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re: Homebuyers are now spending 40% of their gross income on mortgage and interest costs
Posted on 7/22/23 at 11:25 am to PikesPeak
Posted on 7/22/23 at 11:25 am to PikesPeak
quote:
And then you have an unsellable house in a place no one wants to live
Tell that to the realtors who leave me messages by phone and letters in my mailbox stating they can get me 100k over what I paid in 2018 for my 2400 sq ft house in Prairieville
1
Posted on 7/22/23 at 11:25 am to stout
Stout, it’s not just about discharging the debt. It’s about reducing the requirements of debt repayment. While not to get too fixated on this specific example, allowing an essentially consequence free repayment for 12 months is what I’d call a significant impact to shielding the economy. There are more examples to pull from within those policies.
It’s similar to what you and others said about foreclosures. These things aren’t going to play out how you think they will. Unemployment has to go up, it is the lynchpin.
And again, wages* go further than what it did prior to covid, accounting for inflation and all.
It’s similar to what you and others said about foreclosures. These things aren’t going to play out how you think they will. Unemployment has to go up, it is the lynchpin.
And again, wages* go further than what it did prior to covid, accounting for inflation and all.
This post was edited on 7/22/23 at 11:40 am
Posted on 7/22/23 at 11:26 am to stout
At about 19% of gross for PITI. Put down 20%.
Btw anyone who thinks the mortgage set up is anything remotely like 06-08 is retarded.
Btw anyone who thinks the mortgage set up is anything remotely like 06-08 is retarded.
Posted on 7/22/23 at 11:26 am to StringedInstruments
quote:
That’s insane. Their GROSS?!?
Right. Net would still be pretty bad, but gross is messed up.
Posted on 7/22/23 at 11:29 am to Tortious
I would shite myself if I was at 40%. We are at 25% and it seems insane to me. I know it will go down overtime though
Posted on 7/22/23 at 11:29 am to stout
quote:
I personally don't think anything will happen until after the 2024 election.
What exactly will happen after 2024? What are you forecasting?
Posted on 7/22/23 at 11:33 am to stout
quote:
could tell you to wait for a market adjustment (there will be no full-on crash IMO) then it never happens.
Seems like you’ve been doing that for a few years now
Feels like this thread gets made every 6 months but never get any significant trend down
This post was edited on 7/22/23 at 11:35 am
Posted on 7/22/23 at 11:35 am to Artificial Intel
quote:
Unemployment has to go up, it is the lynchpin.
Correct that and inventory levels are the two biggest factors that would force a correction. I said as much already.
quote:
And again, as I mentioned before the value of the dollar goes further than what it did prior to covid, accounting for inflation and all.
Link?
No way that is true for staples like food and energy.
I think you are also discounting the amount of debt people have. No other time in history has the average American carried so much debt and it's been rising yearly. Just part of the overall big picture of how bad off the average consumer is and how they don't have a dime to spare so student loan payments are going to have an impact.
Posted on 7/22/23 at 11:36 am to Artificial Intel
Those might mitigate the effects of student loans slightly.
Break down the numbers for us, since you must see some hidden relief in there.
This post was edited on 7/22/23 at 11:40 am
Posted on 7/22/23 at 11:38 am to Adam Banks
quote:
Feels like this thread gets made every 3 weeks
Fify.
Posted on 7/22/23 at 11:40 am to stout
This is all as planned.
Nothing that happens under this Administration is by accident.
Joseph R Biden is one if the biggest pieces if shite to come out of D.C.
Nothing that happens under this Administration is by accident.
Joseph R Biden is one if the biggest pieces if shite to come out of D.C.
This post was edited on 7/22/23 at 11:41 am
Posted on 7/22/23 at 11:41 am to rintintin
quote:
If you did this over the last decade+ then you wasted the most generous lending environment in history and a prime time to acquire assets.
May be true but if someone is living simply and striving for self sufficiency then they likely don’t see it as a “waste.”
This post was edited on 7/22/23 at 11:43 am
Posted on 7/22/23 at 11:41 am to RogerTheShrubber
quote:
Break down the numbers for us, since you must see some hidden relief in there.
1k per year is chump change for most people and the $39 billion is for people who have been repaying loans for 20+ years, so mostly people in their 40s and 50s.
quote:
Alongside the government's 12-month grace period for missed payments, Department of Education officials have also said borrowers will be able to sign up for a new, more generous repayment plan in the coming weeks. The plan ties payments to borrowers incomes and is expected to save the average borrower $1,000 a year.
Following the defeat of President Joe Biden’s student debt relief package in the U.S. Supreme Court, the administration said it would pursue a new path toward offering borrowers debt relief. The particulars of the new forgiveness program are still in development, but other pathways to debt relief — like more the more affordable income-driven repayment plan and revisions to the Public Service Loan Forgiveness program — have already been made available to student loan borrowers in anticipation of repayment. Last Friday, the department also announced that it would begin canceling $39 billion in loan debt for more than 800,000 borrowers who have been making payments for over 20 years will see their remaining balances erased.
This post was edited on 7/22/23 at 11:46 am
Posted on 7/22/23 at 11:42 am to fallguy_1978
Yeah, if Biden was mitigating most student loan payments, not a soul would be concerned about paying them back.
Posted on 7/22/23 at 11:42 am to JohnnyKilroy
quote:
Fify.
I will gladly eat crow if there is not a significant correction by 2025.
These things take time. 2007 was like 30 years in the making from bad policy and rate management but really accelerated the last 5 or 6 years.
Posted on 7/22/23 at 11:43 am to RogerTheShrubber
quote:
Those might mitigate the effects of student loans slightly.
Break down the numbers for us, since you must see some hidden relief in there.
Why did you edit out “you dummy”. Ad homonyms the only way you can get attention on here, I guess.
Posted on 7/22/23 at 11:44 am to Artificial Intel
quote:
Why did you edit out “you dummy”. Ad homonyms the only way you can get attention on here, I guess.
Why don't you answer the actual question?
You cant
Posted on 7/22/23 at 11:44 am to Artificial Intel
quote:
Ad homonyms
swing and a miss
Posted on 7/22/23 at 11:44 am to stout
quote:
These things take time. 2007 was like 30 years in the making from bad policy and rate management but really accelerated the last 5 or 6 years.
The Clinton administration was responsible for many of the policies that caused the 2008 crash. It turns out that trying to make all Americans homeowners was a really bad idea
Posted on 7/22/23 at 11:46 am to RogerTheShrubber
quote:
Yeah, if Biden was mitigating most student loan payments
Well no one in this thread has said that but given that you resort to name calling, im not surprised you have poor reading comprehension.
quote:
not a soul would be concerned about paying them back.
You live in a bubble. Almost literally, and especially metaphorically.
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