Posted by RivahCat on May 11, 2007, 6:24 pm
I heard a radio ad today that made me LAUGH.
It was talking about the HORROR that some family felt when their ARM
(adjustable rate mortgage) hit 8.5%... seems they couldn't afford their
house payment.
HAH!! 20 years ago, my late hubby and I had a house with a 9.5% FIXED
rate mortgage on it... and WE could pay it!! What's happening is that
house prices have skyrocketed due to lower interest rates.
Unfortunately, what goes down must come up, and now these people are
house-poor (all their net worth and cash going into the house note and
not into the bank).
I can't wait for the real-estate bubble to burst, just like it did in
Texas in the 80s... I'll be able to get a nice house for very little.
--
RivahCat >^..^<
"IN BAST WE TRUST"
Posted by Rod Speed on May 11, 2007, 8:40 pm
> I heard a radio ad today that made me LAUGH.
We're laughing at your silly stuff.
> It was talking about the HORROR that some family felt
> when their ARM (adjustable rate mortgage) hit 8.5%...
> seems they couldn't afford their house payment.
> HAH!! 20 years ago, my late hubby and I had a house with
> a 9.5% FIXED rate mortgage on it... and WE could pay it!!
Irrelevant to whether they borrowed too much for their income at the lower rate.
> What's happening is that house prices have skyrocketed due to lower interest
rates.
They've increased, not skyrocketed.
> Unfortunately, what goes down must come up,
Pig ignorant fantasy with house prices.
> and now these people are house-poor (all their net worth
> and cash going into the house note and not into the bank).
Its an effective form of forced saving.
> I can't wait for the real-estate bubble to burst,
Taint gunna happen, you watch.
> just like it did in Texas in the 80s...
> I'll be able to get a nice house for very little.
No you wont, essentially because interest rates wont be increasing that much.
Posted by Shawn Hirn on May 11, 2007, 11:50 pm
> I heard a radio ad today that made me LAUGH.
>
> It was talking about the HORROR that some family felt when their ARM
> (adjustable rate mortgage) hit 8.5%... seems they couldn't afford their
> house payment.
>
> HAH!! 20 years ago, my late hubby and I had a house with a 9.5% FIXED
> rate mortgage on it... and WE could pay it!! What's happening is that
> house prices have skyrocketed due to lower interest rates.
> Unfortunately, what goes down must come up, and now these people are
> house-poor (all their net worth and cash going into the house note and
> not into the bank).
>
> I can't wait for the real-estate bubble to burst, just like it did in
> Texas in the 80s... I'll be able to get a nice house for very little.
No need to wait, the real estate market is bursting now in many areas.
Posted by Rod Speed on May 12, 2007, 3:50 pm
>> I heard a radio ad today that made me LAUGH.
>>
>> It was talking about the HORROR that some family felt when their ARM
>> (adjustable rate mortgage) hit 8.5%... seems they couldn't afford
>> their house payment.
>>
>> HAH!! 20 years ago, my late hubby and I had a house with a 9.5% FIXED
>> rate mortgage on it... and WE could pay it!! What's happening is that
>> house prices have skyrocketed due to lower interest rates.
>> Unfortunately, what goes down must come up, and now these people are
>> house-poor (all their net worth and cash going into the house note
>> and not into the bank).
>>
>> I can't wait for the real-estate bubble to burst, just like it did in
>> Texas in the 80s... I'll be able to get a nice house for very little.
> No need to wait, the real estate market is bursting now in many areas.
Hasnt produced 'a nice house for very little' anywhere except in ghost towns.
Posted by freeisbest on May 13, 2007, 6:29 am
> > I heard a radio ad today that made me LAUGH.
> > It was talking about the HORROR that some family felt when their ARM
> > (adjustable rate mortgage) hit 8.5%... seems they couldn't afford their
> > house payment.
> > HAH!! 20 years ago, my late hubby and I had a house with a 9.5% FIXED
> > rate mortgage on it... and WE could pay it!! What's happening is that
> > house prices have skyrocketed due to lower interest rates.
> > Unfortunately, what goes down must come up, and now these people are
> > house-poor (all their net worth and cash going into the house note and
> > not into the bank).
> > I can't wait for the real-estate bubble to burst, just like it did in
> > Texas in the 80s... I'll be able to get a nice house for very little.
> No need to wait, the real estate market is bursting now in many areas.
Yes, that's happening in our local small towns. We've been looking
around town a little for a slightly bigger house (we downsized to the
point where there's no room for our essential stuff, and not enough
room to do simple exercises. We walked thru an 85-y.o.-needs-
renovating-but-very-nice brick house a few days ago. Big beautiful 3/4
acre lot, asking price $110,000. The real estate agent told us "I
happen to know the bank will take $90,000 for it", when I told my D-I-
L who has lived here all her life, she just smiled and said, "If
they'll take 90, that means they'll take 80".
Driving around town yesterday we saw that there many *very* nice
properties on the market that are still for sale after 6 months to a
year, and every one of them has a "price reduced" sign. Now to see if
they reduce the price enough to make it worth our trouble to move. We
owe it to our nation to keep the real estate bubble from collapsing
completely and taking us down with it, right.
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