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re: Fannie Mae Downgrades Housing, Origination Forecast
Posted on 6/2/22 at 9:23 am to El Segundo Guy
Posted on 6/2/22 at 9:23 am to El Segundo Guy
And most people I know didn't buy their first house until their very late 30s/early 40s.
I was in the military for 21 years and when you're moving every 3 years, it doesn't make a ton of sense.
When did the American dream outline home ownership as a necessity in your 20s?
I was in the military for 21 years and when you're moving every 3 years, it doesn't make a ton of sense.
When did the American dream outline home ownership as a necessity in your 20s?
4
Posted on 6/2/22 at 9:24 am to wadewilson
quote:
If you were born in the mid-80's you graduated high school and/or college into a worse recession, higher peak unemployment, and a higher GDP loss than any Gen x'er or boomer ever did.
I graduated college in 02. Served at Outback Steakhouse for a year along side a ga tech engineer grad. My escape was to sell door to door telephone lines to business’s.
This post was edited on 6/2/22 at 9:25 am
Posted on 6/2/22 at 9:25 am to dewster
quote:
Most people my age already had to reinvent themselves at least once. Hopefully this next recession isn't too deep. I'm too old to learn new tricks now.
Born in 85. Started as a tradesman, moved into the professional world, and depending on how job interviews go over the next couple of months, I may be back in a trade.
I don't like making job decisions over money primarily, but I'm okay being a mercenary right now. You make more money when you jump ship than if you stay with the same company.
This post was edited on 6/2/22 at 9:34 am
Posted on 6/2/22 at 9:26 am to sawtooth
quote:
I hate this phrase.
It means that many will have to “settle” for a smaller starter home versus a McMansion.
bullshite.
Case in point, here in Louisville by Churchill Downs has some of the highest murder rates in the city. Extremely high crime area.
Longfield was once named by local media as the most dangerous street in the city.
A 2 bed, 1 bath that's less than 1,000 sq feet is selling for $125,000 on Longfield right now.
The median household income in the city is right at $54k.
Stop it.
This post was edited on 6/2/22 at 9:26 am
Posted on 6/2/22 at 9:28 am to El Segundo Guy
quote:
And most people I know didn't buy their first house until their very late 30s/early 40s.
I was in the military for 21 years and when you're moving every 3 years, it doesn't make a ton of sense.
When did the American dream outline home ownership as a necessity in your 20s?
My parents bought their first and only home in their early 20s.
My grandparents bought their first and only home in their late teens.
My Aunt and Uncle, who were buying in the early 1990s, bought their first home in their early 20s.
Posted on 6/2/22 at 9:29 am to flyAU
quote:
I graduated college in 02. Served at Outback Steakhouse for a year along side a ga tech engineer grad.
Buddy of mine graduated from LSU in 2008 - electrical engineering. Took him a full 5 years to get a non-shitty job.
Posted on 6/2/22 at 9:29 am to BluegrassBelle
Ok? That is fantastic but not a necessity and not owning a home in your 20s doesn't mean that the American dream is dead.
Posted on 6/2/22 at 9:30 am to El Segundo Guy
quote:
Ok? That is fantastic but not a necessity and not owning a home in your 20s doesn't mean that the American dream is dead.
Home ownership is a cornerstone of the American dream. Full stop.
Posted on 6/2/22 at 9:31 am to El Segundo Guy
Instead of owning homes, I started 2 small businesses. One was a commercial lawn service only servicing government contracts and the other was Paintless Dent Repair.
Sold them both a few years ago. Sweat equity, brother.
Sold them both a few years ago. Sweat equity, brother.
This post was edited on 6/2/22 at 9:37 am
Posted on 6/2/22 at 9:32 am to dewster
I managed to make something of myself after almost flunking out of college. I moved for cheaper housing prices, but I'm still scared we will overpay by 100k+ on a house.
Posted on 6/2/22 at 9:32 am to El Segundo Guy
quote:
And most people I know didn't buy their first house until their very late 30s/early 40s.
I was in the military for 21 years and when you're moving every 3 years, it doesn't make a ton of sense.
When did the American dream outline home ownership as a necessity in your 20s?
Swing and a miss again.
My dad bought his first home when he was 21, paid it off within a few years. High school grad.
He was able to put more money away because he owned his own house at such a young age.
Millennials haven't had that kind of privilege.
Posted on 6/2/22 at 9:34 am to dewster
quote:
Fannie is trying to put pressure on the Fed to slow down. JP Morgan's CEO had a similar message yesterday.
Exactly. Hopefully the Fed sticks to its guns.
Posted on 6/2/22 at 9:34 am to El Segundo Guy
quote:
Instead of owning homes, I started 2 small businesses. One was a commercial lawn service only servicing government contracts and the other was Painters Dent Repair.
Sold them both a few years ago. Sweat equity, brother.
if you are in the service for 20 years, you have a nice pension to live off of
Posted on 6/2/22 at 9:34 am to El Segundo Guy
I have busted my arse all through my 20s and now early 30s. I have a gf I will probably get engaged with in the next 8 months or so, and housing is my number one issue. We are about 3k from the top 5 percent of household earners in Charlotte, yet still will have some issues buying a house that has what we want and with land. That's fricking insane.
Posted on 6/2/22 at 9:35 am to Cajunhawk81
Love that gif - really shows Adi's human side
This post was edited on 6/2/22 at 9:36 am
Posted on 6/2/22 at 9:36 am to Jcorye1
quote:
We are about 3k from the top 5 percent of household earners in Charlotte
So you need to offer $25k more than asking price, and you don't have time for an inspecti - oops, Blackrock just bought the whole neighborhood.
Posted on 6/2/22 at 9:38 am to Dire Wolf
quote:
if you are in the service for 20 years, you have a nice pension to live off of
Assuming you are in good health, you could have done the same. My pension pales in comparison to my investments made through sweat equity.
Posted on 6/2/22 at 9:39 am to Loup
quote:
Quit trying to live in trendy areas.
I could've sold my standard 2400sf home in Bogalusa for 355 a few weeks ago.
Posted on 6/2/22 at 9:41 am to Gee Grenouille
Those of us paying attention the last 20 years knew this was going to happen. All part of the plan.
Posted on 6/2/22 at 9:42 am to Sao
Yea that is a likely good move.
I’m bouncing around the idea of selling now while value has peaked, house is worth almost double what we paid for it.
I’d sell off the house and consider getting a rv and working remote from anywhere and then once the market has crashed completely returning and buying on the cheap from the crash.
I’m bouncing around the idea of selling now while value has peaked, house is worth almost double what we paid for it.
I’d sell off the house and consider getting a rv and working remote from anywhere and then once the market has crashed completely returning and buying on the cheap from the crash.
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