Not Again... Americans who can't afford their mortgage up 145%

[Fogdog]

rent there would have been way more than the payments. in hindsight I should have just left a pan of bacon on high one day and went to work. oh well live and learn.

I think you made a smart decision. Leave the bank holding the debt is a millionaire's way. Why not for hundred aires too? Debt free on the mobile home, I suppose? Debt free is the way to live. Home ownership is more about hedging against inflation than an investment. The way I see it that is.

 

[ttystikk]

I think you made a smart decision. Leave the bank holding the debt is a millionaire's way. Why not for hundred aires too? Debt free on the mobile home, I suppose? Debt free is the way to live. Home ownership is more about hedging against inflation than an investment. The way I see it that is.

It's important to own said home in a desirable part of the country.

In Colorado, homes have doubled in value in the last 8-10 years. The more home you own, the bigger the annual 'paycheck'. It's too bad this benefit is so regressive.

 

[Fogdog]

I condemn their behavior and their attitudes but not who they are as people.

That's just as wrong as their behavior but you gleefully engage in it every day, to your own cost.

I won't go down that path with you.

Online hectoring is about equal as far as I can tell. There are what? Four bigots or racists posting here? Could be they are attracted to Buck. They like the fight. Buck gives it to them. As far as how he's treated you? You give as well as you get.

Meanwhile, in the real world, white supremacists and jew haters are ramping up real world shit on minorities. What's the correct response to the shit documented in the link below?

http://www.slate.com/articles/news_and_politics/politics/2016/12/hate_in_america_a_list_of_racism_bigotry_and_abuse_since_the_election.html

Portland Oregon showed up in numbers and made the bigots and racists hide behind police protection. The fuckers showed up days after three were knifed, by a white supremacist who was menacing two teenage girls that weren't his idea of the correct pigmentation and religion. Two killed. The racists who showed up were outnumbered twenty to one. Do you think we should have stayed home because we would have hurt their feelings? I think the correct response by the right wingers would have been to show support for the dead's families and issue regrets that they were not going to march in the interests of respect for their dead. But nope, we had this shoved in our faces:

We aren't going to sing kumbaya with these people.

 

[ttystikk]

Online hectoring is about equal as far as I can tell. There are what? Four bigots or racists posting here? Could be they are attracted to Buck. They like the fight. Buck gives it to them. As far as how he's treated you? You give as well as you get.

Meanwhile, in the real world, white supremacists and jew haters are ramping up real world shit on minorities. What's the correct response to the shit documented in the link below?

http://www.slate.com/articles/news_and_politics/politics/2016/12/hate_in_america_a_list_of_racism_bigotry_and_abuse_since_the_election.html

Portland Oregon showed up in numbers and made the bigots and racists hide behind police protection. The fuckers showed up days after three were knifed, by a white supremacist who was menacing two teenage girls that weren't his idea of the correct pigmentation and religion. Two killed. The racists who showed up were outnumbered twenty to one. Do you think we should have stayed home because we would have hurt their feelings? I think the correct response by the right wingers would have been to show support for the dead's families and issue regrets that they were not going to march in the interests of respect for their dead. But nope, we had this shoved in our faces:

We aren't going to sing kumbaya with these people.

I'm absolutely down with consequences for the actions, but I'd rather see it happen through the Justice system.

I'm glad to hear that people came out and demonstrated against the White supremacists.

When a local mosque was vandalized, I made a point of stopping by the next day and offering my support. It was important to me to tell them that I value their presence and contributions to our community.

I'll be taking part in a Pride March this weekend. I'll be there to support their presence and contributions to our community, too.

 

[Fogdog]

It's important to Penn the home in a desirable part of the country.

In Colorado, homes have doubled in value in the last 8-10 years. The more home you own, the bigger the annual 'paycheck'. It's too bad this benefit is so regressive.

You are right. As with all financial decisions, there isn't a single answer other than, "it depends". Where I live, homes are cheap compared to CO or CA. They don't go up a whole lot but the payments aren't very different from renting. So, the payments are flat for the term of the loan, whereas rent always goes up and in inflationary times they go up a whole lot. This is why I called home purchase a hedge against inflation. Looking at the cost of home ownership across the nation, most areas are like mine. Moderately increasing home prices, that keep pace with the cost of the loan. Not a great investment but a good hedge against inflation. If that's what you want.

What you describe is home ownership as an investment. You can win or lose on an investment. Maybe Colorado is a safe bet. It wasn't such a safe bet in portions of CA, where -- in some areas -- home prices still are below that of 2008. So, you make you bet and take your chances. It's the overheated markets where the common man takes the risk of losing their principle and accrued interest payments. I can't comment on whether or not Colorado is an overheated market or not.

