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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 11:47 am to Artificial Intel
Posted on 7/22/23 at 11:47 am to Artificial Intel
quote:
You live in a bubble. Almost literally, and especially metaphorically.
You can't answer a simple question.
Break down the numbers, why will Biden offset student loan payments? How will Biden offset student loan payments?
Thanks.
quote:
That student loan payments resuming will have little to no economic impact?
Not a significant one.
You said this, dummy
quote:
Yeah, if Biden was mitigating most student loan payments
Well no one in this thread has said
This post was edited on 7/22/23 at 11:54 am
1
Posted on 7/22/23 at 11:50 am to fallguy_1978
quote:
The Clinton administration was responsible for many of the policies that caused the 2008 crash.
Jimmy Carter created the Community Reinvestment Act in 1977 to encourage more lending to minorities aka Subprime
Clinton rewrote the act in 1995
Bush embraced deregulation and failed to regulate more control over hedge funds
There are a lot more to blame but we all know how it went. Just a lot of bad policies over decades.
Posted on 7/22/23 at 11:53 am to JohnnyKilroy
quote:
At about 19% of gross for PITI. Put down 20%.
About 19% of gross for PITI and put down 24% here.
Insurance and HCAD are what is fricking me rn.
My income should only be going up, so that 19% should shrink over time (i hope).
Posted on 7/22/23 at 11:54 am to RogerTheShrubber
quote:
You can't answer a simple question. Break down the numbers, why will Biden offset student loan payments? How will Biden offset student loan payments? Thanks.
I already answered how the economy will be shielded by providing evidence to the fact. You choosing to ignore it or explain it away is a personal choice. You’re yelling at the wind. Whenever you calm down you’ll recognize even OP, stout, has walked back and said we won’t see anything until after 2024.
Posted on 7/22/23 at 11:54 am to Artificial Intel
quote:
I already answered how the economy will be shielded by providing evidence to the fact.
You did no such a thing.
quote:
That student loan payments resuming will have little to no economic impact?
Not a significant one.
You said this, dummy
quote:
Yeah, if Biden was mitigating most student loan payments
Well no one in this thread has said
This post was edited on 7/22/23 at 11:56 am
Posted on 7/22/23 at 11:55 am to Artificial Intel
quote:
I already answered how the economy will be shielded by providing evidence to the fact.
The average borrower will save 1k per year. You think an extra $83/mo is going to significantly soften the economic impact?
This post was edited on 7/22/23 at 11:56 am
Posted on 7/22/23 at 11:57 am to RogerTheShrubber
Mitigating economic fallout and mitigating student loan payment aren’t the same thing. Wyou don’t even know what you are saying.
Posted on 7/22/23 at 11:57 am to fallguy_1978
quote:
The average borrower will save 1k per year.
Thats life changing money to this dude, I guess.
Posted on 7/22/23 at 11:58 am to stout
4K square foot house and we spend 6% of our gross income on annual mortgage costs.
Posted on 7/22/23 at 11:59 am to jclem11
quote:
Insurance and HCAD are what is fricking me rn
We getting some relief baw. Texas just passed biggest property tax break ever for the state.
By my calculations my property tax liability is gonna drop by like 4k next year
Posted on 7/22/23 at 12:02 pm to Artificial Intel
quote:
even OP, stout, has walked back and said we won’t see anything until after 2024.
I have been saying that. I have also said numerous times it will not be as significant of an event as 2007 but a correction is inevitable and these things take time to come to fruition. Despite what people think, 2007 didn't happen overnight as I have also said in this thread and others. I have also pointed out there were many compounding issues that caused 2007. Not just subprime lending though it was the catalyst. I think we are seeing many similar events and they become more significant with each quarter.
My positions, across all of these threads I have started about this subject have not changed. I can find threads where I have stated these things over and over.
Posted on 7/22/23 at 12:02 pm to stout
I’m about to have to buy a new house and I’m going from a 2.6% interest rate to whatever it is now. Probably looking at $4500 a month for the type house I want.
Posted on 7/22/23 at 12:03 pm to stout
Glad my home is paid for
Posted on 7/22/23 at 12:03 pm to stout
That’s my guess. My shop does most of their volume on the west coast. The other thing to think about is property taxes and insurance premiums. If the federal government doesn’t allow the unemployment spike to flow through (they won’t) the middle class is going to get sliced in half.
Posted on 7/22/23 at 12:05 pm to Artificial Intel
quote:
Mitigating economic fallout and mitigating student loan payment aren’t the same thing.
I think in this instance they go hand and hand. Suddenly restarting a note people haven't had to pay in 3 years is a significant economic event that will have an impact. Consumer spending will decrease as people will have less money to spare.
It will be great for reducing inflation, though.
Posted on 7/22/23 at 12:06 pm to Adam Banks
quote:
Feels like this thread gets made every 6 months but never get any significant trend down
This. I have so many friends wish casting a downturn, and while prices will go down, it's not going to be a full blown 2008.
Posted on 7/22/23 at 12:06 pm to Artificial Intel
quote:
Mitigating economic fallout and mitigating student loan payment
In this case they are unless you have some secret information that wasn't contained in your links.
This post was edited on 7/22/23 at 12:07 pm
Posted on 7/22/23 at 12:07 pm to stout
40% would scare me to death
Posted on 7/22/23 at 12:08 pm to stout
About 13% gross and going up each year due to property taxes and home owners insurance. Been in the house six years and would like to cash out and move into forever home but the market is still insane and interest rates are what they are.
Tell me how dual income $100k are buying $400k houses
Tell me how dual income $100k are buying $400k houses
Posted on 7/22/23 at 12:09 pm to wutangfinancial
quote:
If the federal government doesn’t allow the unemployment spike to flow through (they won’t) the middle class is going to get sliced in half.
Can you expand on this more?
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