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Originally posted by JEWELSTAITEFAN:
People don't gotta eat. People gotta have their phones.

All the TVs are gonna be shoplifted by the time you get there, Jack.

4 x $200 is less than the shoplifting threshold.

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Apartment rents are shooting up in hundreds of cities across the U.S. Here's why.

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In New York City, the average monthly rent stands at a whopping $5,812. In Pflugerville, Texas, an Austin suburb, the average monthly rent is $4,451. In Jersey City, New Jersey, renters can expect to shell out $4,421 on average, according to Apartmentguide.com.

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More inventory hitting the market could provide some relief. But as long as mortgage rates remain elevated, more Americans will be inclined to rent rather than taking the plunge into homeownership.

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Renting is cheaper than buying in three-quarters of the country's 50 largest metro areas, according to Realtor.com. On average, first-time homebuyers can expect their monthly payments to top $2,400, versus $1,876 to rent the typical apartment.

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"So when that [mortgage] rate starts coming down we then may start to see some movement from renters to buyers, but until that happens we are still seeing a lot of upward pressure on those rental properties," Carberry said.

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Originally posted by 6IXSTRINGJACK:
VOX: The inflation prices that broke us

Keep that inflation coming, Joe.

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Originally posted by 6IXSTRINGJACK:
Joe Biden* doomed Americans to this economy with the Executive Actions he signed the first day he was in office.

Fuck off with your constant gaslighting, liar.

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Falsus in unum, falsus in omnibus

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6IXSTRINGJACK:
VOX: The inflation prices that broke us
Keep that inflation coming, Joe.

SECOND: This is a graph of inflation in percent for Natural Gas. How can anyone, other than a buyer of natural gas, see this as anything but a huge benefit for sellers of natural gas? Capitalists earned these rewards.

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Originally posted by SIGNYM:

How? By "working hard"?
OR by sitting on top of these resources like a junkyard dog?
That's not "real capitalism", that's "rentier capitalism".
You even posted about it as a bad thing.
Apparently you don't even know what you're posting.

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Originally posted by 6IXSTRINGJACK:
Second is an idiot that just likes to be argumentative with everyone.

It's a godsend to his family that he hasn't gotten both of his handles banned off of here.

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Falsus in unum, falsus in omnibus

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Originally posted by second:
6ix, the Capitalism of today is not the Capitalism described by Adam Smith:

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Originally posted by 6IXSTRINGJACK:
Interest on a 30 year mortgage in a very plausible future of 6.75% for a $250,000 home with $25,000 down payment ends up being $300,364.46. The buyer's monthly mortgage payment is now $1549.35. Total cost of your $250,000 home now costs the buyer $525,364.46 after 30 years. Total interest payments over 30 years are now 120.1% of the appraised value of the home.

This is not tenable. The $250,000 appraised value of your home is untenable.

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And I hate to break it to you, but even 6.75% for montage rates is fairly low, historically speaking. Between 1971 and one brief moment in 1998 you never even saw a rate that cheap. It wasn't until the 3rd quarter of 2002 that rates finally dipped below that number and have never been that high again.

(Verify the above statement here: https://fred.stlouisfed.org/series/MORTGAGE30US )

Ripples...

The Joe Biden* economy was the final nail in the coffin for 25 years of extreme mismanagement of the economy by Washington elite on both sides of the aisle.

If you're not already prepared, you'd best start preparing while you still can.

Winter is coming.

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Originally posted by 6IXSTRINGJACK (August 5th, 2022):
The housing market crash I predicted (incorrectly) back in the late aughts is the one that's going to happen right now. Sure... We had a housing market crash back then, but that was speculative bubbles bursting everywhere.

THIS [meaning high interest rates] will be the reason that the housing market crashes again now.

In December 2021, a 30 year mortgage rate was 2.70%

In July 2022 it was 5.51%

Let's do some math, (You can verify it here https://www.drcalculator.com/mortgage/ ), assuming that the house you own and are looking to sell is appraised at $250,000.

Assuming they make no additional payments in 30 years, somebody who bought your house in December of last year at a rate of 2.70% will find their monthly mortgage will be $912.59. They will end up paying $103,534.07 in interest. The total cost of that $250,000 house you sold will be $328,534.07 for them.


Now, assuming they make no additional payments in 30 years, somebody has 10% down and wants to buy it in July of this year with a 30 year fixed mortgage at 5.51%. For that same house, their monthly mortgage payment will be $1,278.94. They will end up paying $235,417.53 in interest. The total cost of that $250,000 house you sold will be $460,417.43.

Do you see where this is going yet?

Interest on a 30 year mortgage back in December for a $250,000 home with $25,000 down payment ends up being 41.4% of the appraised value of the home.

Interest on a 30 year mortgage last month for that same $250,000 home with $25,000 down payment ends up being 94.2% of the appraised value of the home.

The buyer is now going to be paying nearly double the appraised price of the house over 30 years with a 5.51% mortgage rate.

How long do you think your house is going to be worth $250,000 in this scenario?

Which brings some other questions... How likely is it going to be that any home builders are going to be building any new homes to open up the shortage in housing when standard framing 2x4's are nearly $5 each, but the homes are going to be plummeting in value because of high interest rates?


What happens when the FED raises their rate to 3.4% by the end of the year? Possibly over 5% by summer of next year?

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for a $250,000 home with $25,000 down payment ends up being $300,364.46. The buyer's monthly mortgage payment is now $1549.35. Total cost of your $250,000 home now costs the buyer $525,364.46 after 30 years. Total interest payments over 30 years are now 120.1% of the appraised value of the home.

This is not tenable. The $250,000 appraised value of your home is untenable.


And I hate to break it to you, but even 6.75% for montage rates is fairly low, historically speaking. Between 1971 and one brief moment in 1998 you never even saw a rate that cheap. It wasn't until the 3rd quarter of 2002 that rates finally dipped below that number and have never been that high again.

(Verify the above statement here: https://fred.stlouisfed.org/series/MORTGAGE30US )

Ripples...

The Joe Biden* economy was the final nail in the coffin for 25 years of extreme mismanagement of the economy by Washington elite on both sides of the aisle.

If you're not already prepared, you'd best start preparing while you still can.

Winter is coming.

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the national median home price remains nearly 40% higher than it was three years ago. Meanwhile, the average rate on a 30-year home loan climbed to a new high for the year this week at 6.81%, mortgage buyer Freddie Mac said Thursday. That’s more than double what it was two years ago.

The combination, along with a stubbornly low level of homes for sale, is driving mortgage payments higher, pushing the limits of what many homebuyers can afford.

Consider that two years ago the median national monthly payment on home loan applications was $1,320.48, or 63.4% less than what it was last month.

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