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Notes -
Anybody feel like telling a few stories about how the housing market might get better over the next couple years? I'm having a hard time seeing it and most people are more inspired by predicting doom than imagining the subtle signs of what an improving market would look like. Was out for a walk earlier with the wife and she mentioned how this one neighborhood we both like sometimes just bums her out now that she's accepted we're not going to be able to buy anytime soon. We've managed to save enough but even on lower end stuff, the monthly payments are insane and 2-3x what we're paying.
Mathematically the prices will go down. I’m glad it happened, this model of ‘pay almost no interest, just take on multi-generational debt you’ll unload onto the next buyer’ was getting really stupid. That sort of mortgage was really rent by another name, because they didn’t own the house and couldn’t pay it back. You dodged a bullet there, now you might actually get to own a house some day.
That doesn't help him since he is complaining about monthly payments as well, which will likely stay the same. When the interest rates go down again then the prices will rise at the same time.
The housing market isn't "improving" unless you're sitting on a bunch of liquid capital, which it kind of sounds like he is but he is going to have to eat the higher monthly payments.
Interest rates going down will likely mean the economy is in a downturn. It's anyone's guess what that will mean for prices.
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