Housing market trash

I see the job of govco in this case to protect the infrastructure that govco is responsible for, or ensure the infrastructure keeps pace with the times.
A good example of this was Pender County back in the 2005 timeframe. We moved there for a job. All the new neighborhoods being constructed were required that the lots were a minimum of 1 acre. We bought new construction and it was on 1 acre. Whereas down the road in New Hanover county, those houses were on like 0.1 acre.
I don’t know if Pender county still has those restrictions, but it was nice.

The neighborhood I live in now in Cabarrus County is an old neighborhood with large lots and trees. We are being surrounded by neighborhoods with >3000 sq ft houses on 1/4 acre lots or less, but the two lane road from I-85 to Hwy 73 is still 2 lanes. Hwy 73 is still 2 lanes from Concord to Huntersville. Traffic is terrible. Some traffic engineer will say it doesn’t need to be 4 lanes, but that is only because he doesn’t have to drive it every day.
 
jeepinmatt said:
The government seems to make it hard to stay rural, and easy to build tax base.
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But if you really think about it, that's sort of their job.
The only way that "staying rural" can happen is if there is a concerted, overt effort to block change, and prevent people who own land (in this case, developers) do what THEY want to do with the land. Developers make money by building stuff, and they make more money by building as much stuff as they can on the land they own.
Unless you believe in socialism its not really my or your or the farmer's job to tell the new landowners what they can or can't do - unless it has a direct impact on you or me. Otherwise it becomes a pissing match of who's voice is more important.

The zoning dept is there to try and limit it, but they can't stop it. This isn't China.

Staying rural isn't really an option unless you also believe in a heavy handed, restrictive local government, which is the exact opposite of what most rural folks ̶t̶r̶u̶s̶t̶ want.

Meanwhile people bitch about shitty schools and infrastructure and things that require money. Well in order to get money for those things you either need higher taxes or more people paying into the pool. Everybody botches about the former, so yeah there's an incentive for more people coming in to help cover those costs.
 
Bebop said:
Welcome to America, where money makes the world go round.
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yep. That's the whole point.
The price of freedom is badly organized things that might or might not actually work for the majority.

China has some pretty amazingly well planned cities.
 
shawn said:
No, the zoning department is there to make sure the project complies with the zoning regulations.
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Valid.
But the point is, unless the developer is breaking the rules, there is no stopping them just because 99% of the farmers hate it.
 
Fwiw, "impact fees" are illegal in NC thanks to the builders and realtor lobbies.

Edit: at least according to my county commissioners.
 
awheelterd said:
Fwiw, "impact fees" are illegal in NC thanks to the builders and realtor lobbies.

Edit: at least according to my county commissioners.
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Weird, I wonder what those checks were for....?
 
RatLabGuy said:
I'm curious where you expect the people to live.

Either you keep big lots, have tight government control over what can be done with YUOUR land, and let prices go through the roof

or people enjoy the freedom of capitalism, do what they want, and provide places to live that are affordable.

Which is it?
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What people? The people that currently have a place to live, but might WANT to live somewhere different?

And as was previously mentioned....they can clear cut 50 acres, build 200 houses, increase traffic and crime and erode and destroy what made the area great to begin with, but if I want to put a 10*20 lean to on my garage in the city (in order to make the most of my property, make my property more useful, and not have to move to those soul less vinyl houses) I can't, because I'm a bit too close to the property line. So now I'm looking to move, because govt incompetence and corruption.

Shortage my ass.

maddening.
 
benXJ said:
maddening.
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I failed...the gif turns red in the face...to hit madden on like 3 different levels.
 
Here’s the part that’s not adding up to me…loan values. They do feel kinda 2008ish to me. My younger sister put her first offer in on a house today. She’s an accountant for a 501c3…solid FIRST job pay…she’s been on staff since Christmas. The SECU approved her for a $280k loan, with no money down and a $2k closing cost stipend. Anytime I’ve looked at a credit union, they tend to be 15% more conservative than a traditional bank (would a broker or BoA have approved $325k?). A decade ago, I bought my first house, after being in the work force for 4 years making 50% more (adjusted for inflation) than she does currently, with a better debt to income and credit score…I was capped at a $175k mortgage…adjusted for inflation that’s $220k in todays market. How does she have $60k more buying power? 5 years ago I buy my current house, making 3x what she does, significantly better credit score, significantly better debt to income and was capped at $325k-ish. That math just doesn’t seem to track and feels like semi-predatory lending. It further solidifies the fact I certainly wouldn’t want to be a buyer now, her offer was $274k on 1400sq/ft new build and 1/2 acre…my first house was 15yrs old, 2400sq/ft on 1.5acres for $165k. I keep telling her to keep saving and live with mom and dad for a couple years…but she wants to be all growed up. Not to mention my older sister bought her ‘dream house’ after 20yrs of ‘preferring the freedom of renting’ (also read, couldn’t afford a house), could now magically afford a $260k house (that I would consider borderline slumlord quality). I can accept ‘housing shortage’ as a reason for prices going up, I can accept people working remotely too, I can accept capitalism at work. What I don’t understand is how people that would have previously been laughed out of the bank are getting approved for loans far above the inflation trend over the last few years. At least anecdotally from my small sample size, but I doubt my sisters are special cases.
 
