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Old 07-15-2021, 10:01 PM   #99
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I thought the pandemic in effect allowed for a payment holiday on mortgages. When this is lifted, it shouldn't flood the market with foreclosures... it just extends the loan out with accrued interest.
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Old 07-15-2021, 10:02 PM   #100
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Frankly, I think the government should guarantee the option for cheap housing. I one of the richest nations in the world, we should have higher home ownership.
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Old 07-15-2021, 10:16 PM   #101
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Originally Posted by Sapphireho View Post
here in idaho, with all the cash buyers coming in from other states, and a lot of small cities and towns (like mine) putting moratoriums on new building to try to slow down growth, inventory is very low. Prices just keep climbing fast. My house here has gone up 78% since I bought 2 years ago. Crazy.
Idaho isn't the entire housing market, though it is a hot one. Even with your house up 78%, it's still probably significantly cheaper than your old house in Cali.

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It is true that we don’t have a bunch of overextended, high interest rate owners that will trigger a chain reaction in the market, but you don’t think there is a large population of home owners and renters with outstanding balances? Unless there are protections or grants provided to these populations, we should see a huge rise in evictions, and we should see a large increase in foreclosures or homes going on the market. I don’t think it will cause the recession we saw in 2008, especially because supply is so low and demand will still be there, especially from housing firms, foreign investors, etc. We will see what happens.
There are a good number of people in danger of foreclosure, but I think that Dems have learned the lesson of the last bailout and will at least try to funnel the money to individuals instead of lining the pockets of the rich. I don't see history repeating itself here.

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I thought the pandemic in effect allowed for a payment holiday on mortgages. When this is lifted, it shouldn't flood the market with foreclosures... it just extends the loan out with accrued interest.
A lot of people have been left behind thanks to the pandemic, so I think there will need to be more than this. But yeah, I don't see a flood of foreclosures. Maybe more than before, but not a flood.

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Frankly, I think the government should guarantee the option for cheap housing. I one of the richest nations in the world, we should have higher home ownership.
American welfare is only for the rich and powerful, my friend. Kind of like prison isn't.
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Old 07-15-2021, 10:21 PM   #102
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I thought the pandemic in effect allowed for a payment holiday on mortgages. When this is lifted, it shouldn't flood the market with foreclosures... it just extends the loan out with accrued interest.
There are a lot of programs and different states have different protections and aid for owners and renters, so we will see.
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Old 07-15-2021, 10:33 PM   #103
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There is subsidized housing in America. For renters there is Section-8 and for owners there is FHA. In normal times, FHA is a great program but doesn't work so well in a bubble.

The problem in the US is that the graduates of the public education system don't learn simple life skills of balancing a checkbook and living with a budget. When these same graduates go into the world on their own they are forced to rely on the advice of professionals... whose only motivation is to part them from their money.

The lessons that stick with you are learned the hard way and I was lucky that all of these happened in my late 20's early 30's. The main lesson I learned was never to trust anyone who gives you advice based on a commission.

Lesson #1 - When I bought my first house I gave the mortgage broker my top number for the monthly payment. At the settlement table, the payment was significantly higher. He said - that's not my problem. I met your P&I number. How was I to know about PMI and escrow? i left the table not knowing how I was going to make ends meet because I was not educated in all the finer points of closing on a house.

Lesson #2 - I learned never to trust a financial advisor when I bought my first stock on his recommendation only to learn he shorted it.

I bought my second house in 2003 just as ARMs were being offered to the general public and qualified for a $1M USD 5-year ARM at 3%. I was smart enough to know I only needed $200K at 5%... most of my neighbors were not as lucky as they qualified for $200K at the same 3% and took it. When rates adjusted to 7% in 2008 they all defaulted.
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Old 07-16-2021, 01:05 AM   #104
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Originally Posted by Sapphireho View Post
here in idaho, with all the cash buyers coming in from other states, and a lot of small cities and towns (like mine) putting moratoriums on new building to try to slow down growth, inventory is very low. Prices just keep climbing fast. My house here has gone up 78% since I bought 2 years ago. Crazy.
Don't be believing everything that real estate lady tells you ....... she just wants your listing ....... NOT your body .....
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Old 07-16-2021, 01:11 AM   #105
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Originally Posted by 2020BRZtS View Post
There is subsidized housing in America. For renters there is Section-8 and for owners there is FHA. In normal times, FHA is a great program but doesn't work so well in a bubble.

The problem in the US is that the graduates of the public education system don't learn simple life skills of balancing a checkbook and living with a budget. When these same graduates go into the world on their own they are forced to rely on the advice of professionals... whose only motivation is to part them from their money.

The lessons that stick with you are learned the hard way and I was lucky that all of these happened in my late 20's early 30's. The main lesson I learned was never to trust anyone who gives you advice based on a commission.

