• Grayox@lemmy.mlOP
    link
    fedilink
    arrow-up
    7
    arrow-down
    12
    ·
    1 year ago

    Thats untrue, it isnt because of the demand (News flash there is always demand for housing) it is because of the increase in the intrest rate of the loan. Monetary policy trying to reign in inflation that isn’t actually inflation, but corporations taking profits at exorbitant levels while the average citizens can barely make ends meet.

    • BB69@lemmy.world
      link
      fedilink
      arrow-up
      10
      arrow-down
      6
      ·
      1 year ago

      Man, I’m a loan officer at a bank. I know a lot more about this than what you do. Interest rate increases are squeezing all levels to decrease spending across the board. Banks are beginning to cut back lending to businesses.

      And demand for housing ebbs and flows. Things skyrocketed during Covid because of a lack of supply. There’s actually been decreases in pricing at this point.

      • Grayox@lemmy.mlOP
        link
        fedilink
        arrow-up
        7
        arrow-down
        12
        ·
        edit-2
        1 year ago

        You must be a few crayons short of a full box, you just admitted prices are decreasing, yet folks who buy a house today will effectively pay almost double on their monthly mortgage rate because of the increasing interest rates, which have nothing to do with housing demand and everything to do with fighting inflation, which was caused by keeping the rates at effectively zero to prop up Obama’s bull economy that 45 ran into the ground.

        • BB69@lemmy.world
          link
          fedilink
          arrow-up
          7
          arrow-down
          3
          ·
          1 year ago

          A few thousand dollars of decrease doesn’t offset the doubling of prices that happened during Covid. You should consider asking for specifics instead of trying to do a witty insult.

          Rates weren’t effectively zero prior to Covid. They were too low, yes, and should have been higher, but the bottom fell out during Covid.

          • Grayox@lemmy.mlOP
            link
            fedilink
            arrow-up
            2
            arrow-down
            6
            ·
            edit-2
            1 year ago

            pretty damn close to zero for a decade precovid my guy …

            • AlDente
              link
              fedilink
              arrow-up
              2
              arrow-down
              2
              ·
              1 year ago

              Lol, does that look like the norm in the graph you posted?