Higher interest rates crush mortgage application volume, down 9.4%

a reply to: Bluntone22

Oh yes... because we all know the economy is fantastic. Obama said so.

Things are great these kids are morons.

MEH

PLEASE PLEASE PLEASE one of you provide a link to statistics that backup your analysis of most of our students taking courses that are useless. JUST ONE SOURCE

a reply to: Darkmadness

I never said they were stupid did I?

Here is a list from 2014.
Many of these students should be in the job market now.

college.usatoday.com...


Numbers 10, 9, 8, 2,

40% of the top ten are hard to make good money with.

a reply to: Bluntone22

I don't see any metrics in that other than them claiming these are the top programs.

What are the actual numbers and do they add up to 45%???

originally posted by: Darkmadness
a reply to: Bluntone22

I don't see any metrics in that other than them claiming these are the top programs.

What are the actual numbers and do they add up to 45%???

Your inability to research and draw your own conclusions is demonstrates the problem with the 45% of millenials who can't find jobs...

a reply to: Edumakated

Actually I have a job making decent money.

Why don't you go ahead with your infinite knowledge and provide the link yourself???

I mean besides the obvious answer that you probably can't.

originally posted by: Darkmadness
a reply to: Bluntone22

I don't see any metrics in that other than them claiming these are the top programs.

What are the actual numbers and do they add up to 45%???

I provided a link as you asked.

Have you considered that some of these kids might have the piece of paper that says theyre educated but are not really able to put the degree to use in the real world?
That with the bad subjects I listed should easily make 45%

a reply to: Bluntone22

You provided a link filled with hyperbole and had actually ZERO statistical evidence to support it's presumptions or any information on where the data was collected from in order to support the narrative.

Still waiting guys..........

Also.. from your link it says there are 21 million students in college..

Your going to tell me there's 21 million high paying jobs that college programs offer in their coursework?

because a ton of available jobs don't require educations such as the post I made the other day about jobs in printing, extrusion and CNC.

a reply to: Darkmadness

The real estate market is still at least 50% of what it will be,I expect houses will fall in price faster then they can raise rates,then comes the big foreclosures,it's been in cycles for years,I made 389k off a house in 06,had I sold it now would be pretty much what I owed,I cashed out,I'm waiting for market to correct to buy more property,but right now that 300k house will soon be around 100k,because no one will have money

a reply to: Oldtimer2

The real estate market is still at least 50% of what it will be,I expect houses will fall in price faster then they can raise rates,then comes the big foreclosures,it's been in cycles for years

I totally agree and this is what I mean when if I buy a house now I am potentially going to be losing a lot of equity in that home because the market is and has to correct itself to the current economic paradigm.

it can't just keep going up because it's already unaffordable.

Correction coming.

Mortgage backed securities 2.0.

originally posted by: Oldtimer2
a reply to: Darkmadness

The real estate market is still at least 50% of what it will be,I expect houses will fall in price faster then they can raise rates,then comes the big foreclosures,it's been in cycles for years,I made 389k off a house in 06,had I sold it now would be pretty much what I owed,I cashed out,I'm waiting for market to correct to buy more property,but right now that 300k house will soon be around 100k,because no one will have money

Really depends on the area. In many markets, prices are driven by supply and demand. Here in Chicago, the urban neighborhoods and suburbs with good school systems recovered nicely or didn't lose much value. However, many areas like exurbs or marginal areas still haven't recovered because no one wants to live in those communities. Properties that are functionally obsolescent also haven't recovered - older buildings with bad views, jacked up floor plans, or other things that cannot be fixed.

Our downtown market has been booming (especially rental rates) because all the millenials want to live downtown. Most of the major corporations have been opening offices or moving their corporate HQs downtown as the millenials they are trying to hire don't want to live in the suburbs.

There are other areas where you can't give property away... bad school systems, too much crime, poor public transit, etc.

Good lord this thread is full of excuses.........and that is part of the problem.........whining and lack of education.

