my concern is for two groups: the everyday americans with ARMs, and the everyday americans dealing with the sky high property tax.
the households with ARMs are getting smacked from both sides with the interest rate AND property tax rising. the households who are only dealing with the property tax side are still in a tough spot, because typically the banks will adjust their payments to make up for the escrow shortage. and on top of that, we all know the tax is gonna be slow as hell to lower, while their home value drops like a rock.
so for me, we need the fed to keep doing what they're doing because the trash reality is that homebuyers - no matter 1st time or 2nd, 3rd, etc - aren't even competing against other humans; they're competing against the algorithm. these property groups NEED to be reeled in, it just sucks that once again in order to reel in corporations, the first impacted are everyday americans.
again, i know its an unpopular opinion, but im glad the fed is raising the rates. what NEEDs to happen in combination with that is congress passing laws to make sure we expand residential zoning areas, ban industrial companies from developing near residential areas, and ban LLCs from purchasing homes in designated residential zoning areas.
because without that, then the Fed raising interest rates ends up ONLY affecting everyday americans.
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