Lesson #1 - When I bought my first house I gave the mortgage broker my top number for the monthly payment. At the settlement table, the payment was significantly higher. He said - that's not my problem. I met your P&I number. How was I to know about PMI and escrow? i left the table not knowing how I was going to make ends meet because I was not educated in all the finer points of closing on a house.

Lesson #2 - I learned never to trust a financial advisor when I bought my first stock on his recommendation only to learn he shorted it.

I bought my second house in 2003 just as ARMs were being offered to the general public and qualified for a $1M USD 5-year ARM at 3%. I was smart enough to know I only needed $200K at 5%... most of my neighbors were not as lucky as they qualified for $200K at the same 3% and took it. When rates adjusted to 7% in 2008 they all defaulted.
Sorry to hear that you had so many miserable life experiences -
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Old 07-16-2021, 01:19 AM   #106
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Sorry to hear that you had so many miserable life experiences -
Thanks. It's not all doom and gloom. Just two life-lessons I learned the hard way.
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Old 07-16-2021, 02:51 AM   #107
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Quote:
Originally Posted by 2020BRZtS View Post
There is subsidized housing in America. For renters there is Section-8 and for owners there is FHA. In normal times, FHA is a great program but doesn't work so well in a bubble.

The problem in the US is that the graduates of the public education system don't learn simple life skills of balancing a checkbook and living with a budget. When these same graduates go into the world on their own they are forced to rely on the advice of professionals... whose only motivation is to part them from their money.

The lessons that stick with you are learned the hard way and I was lucky that all of these happened in my late 20's early 30's. The main lesson I learned was never to trust anyone who gives you advice based on a commission.

Lesson #1 - When I bought my first house I gave the mortgage broker my top number for the monthly payment. At the settlement table, the payment was significantly higher. He said - that's not my problem. I met your P&I number. How was I to know about PMI and escrow? i left the table not knowing how I was going to make ends meet because I was not educated in all the finer points of closing on a house.

Lesson #2 - I learned never to trust a financial advisor when I bought my first stock on his recommendation only to learn he shorted it.

I bought my second house in 2003 just as ARMs were being offered to the general public and qualified for a $1M USD 5-year ARM at 3%. I was smart enough to know I only needed $200K at 5%... most of my neighbors were not as lucky as they qualified for $200K at the same 3% and took it. When rates adjusted to 7% in 2008 they all defaulted.
There actually was a life skills class at my high school that taught how to balance a checkbook and fill out forms. I don't think that a normal education is going to manage stopping people from getting scammed. Teachers strive to teach critical thinking skills, but kids don't want to learn them.

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Sorry to hear that you had so many miserable life experiences -
This.

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Thanks. It's not all doom and gloom. Just two life-lessons I learned the hard way.
If you only get nailed twice, you're doing better than most.
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Old 07-16-2021, 08:52 AM   #108
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Frankly, I think the government should guarantee the option for cheap housing. I one of the richest nations in the world, we should have higher home ownership.
I could ask where you suppose that money to do so would come from, but that is a far more political discussion than would be appropriate here.
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Old 07-16-2021, 09:01 AM   #109
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Originally Posted by 2020BRZtS View Post

The problem in the US is that the graduates of the public education system don't learn simple life skills of balancing a checkbook and living with a budget. When these same graduates go into the world on their own they are forced to rely on the advice of professionals... whose only motivation is to part them from their money.
Actually this is not true. I went to 12 years of public school in NY and there were budgeting lessons in middle school "home and career skills" classes. Now, that's a good 5-7 years before you graduate, but the principles don't really change. I learned it at least.
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Old 07-16-2021, 09:07 AM   #110
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Don't be believing everything that real estate lady tells you ....... she just wants your listing ....... NOT your body .....
That is what Zillow looks like?
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Old 07-16-2021, 10:28 AM   #111
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I could ask where you suppose that money to do so would come from, but that is a far more political discussion than would be appropriate here.
Yes we do have to be careful here.
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Frankly, I think the government should guarantee the option for cheap housing. I one of the richest nations in the world, we should have higher home ownership.
And yes the govt basically does guarantee just about "anybody" could buy a house if they want to. If you take an FHA (or in CT we also have CFHA) loan you can put down as little as 3.5%! That's $3500 per $100,000 of house. Real people can afford that. Having good enough credit is the harder part. Ironically though allowing people to put down very little allows them to spend more than they really should. This actually drives the price of houses up. Someone paying cash or a normal 20% down is not going to pay nearly as much as someone who only has to put very little down... until they have to compete with them. Like I said every time we mess with the free market there are consequences and often more bad ones then good.

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Old 07-16-2021, 10:32 AM   #112
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Thank you for setting me straight on being taught in school. I made a generalization based on my own family's experience. It does seem to apply to my generation though as half of the development foreclosed within a year. It was either a rabid case of keeping up with the Joneses or a lot of people just didn't understand basic financial principles.
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