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hypotenusehippo t1_j6mviad wrote

Houses are still $250k on average over what they were in 2020 in my area. I'd say he still has work to do but whether he has the stones to do it is another matter with all the outside influence

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Jarlwald5 t1_j6myp36 wrote

I thought the same thing when trucks and SUVs shot up to 65k or more with elevated rates. Who the fuck can afford a 70k Tahoe at 6% interest? Well apparently a lot of people can lol. He's got to bring the hurt on some of these people before it makes a dent.

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Mya_Elle_Terego t1_j6n6lau wrote

That shit ain’t coming down until real inflation drops. The commodity market is on steroids. Steel selling for more than aluminum. Those items aren’t based on sentiment, but global commodity rates. I couldn’t believe last June when it was cheaper to buy 3 tons of aluminum than steel at work. That makes cars real cost over double what it was regardless of competition or interest rates.

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TSLA240c t1_j6nmex4 wrote

Oh my sweet summer child, these dudes own the assets they don’t want them to come down, the dollar you work for could be worth less then toilet paper and they wouldn’t bat an eye. Printer is coming.

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alphalegend91 t1_j6og5ii wrote

They're never going back down that far. Houses in essence are meant to be anti inflationary so when there's large inflation the house prices will go down slightly and stay flat at best. The only reason 08 happened was because like 90% of people had ARM's and weren't thoroughly vetted on their sources of income. This is different.

What I have been seeing is a decrease in inventory of homes for sale and a drastic increase in homes for rent. Why would anyone give up those sweet low mortgage rates at a way lower price than what they want?

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hypotenusehippo t1_j6oj22v wrote

I hope you're wrong for my sake haha. I hear you though. I am no psychic and can't claim to predict the catalyst but it does feel unsustainable out there.

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alphalegend91 t1_j6olfbe wrote

I hope I'm wrong too, but as someone who bought their house in 2020 and has a 2.25% 30yr fixed rate I would absolutely buy up another house if it ever crashed and rent out the one I have.

I only put 10% down and my mortgage is $1570 with the $70 a month PMI falling off soon. Rent comps in my area are $2300-2500 for my property. There's no reason for me to ever sell it and I know multiple people in the same boat that would do the same thing.

It's unfortunate, but the rich get richer and everyone else gets left behind.

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cantstopwontstopGME t1_j6p440m wrote

Sad that owning a home is considered “rich” now.. that used to be the absolute bare minimum

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alphalegend91 t1_j6p49od wrote

I wouldn’t consider it rich, but being able to buy multiple properties and renting out the previous ones definitely would fall under that

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AwesomeRevolution98 t1_j6pizyk wrote

Yup exactly. Even if home prices go down like 30% which is a huge amount , 2008 we saw like only a 20% decline, with super high mortgages the net amount paid might actually be more.

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snapIntern t1_j6nelvx wrote

inflation going away just means prices stop going up, not that they would go back to previous prices. that would be deflation.

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freemcgee69420 t1_j6p84xb wrote

London and every city in Canada would like to have a word with you. Not even JPow can save you from this.

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AwesomeRevolution98 t1_j6piouy wrote

That is exactly why I feel that the whole " 5% terminal rate bro and then massive pivot " is some soft landing meme cope . So much more work for feds to do that chances are we might either go past 5% to 6-6.5%, or we stay at 5% for a lot longer then we expect to.

As awesome as some rate cut or ending rates here would be things are still far too overshot to risk doing that now.

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satuuurn t1_j6na089 wrote

I’m highly regarded but I don’t think the costs for houses are going to come down much ever no matter what. Best you’re gonna get are lower rates one day. The farts out of the barn now as they say 🥴

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Pointlessnom t1_j6n1jm9 wrote

Damn, I haven't seen Dexter in a long long time.

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DYTTIGAF t1_j6mq4iy wrote

Papa Powell will bring discipline to the unruly teenagers who think they have control of his "house".

They are tourists (these Masters of the Universe). The pimp hand of capital formation and the landlord who "rents" money is now exerting his authority.

Let the thumb sucking and gnashing of teeth begin.

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AcceptableEnd8715 t1_j6mqron wrote

Translation: 50 basis point comin in hot

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SkipperSkupper t1_j6msty1 wrote

Priced in ?

1

AcceptableEnd8715 t1_j6mtmdo wrote

Deff not

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SkipperSkupper t1_j6mzbgc wrote

Defitnely is

−4

AcceptableEnd8715 t1_j6n1a4o wrote

Everyone knows only 25 is priced in.

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SkipperSkupper t1_j6n95k4 wrote

img

−2

OnWin1997 t1_j6ne1zz wrote

Whole internet has only been discussing a 25 bps hike. If anyone here is on copium its you lmfao

4

SkipperSkupper t1_j6nq2n2 wrote

Don’t matter what everyone is saying cuz Everyone is cooking with copium right now broski.

−2

kelu213 t1_j6nclu8 wrote

I am an unaware pleb, is there something going on today?

10

HenryGoodbar t1_j6ne80q wrote

Market turnover. Bears take possession from the 30 yard line.

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FracturedSoula t1_j6nieqt wrote

I don't think its today.. I think tomorrow, 2 pm Powell speaks with a rate hike.

3

RSGoldPuts t1_j6nqc90 wrote

Definitely tomorrow. Don't know why it isn't red. Spy was red this morning and last night I was going buy puts but decided against because this market is absolute regarded in what it wants.

Just crash to 0 and let's all start over. Whoever has the most toilet paper wins.

5

Ok_Manager3185 t1_j6o820p wrote

Its the AI. It's gotta be. I highly doubt real people would be making these bizzare movements. AI runs the market and being unpredictable is the best way to proposely sway the numbers in your direction. Well, when you have enough money to be a market-maker

4

crankyp4nts t1_j6mwchu wrote

Ya got a solid meme game, my regard! keep it up!

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MowithdaSauce t1_j6n6jc8 wrote

he's literally saying" watch me whip, watch me nae nae" on the whole market.

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zippster77 t1_j6nbm0v wrote

He’s the numba one stunna.

4

No_Zookeepergame_27 t1_j6oxt5m wrote

One thing never fails - tomorrow CNBC Steve Liesman will ask Powell about the market rally this year and how that affects inflation. Of course Powell will talk tough after hearing this. This guy has pulled this the last few meetings.

4

evil-poptart t1_j6o32on wrote

Has the Fed ever do anything differently than what they said they would do in terms of rate hikes and pace?

Why would he do anything differently this time?

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Garweft OP t1_j6o3wpx wrote

FED never said 25, market is ASSuming.

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SouthSandwichISUK t1_j6oyv8y wrote

It’s gonna be 25 bps and some stern talk about how totally cereal they are about inflation.

3

Fit-Mangos t1_j6omfiu wrote

Sounds like the government should take over companies. Easiest way to control inflation! :)

2

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1

Shrugging_Atlas1 t1_j6n7dgw wrote

Sum bitch can't stunt for shit. Gonna let another .25 bps go before he calls it a wrap.

1

gridflash t1_j6otm3m wrote

Powell works for the banks...

1

Slow-Bookkeeper7486 t1_j6p1a5x wrote

this didnt age well.

−1

Garweft OP t1_j6p4lpb wrote

Tell me you don’t know what your talking about, without telling me you don’t know what your talking about.

He’s on tomorrow regard.

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Slow-Bookkeeper7486 t1_j6p5sin wrote

priced in fool.

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Garweft OP t1_j6p67uu wrote

Your getting rope-a-doped.

1