Total Interest Paid on a $500,000 Mortgage: - May 2021: $220,000
- NOW: $710,000 In 18 months, mortgage rates have risen from 2.5%
to 7.1%. Further, the housing affordability index is officially
below 2008 levels. The well overdue housing market correction is on
its way.
The telltale sign that housing prices were peaking this time
last year? Sellers refusing to accept offers that included a
contingency to inspect the property. I feel bad for the naive
first time buyers caught up in the frenzy ("the fear of missing
out"), and loathe the real estate agents who advised it was no big
deal. Buyer beware never more relevant
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Kobeissi Letter
Posted by steve on 2nd of Mar 2023 at 06:44 pm
Total Interest Paid on a $500,000 Mortgage: - May 2021: $220,000 - NOW: $710,000 In 18 months, mortgage rates have risen from 2.5% to 7.1%. Further, the housing affordability index is officially below 2008 levels. The well overdue housing market correction is on its way.
The telltale sign that housing
Posted by RichieD on 3rd of Mar 2023 at 09:03 am
The telltale sign that housing prices were peaking this time last year? Sellers refusing to accept offers that included a contingency to inspect the property. I feel bad for the naive first time buyers caught up in the frenzy ("the fear of missing out"), and loathe the real estate agents who advised it was no big deal. Buyer beware never more relevant