Getting back to the original post, most of the country is not in a housing bubble but it sure is in some areas. Most of the country is experiencing low wage growth. As you repeat almost by the hour, wages are not keeping up with the cost of living. Some maybe a lot of people with equity make up the difference by taking accrued equity out of their home in the form of a second mortgage. And so, a debt fueled crash will eventually come.

 

[Fogdog]

I'm absolutely down with consequences for the actions, but I'd rather see it happen through the Justice system.

I'm glad to hear that people came out and demonstrated against the White supremacists.

When a local mosque was vandalized, I made a point of stopping by the next day and offering my support. It was important to me to tell them that I value their presence and contributions to our community.

I'll be taking part in a Pride March this weekend. I'll be there to support their presence and contributions to our community, too.

Justice system is part of the problem. Police by the nature of their job tend toward authoritarian attitudes. We don't see any "accidental" police shootings of people with a confederate flag on their bumper. This, even though more terrorists and criminals are white supremacists than any other faction. Not unusual to hear of a white racist asshole shooting a police officer during a routine stop. Yet police shoot black male drivers for no good reason during routine stops and get off because "they feared for their lives". No, the justice system isn't much of an answer. They sided with the racists in Portland too.

 

[Lucky Luke]

People are paying $2400 USD every month in RENT ? Here in Aus an expensive house is generally 5% of sale price per year...that's just insanity, especially with the economy heading the way it is...maybe they're trying to drain every penny possible.

Stupid how this modern world is built to force you into spending crazy amounts of money just for a roof over your head.

This is true in pretty much any Country's most sort after cities though.

Any one is free to move. Some downright bargain placers to live if you look and are flexible on employment.

Even with our higher min wage, two working people earning the min wage has no hope of saving the deposit required in Sydney. The housing prices their dont seem to stop, its been 15 years of high growth. Allot of that has to do with geographical location and cannot grow outward much more due to its boundaries (Ocean on one side and National parks on the other three).
I had a house in Western Sydney that I sold for $350k 10 years ago. Its now upward of $750,000. I payed $350k bout 6 mths later for the house im in..10 years later its worth the same... So Location desires have a huge effect

Housing prices crashed in nearly every western country after the GFC I think, except Australia's. We just love property.

 

[ttystikk]

You are right. As with all financial decisions, there isn't a single answer other than, "it depends". Where I live, homes are cheap compared to CO or CA. They don't go up a whole lot but the payments aren't very different from renting. So, the payments are flat for the term of the loan, whereas rent always goes up and in inflationary times they go up a whole lot. This is why I called home purchase a hedge against inflation. Looking at the cost of home ownership across the nation, most areas are like mine. Moderately increasing home prices, that keep pace with the cost of the loan. Not a great investment but a good hedge against inflation. If that's what you want.

What you describe is home ownership as an investment. You can win or lose on an investment. Maybe Colorado is a safe bet. It wasn't such a safe bet in portions of CA, where -- in some areas -- home prices still are below that of 2008. So, you make you bet and take your chances. It's the overheated markets where the common man takes the risk of losing their principle and accrued interest payments. I can't comment on whether or not Colorado is an overheated market or not.

Getting back to the original post, most of the country is not in a housing bubble but it sure is in some areas. Most of the country is experiencing low wage growth. As you repeat almost by the hour, wages are not keeping up with the cost of living. Some maybe a lot of people with equity make up the difference by taking accrued equity out of their home in the form of a second mortgage. And so, a debt fueled crash will eventually come.

That logic used to be true, but the top one percent now own nearly 90% of all assets and so it's THEIR debt that will crash the economy. All those homeowners amount to little more than a zit on the ass of the elephant. They're the ones getting pumped up by the Fed, getting huge loans on their assets.

The sad fact is that the middle class doesn't really matter anymore. This according to most Wall Street analysts.

 

[Lucky Luke]

People have been speaking of this massive housing bubble for years and years. Property goes up. land is a resource. Sure there are corrections in the market like any other resource but it always bouncers back to more than it was.

We can either reverse the citys population growth or make more land- otherwise its only going to go up. (on avg housing prices double every 10 years) Its a pretty safe investment if you can hold on till the growth.

 

[Flaming Pie]

IF you bought the max house you could afford in the moment, you are a fool. Plain and simple.

If you lease a vehicle, buy expensive food/clothing, go bar hopping, and then bitch about not having savings for emergencies, you are a fool.

A fool and his money are soon parted.

 

[Flaming Pie]

If you choose to live in an expensive area with an expensive lifestyle all while living paycheck to paycheck, you are a fool.

