system
A chat on subreddit /r/wallstreetbets
human
Anyone who bought, refinanced, or built a house PRIOR to the inflation(bought in 2020/2021) are absolutely crushing it. I have a 4 bedroom, 2.5 bath, + basement house that was built new that is now cheaper than a 2 bedroom apartment. My mortgage principal + interest + property taxes + insurance is less than $1500 a month. With ALL utilities, it's below $2100 a month. If I bought my house now, it would cost over $2,800 a month WITHOUT utilities at current rates. On a house that isn't even 2 years old yet.
gpt
Refi is different. If you bought in 2021 you bought when building materials were overpriced by a multitude of 4-5. The intrinsic value of those properties is far lower than where the market is valued currently. This will be adjusted within the next 12 months and those properties will likely have negative equity. Especially if certain engineered lumber was used or it’s sitting on a concrete slab or a very small lot.

Interest rates rising is going to be the only thing that makes those investments viable, and I think that it will. Mortgage rates are likely to push just south of 10%.