Shit is about to hit the fan

[BIG TONE SOPRANO]

Household debt at 2008 mortgage meltdown levels and that doesn’t include credit card debt. Keep shopping at Hyvee, leasing Escalades and taking those every 2 week Scottsdale and Mexico trips people 😂😂😂😂😂

 

[cwessel76]

Well good thing outside of $20K left on my wife’s car we hold zero debt.

 

[slattimer]

I'm patiently waiting for a nice deal on a home...

 

[gtlacey]

Household debt at 2008 mortgage meltdown levels and that doesn’t include credit card debt. Keep shopping at Hyvee, leasing Escalades and taking those every 2 week Scottsdale and Mexico trips people 😂😂😂😂😂

@BIG TONE SOPRANO are you short the SP500 now?

 

[BIG TONE SOPRANO]

Well good thing outside of $20K left on my wife’s car we hold zero debt.

That’s awesome brother. You are in a tiny tiny tiny tiny group

 

[BIG TONE SOPRANO]

I'm patiently waiting for a nice deal on a home...

There will be lots soon. Rates headed up again and Fannie put in a pricing hit for DTI above 40% which includes almost everyone. Buckle up

 

[Tezzer]

Household debt at 2008 mortgage meltdown levels and that doesn’t include credit card debt. Keep shopping at Hyvee, leasing Escalades and taking those every 2 week Scottsdale and Mexico trips people 😂😂😂😂😂

Agree, that's been the objective of those in power for a while now. How do you implement a new financial system until you collapse the old?

 

[KidsSeeGhosts]

Zero interest rate years weren't going to last forever.

 

[Faux Sean Callahan]

It sure does seem like a lot could go wrong right now...

 

[1HuskerDad]

Household debt at 2008 mortgage meltdown levels and that doesn’t include credit card debt. Keep shopping at Hyvee, leasing Escalades and taking those every 2 week Scottsdale and Mexico trips people 😂😂😂😂😂

It ain’t getting any better. Young families without high paying jobs are hurting. Will continue to worsen with inflation rates at 6% and higher.

 

[slattimer]

There will be lots soon. Rates headed up again and Fannie put in a pricing hit for DTI above 40% which includes almost everyone. Buckle up

We don't have a lot of debt and have a decent amount set aside saved up for a purchase. Kind of just waiting around for the right opportunity. Paytience...

 

[Faux Sean Callahan]

I'm patiently waiting for a nice deal on a home...

There will be lots soon. Rates headed up again and Fannie put in a pricing hit for DTI above 40% which includes almost everyone. Buckle up

I have been waiting for a new car... Past dues on cars are at levels we haven't witnessed since '08. Only difference now is the banks loaned out too much and are underwater on the loans so they are trying to work on refinancing them, but that will have to come to an end sometime.

 

[Bootleg11]

I read one article that said the housing crisis wouldn't repeat itself.

I'll have to find it, seemed reasonable. It was based on the difference with supply and demand from 2008 or whenever the crisis was.

 

[gtlacey]

Things could certainly be better, but other indicators aren't as gloomy (eg. Household Debt Service Payments as % of Disposable Personal Income is still pretty low as are credit card delinquency rates).

Could we go into a recession this year? Yeah.
Is it a sure thing? No.

 

[RedSeaRising]

I read one article that said the housing crisis wouldn't repeat itself.

I'll have to find it, seemed reasonable. It was based on the difference with supply and demand from 2008 or whenever the crisis was.

I've been reading the same which is logical to me given the amount of demand for housing. Economics 101 would dictate that we aren't going to crash with that much demand.

What I haven't been able to reconcile is this very high debt and getting behind on payments for cars, mortgages, etc. Feels like something will have to burst to correct but I have no idea how that plays out.

 

[Baron Winnebago]

Thank goodness I'm heavily into secure assets like crypto

 

[KidsSeeGhosts]

Things could certainly be better, but other indicators aren't as gloomy (eg. Household Debt Service Payments as % of Disposable Personal Income is still pretty low as are credit card delinquency rates).

Could we go into a recession this year? Yeah.
Is it a sure thing? No.


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Yeah, I don't think we're going to see '08 b/c you don't have the same type of risks on the I-banking side.

Consumer debt levels are obviously high, but I think that's more "housing is more a housing really fucking expensive" thing. Risk area that sticks out to me is people who have levered up on airbnb properties, but Idk what the vacancy rate is for those.

 

[Pepe Silvia]

I read one article that said the housing crisis wouldn't repeat itself.

I'll have to find it, seemed reasonable. It was based on the difference with supply and demand from 2008 or whenever the crisis was.

it won't be a carbon copy of 2008, but there's still a lot of things fundamentally wrong with the housing market. a lot of people will try to hang onto their low rates for as long as possible, but if we start to see a decline in housing prices I still expect to see a rush to the exits for people who got over-leveraged on rental properties

we're going to have these current mortgage rates (or higher) well into next year and the current price levels in most of the country are simply not sustainable with these rates

 

[HCFord1]

I read one article that said the housing crisis wouldn't repeat itself.

I'll have to find it, seemed reasonable. It was based on the difference with supply and demand from 2008 or whenever the crisis was.

There are also significant differences in the quality of the mortgage loans outstanding today vs 2008

 

[djw004]

We don't have a lot of debt and have a decent amount set aside saved up for a purchase. Kind of just waiting around for the right opportunity. Paytience...

A house was just built right next to me in North Sioux City SD with no purchaser yet - want to be neighbors? SD is dope, and we have a hot governor.