Property prices thread

[HVC]

Well i own the family home, so don't have to worry*, but I wonder how big an issue this will become in cities with insane house prices.


*When I visit I get to say "my roof my rules" so it's worth it

[crazy canuck]

Interesting. Wonder how often people lose the family home because people can't refinance.

Historically homes were mortgage free at the time of death. It's really in the last 20 or so years that it has become an issue.

How is that possible? Surely historically people of all ages still died.

Yes, now think about the other side of the equation we are talking about.

[Tonitrus]

Interesting. Wonder how often people lose the family home because people can't refinance.

Property tax often plays into that as well.  After my father passed recently, mom is almost certainly going to need to sell/downsize from the family home due that expense (which is increasing by %50 from last year). 

But, at least the home was a great investment...she'll have a golden ticket for the remainder of her life afterwords.

[Valmy]

Interesting. Wonder how often people lose the family home because people can't refinance.

Historically homes were mortgage free at the time of death. It's really in the last 20 or so years that it has become an issue.

How is that possible? Surely historically people of all ages still died.

Yes, now think about the other side of the equation we are talking about.

What equation? I thought we were talking about people dying before their mortgages were paid off.

[Valmy]

Interesting. Wonder how often people lose the family home because people can't refinance.

Property tax often plays into that as well.  After my father passed recently, mom is almost certainly going to need to sell/downsize from the family home due that expense (which is increasing by %50 from last year). 

But, at least the home was a great investment...she'll have a golden ticket for the remainder of her life afterwords.

Yeah, especially true in Texas as we have the highest property taxes in the US, or very nearly so.

[Tonitrus]

I, for one, think it a governmental evil that a property tax alone can force someone from their home. 

[Valmy]

I, for one, think it a governmental evil that a property tax alone can force someone from their home. 

It does. I think income taxes are far more just than the use taxes and property taxes Texas prefers which seem to disproportionately hurt the lower and middle classes.

And the propaganda is always we have low taxes...just don't research what your taxes would be in other states too closely.

[Razgovory]

Interesting. Wonder how often people lose the family home because people can't refinance.

More often than you think.

[HVC]

Interesting. Wonder how often people lose the family home because people can't refinance.

More often than you think.

Right, sorry

[crazy canuck]

Interesting. Wonder how often people lose the family home because people can't refinance.

Historically homes were mortgage free at the time of death. It's really in the last 20 or so years that it has become an issue.

How is that possible? Surely historically people of all ages still died.

Yes, now think about the other side of the equation we are talking about.

What equation? I thought we were talking about people dying before their mortgages were paid off.

You are focusing on people dying.  I am talking about their financial affairs at the time of death.  Yes there are going to be some small percentage who die young - but we are talking about the aggregate, and historically most people had their mortgages paid off well before the day they died.  House prices, as a percentage of income, was historically much lower.

[Sheilbh]

One for Tamas - and impeccably on brand by the Telegraph

[Tamas]

 

[Zanza]

House prices
UK house prices rising at 11% a year despite cost of living crisis
Average price of a home was £271,209 last month after the 12th monthly rise in a row, says Nationwide

https://www.theguardian.com/money/2022/aug/02/uk-house-prices-cost-of-living-crisis-price-rise

Good luck, Tamas. 

[Tamas]

It's 0.1% month on month and mortgage applications are falling. The number of new ads coming in to my inbox under my max price setting is increasing (although still mostly crap I would hate to pay that much for).

We are getting there.

[crazy canuck]

Canadian house prices are currently declining (but not below pre-pandemic prices) but it looks like that slide will not last long.

The latest projections from Statistics Canada show that Canada's population is poised to grow much faster over the next two decades than the federal agency forecast just three years ago, suggesting any downturn in the country's housing market is likely to be short-lived.

Indeed, the revised Statscan figures released last week underscore the need for policy makers to clear the way for more housing and infrastructure projects now to accommodate a fast-growing national population that is projected to increase by around 10 million people by 2043.