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- mickee
- Contributions:380
The government will always promote and support homeownership ....
Of course. The bulk of their budget is coming from property taxes. Schools, Hospitals, Fire dept., Transportation dept. are always proposing a levy to raise property taxes to fund their budgets. If you have a good property tax collections, tendency are you have a good school district also.
- randy321
- Contributions:369
yes, and if that happens, under the bill - they can modify loans, give different types of interest rates, etc, etc... What this will do will cause a moral hazard problem, and making it so that banks end up not lending as much at all - because they have no idea if the $300,000 mortgage they underwrite will turn into $200,000 at some point. This will cause a disappearance of the secondary market for mortgages, making it so that banks have to keep all of the loans on their books. Which means that the selling off of loans will be non existant. meaning that they will have to take personal responsiblity for it - even if it is backed by us taxpayers. In the end, this will drive rates up, and cause affordibility to decrease. Then, on top of that, the increase in taxes to offset this bill will also decrease affordability. Think about the bigger picture than just your home price... There is alot more at stake than your little slice of the American dream...
"At housing's bottom, many will be priced out"
[content removed by moderator for being a personal insult]
"At housing's bottom, many will be priced out so it won't really be the bottom and prices will fall further until traditional levels of price vs. affordibility are reached."
Yeah sure. Just sing the song "When you wish upon the star" Spleng!
- 2 Big 2 Fail
- Contributions:0
This is a greart article. Thanks DM. When housing bottoms there will still be many people who are priced out, either because they live in an ultra ritzy area where prices will be super expensive or their income sare very low and cannot allow them to buy houses.
- mickee
- Contributions:380
http://www.csmonitor.com/2008/0721/p01s04-usec.html
Here comes another economic stimulus .... both fiscal and monetary policies are in effect to pump prime the economy. Nothing is new under the sun ...
- 2 Big 2 Fail
- Contributions:0
A report published by Homes for Working Families earlier this month forecast home prices could hit bottom in less than a year, ending up around 2004 levels.
But "even after the market bottoms, you're still not going to have quite the affordability that you had before the housing bubble took place," said Andres Carbacho-Burgos, an economist with Moody's Economy.com and co-author of the report.
- 2 Big 2 Fail
- Contributions:0
Barney Frank and Chris Dodd are the smartest and greatest members of Congress. Anyone who votes agaisnt the $300 billion housing bill should get locked in a bathroom with Larry Craig.
- sunshineday
- Contributions:647
Well, Barney Frank might vote against his own bill if that's the punishment.
- 2 Big 2 Fail
- Contributions:0
That's the funniest thing you have said to date. Nothing you say in the future will top that one.
LMAO Larry Craig! Is that fool still in the office? "Mr officer, I've only tap my foot but it doesn't mean I solicited you for sex" LOL
- sunshineday
- Contributions:647
Thank you, Alps!!!
- 2 Big 2 Fail
- Contributions:0
Yes, he will be in office for the rest of 2008.
eeeeww yuck..
- 2 Big 2 Fail
- Contributions:0
McCain flip flopped on housing bail outs over the course of 2 weeks. He was against bail outs before he was for them.
- sunshineday
- Contributions:647
Where's wide_____stance when you need him?
- 2 Big 2 Fail
- Contributions:0
paging wide stance. White courtesy telephone please.
- digiphaze
- Contributions:254
How the heck can you believe that most current renters will be priced out forever if we don't buy now? That is the most idiot statement I've ever heard.
When you have an unsold inventory reaching the years mark, its going to force prices down. Housing Bottom and Price out Forever cannot coexist. In fact the "Priced out Forever" statement just screams ignorance of basic economics.
What possible motivation could you have for being this stupid? That type of stupid takes work.
How many unsold homes are your sitting on Bella?
- digiphaze
- Contributions:254
Actually let me add to this..
My current residence which I rent. 3bdr+den,2.5ba 1600sq/ft Townhome. Currently renting for 1395/mo. Same townhome lists on the market for 425K. That translate to a hefty mortgage that would cost around 3k/mo. So in effect, the home is price AT LEAST twice whats its really worth.
Renting forever looks pretty darn good from this perspective.
- sunshineday
- Contributions:647
I think a lot of people are not at all surprised that Barney Frank is interested in housing's bottom.
- dozer95662
- Contributions:70
"I think a lot of people are not at all surprised that Barney Frank is interested in housing's bottom."
rotflmao! fantastic
I'm already priced out, so who cares. Real Estate needs to drop another 30% for me to be able to buy.
- mephiston5
- Contributions:43
At the end of the day, the market will ballance its self out again...The action of the government can only change the time table for the correction, it will happen either way.
Anyway, for what it is worth, just so long as we don't get many more bank going under, I think the correction is more than half over...
"just so long as we don't get many more bank going under,"
- YumYums
- Contributions:186
http://www.nakedcapitalism.com/2008/01/bank-of-americas-scheme-to-stiff.html
The document details what can only be called a scheme by which Bank of America intends to acquire Countrywide (specifically, the FDIC insured entity) but leave the debt behind.
http://biz.yahoo.com/rb/080721/wachovia_mortgages.html?.v=1
NEW YORK (Reuters) - Wachovia Corp (NYSE:WB - News), the fourth-largest U.S. bank, on Monday said its main mortgage unit will stop offering home loans through brokers this week, joining a growing number of lenders to curb wholesale lending.
Weisbrot says that only about 40% of that bubble has deflated so far.
Not quite there.........at this rate it may take us until 2012 to really hit the bottom.
- jmeirhofer
- Contributions:316
A question for the permanent renters or those that say they will rent forever. I plan on having my primary residence (the home I will retire in) paid for in another 5 years. Although I will still be paying property tax and upkeep it will be no where near rent costs.
If you plan on renting for life what is your plan with this regards. I am asking in all seriousness since most posters here seem to be in the same age bracket as me (mid 40s).
- kelargo
- Contributions:794
"Most of the manufacturing jobs are simply disappearing," he said. "And the replacement jobs that are coming into play are much lower wage than they had been previous. As one of my colleagues said, the people who built the F-150 are now building Big Macs."
I guess that's one job that will not be outsourced...
My retirement funds can pay for a home outright when I retire should I choose to rent for the next 30 years! My aunt paid off her home 20 years ago....her tax bill is over 3X what she paid each month for the house payment......I am not worried.
At housing’s bottom, many will be priced out
Renters hope values will fall so they can buy — statistics don’t bear that out
That's the dilemma this week for the nation's lawmakers and millions of Americans who are priced out of homeownership: any rescue policy to stem foreclosures could artificially prop up home prices and perpetuate the affordability crisis in many major cities coast to coast.
This week, the House and Senate are patching together a bill for President George Bush's signature that would let the Federal Housing Administration insure up to $300 billion in new loans to help struggling homeowners avoid foreclosure, among other initiatives.
Lawmakers also are considering earmarking $3.9 billion in funding to help buy and rehabilitate foreclosed properties, giving first-time buyers a tax credit up to $8,000, and propping up mortgage giants Fannie Mae and Freddie Mac.
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