Lovely. Screwing more people out of home ownership, so the banks can make more money while the plutocrats scoop up all the real estate and foreclosed homes. How lovely.
Home ownership has become an impossible dream for at least one whole generation. I heard that after The Great Recession of '08, the top financial firms scooped up a bunch of foreclosed homes, fixed them up and went about renting them in markets that had good job prospects for people. They’ve probably made back their return on investment by now.
On the one hand it sucks. On the other hand, not owning a house in the current mid-term economic climate might well be a good idea. (I was talking the other day with an acquaintance who has been renting her former house for 8 years, luckily to a very good tenant. But now they’re moving out and the market in her neck of the woods still sucks.)
This is far from good news. A projected 2017 GDP of 2% is marginal at best and considering they only bumped the rate a 1/4 it still leaves Wall Street as the only game in town. Wall Street vs. Main Street. Can’t wait to see this play out. One month of good numbers means nothing.
But it still is cheap money for borrowing to buy a house - except on both coasts where property taxes and home prices make it impossible for most to buy. And if your carrying a load of student debt you still may not qualify even with excellent credit b/c of the debt.
I have a co-worker with a million dollar house that she’s trying to unload. I’ve warned her repeatedly to get it on the market because she’s going to have a hard time selling it when the interest rates go up.
Of course, she also admitted to having voted for the Fraudster, so there’ll be a Mona Lisa smile on my face when she runs into trouble selling.