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by adam_arthur
1319 days ago
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You can’t refi with negative or low equity, as most who bought in the last year are likely to have. If inflation does come down rapidly, it’s likely to be coupled with a sharp increase in unemployment. Rates fell significantly from 2005 to 2012, yet housing continued to fall. Whether lower rates or higher unemployment is the stronger force this time remains to be seen. Given housing is by far at a historical peak in real terms, I suspect a reversion to the mean in real prices is more likely than not |
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