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re: Housing prices are alarming
Posted on 6/10/19 at 9:10 am to SDVTiger
Posted on 6/10/19 at 9:10 am to SDVTiger
quote:
These are all back for Self Employed borrowers and investment property owners
Not 110% crazy but they are back
Yea I have seen them but like you said they are more consolidated this time around. I am sure you remember, and probably responsible for some like I am, but I remember everyone getting stated income loans at the tail end of the subprime mess so they could get way more house than they could afford.
IIRC FHA also now allows everyone in the household to count towards income which I find crazy. So if your 14 year old flips burgers you can count his check towards your DTI to get a bigger mortgage.
0
Posted on 6/10/19 at 9:11 am to stout
Home prices are outpacing wages nationally. The national average of home price to wage is 4.1. Growing up the rule of thumb was 2 to 2.5. Either wages need to catch up (not likely) or prices need to come down. I guess the only difference is in 2008 many people had put 0% down so they were instantly upside down. That is unlikely nowadays so people won't be as stuck as they were before because less should be upside down.
Posted on 6/10/19 at 9:13 am to Boss
quote:
That is unlikely nowadays so people won't be as stuck as they were before because less should be upside down.
You are still stuck if there is an inventory surplus and you can't sell no matter what your equity is.
Posted on 6/10/19 at 9:14 am to Boss
quote:
. I guess the only difference is in 2008 many people had put 0% down
many people around here put down 3.5% so effectively 0
Posted on 6/10/19 at 9:15 am to Mud_Till_May
quote:
Thats what Im doing
Don’t let them talk you into one with run-flats.
Posted on 6/10/19 at 9:16 am to SlowFlowPro
quote:
i do agree with your premise but it needs to be the right house. i'd imagine 1 story built after WWII for starters. if you're putting in sweat equity to develop a house, a 2nd story is a potential nightmare (especially if your market is fixer uppers).
Are you in the Garden District working a 100 year old house or something? We have one of those a client foreclosed on. It has asbestos shingles and the roof is leaking in a few small areas. They're looking at $35K just in removal and disposal fees so right now they are letting it leak a bit and trying to patch what they can.
Posted on 6/10/19 at 9:17 am to stout
It hurts my head to think that people as dumb as the OP exist.
Posted on 6/10/19 at 9:18 am to stout
quote:
Are you in the Garden District working a 100 year old house or something?
yes
quote:
It has asbestos shingles and the roof is leaking in a few small areas.
roof is new (thank god) and the outside is all wood (which has its own issues but it can be removed if we want)
This post was edited on 6/10/19 at 9:19 am
Posted on 6/10/19 at 9:20 am to Janky
His premise isn't off. There's a reason home ownership is at an all time low and renting is more prominent than ever.
Housing has long been a way for average families to build some sort of wealth and that isn't happening as much anymore which will cause an even bigger divide in the wealth gap.
Housing has long been a way for average families to build some sort of wealth and that isn't happening as much anymore which will cause an even bigger divide in the wealth gap.
Posted on 6/10/19 at 9:20 am to Mud_Till_May
quote:
Nobody here agrees that housing prices are too high?
buy a house you can afford, and then take advantage of the rising housing costs by selling/upgrading every few years.
you sound like a Hillary follower wanting everything to happen for you by age 25.
Posted on 6/10/19 at 9:21 am to SlowFlowPro
I bet you live not far from me. If you need help on something you know how to get in touch.
Posted on 6/10/19 at 9:23 am to VinegarStrokes
quote:you people are such simpletons, incapable of grasping the slightest bit of nuance
buy a house you can afford, and then take advantage of the rising housing costs by selling/upgrading every few years.
you sound like a Hillary follower wanting everything to happen for you by age 25.
Posted on 6/10/19 at 9:24 am to DeafJam73
quote:
Exactly. Yeah, $50k won’t buy you what it did in 1975, but even then, you had a mortgage.
And the low home prices were offset by outrageous interest rates. I think my parents bought my childhood home for something like 45k but interest rates were around 18%.
Also, OP is a bit of a moron. Yikes.
Posted on 6/10/19 at 9:24 am to stout
i didn't know you were back back.
if you have a crew I may need help with some stuff. not as a favor like pay. finding people is hard as shite these days (and i represent some GCs)
all the good GCs are working in big developments and all the handyman types are in the plants making $35/hour + per diem
if you have a crew I may need help with some stuff. not as a favor like pay. finding people is hard as shite these days (and i represent some GCs)
all the good GCs are working in big developments and all the handyman types are in the plants making $35/hour + per diem
Posted on 6/10/19 at 9:25 am to Mud_Till_May
I think you might be retarded, and for that reason I will give you credit for at least discussing home ownership, but damn you're dumb.
Posted on 6/10/19 at 9:26 am to Mud_Till_May
quote:
A person now has to go into debt to purchase a house
No offense, but you’re an idiot.
Posted on 6/10/19 at 9:27 am to stout
quote:
Housing price growth and rental price growth has far surpassed wage growth for several years now. It's not sustainable.
This has been ongoing since the 60s or 70s IIRC. Wage stagnation has just killed personal buying power. This is why you have 30 year mortgages.
Posted on 6/10/19 at 9:30 am to Darth_Vader
You should just drop the 'no offense' tag; OP needs to be berated & offended for his stupidity.
This post was edited on 6/10/19 at 10:01 am
Posted on 6/10/19 at 9:30 am to SlowFlowPro
quote:
i didn't know you were back back.
Since December and I am right off of Lakeshore Dr. Might be out again in a few months, though. The GF wants to live in Vegas for a while because we are bored here and have some friends there. Plus I brought her to Lake Charles from L.A. so...yea.
quote:
if you have a crew I may need help with some stuff. not as a favor like pay. finding people is hard as shite these days (and i represent some GCs)
all the good GCs are working in big developments and all the handyman types are in the plants making $35/hour + per diem
My guys are busy too. We are starting to see more inventory finally because 90 day lates are on the rise as the market is slowing so our foreclosure maintenance is going up.
But I will be glad to personally help you with what I can mostly because I do get bored. I have been buying small projects just to occupy my time.
Posted on 6/10/19 at 9:38 am to StealthCalais11
quote:
You should just drop the 'no offense tag; OP needs to be berated & offended for his stupidity.
True. I was just trying to be as polite as possible.
But seriously, how the hell does an adult get the absurd idea that going into debt to buy a house is something that’s just happening now as though its something that’s just started recently?
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