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Bocephuss t1_iwvsqhd wrote

Reply to comment by WirelessBCupSupport in Home sales fell for the ninth straight month in October, as higher mortgage rates scared off potential buyers by ChocolateTsar

>No one wants to be underwater, which I'm guess, is now happening to many that outbid and overbid.

Maybe I am missing something but even if you overbid on a house last year, you did so at a sub 3% interest rate.

So even if your home isn't worth as much as you paid, your monthly payments are most likely still lower than what they would be if you bought the same house today at 7%

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Savet t1_iwwnc3k wrote

You aren't missing anything. Everybody that rushed to buy at super low rates was essentially just buying the rate down with the inflated purchase price. Now we have a bunch of people that have never seen real interest rates freaking out.

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