UTfball68 said:
…I was capped at a $175k mortgage…adjusted for inflation that’s $220k in todays market. How does she have $60k more buying power?
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what was your interest rate, and what is hers?
What are the monthly payments, in dollars... then what % debt to income ratio is that?

This is the whole point @shawn and I were making above.
Interest rates are still pretty low, compared to what they used to be. It's possible that just the difference in rates could make the difference.
 
RatLabGuy said:
what was your interest rate, and what is hers?
What are the monthly payments, in dollars... then what % debt to income ratio is that?

This is the whole point @shawn and I were making above.
Interest rates are still pretty low, compared to what they used to be. It's possible that just the difference in rates could make the difference.
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Little sister just locked in at 5.5%, I’ve never been higher than 4.125%…even a decade ago. My older sister locked in at 4.25% a year ago when she got her ‘dream house’ with about a 600ish credit score (and they were happy to be there). As for monthly payment…they’re both 0 down/FHA category…I always bring 30+% to the table. So one could draw the conclusion I’d increase my favorability there as well. Both sisters monthly payments will be/are significantly higher than mine are currently. Even with my $30k cash out in December I’d still have $75k easily in equity based on my 2017 purchase price.
 
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UTfball68 said:
Little sister just locked in at 5.5%, I’ve never been higher than 4.125%…even a decade ago. My older sister locked in at 4.25% a year ago when she got her ‘dream house’ with about a 600ish credit score (and they were happy to be there).
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well there goes that theory
 
RatLabGuy said:
well there goes that theory
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That’s why I’m confused…haha. I feel that means I could probably go get a $1mil mortgage today…but I also believe I wouldn’t be leaving that house except to go get more Ramen.

Edit…first house I remember SunTrust didn’t play with the debt to income ratio and was something like 25% without extending the closing period and making you jump through some major hoops…and I actually had to put more down because I still had a couple student loans and a new car payment. Even made me cut a $100 check at the closing table with the attorney because SunTrust fat fingered something/forgot a fee. Once I shifted to my broker, they started getting uncomfortable around 30% but would start considering bonuses and would fudge upward to 35% with 750+ credit scores. My sisters are every bit 50%.
 
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RatLabGuy said:
50% DTI? Thats insane.
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Youngest sister with the 5.5% rate is only making $55-60k (and for only the last 6 months)…with a low 7’s credit score but minimal history. Has a brand new Ford ranger she’s proud of. Her undergrad was paid for, but just finished her masters to the tune of $40k/yr so those payments will be coming due in 5 months. Made a $274k offer on this today…you can do the math…and why I’m questioning loan values as predatory (albeit I’ve called her stupid for taking on so much debt so quickly and borderline irresponsibly).

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UTfball68 said:
Youngest sister with the 5.5% rate is only making $55-60k (and for only the last 6 months)…with a low 7’s credit score but minimal history. Has a brand new Ford ranger she’s proud of. Her undergrad was paid for, but just finished her masters to the tune of $40k/yr so those payments will be coming due in 5 months. Made a $274k offer on this today…you can do the math…and why I’m questioning loan values as predatory (albeit I’ve called her stupid for taking on so much debt so quickly and borderline irresponsibly).
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That's insane (to me) !
 
UTfball68 said:
Youngest sister with the 5.5% rate is only making $55-60k (and for only the last 6 months)…with a low 7’s credit score but minimal history. Has a brand new Ford ranger she’s proud of. Her undergrad was paid for, but just finished her masters to the tune of $40k/yr so those payments will be coming due in 5 months. Made a $274k offer on this today…you can do the math…and why I’m questioning loan values as predatory (albeit I’ve called her stupid for taking on so much debt so quickly and borderline irresponsibly).

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FYI…offer was accepted. I think she’ll handle her financial situation just fine. But if I’m looking at it on paper, I just can’t wrap my head around loaning someone $1,000 with no/minimal work history, no/minimal credit history and a 50+% DTI if I give them my money…much less giving 274x that amount.

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Tom@Hilltop_Machine said:
Wow. A starter home like that was $115k 20 years ago.
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My 1500sqft starter home was 98k 10 years ago. If the market holds my realtor expects us to sell at a similar price point as UTfball's sister's house.

Duane
 
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