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I don’t have a good way to reconcile the current hot job market with seemingly increasing reports of mass layoffs, but one wonders if the graph will change directions decisively at some point soon.
The world is bigger than tech.
Is this because individuals aren't as interested in buying houses, or because investors are buying more of them (and don't need financing)?
Less people are buying right now compared to this time last year which was a genuine frenzy at 2.8% rates.
Earlier quoted context omitted.
I’m seeing 5.0% most places (see ally bank). Still higher than its been but not pushing 6% by any stretch.
And it is still relatively easy to get ~4-4.25% with a little bit of negotiating.
Is this because individuals aren't as interested in buying houses, or because investors are buying more of them (and don't need financing)?
The last 3 years have been a gold rush for the refi business.
That and we are probably in a general housing slowdown off the highs which is related to the first point anyway via rates rising.
Makes sense. Nobody needs to refinance at these rates.
Seems like the bubble burst is going to be more sudden than we thought. 30 year mortgages are suddenly at nearly 5.5-6%, listings are sitting on the market for longer, and multiple cities are cracking down on Airbnb.
In Canada rates are creeping up from really low, often under 2% still.
Seems like the bubble burst is going to be more sudden than we thought. 30 year mortgages are suddenly at nearly 5.5-6%, listings are sitting on the market for longer, and multiple cities are cracking down on Airbnb.
In Canada rates are creeping up from really low, often under 2% still.
I don’t have a good way to reconcile the current hot job market with seemingly increasing reports of mass layoffs, but one wonders if the graph will change directions decisively at some point soon.
I don’t have a good way to reconcile the current hot job market... The world is bigger than tech.
Earlier quoted context omitted.
"Cracking down on Airbnb"... you say this as if Airbnb is a horrible thing or something LOL
I don’t know about other places, but Airbnb has been a mixed bag for NYC: I’ve seen it used to keep housing stock off the market, to dodge the obligations associated with keeping a property livable, and to essentially run entire illegal hotel businesses without attracting regulatory (including safety) scrutiny.
Warnings for noise complaints and rubbish don't really work if the person is just going to be gone by the time a third strike happens.
Canada never had a 2008 housing crash. Housing has been on a tear since the early 2000's and the average sale price of a home (nationally) is 2x that of the US despite lower salaries, higher taxes and a lack of 30-year fixed rates.
That is a bubble. My opinion is the US market is hot, but not a bubble. It could turn into one, but if this is a real correction, the fear of a bubble is much less.