This Time ON... IS MY WEALTH VALORIZABLE OR IS IT ALL JUST FICTITIOUS CAPITAL.
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I saw this on twitter https://twitter.com/nickgerli1/status/1673774695693385728/photo/1
I wonder if this will have a measurable effect on the price of housing on the west coast.
It depends heavily on the market. Prices have come down in some areas, but the desirable places to be (like where I am) aren't seeing much change. Prices near me have just stopped increasing, but are still double what they were in Q1 2020.
In terms of affordability, it's actually worse now due to the interest rates being what they are. On top of that, fewer people are selling because if they jump from one mortgage to another, they'll get killed with the higher rate. For an average house in my area, the rate hike increases the monthly cost of a mortgage by like $800 and that's for some starter home from the 70s or something.
for sure. people talk about current rates being a return to "normal" (aka the late 80s/90s), but all i can do is look at the amortization schedule of a 30 year loan and think, "wow, what a shitty deal!" probably because wages are so much crappier and home prices are also much higher than they were in those years.