A Boring Dystopia

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Housing market affordability is so bad that Zillow says it will take you 13.5 years to break even on a purchase from July onward (finance.yahoo.com)

submitted 11 months ago by return2ozma@lemmy.world to c/aboringdystopia@lemmy.world

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[–] jeffw@lemmy.world 35 points 11 months ago (9 children)

Never been better for banks maybe. I refinanced during the pandemic and went from a 30 year to a 15 and barely changed my monthly payment.

[–] ultratiem@lemmy.ca -2 points 11 months ago (8 children)

I mean they are literally just taking your money and telling everyone it’s a good thing. Fucking wild man. My buddy has a second property that went up from $1700 a month to $2700. Insane. That some private entity can one day decide people have too much money and just literally take it.

And capitalism is the way???

[–] Alexstarfire@lemmy.world 4 points 11 months ago (7 children)

There seems to be a lot of context missing because this does not make sense. A private entity has no say in what you pay after you purchase a property. Unless there is a private entity doing tax assessments. Which I'm hoping would be extremely unusual but I'm only familiar with the process in my area.

[–] felixthecat@lemmy.whynotdrs.org 1 points 11 months ago (1 children)

Probably the payment went up because of the taxes or insurance. Or maybe they didn't have an escrow account and didn't pay taxes or insurance and it was force placed.

If you have a variable rate it could also go up for that reason. But most people when rates were low had fixed rate mortgages.

[–] uranibaba@lemmy.world 1 points 11 months ago (1 children)

Could be fixed rate that expired and had to be renewed, but with a new rate.

[–] Alexstarfire@lemmy.world 1 points 11 months ago (1 children)

In the US a fixed rate does not expire. At the end the loan has been repaid. I do not know of they are in the US.

[–] uranibaba@lemmy.world 1 points 11 months ago (1 children)

How does that work? You take a loan, negotiate a rate (say 3%) upfront, and you have this rate as long as the loan is not payed?

[–] Alexstarfire@lemmy.world 2 points 11 months ago

Yes, though I'm not sure what you mean by not paid. You have monthly payments for the loan.

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