Current Events > U.S. likely to face recession in 6 - 9 months.

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Homeowner status here i come!

I heard this like a year ago

Homeowner status here i come!

heh

That's messed up lmao

I heard this like a year ago

That's messed up lmao

Homeowner status here i come!

It might be messed up, but a lot of people who are trying to be first home buyers have this mentality. If they did not have a home when prices shot up over the last 2 years, they have fallen behind on equity and will have a harder time getting a house, especially with mortgage rates where they are.

I hope you get a 8 percent interest rate.

We are in a recession now.

Well wtf are we in now then lmao

we're already in a recession

Currently we are not in a recession.

In the summer of 2022, politicians, economists and market professionals engaged in a great semantic debate over whether or not the U.S. economy was in recession. The argument, invariably influenced by politics, came down to how you defined the word recession.

According to the general definitiontwo consecutive quarters of negative gross domestic product (GDP)the U.S. entered a recession in the summer of 2022.

My mom told me it's happening this month so I have to buy gold and silver ASAP.

I mean it's debatable

Isn't the US already in recession?

Home prices better get fucking blasted.

Isn't the US already in recession?

Thats what Saul Goodman is hoping for too, hes trying to buy his own house

I mean it's debatable but most people say we're not in a recession yet but going into one soon.

two consecutive quarters of negative gross domestic product (GDP)

People still out here talking about how a recession and market crash means theyll buy their first house lmao.

without understanding how buying a home works im willing to bet.

How can "most people say we're not in a recession" when the general definition ("general" implying "most people") of a recession is:

Can you blame them, home ownership has gotten out of reach for many first time buyers

We are in a recession now.

That's messed up lmao

I mean it's debatable but most people say we're not in a recession yet but going into one soon.

it was actually the best its ever been over the last few years. This year is when it got back to normal and out of first time buyers hands.

lets say youre looking at 400,000 for a house. You get a 3% interest and youre looking at ~1750-1800 give or take on principle and interest.

at 6% youre looking at that payment jumping up to 2550 for just principle and interest.

sure you can refinance if interest rates come back down again at some point but youre talking about 600-700 more a month. I mean you might get lucky finding something but this isnt a case of people having predatory loans with balloon payments like 2008, the market is far more stable and less of a bubble from before so if a market readjustment does come its likely gonna be due to high interest rates pushing away demand at which point youre gambling just the same that youll find a spot to buy that wont lose value while hoping interest rates drop.

Which is a hell of a lot riskier than having bought over the last two years or so.

I heard this like a year ago

I thought raising interest rates is supposed to drive housing costs down? Meaning instead of paying 6% on 400k youd be paying 6% on a lower amount.

Regardless I wouldnt say what weve had was an ideal time to buy. Housing costs have been absurd. Even with 0 interest overpaying is overpaying.

I thought raising interest rates is supposed to drive housing costs down? Meaning instead of paying 6% on 400k youd be paying 6% on a lower amount.

Regardless I wouldnt say what weve had was an ideal time to buy. Housing costs have been absurd. Even with 0 interest overpaying is overpaying.