Posted on 01/04/2024 6:33:21 AM PST by ChicagoConservative27
The media U.S. mortgage payment was down nearly $400 in December from its October peak, enticing some homebuyers back into the market, according to a Thursday report from real estate group Redfin.
The median mortgage payment was $2,361 for the four week period ending in Dec. 31, Redfin found. That’s $372, or 14 percent, less than it was in October and the lowest average monthly payment in nearly a year.
The weekly average mortgage rate, which hit a 23-year high of 7.79 percent in October, also fell to 6.61 percent at the end of December after the Federal Reserve signaled interest rate cuts ahead in 2024.
(Excerpt) Read more at thehill.com ...
There’s a lot of overbuilding going on.
Yes, I believe so. In my little N. GA city they’ve just finished rough-in infrastructure buildup (lots, streets, sewer,
power) for about 270 houses in one spot. This is in anticipation for all the people fleeing Metro Atlanta.
My home will be paid off in less than 2 years and I couldn’t be happier.
These monthly payments nowadays are obscene
I agree. They just built a bunch of three level town houses by me. Plus, near me they built four new apartment buildings in walking distance of each other. All different builders.
Prices on new homes are being slashed, also new apartment buildings are going to reduce rents, good for renters, bad for landlords.
What’s sick are rental payments. We have always lived in modest homes with reasonable mortgage payments. I’ve refinanced a couple times over the years when rates were low. We’re currently in a 15 year at 2.4%. Our payment is about $1,000 a month including escrow and insurance.
Our kids all rent and their apartment rental is $900 - $1200 each. Weirdly the one with by far the highest income has by far the lowest rent. Two of them are about 30% of annual income going to rent. It’s a bit above what it should be but they have no other debt so it’s workable.
Rents in the new building by me are starting at 2 grand and up.
I just looked at an Apt I rented in Belleview WA (across the pond from Seattle) back in 2007. 480 sq/ft efficiency, meaning no bedroom. My bed was in the living room, a galley kitchen, bath with a 2x2 ft standing shower. I left in 2007 it was $1,080 month. A carbon copy unit next to my old one is going for $2,380 month. Parking is extra. That’s just unreal.
They will flee and the government will sue their little town, forcing them to accept Section 8 housing and all the crime that goes with it, all for the sake of equity.
Monthly home payments fall 14 percent
After it was repossessed
We’re all gonna die. Today’s mortgage rate is lower than almost every mortgage I’ve ever had. People think those ridiculously low rates since 2009 are normal. They aren’t. They were a sign of trouble.
“There’s a lot of overbuilding going on.”
Not in residential properties generally. Massive shortage of housing nationwide with exceptions as always in some submarkets. Out of 256 submarkets, most are in undersupply.
More whoppers. Don’t they think they can steal the thing or is the fabulous economy the reason they will give for Biden’s re-election?
Creative statistics 101. meaningless....
Well, I’m not going to hold my breath waiting for my home payment to fall 14 percent.
Payments are down by 14% after going up 150% - what a bargain
By Grapthar’s hammer….. what a savings.
Hat tip to Galaxy Quest.
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