Over the last few decades, the 30-yr fixed mortgage rate has run at 1.75% over the 10-yr yield – which if true today, it would put us at 5.0%, instead of 6.0%. Here’s what the MND thinks about the bond yields: As for Treasuries, yields are now high enough as to be pricing in virtually all […more]
The California Association of Realtors said that the number of pendings has been falling. They don’t give any other details or interpretations, so what will casual readers conclude? The market must be coming apart! Thanks C.A.R.! But because pendings and sales are directly related to inventory, we must consider the impact of having fewer homes […more]
Try out the moving-cost calculator – input the start and end locations and it will give you an estimate: https://www.movebuddha.com/moving-cost-calculator/
This is our third look this year at a house in the Ranch of Carlsbad – the other two closed over $4,000,000 (one famously at $1,000,000 over list). This property didn’t sell in the first month, probably due to the interior looking somewhat original and in the Ranch – where lots are at least a […more]
Seeing how the government got us into this, let’s note that they are willing to carry some of the burden of higher mortgage rates. At today’s rates, buyers can write off twice as much mortgage interest! Signed in 2017, the Tax Cuts and Jobs Act (TCJA) changed individual income tax by lowering the mortgage deduction […more]
Now he’s done it. Chairman Powell’s remarks yesterday (and my comments at bottom): Rates were very low. A good place to start is rates were very very low for quite a while because of the pandemic and you know the need to do everything we could to support the economy when unemployment was 14% and […more]
2 minute summary of the Fed and housing market over the last four years.#FOMC #fedmeeting pic.twitter.com/vJ23iI2Z7A — Samuel Wigness (@SamuelWigness) June 15, 2022
This 1998 tract house sold for $2,440,000, or +$144,000 over list price (+6%). The +6% should be about the maximum from now on. Heck, these are selling for the same money as they were getting next door in the Ranch of Carlsbad last summer!
This just hit the market and will be a good one to watch. It’s the least-expensive house for sale west of I-5 in Solana Beach, and it’s in a quiet little stretch only a block from the beach access and walking distance to everything in downtown SB! Asking $2,395,000 – thanks to the Compass listing […more]
By the end of today, the 30-year mortgage rate should be in the mid-6s – who would buy a house now? Between higher prices, higher rates, and the hefty federal and state capital-gains tax, the move-up/move-down homeowners are effectively locked in to their existing home. It’s just too hard to make sense of a move, […more]