Home Forums Hunting & Shooting Hunter's Campfire Future home prices?

Yes, another melt down. It's inevitable. Depends on your financial position. I would not borrow to buy. Pay cash. If you have to borrow, you are increasing your risk. What happens if equity tanks or bank calls your HELOC?

Don't have a HELOC and so long as I keep paying (I have enough, right now for 1 year's worth of payments) I'd have to think my bank will bend over backwards to keep me from losing it.

They will for a lot of people.

The LAST thing banks will want right now is housing they need to sell.

New mortgage applications down 25%

The demand for interest bearing .gov backed and funded business loans will overwhelm the ability to process low interest residential apps.
My prediction.

Or property taxes they have to meet on those homes.

This

Most people will worry about food and other necessary things first so the buyer pool will be reduced in uncertain times.

Income to a small degree effect prices. Basic RE value is affected by cost of building. The next factor is units available.

If people start being unable to meet payments it will increase the units for sale.

That is of course unless the political arena makes changes that allow borrowers to keep the home without making payments. I see that as a distinct possibility given the present

conditions. They will not want empty houses and homeless families.

Once this thing passes I think inflation is on the horizon. Not seeing a full blown depression. We were at record highs just 6 weeks ago. I think we will get back there but it will take some time and we now have a big bill to pay. I would go forward with your refinance.

We are 3 weeks into a 30 day closure(selling) here...Hope it goes through...

I don't see this being a big bump in the road.

I wouldn't be draining my savings to meet mortgage payments right now.
I'd go talk to my bank sooner than later, keep your nest eggs....

See how flexible they are willing to be, try for a one year extension on your mortgage loan and open a 12 month window with no payments starting now.

Keeping taxes and insurances current should show you as making a reasonable effort..

i personally am not doing anything financial until at least sept. i transferred all my retirement equity investments to a money market fund on feb 14th and am going to circle the wagons until i see how this crap works out. i'm 58 and ain't taking any chances. as BTO said, we ain't seen nothing yet.

What do you think the states are going to do when they find their income tax collections dropping like a rock? Oh yeah. Property taxes.

So is everything else.

Thanks everyone
I have enough in savings and mattress money to survive for 2 years. All my major stuff is paid off, just the house that I have or had 200k equity.
I’m going for refi first 15 year below 3% is the goal.
The heloc might not happen as banks are tightening up.
But if I can have that equity to pull out to buy another house l, I want to be ready

What do you suppose is going to happen to Zillow and other realtors who carry inventory?

I would be moving somewhere else, first thing in the morning.

I agree w this. With inflation which is inevitable I think today’s home prices will look cheap in a few years. They will look ridiculously cheap in a decade.

I’m with you, it’s looks like it’s going to grind into a real recession. So the bottom might be a year or more out. I’m happy on the sidelines for a while.

I used to think this bailout would cause massive inflation, I no longer do. The worlds economy is crashing, The USD with be the cleanest dirty shirt in the hamper, therefore dollars will be in high demand throughout the world... I.E. no hyper inflation