 

[st0wandgrow]

IF you bought the max house you could afford in the moment, you are a fool. Plain and simple.

If you lease a vehicle, buy expensive food/clothing, go bar hopping, and then bitch about not having savings for emergencies, you are a fool.

A fool and his money are soon parted.

If you choose to live in an expensive area with an expensive lifestyle all while living paycheck to paycheck, you are a fool.

There has to be some balance though. It can't be all pinching pennies and eating ramen noodles. Who the fuck would want to live like a hermit and have no fun while they're young, and then be too old and sore to actually enjoy the money that they spent their best years saving?

 

[Fogdog]

Are the people profiled here also fools?
http://www.npr.org/sections/health-shots/2016/03/08/468892489/medical-bills-still-take-a-big-toll-even-with-insurance
For Barbara Radley, there is "before" and "after." Before was when she could work — moving furniture, and driving a long-haul truck.
"It was nothing for me to throw a couch on my back and carry it up a flight of stairs," says the 58-year-old from Oshkosh, Wis.
Then there's after. After she herniated five disks in her back. And after, she says, her blood pressure medicine destroyed her pancreas.
Now Radley is disabled, suffering from diabetes, liver failure and scleroderma.

And she is bankrupt.

"Well, the medical bills were just piling up," Radley tells Shots. "We couldn't handle it. We just couldn't keep up."

 

[Fogdog]

IF you bought the max house you could afford in the moment, you are a fool. Plain and simple.

If you lease a vehicle, buy expensive food/clothing, go bar hopping, and then bitch about not having savings for emergencies, you are a fool.

A fool and his money are soon parted.

I don't understand what calling somebody a fool means in terms of what's best for our society when poor decisions or misfortune wipes out a person's retirement savings. Should their children go without? Who do you think the homeless are?

You are making a very good argument for socialism.

 

[schuylaar]

The picture is of an Iron Cross or a facsimile. Iron Cross Medals were given out by German Nazi regime. You'd have to ask him why it was on his truck. But I'd just continue on my way to the grocery store if it were me. Because your association of that cross -- if that was what it was -- with fascist-racists is what I'd make too.

Shits getting serious.
http://www.slate.com/articles/news_and_politics/politics/2016/12/hate_in_america_a_list_of_racism_bigotry_and_abuse_since_the_election.html

I was asking because I've never seen something like that attached to a license plate..he obvi wants you to see it.

Shit is getting serious..pay attention now..don't look away.

 

[Fogdog]

That logic used to be true, but the top one percent now own nearly 90% of all assets and so it's THEIR debt that will crash the economy. All those homeowners amount to little more than a zit on the ass of the elephant. They're the ones getting pumped up by the Fed, getting huge loans on their assets.

The sad fact is that the middle class doesn't really matter anymore. This according to most Wall Street analysts.

https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i35Qm5k9PGrU/v4/800x-1.png

US Household debt is at the same level as in 2008. A recession would trigger massive numbers of defaults. Banks are already under strain due to artificially low interest rates. A debt crisis among the lower classes can cause a recession. A bad one. Maybe not the big one but big bank bailouts and increased US government debt. Along with economic hardship.

Can you explain why the concentration of assets means the 1% will crash the economy because of their debt?

 

[Fogdog]

I was asking because I've never seen something like that attached to a license plate..he obvi wants you to see it.

Shit is getting serious..pay attention now..don't look away.

Maybe he's a proud German?

 

[jonsnow399]

Are the people profiled here also fools?
http://www.npr.org/sections/health-shots/2016/03/08/468892489/medical-bills-still-take-a-big-toll-even-with-insurance
For Barbara Radley, there is "before" and "after." Before was when she could work — moving furniture, and driving a long-haul truck.
"It was nothing for me to throw a couch on my back and carry it up a flight of stairs," says the 58-year-old from Oshkosh, Wis.
Then there's after. After she herniated five disks in her back. And after, she says, her blood pressure medicine destroyed her pancreas.
Now Radley is disabled, suffering from diabetes, liver failure and scleroderma.

And she is bankrupt.

"Well, the medical bills were just piling up," Radley tells Shots. "We couldn't handle it. We just couldn't keep up."

I think she's lying about throwing a couch on her back and carrying it up a flight of stairs, if not she is a fool to do it.

 

[rkymtnman]

Maybe he's a proud German?

 

[rkymtnman]

Can you explain why the concentration of assets means the 1% will crash the economy because of their debt?

I doubt the 1%ers have much debt on their assets.

It's the bottom 5 % who are in debt up to their eyeballs if antyhing.