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Started By
Message
1
Posted on 6/10/19 at 8:22 am to Mud_Till_May
quote:
Dont you think it obsered for it to take 30 years to pay off something?
Dont you think it obsered for it to take 30 years to save for something?
Posted on 6/10/19 at 8:24 am to tigahbruh
quote:
The automobile market pretty much exemplifies a great free market.
The auto market and especially the used auto market is having trouble right now. Prices and 84 month loans have people so upside down they can't get out of a vehicle after 3 years like they could before so they are keeping their vehicles longer.
I get that's not the point you were making but just pointing it out. You can google it.
Posted on 6/10/19 at 8:24 am to Mud_Till_May
quote:
I just want to buy things out right.
Make more money?
Posted on 6/10/19 at 8:27 am to Mud_Till_May
quote:
But their not paying it, the bank is and they give them an IOU. What if they cant pay their mortgage? The bank takes it and they are back to square one with no credit and their money gone
Seriously?
That's the risk on any loan.
If you want to be Dave Ramsey, be Dave Ramsey. But don't act like home mortgages are some sort of nefarious debt prison.
Posted on 6/10/19 at 8:28 am to Mud_Till_May
quote:
Before you know it even a 30 year mortgage wont be enough and we are all out in the street.
So who will be living in these houses if we are all in the street? This makes no sense. In your scenario, prices would have to come down, so the houses could sell. That’s how markets work.
Posted on 6/10/19 at 8:29 am to CaptainJ47
quote:
You can but frankly with interest rates as low as they are paying cash for a house would be foolish. You should be able to earn more than 4% on your money annualized over 30 years by investing.
You should, but you won't.
Think about it: if that line of thinking were universally true, wouldn't it make better sense for companies and banks that deal in mortgages to just invest that money in whatever asset beats mortgage rates than take on the risk of mortgages???
Posted on 6/10/19 at 8:29 am to stout
Certainly seems that way. The Lafayette market is seeing long listing times from what I can tell compared to a few years ago
This post was edited on 6/10/19 at 8:38 am
Posted on 6/10/19 at 8:29 am to Mud_Till_May
I always knew you were a fricking moron but this one takes the cake 
Posted on 6/10/19 at 8:30 am to stout
quote:
The auto market and especially the used auto market is having trouble right now. Prices and 84 month loans have people so upside down they can't get out of a vehicle after 3 years like they could before so they are keeping their vehicles longer
People are dumb when it comes to cars.
Period.
Never financed for more than 60 months and have always paid off at least a year early. We also keep cars for at least 7 years (and usually longer).
Posted on 6/10/19 at 8:30 am to Displaced
quote:
A person now has to go into debt to purchase a house. Families cant get a block structure to live in.
My first house was only 117K and I still had to get a mortgage... I didn't have that kind of money sitting around at the time...
Besides, I don't consider a mortgage a debt, when I sold it 10 years later, I made close to 80k on it...
This post was edited on 6/10/19 at 8:37 am
Posted on 6/10/19 at 8:32 am to Mud_Till_May
$150k? My down payment for my new house is going to be way more than that.
Posted on 6/10/19 at 8:34 am to jimbeam
Here in Atlanta the market is still crazy. There are 700-800k subdivisions going up all over. Don't see how this is sustainable although Atlanta's economy is very strong and prices have historically been cheap compared to other major metropolitan areas.
Posted on 6/10/19 at 8:37 am to CaptainJ47
quote:
You can but frankly with interest rates as low as they are paying cash for a house would be foolish. You should be able to earn more than 4% on your money annualized over 30 years by investing.
This is way above the average financial acumen of our country
Posted on 6/10/19 at 8:41 am to SlowFlowPro
quote:
sounds about right
so i have 1.5 years to get very liquid
In their analysis they stated it's not direct subprime that will cause this correction but instead it's cheap money.
People simply have too much debt overall with very little savings.
If you look at the average middle class American household they have two $50K vehicles they financed for 72 months, CC debt in the nation set an all time record last year, student loans are reaching a point of being unsustainable, people have zero savings because they can just get a new CC in case of emergency, etc.
A study shows that if a family is used to making it on say $4K per month and they get a $500 bump they find ways to spend that $500 rather than keep living the lifestyle they were before. Around here you see it in them getting a new boat or a UTV they invest $30 or $40K in. Oh...and you need a $50K toy hauler on top of all that to look good behind your $80K F250 you owe the bank on for the next 96 months.
So why we may not have true subprime lending in housing like what cause the '08 crash you have a sort of indirect subprime lending because rates were kept so cheap for so long it allowed companies to offer cheap finance deals on a lot of products and consumers have put themselves in a horrible overall debt picture as a result.
That cheap money will go away one day as markets slow then consumers will feel it.
So that on top of pricing outpacing wage growth is causing concern in the mortgage industry.
Posted on 6/10/19 at 8:42 am to stout
quote:big facts
A correction is coming soon.
Housing price growth and rental price growth has far surpassed wage growth for several years now. It's not sustainable.
That's not the only reason a correction is coming but it's a huge part of it.
Ya boy GLT about to profit bigly
Posted on 6/10/19 at 8:44 am to Mud_Till_May
quote:
A person now has to go into debt to purchase a house
You know, they quit making the dirt that those houses sit on.
Posted on 6/10/19 at 8:45 am to Mud_Till_May
quote:
Dont you think it obsered for it to take 30 years to pay off something?
Are you 16 years old
"I don't want a mortgage I want to buy a house outright"
"It takes too long to save up to buy a house outright"
Posted on 6/10/19 at 8:46 am to Boss
quote:
There are 700-800k subdivisions going up all over.
Nah
Posted on 6/10/19 at 8:47 am to Mud_Till_May
I think it’s absurd that people are financing vehicles for 7-8 years
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