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When we go years and years and years in one mode, and then quite suddenly pull the rug out from under everybody, the results are not evidence of any sort of moral turpitude of the victims. All that blame stuff goes elsewhere.
Inability to plan competently is not the same thing as "moral turpitude," and nobody has suggested that the two are the same except for you. And nobody has pulled any rugs. Many Americans have been subject to job-driven transfer for decades, and have managed to do quite well -- especially those with the cognitive ability needed to plan for the future. Look around you in Washington, DC, (if you really live there) or talk to anyone who has worked for IBM -- "I've Been Moved."
Interesting. It's their fault their jobs are volatile too. Please link me those land of milk n honey jobs that you can bank on staying put for 30 years (that pay enough to afford said home of course).
I'm being facetious of course. Your premise is a non-starter. Homesteading is a MYTH in this country. