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Thread: Housing market history

  1. #1
    Senior Member
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    Housing market history

    While cleaning out some old junk, I came across a copy of US News & World Report from 1994. It had an interesting article in it:

    "The Federal Reserve's interest rate hikes are starting to undercut the housing industry"

    My, how things have changed in 13 years.

    "Interest-rate volatility could also make adjustable mortgages more popular. Risk-adverse lenders such as banks and thrifts like adjustables because their floating rates provide a hedge against interest-rate exposure. As a result, say analysts, these financial institutions may soon play a bigger role in the home mortgage market."

    And some things stay the same:

    "Mortage lenders have already laid off legions of employees. Countrywide, for example, has shrunk it's loan production department by 18 percent -- or about 500 jobs -- since December."


    If I only had a time-machine, I could make a killing...


    Chip H.

    Former owner: 2012 Honda Civic LX, 2006 Honda Ridgeline RTL, 2000 Honda CR-V EX, 2003 MINI Cooper S, 1992 Honda Accord LX, 1999 Mercedes ML-320, 1995 VW Jetta GLX, 1991 Mercury Capri XR2, 1981 Mercury Zephyr, 1975 Chevrolet Impala

  2. #2
    mrblanche
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    Re: Housing market history

    We bought our first house in 1979, just as the interests rates were going through the roof. We were pleased to get a loan closed at 10.5%, a record in the area at the time. They got as high as 22% in the summer of 1980. We thought we'd never see 5% again. I was in real estate from 1980-1982, and it was tough going.

    In our area, home values have stayed pretty steady, this time.

  3. #3
    Vulture of The Western World Eric's Avatar
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    Re: Housing market history

    Quote Originally Posted by mrblanche
    We bought our first house in 1979, just as the interests rates were going through the roof. We were pleased to get a loan closed at 10.5%, a record in the area at the time. They got as high as 22% in the summer of 1980. We thought we'd never see 5% again. I was in real estate from 1980-1982, and it was tough going.

    In our area, home values have stayed pretty steady, this time.
    As much as I like the '70s, I am glad I was a kid then and not in the housing market!

    In our area, the building boom continues uninterrupted; Franklin County (adjacent to Floyd) is growing at an alarming clip. I wish I could figure out a way to slow it down... but a death ray is beyond my technical skills, alas.

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