re: You guys excited about 50 year mortgages?

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Yeah an median home values were like 23-75k Do the math on 500k with a 12% or 18-25% rate. 12% that would be like a 6k payment with taxes if not more So NO ONE would buy with a 50yr loan.

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I did the math. I also took into account that minimum wage at the end of the 70’s was $2.10/hour. Now, you can’t hire anyone at the current minimum wage ($7-9/hr depending on the state). It’s more like $12.50-$15/hour. So, yes, the dollar values have ALL changed.

Don’t think I’m in favor of 50year mortgages. Nothing could be further from the truth. As others have said, that means housing will go up. And that means less houses bought. And that means less houses built. And we all know where that leads…

In the 60’s and 70’s, housing was expensive and getting a loan took an act of Congress. With paying the loan off early not an option, many were upside down for years. It’s the reason we were in such a recession in 1980. I fear we’re headed that way again.