Real estate is the easiest way to make yourself obscenely rich by utilizing it properly.

It is the only industry where you can bypass college, spend >$3,000 to get started, and still end up as powerful/successful as a doctor or lawyer or other high level professional.

Having no money is literally no excuse on why you cant make a purchase. Credit shouldnt be a show stopper either. Ive made it without both items, and yet I was able to buy 7 properties in 2016 alone. I am 29, and have only been licensed and involved in real estate since January 4th 2016. They key was education, education, education - and self taught at that.

So I am seeing a thread full of responses with terrible advice. Deny the ignorance surrounding the popular beliefs about real estate. Its a wonderful tool, and more people should be using it to their advantage.

As a licensed RE Agent, I actually put my money where my mouth is. I have sold triple the amount of homes that I have purchased (not my own, what I have sold to clients looking to purchase), and yet my cash flow from those purchases will make me about 80% of what my commission on sales will be. The kicker is the equity positions though. I made 10X my commission checks on just that one side alone. Nevermind how much I will save on my taxes from these investment properties.

a reply to: phishfriar47

Great it's good for a business model for you right now.

How'd that work out for everyone in 2008 when we were in a similar situation?

You know... no one could actually afford to buy houses so the market bubble burst?

originally posted by: phishfriar47
Good lord this thread is full of excuses.........and that is part of the problem.........whining and lack of education.

Real estate is the easiest way to make yourself obscenely rich by utilizing it properly.

It is the only industry where you can bypass college, spend >$3,000 to get started, and still end up as powerful/successful as a doctor or lawyer or other high level professional.

Having no money is literally no excuse on why you cant make a purchase. Credit shouldnt be a show stopper either. Ive made it without both items, and yet I was able to buy 7 properties in 2016 alone. I am 29, and have only been licensed and involved in real estate since January 4th 2016. They key was education, education, education - and self taught at that.

So I am seeing a thread full of responses with terrible advice. Deny the ignorance surrounding the popular beliefs about real estate. Its a wonderful tool, and more people should be using it to their advantage.

As a licensed RE Agent, I actually put my money where my mouth is. I have sold triple the amount of homes that I have purchased (not my own, what I have sold to clients looking to purchase), and yet my cash flow from those purchases will make me about 80% of what my commission on sales will be. The kicker is the equity positions though. I made 10X my commission checks on just that one side alone. Nevermind how much I will save on my taxes from these investment properties.

Yup... we are at the top of the market.

When you start seeing these posts, you know the sh*t is about to collapse. I got into mortgages in 2002. I remember around 2005-2006 when financing got really easy and everyone thought they were going to be the next Trump or millionaire RE investor. All the fly by night Realtors were the first to get smashed.

All the easy money has already been made years ago. The smart money was buying when the market collapsed. They are selling now.

It is like the stock market. All the amateurs start selling as soon as the market starts falling while those in the know start buying.

a reply to: Darkmadness

My family purchased in 2008/2009/2010 etc. which also helped me realize that this was my path.

Its a funny thing, when markets collapse, and people lose their homes, they can only turn to a couple of sources. Family or renting from someone.

I am even better positioned to buy during the next down-cycle.

I can always use my commission checks on the 'inflated' sales side to fund my purchases on the good deal side while the market is ticking up. And then when it crashes again, and I dont have commission income coming in, guess what? I have rent coming in. Which can then help me fund all those prime purchases of the current pool of 'crashed' properties that just hit the market.

Im not saying you dont have to be smart, and that theres not work that you have to be willing to do. Im just saying if you want somewhat easy money and residual income while owning an asset you can drive by and touch, then real estate makes sense.

Full disclosure though, I dont think buying a long-term house to live in is your best deal either. People need a better plan than that.

Dang, is this the thread where dreams come to die?

There is no better, or bigger investment in most people's lives than their home.

Renting makes zero sense if you plan on being in one spot for at least a couple years.

Depending on state, when you make improvements on your primary residence, the sales profit is untaxable if the sale is done after 2 years.(Fl)

This post covers too many angles.

