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What a mess

Steve - another thanks for lighting a candle in the darkness.

Here in my corner of New England I see many For Sale signs, but there's no feel of impending doom. Houses are still being bought and sold, altho' at a slower rate than in recent years. And the frequent talk of "another blow to us poor taxpayers" raises hackles, but in truth signifies almost nothing.

Of course, media will push whatever headlines will grab more eyeballs for the sponsors' adverts. Not that news coverage is much different now from what it's been over the last two hundred years.

"Every normal man must be tempted at times to spit on his hands, hoist the black flag, and begin to slit throats." H.L.Mencken

Tom
 
All very interesting, guys.

And, I can tell you that mortgage interest rates are about 1/2 point higher now than a couple of months ago (I'm looking at 15 yr, fixed rate).

I'm building a new garage addition with living space above, and feelin' the mortgage increase pain.

Crazy mortgage rates, all over the board, it seems.
 
re: mortgage rates

Take a look at the average rate on a 30 year fixed rate mortgage in October 1981 -

<span style="font-size: 17pt">18.45%</span>

:eeek:

Source: https://www.freddiemac.com/pmms/pmms30.htm

Unemployment "rate" in December 1981: 7.6%
(rate topped 9.7% in 1982)

Inflation rate (CPI base) average 13.5% for 1980.

Things today could be a *lot* worse.
 
Steve said:
What we are finding in the real estate industry now is that lenders out in California, mainly, who have foreclosed on properties are not even countering on the offers being written, and properties are going into Escrow for
much more than they are listed for because they are being priced so far under market to get the offers coming in.

Yea...Well...
Don't do that :rolleyes:

Know your market...
And get a good attorney.
My last one had 2 mortgages, a home equity and some car thing I still don't understand against it.
It was a mess and took 9 months but I got it really cheap.
 
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