's data now.
- Messages
- 1,042
Things like this make me realize just how many awful people there really are in this country. They just needed the right hormone/signal to come along to allow them to emerge from their cocoons.
- Messages
- 3,358
There is that apocryphal saying: "1/3 of your people would kill another 1/3, while 1/3 watches."
- Messages
- 2,381
This is a new concept for me. What is a rate buy down ?
We met with our agent two days ago to assess our situation. Our house has been on the market for 5 weeks in a neighborhood where houses were selling in a week a year ago. We thought that maybe the agent had overpriced our house given the current market post Trump election. The agent told us that houses in our area have been on the market an average of 8 weeks prior to selling and so we agreed to wait another 3 weeks before reducing the price.
But I am interested in learning about rate buy down offers as an alternative option.
Thanks
- Messages
- 2,381
Americans filing claims for jobless benefits rose to 235,000 for the week of Aug. 15, the largest increase since late May. Economists expected 225,000 jobless claims to be filed.
Meanwhile, continuing claims jumped to 1.97 million, greater than the 1.96 million anticipated, in a sign that Americans without jobs are finding it difficult to get a new one.
Meanwhile, continuing claims jumped to 1.97 million, greater than the 1.96 million anticipated, in a sign that Americans without jobs are finding it difficult to get a new one.
Are former federal workers showing up in these numbers yet? When those kick in, I expect a surge.
Nothing like planned sabotage of the economy. The republican way, no doubt.
- Messages
- 1,647
My guess is that the slowdown you have seen is indeed affordability driven...but more payment than actual price. Take a look at the below which would involve you as the seller paying $30k for a rate buydown rather than you taking a 30k price reduction. I just assumed a note of $500k but we can play with the numbers.
Now...let me go on record as saying I generally think buydowns are bad financial advice for most buyers and this kind of shit is propping up the market in dangerous ways...BUT in this case im putting my listing agent cap on and protecting you (the seller) from the perils of the current market.
By the way, next time call me. I may live in Cary and do 95% instruction, but I still take care of friends and family in Chapel Hill and Hillsborough. Anyone from here qualifies as friends and family.
ChileG
Iconic Member
- Messages
- 2,108
Related
The Home-Builder Heir Who Is Stoking the Jerome Powell Frenzy
Trump’s freewheeling Federal Housing head Bill Pulte is waging an unorthodox social-media campaign to oust the Fed chair
—> https://www.wsj.com/finance/bill-pu...0?st=MzDoLP&reflink=desktopwebshare_permalink
“… The 37-year-old FHFA chief, known to some as “Little Trump,” has recently inserted himself into the middle of the action, thanks to a relentless social-media campaign targeting Federal Reserve Chairman Jerome Powell. He even drafted a letter for President Trump to fire Powell. (Trump on Wednesday denied that he planned to, though didn’t rule it out entirely.) [He is also behind a new push to demand a Biden appointee to the federal resign that got Trump to post this today:
]
…Pulte, an heir of one of the largest home builders, has 3 million followers on X, after gaining popularity by giving away money using the platform. Like Trump, he regularly posts policy changes or ideas in real-time and airs frustrations. Shares of Fair Isaac Corp., also known as FICO, fell sharply earlier this year after Pulte said he was “not happy” with the credit-scoring firm.…”
This is all very rich coming from the man who probably has committed more fraud when it comes to property loans than any person in existence.
I thought the GOP battle cry around this type of activity was, “what’s the big deal? Everyone does it1 Victimless crime! This means I’m smart!”
- Messages
- 1,647
This is correct. Large homebuilders commit more mortgage fraud in a day than the rest of the nation does in a year.
- Messages
- 24,898
Yeesh, that’s a crap deal for the buyer. They are only getting about 77% of the value of that $30,000. But it’s a nice deal for the lender which is getting a prepayment of a portion of the interest for the first three years plus a significant premium of the interest they would have been paid this three years on the fixed monthly payment.My guess is that the slowdown you have seen is indeed affordability driven...but more payment than actual price. Take a look at the below which would involve you as the seller paying $30k for a rate buydown rather than you taking a 30k price reduction. I just assumed a note of $500k but we can play with the numbers.
Now...let me go on record as saying I generally think buydowns are bad financial advice for most buyers and this kind of shit is propping up the market in dangerous ways...BUT in this case im putting my listing agent cap on and protecting you (the seller) from the perils of the current market.
By the way, next time call me. I may live in Cary and do 95% instruction, but I still take care of friends and family in Chapel Hill and Hillsborough. Anyone from here qualifies as friends and family.
- Messages
- 2,381
Yes
And for me a potential buyer for my house who is worried and wanting to reduce his monthly mortgage payment by a few bucks is not going to be in a financial position to buy my house.
That said I appreciate wmheel1287 reaching out to me and sharing his real estate expertise. Anything real estate related, I pay attention to his posts.
Recognizing that Pulte could be lying, he is claiming she bought one property on June 18, 2021 in Michigan and another property on July 2, 2021 in Atlanta -- claiming both would be principal residences. The closeness in time of the two purchases is an issue.
Now, using federal data to go after enemies is an issue. Also, it is dubious that pre-Fed conduct qualifies as "cause" to terminate a fed governor. But it is hard to see how to justify purchasing two primary residences within two weeks.
superrific
Legend of ZZL
- Messages
- 9,495
An issue, yes, but not a smoking gun. I admit to not knowing residential real estate financing inside and out, but some other considerations:
1. She was buying properties where she didn't live or work, but would have been obvious places for her to work. Ann Arbor in particular screams, "I am lateralling to U of M."
2. Interest rates were about to go up, so she wanted to buy right then. It's possible she didn't know which job she was going to take, and then a third job came up . . . .
3. It is implausible to me that the mortgage lenders didn't know about the other mortgage. If they were fine with "intent for primary residence" then presumably they had more information about the situation than we currently do.
4. She ostensibly tried to put the Atlanta property up for rent in September 2022. That strongly suggests that she had been trying to sell it but, in the poor home buying environment, was unable to. So, like heelinhell, she saw renting as the only option. That would be not in any way illegal, I don't think, because the form asks about intent to use as a primary residence.
Re No. 3, the first wouldn't know about the second and the second likely only knew about the first if she disclosed it. The lenders typically just run the credit reports and mortgages in progress likely would not show up on the report (and hard credit inquiries would simply look like she was shopping lenders).
As for your last sentence, I assume you are happy with the NY appellate ruling on Trump -- if the lenders don't care, then neither do I?