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In reply to the discussion: Home prices are going to start falling, and it's going to be a major shitshow for the country [View all]MineralMan
(146,640 posts)2. That seems possible.
However, it won't be even everywhere, I think. What is is going to do, though, is kill the idea of buying a house right now for first-time homebuyers, assuming there are any of those out there.
It's also going to drastically cut back on people's refi plans. Many homeowners were considering a refi to cash out some of their increased equity in a property. But, with mortgage interest rates above 6% now and rising, that's not going to be so attractive.
Will home prices go down? Not right away, I'm sure. Homes currently on the market, though, are likely not to sell quickly, as people start recalculating what they can afford.
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Home prices are going to start falling, and it's going to be a major shitshow for the country [View all]
Hugh_Lebowski
Jun 2022
OP
You only feel the effects of being underwater only if you go to sell. Otherwise you won't
in2herbs
Jun 2022
#40
I'm really interested in the Reverse Mortgage thing as well. Like you, I have no kids to leave....
Tarheel_Dem
Jun 2022
#36
The only way I plan to leave my home is if I can no longer climb stairs. After I read your post,
Tarheel_Dem
Jun 2022
#45
I'll definitely keep good records. And I'll also definitely insist on paying my own taxes & .....
Tarheel_Dem
Jun 2022
#49
Please do really serious research before you get conned into a reverse mortgage.
BSdetect
Jun 2022
#61
I didn't mean to imply it's a bad thing for every person in every situation
Hugh_Lebowski
Jun 2022
#9
Your prediction is borne out by what looks like a huge bubble in the homeowners equity chart
andym
Jun 2022
#10
Same here ... Zestimate is about 130% higher than what I paid 7 years ago
Hugh_Lebowski
Jun 2022
#15
If it's a massive, practically overnight crash, those would be different conditions than what I'm
Hugh_Lebowski
Jun 2022
#21
that had a lot to do with liars loans and the crooked lending industry.....
getagrip_already
Jun 2022
#23
AVG mortgage rates are at 5% where I'm at, values will NO DOUBT fall because the number of people
uponit7771
Jun 2022
#35
Wealthy cash investors may be wary of the falling knife effect, when prices decrease
andym
Jun 2022
#25
My theory here is institutional investors would be buying and trying to get people to lease their
Hugh_Lebowski
Jun 2022
#46
Am I the only person in America who bought a house because I wanted to live in a house?
NutmegYankee
Jun 2022
#60