House Prices Fall in Nearly Half of US States

I have a friend looking for a house. He's finding it difficult because they're priced way more than they were worth a year or two ago. That and the current interests make it a poor decision to buy. If you buy now and then later the interest rates and the home values drop, it will be very difficult to refinance because you would be refinancing more than the value.
 
We started looking a few months ago. It is ridiculous how much house prices have risen in the last few years - most places we have looked have seen 2x and more valuation since 2020-21. Our current house has also increased a large amount in that time, but not at that high a rate. We are seeing prices start to drop, slowly, and expect the value of our house to drop as well. The race is on - can we get a good deal when we put our house on the market, and also get a better deal on the house we buy?
 
In theory, you could sell now, maybe rent for awhile, then buy another for less once the bottom drops out.

BUT...we're living in a funk of an economy where the conventional rules often don't apply. Add to that, it's an election year, and the outcome could have a dramatic effect on just about everything associated with the economy.

So bottom line...anything we do right now would be a guess.

I feel particularly bad for the younguns and first time home buyers. They are really at a disadvantage right now.

And, what about all the homes that were bought up by investors and corporations? What are they doing with them? What is their plan?
 
They are still climbing here.

I feel bad for the young folks looking to get into a starter home.

I told our kids "pfft, move to Kansas City or South Carolina or somewhere else, just not here; it's stupid expensive."
 
Jimmy Carter was president when I first got married. We lived in an apartment for almost a year before we rented a mobile home. Six month later, we bought a new mobile home. The interest rate was 12.5% because the treasury department kept raising it believing it would decrease interest rates.
 
Boss 302 said:
Jimmy Carter was president when I first got married. We lived in an apartment for almost a year before we rented a mobile home. Six month later, we bought a new mobile home. The interest rate was 12.5% because the treasury department kept raising it believing it would decrease interest rates.
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1985 our rate on the mobile home was 14.75%. I can’t imagine having a home mortgage at that rate but people did it.
 
Definitely feel bad for folks looking to buy their first house, even those looking at a second house. The prices are unreal and interest rates are more than they are accustomed to. LOL .. I remember when mortgage was in double digits. Anyway, yeah renting right now is not a good idea - those rates are also sky high and we would lose most of any profit if we were to rent more than a couple of months (which is also not an easy lease to find).

I have been looking into purchasing a lot and building new, as one of our premier members has done, but my wife doesn't want us to go thru the stress and time involved.

So, we just keep looking and will figure things out when we find a house we like in an area we like.
 
We got lucky for the house and land we found here in West Paulding / Temple area. The interest rate is the only thing I hated about purchasing this place, but we knew we were making enough money to pay off our car and a few other credit card bills, so that offset the difference in our monthly mortgage. I cannot wait to see rates drop so I can refi. I know it will likely be a while but will be nice to save some money.

I hate it for my oldest kid who had money saved at one time for a down payment on a home but it was at the tail end of COVID and everyone was bidding out the wazoo and she could not compete. She used the money instead to move into a rental home. She is in her second rental home now and the rent does suck. I dont think she will even own a home at this rate.
 
Daughter was in the same boat and I thought she was crazy to bid on this 50 YO house what she did, but she got it. Bad thing is that its still gone up *another* 100K in value since she got it! And that's without anyone knowing of the improvements we've put into it.
 
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