Getting hooked by the banking mortgage cartel, is not the only pathway to home ownership.

I am an investor, and there are quite a few ways to pick up a house, some are sketchy, but almost free.

If you can keep a paycheck, you can search for "owner financed" or "rent to own deals, this is where an investor, retiring lanlord, or family wants to unload a house that is probably paid off all ready, and they don't want to make any repairs. The catch is usually a sizable dwn payment. Your job is calling 100, or more of them and finding the one who will play ball.

Once a purchase agreement is made, closing takes place and you are the owner on the title now. You can sell it tomorrow for double, and the owner is owed the balance of the original contract price.
Again, a 2 year hold of the title would make this tax free.

If you are borderline broke and homeless, you can go to crappy houses in decent areas that look abandoned, try and locate an owner, if no one can be reached, you can start paying back property taxes, move in, change the locks, set up utilities, make it yours. This process has a court set timeline and rules to it depending on area. They will legally grant you a title to it after the taxes are current, and you create a pattern of paying them after that.

My fiance and I are considered millennials I guess. She graduates on Dec 14th with a bachelors in early childhood/special education. A very high in demand field im America. It was so in demand there were so many gov grants they were throwing at her she couldnt take them all. All together after the 14th we will have about $2500 she owes in student loans.

She just accepted her first (Real) job at a private school in a self contained classroom making about 45k a year starting which is great. In my current role I bring home 40k to 50k depending on my OT. So combined I would say we are in a great position to consider buying a home here in the valley.

ONly thing currently holding us back is housing prices. I understand that interest rates are al an all time low but housing prices are at an all time high.

When my parents bought their home in 1987 they paid 80k. 20 years 2 freeways and a slew of businesses later and that home was worth 550k in 2006. THey ended up taking out another small loan on the home in order to remodel the place.

Then comes the market crash in 2008 and my parents almost lost everything because of the home. That 550k house even with the remodel was worth at best 180k. Now after the last couple of years it has gone up to over 200k but how long is it going to be before the next crash.

So what im getting at is buying a home right now would be smart for the interest rate. But what happens when I spend 150k to 250k on a house now then next year the market crashes again and the home is now only worth 100k. But I still owe 150k to 250K?

This is what scares us into continuing to rent. I will wait until I can buy low. To hell with the interest rate. Ill take a 20 year loan and pay it off in 8.

a reply to: PraetorianAZ

I make similar amount of money that you do but honestly, it doesn't feel like 50k a year should feel.

I still have to have a very tight budget with limited spending in order to grow my savings.

It doesn't feel like im out of poverty.

However I still count my blessings knowing many students are graduating in massive debt and starting out much lower than where I'm at.

Double edged sword.

a reply to: Darkmadness

I don't know what part of the country you live in but with current rates it would be wise to buy instead of rent if you can. I know a couple of guys that have single- family homes and have multiple rentals in NY. Example, one guy bought a house in a bad part of long island for $295,000 put only $10,000 down and pays $2,300/month. He rents his basement for $1,100/mo and his second floor for $1,500/mo and he doesn't claim any of it. That's $2,600/mo and he makes around $100,000/yr. He is a guy who came here by running over the border. He's caking it big league. His brother does the same but has 3 rentals. His brother has a new car, a second car and a boat. They both came illegally and had sir to their names. Both are looking to buy their second home.
Sometimes you have to think outside the box
And scrounge sometimes.
Also, to not think a property is not an investment is far from wise. Mostly everyone I know that ever owned a home made or will make a profit or huge profit off of it.

a reply to: VinylTyrant

Oh where I live buying property is delusional it's turning into Detroit.

I'm actually not factoring that into the overall equation because I have lived in areas where I would love to buy a home but can't on my income.

a reply to: VinylTyrant

Oh where I live buying property is delusional it's turning into Detroit.

I'm actually not factoring that into the overall equation because I have lived in areas where I would love to buy a home but can't on my income.