(10-20-2023 01:22 AM)banker Wrote:  

(10-19-2023 07:37 PM)Eagleaidaholic Wrote:  Will hit 5% tomorrow with another rate hike looming. 30 year mortgage rates at 8%. Gonna be bad.

Yeah, but it’s needed. We need to get back to reasonably priced housing and get people saving instead of spending. It’s a great time to have cash.

Problem is everyone has maxed out their equity in their homes with sub 3% refies and will be upside down for years going forward. Mix that with looming REOs to start hitting the market next year and there is trouble on the horizon for lenders......again.

(10-20-2023 07:38 AM)Eagleaidaholic Wrote:  

(10-20-2023 01:22 AM)banker Wrote:  

(10-19-2023 07:37 PM)Eagleaidaholic Wrote:  Will hit 5% tomorrow with another rate hike looming. 30 year mortgage rates at 8%. Gonna be bad.

Yeah, but it’s needed. We need to get back to reasonably priced housing and get people saving instead of spending. It’s a great time to have cash.

Problem is everyone has maxed out their equity in their homes with sub 3% refies and will be upside down for years going forward. Mix that with looming REOs to start hitting the market next year and there is trouble on the horizon for lenders......again.

So the greed and poor decisions of consumers should be the guide for monetary policy? And being I’ve leveraged at a fixed low rate is t the same as what we saw in 2008 when it was short term adjustable rate debt the greedy, poor decision making consumers had taken on.

I’ve said it before, rich people get rich by taking advantage of bad situations caused by greedy, poor decision making people. It’s a good time to have cash because opportunities are coming.