How Long Will The Recession/Depression Last?

Page 6 of Thanks to this virus, we're heading into a recession and maybe even a depression, so, my question is, how long will it last? How long will it take to r... 110 comments | 3526 Views | Go to page 1 →

  1. #76

    Join Date
    Aug 04
    Posts
    25,288

    Quote Originally Posted by 00Rocket28 View Post
    What’d ya get.
    I didn't get it, the girl did. She's still knocking down some student loan debt so she didn't want to commit to a large monthly payment. She wanted an SUV with a panoramic sunroof, heated leather seats and heated steering wheel. She found all of that plus a lot more in her 2017 Nissan Rogue SL Premium Package. It's nice.
    Advertisement

  2. #77
    TheDeuce's Avatar
    Join Date
    Sep 04
    Location
    Unanimous #MVP
    Posts
    55,721

    Quote Originally Posted by 00Rocket28 View Post
    Kinda my thoughts. What’s she gonna do? Leave me? I was looking for a wife when I found her
    My man!

  3. #78
    John Anthony's Avatar
    Join Date
    Nov 07
    Posts
    24,441

    Quote Originally Posted by GrantNKY View Post
    It’s 100% going to take a hit. But it doesn’t matter what the market value of your home right now or what the market value of your home is when the housing market reaches its low point. It only matters what it is when you want to sell it. The market won’t stay down forever.
    Wait to buy then, a $25,000-$50,000k price drop is like a 1% interest rate drop, with only one closing cost.

    What kind of rates are we seeing a lot of people aren’t dropping a lot because of too much paperwork?

  4. #79
    PurplePride92's Avatar
    Join Date
    Aug 06
    Location
    If I was you I wouldn't like me either. #Views #justdoit
    Posts
    89,696

    Quote Originally Posted by bugatti View Post
    I think PP is trying to make a point that we should always be as compassionate towards those in need as we are gearing up to be. All of what you describe is every day America on a micro level.
    Exactly!!!! And thank you. I apologize for not seeing this post sooner.

    NOW we choose to be compassionate to those in need?

    That’s rich.......and ironic.

  5. #80

    Join Date
    Apr 07
    Location
    Bluegrass Region
    Posts
    10,819

    Steelcase has laid almost all hourly employees and has cut hours and pay of almost all salaried employees by 50%.

    Businesses will not need a lot of office furniture in the near future.

  6. #81
    John Anthony's Avatar
    Join Date
    Nov 07
    Posts
    24,441

    Home applications fell 29.4 percent and the refinance index decreased 34 percent, according to the Mortgage Bankers Association weekly survey.

    A lot of people sitting on the sidelines, which is what I advise as well.

  7. #82
    bugatti's Avatar
    Join Date
    Oct 02
    Location
    You can keep going and your legs might hurt for a week or you can quit and your mind will hurt for a lifetime. - Mark Allen
    Posts
    42,719

    Quote Originally Posted by John Anthony View Post
    Home applications fell 29.4 percent and the refinance index decreased 34 percent, according to the Mortgage Bankers Association weekly survey.

    A lot of people sitting on the sidelines, which is what I advise as well.
    A lot depends on the market. My wife is in the mortgage industry and this is far and away the most busy she has been with her industry as well as their nearby competitors. They can't keep up. She is hoping it slows for her own sanity

  8. #83
    TheDeuce's Avatar
    Join Date
    Sep 04
    Location
    Unanimous #MVP
    Posts
    55,721

    Quote Originally Posted by bugatti View Post
    A lot depends on the market. My wife is in the mortgage industry and this is far and away the most busy she has been with her company as well as their nearby competitors. They can't keep up. She is hoping it slows for her own sanity
    I know several people in real estate and they have been bonkers the last two weeks.

  9. #84
    Getslow's Avatar
    Join Date
    Dec 01
    Location
    In Lothlorien, where the trees bore flowers of gold and no evil thing ever dared come.
    Posts
    23,231

    My brother had his offer accepted on a house just yesterday.

    He'd been in the market for a year and his income doesn't seem to be going anywhere so it was a pretty safe time.

    And that dude got something like 3% on a 30-year... which is INSANE.

  10. #85
    bugatti's Avatar
    Join Date
    Oct 02
    Location
    You can keep going and your legs might hurt for a week or you can quit and your mind will hurt for a lifetime. - Mark Allen
    Posts
    42,719

    Quote Originally Posted by Getslow View Post
    My brother had his offer accepted on a house just yesterday.

    He'd been in the market for a year and his income doesn't seem to be going anywhere so it was a pretty safe time.

    And that dude got something like 3% on a 30-year... which is INSANE.
    2.5% or a little lower some were able to secure.

    Of course you have a fair amount of bozos that believe the Federal Interest Rate and mortgage rates are one in the same. Ask how many mortgage lenders have had to answer the question, "Am I able to get a 0% mortgage?" Yeah, sure. 0% for 30 years. That makes sense.

  11. #86
    John Anthony's Avatar
    Join Date
    Nov 07
    Posts
    24,441

    Quote Originally Posted by bugatti View Post
    A lot depends on the market. My wife is in the mortgage industry and this is far and away the most busy she has been with her industry as well as their nearby competitors. They can't keep up. She is hoping it slows for her own sanity
    The refinancing part surprised me as well. The thing is rates have already been “low” for over a decade.

  12. #87
    bugatti's Avatar
    Join Date
    Oct 02
    Location
    You can keep going and your legs might hurt for a week or you can quit and your mind will hurt for a lifetime. - Mark Allen
    Posts
    42,719

    Quote Originally Posted by John Anthony View Post
    The refinancing part surprised me as well. The thing is rates have already been “low” for over a decade.
    Exactly. We locked at 3.25% back in October and were ecstatic.

  13. #88
    Getslow's Avatar
    Join Date
    Dec 01
    Location
    In Lothlorien, where the trees bore flowers of gold and no evil thing ever dared come.
    Posts
    23,231

    Quote Originally Posted by bugatti View Post
    2.5% or a little lower some were able to secure.

    Of course you have a fair amount of bozos that believe the Federal Interest Rate and mortgage rates are one in the same. Ask how many mortgage lenders have had to answer the question, "Am I able to get a 0% mortgage?" Yeah, sure. 0% for 30 years. That makes sense.
    The sub-3% have been hard to find on anything over the 15-year notes. Still. Insane rate around here.

  14. #89
    bugatti's Avatar
    Join Date
    Oct 02
    Location
    You can keep going and your legs might hurt for a week or you can quit and your mind will hurt for a lifetime. - Mark Allen
    Posts
    42,719

    Quote Originally Posted by Getslow View Post
    The sub-3% have been hard to find on anything over the 15-year notes. Still. Insane rate around here.
    Correct. Should have clarified that.

  15. #90

    Join Date
    Apr 07
    Location
    Bluegrass Region
    Posts
    10,819

    We closed at 3.49 on March 11 on a Refi with cash out. 23 year term. Mashed the HELOC in with it and it allow us to lower our monthly commit - if we need it. Need to get on the horse now that kids are gone and get it paid off. The rate rose during our two week lock and was over 4 when we closed. As noted - business is such that they were raising rates while the 10-year fell just to fend off the traffic. Adam Smith at work.

Top