re: For folks that are old enough to remember the high inflation of 70s-80s

quote:

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Interest rates for buying a house in the late 70's-early 80's were in the double digit range, which was insane.

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My parents got married in 1974 and her dad paid the down payment on the house I grew up in. I believe the loan was variable and a few years later had to lock in a 30yr fixed refi in the teens. Right after the 2008 crash we bought our house in spring 2009 at just under 5% with half a point.

Thankfully my parents taught me a lesson from their mistake. We also got extremely lucky by not building in Florida 18 months before the "market will never go down!" crashed. I had several coworkers who got caught up in that...several of whom were loaned money thanks to Clinton's "minority" friendly FHA no-doc policies that were ignored by W post-9/11.

I hung out with my dad over the weekend and it's really crazy...my grandpa was my son's age during the GD. My dad was 30 during the '82 recession, was obviously alive for the 2009 recession, and was telling me how much this reminded him of the late 70s. My grandpa was part of the GG and died just before the housing bubble burst (late spring 2008). This is probably my dad's last and I how to live long enough to see one more cycle play out. I don't want to get into politics but it's sickening when the financial people appointed by the geriatric current occupant of the WH were warned yet let the printers go 24/7. It's insane that every level jobs for college graduates aren't much more than the "$15 living wage" people are getting paid to flip burgers...and of course the answer to that is just writing off debt which will only make inflation worse.