Same down here Calvin, couple across road from me renting a mobile home been trying to find a house for over a year, everytime they put a bid on one someone else bids 10 to 20 grand MORE than what it's selling for so they finally last month bought a house but offered 10 grand more for it than what it was selling for!

I guess banks figure when things go upside down again the gov. will just bail them out again like last time, why not run the national debt up to 50 trillion?

I bought my first house in 1986 at 11% interest, I remember thinking that was a pretty good rate.

Now you understand what causes inflation; People.

One of the major reasons many of the faster growing regions of the US have difficulty filling jobs is there is not housing available even near by to house the potential workers. That will continue to be an issue for years to come.

Bryce

As interest rates go up, housing prices and real estate values go down. People have finite income to make a monthly payment. My first home in 1981 was a nice brick Victorian that needed a lot of TLC but with less than $25K I was able to restore it to being a really nice place. Paid $34,500 for it and the interest on the mortgage was 18-7/8%, inflation was over 10% then. Today it's probably worth 8-900K. When governments print and spend more money they cause inflation, then they have to raise interest rates to curb inflation, in effect a de facto tax on your wealth. This is for the benefit of the younger folks on T-Man, all you old guys already know it.

Inflation may be a de facto tax on wealth but there is no one that sufferers more on a daily basis with high inflation and high housing costs then lower income people and lower income working families.

Bryce

Inflation takes away lower income folk's wealth as well, no one no matter how small gets away from it. You don't have to be "wealthy" to have accumulated a little wealth in equity in your home or in savings. Inflation takes away "wealth" by making your money/savings worth less.

Yep! Last week my ex put her house up on the market as (coming soon). No pics. She had 14 showings the 1st opening day without any pics. 4 of those 14 lookers bid 20k over asking price.

I know of a great family down the road that have been staying with his parents (with their 3 kids). Been trying to find a house for a year now.

Crazy times! Glad I'm not a young guy anymore.

My house and farm is paid for thank goodness. My mom passed this pass June. I inherited 2 houses. Brick ranch 3 bedroom two bath standard houses. Been working my butt off to get them cleaned out ready for the market. It's a seller's market but who knows for how long.

Lower then a early coon on groney's truck could have bought all the farmland around me for 200/acre forested land cheaper yet but as stated interest rates were 18% credit was near impossible to get for a young family man as most had been laid off during Reaginomics or the first Great reset i lived thru

worked for barry and biden before

That’s why I just laugh when people cry the world would end if rates went to 6,7 or god forbid 8%

Donnie cars loans were 48 months on new and 24 on used . Prices were in line so working class could pay them. Now banks and auto co are in bed together. 80,000 bucks fir a vehicle ? No problem will let you finance it fir 8 years Some even 12 years Not that long ago bass boat were 30 grand top of the line Along comes 20 year financing and boom 100,000 for rigged out bass boat is nothing

Jeep’s new grand wagoneer base model starts at 89,000 midway model is 101,000 but guess what 14 year financing is a Available to all qualified buyers lol

What will interest rates be 14 years from now ?

Wasn't the last recession 07-09 or so? Housing market crashed, banks went broke as home loans defaulted? That was the same time oil prices went way up. Almost to 150 a barrel. High fuel prices caused inflation and maxed out home owners defaulted. Folks who never should have got a loan in the first place.
I believe we are in the same place today. High oil, inflation, will cause defaults and recession is on the horizon!

Back a big truck up and load everything in it and pull away . List it if your going to sell it as is. It will still bring 30-50 % more than it's worth. Anything you do to it will just be redone by the buyers anyway if it's over 10 years old.

I sure wish the housing market was crazy where my house in Montana is. I had it on the market six months and never even got a lowball offer. I’m over $20k in repairs and updates and rising just to get it to a point where MAYBE I’ll be able to get out from under the loan. If it doesn’t sell by next fall I will probably have to just call the bank and tell them they can have it, I can’t afford to keep paying for it. I had a renter in it for a while, but all they did was break stuff and skip out on 4 months of rent, I don’t want to go down that road again.

How much you owe. Post pics on trapper shed

Is your house in eastern Montana where coyotes carry canteens? If it's in some mountains it should sell immediately.