Mortgage demand collapses, below 2008

[1srelluc]

Mortgage Applications to buy a house just collapsed to an index level of 147.??

That's the lowest level of buyer demand in 28 YEARS.

Lower than anything we saw in the 2008 Crash.

Down 41% from last year.

It's also down about 35% here in Virginia.....We generally weather such downturns better than the national average but considering home affordability is at record lows, this is of no surprise......If memory serves the old formula for a roof over you head was 30% of net income.....Now it's 40% and going up.

Blame game on!

 

[Votto]

Democrats will see to it that they take all your wealth.

As far as whose fault it is, obviously it is Putin

Da!

 

[JackOfNoTrades]

Mortgage Applications to buy a house just collapsed to an index level of 147.??

That's the lowest level of buyer demand in 28 YEARS.

Lower than anything we saw in the 2008 Crash.

Down 41% from last year.

It's also down about 35% here in Virginia.....We generally weather such downturns better than the national average but considering home affordability is at record lows, this is of no surprise......If memory serves the old formula for a roof over you head was 30% of net income.....Now it's 40% and going up.

Blame game on!

High interest rates will do that.

 

[shockedcanadian]

Keep an eye on Toronto and Vancouver. Artificially propped up by the feds and provinces for decades it is now about to get much worse for those home owners as property taxes will be forced up.

 

[Woodznutz]

Good! Now if home prices will just collapse, I will buy.

 

[MarathonMike]

Jay Powell was asleep at the wheel. Just like the Titanic captain, his job was to look ahead and make small incremental changes to avoid a crash. He failed.

 

[pknopp]

So?

 

[1srelluc]

Good! Now if home prices will just collapse, I will buy.

Homes will just be rented-out instead.....I don't see a collapse.....Every builder in my AO is building with a eye towards renting and are getting the capital to do so.

 

[pknopp]

Homes will just be rented-out instead.....I don't see a collapse.....Every builder in my AO is building with a eye towards renting and are getting the capital to do so.

People are just upset the dollar isn't nearly FREE any more.

 

[Concerned American]

Mortgage Applications to buy a house just collapsed to an index level of 147.??

That's the lowest level of buyer demand in 28 YEARS.

Lower than anything we saw in the 2008 Crash.

Down 41% from last year.

It's also down about 35% here in Virginia.....We generally weather such downturns better than the national average but considering home affordability is at record lows, this is of no surprise......If memory serves the old formula for a roof over you head was 30% of net income.....Now it's 40% and going up.

Blame game on!

Why am I not surprised? Lower level wages have doubled while skilled wages have basically stagnated. Meanwhile, real estate prices have doubled. In 2008 we had average unskilled wages of $10/hr trying to buy homes in the $350K-$400K range which is virtually impossible to sustain. Now we have low-skill wages of $14-$18/hr vying for houses in the $650K-$800K range. Problem is, everything else has increased in price to keep pace and the lower wages have put home ownership further out of reach for even the skilled workers. The feds answer to raise interest rates just compounds the problem. The problem boils down to democrats trying to manipulate the economy instead of allowing the free market to do its job.

 

[Manonthestreet]

Shelter in place my friend...all is going to plan

 

[1srelluc]

So?

Means nothing to me. In fact if it does collapse at least my tax assessments would go down.

 

[pknopp]

Means nothing to me. In fact if it does collapse at least my tax assessments would go down.

For the vast majority of people it means nothing.

 

[Concerned American]

Keep an eye on Toronto and Vancouver. Artificially propped up by the feds and provinces for decades it is now about to get much worse for those home owners as property taxes will be forced up.

Can you say "Worldwide DEPRESSION" Yup, the globalists and their puppet Biden did that.

 

[Concerned American]

For the vast majority of people it means nothing.

Sure, means nothing to that ever-increasing number of homeless. Have you noticed the increasing number of people who are unable to afford rent? Depression is coming.

 

[Mac-7]

Homes will just be rented-out instead.....I don't see a collapse.....Every builder in my AO is building with a eye towards renting and are getting the capital to do so.

That may be ok for the builders in the short term

But its not ok for the public that can no longer afford to buy a home

 

[1srelluc]

For the vast majority of people it means nothing.

Yep, they will be renting from the likes of Blackrock and not gaining any equity......"You will own nothing and be happy" comes to mind.

 

[1srelluc]

That may be ok for the builders in the short term

But its not ok for the public that can no longer afford to buy a home

But you can't put a price on no more mean tweets.....Am I right?

 

[Mac-7]

But you can't put a price on no more mean tweets.....Am I right?

That quote makes absolutely no sense to me

I am curious, but wont even hazard a guess about what you mean

 

[pknopp]

Sure, means nothing to that ever-increasing number of homeless. Have you noticed the increasing number of people who are unable to afford rent? Depression is coming.

We can't even seem to get to the recession. I'm sure we will try harder.