Boats and the housing market

No doubt about it, boat sales will be way down.

There is so much uncertainty in the housing market that people are just not going to buy new boats. Yes the super wealthy will still be buying them but average Joe can't do anymore "cash out" refinances and certainly needs to think twice about buying big ticket items on his/her home equity line of credit.

Mortgage interest rates are high right now especially for loans over $417,000 and there are not a lot of loan programs left either. The secondary market (wallstreet) is currently repricing how they buy loans from mortgage lenders so hopefully when this reprice is down it will open up a few more doors for people to refinance by bringing back more loan programs. We'll also see what the Fed does if anything at all to help eliviate some of the pressure of maturing arms; I'm not saying this is or isn't the Fed's job...thats probably another debate to have.

I live in Seattle where home values are still increasing and I'm hesitant to make any big financial commitments. Without a doubt keeping the house for me and my family is more important than buying a new boat and having fun.I sold my boat and don't have plans to buy another one soon either . The housing crapper could hit Seattle anytime so I'm trying to prepare for it.