Joe Biden Love Thread

[music_collector]

You guys think there's gonna be a recession in 2023?

Most of our "experts" are calling a recession to hit Canada sooner, rather than later. The irony in it possibly happening is interest rates will likely drop again. Sadly, I doubt that a recession will undo the effects of inflation. I'm no economist. I hope I'm wrong on all counts.

[The Batlord]

Probably? I dunno. If so I imagine companies like Black rock will slurp up even more homes to drive the next recession in yet another decade.

[Exo]

Will this help or hurt when I try to buy a house next year?

[TheBig3]

Originally Posted by Exo

Will this help or hurt when I try to buy a house next year?

Where are you trying to buy? It's going to drive down the market hard. But Banks are going to be far more stingy about who they give loans to. I'd juice your credit score in the meantime.

[Exo]

Originally Posted by TheBig3

Where are you trying to buy? It's going to drive down the market hard. But Banks are going to be far more stingy about who they give loans to. I'd juice your credit score in the meantime.

Northern NJ. So, you know, the worst place imaginable.

My credit is 750+ and we already got approved for a nice loan but that may change.

[TheBig3]

I track a few houses on Redfin and they're dropping. There's a lag in pricing because people aren't that smart and if they saw a neighbors house sell last year for way too much, they think they deserve at least that. Apparently the economy is static to them.

When I was looking hard in 2021 the pricing was so high around Boston that there's no way reasonable people would keep buying at those levels, without inspections. Good luck.

[music_collector]

I can't say how it will be in Jersey. I'm reading that rates will fall again. Whether they go back to a near zero prime rate, who knows?

My wife and I bought a place last weekend. A couple of places were sold in our neighbourhood this month. We're both hoping we'll still be able to get a few bucks for ours.

[jwb]

Originally Posted by Exo

Northern NJ. So, you know, the worst place imaginable.

My credit is 750+ and we already got approved for a nice loan but that may change.

an article I was reading said the interest rate hikes have the average 30 year fixed mortgage up from like 3% at the beginning of this year to like 6.7% now.

[Norg]

Originally Posted by jwb

You guys think there's gonna be a recession in 2023? How bad you think it's going to be and what's your biggest concern?

does not matter if WW3 is about to kick off + recession but this is all planned so yeah sucks 4 us i guess

[TheBig3]

Originally Posted by jwb

You guys think there's gonna be a recession in 2023? How bad you think it's going to be and what's your biggest concern?

Yes. The Fed wants it to be about 10% but this economy is too imbalanced for the Fed to do it alone, so I think they're going to keep missing with these interest rate hikes until they get something massive like a 15-20% recession. If you're in tech, housing, real estate, or anything like Crypto, you're already in a recession. If you're in tourism, it probably looks like the start of the good times. You can't fix this with just interest rates (note: i'm not an economist).

I also read that companies are holding off on hiring seasonal workers because right now, with a tight labor market, they'd essentially get into a bidding war with other employers right before a recession.