It never ceases to amaze me the ability that college-educated upper-middle class people have to talk themselves into the belief they're some sort of proletariat that needs a ton of help to get by.
Housing market
- Thread starter simply1
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It never ceases to amaze me the ability that college-educated upper-middle class people have to talk themselves into the belief they're some sort of proletariat that needs a ton of help to get by.
I should have gone down to the ravine earlier because when I walked through earlier today all the trees were chopped down and the creek was dammed up to create a more sustainable water supply for the area.
23 will be okay. 24 is the question mark. Prices are still above break even with insurance yields and if you lock some sales in, 24 could be interesting, probably why I’ve received so many random offers on my hog facility. The difference between pumping costs and similar commercial costs are about $175/acre.
What you aren’t remembering correctly is that it is always who do things correct that get screwed. The morons get bailed out. I better stop so I don’t get cave worthy.
This is America. Everyone gets “bailed out” in one way or another. That’s what makes this country great. We don’t let people fail when it’s at all possible.
Classic Gunner. Lots of incomprehensible riddles but occasional flashes of brilliance.
Agreed, but its not going to stay that way. The whole society will plummet into poverty once new money dries up. Luckily our leaders are unbelievably sharp with a tinge of evil. They are going to gobble up European capital to keep this train rolling for another decade.
By "own", I mean homeowner with a mortgage.
I invest in real estate and have an eye on the market everyday. The data supports this.
I think our definitions of “survival mode” are different.
Zillow has my house valued at 12% lower than Redfin and 5% higher than Movato.
Short story? No one knows.
By survival mode, I mean less than $5,000 in bank account and savings combined and possibly some credit card debt. If a significant purpose needed to be made, such as a medical procedure or some other sudden thing, the people in this category would need to take out a loan to cover the bill. It would be life changing.
The other day I checked both Zillow and Redfin and they converged on almost exactly the same number. This is the 3rd house I’ve owned since Redfin became a thing and I’ve never seen that happen. Usually Zillow feels crazy high and Redfin feels somewhat low.
If you qualify for a credit card or a loan then it’s unlikely you are in “survival mode”.
The way banks, well pretty much any company, falls over themselves to give out loans, payment plans, store cards, etc. this is not true. If you breathe you can find debt in the US, that’s the qualifier, and in some cases they ignore it.
When my credit and income picture was piss poor I didn't find this to be the case. At all.
One of my buddies is a local bank president and he said that last fall he had to tell a lender to stop bringing him HELOC's for homes sold in our town that had purchased their home in the last 0-12 months.
The proposed HELOC's were pushing the Loan to Value back up to 90% in some instances.
Basically, the prices exploded over the last three years here, and morons (bankers included) were thinking that with all that new value in their homes, they should pull out equity and either spend or invest it in the market.
The lender couldn't understand that it might not be the best approach for a bank to make a loan requiring 20% down on home, then less than 12 months later return all (and in some instances more) of that cash to the buyer at potentially the peak of the stock and housing market.
We as a society haven't learned anything in the last 15 years.
The proposed HELOC's were pushing the Loan to Value back up to 90% in some instances.
Basically, the prices exploded over the last three years here, and morons (bankers included) were thinking that with all that new value in their homes, they should pull out equity and either spend or invest it in the market.
The lender couldn't understand that it might not be the best approach for a bank to make a loan requiring 20% down on home, then less than 12 months later return all (and in some instances more) of that cash to the buyer at potentially the peak of the stock and housing market.
We as a society haven't learned anything in the last 15 years.
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There are soMe lenders paid on commission or bonuses for what they write. If that’s not totally messed up and counter productive
