by HARM follow (0)
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Thanks HARM for coming to the rescue. In 2+ years, we haven't seen such a steep rise in the yield curve. A 750K house with 20% down, leaving a 600K mortgage just went from 3600 mthly pymt to 3900 in one month's time. $300 monthly increase is 108K increase in the course of a 30-year loan. Many on this blog are actually looking at houses in twice this range meaning their mthy pymts would've just gone up $600/mth were they to buy. I damn well hope this rate increase translates into a significant price drop. Hell, the boom in prices was the result of cheap rates, now we're at 5-year highs in rates, it's time for prices to drop.
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Patrick.net's housing bubble blog today faced perhaps the greatest threat in its 2+ year existence when a newcomer named "Busted" posted the following:
Threadmaster and regular contributor, HARM, responded quickly, posting this thread in a last-ditch effort to stave off impending "irrelevance." At a hastily convened press conference, HARM declared:
"The last thing any of us here wants is to become the blog equivalent of Jimmy Carter, Yassir Arafat, or --God forbid-- the U.N. I have decided to take immediate and unilateral action, and I hope others will support me in the Coalition to Defeat Irrelevance. Thank you and God Bless!"
#housing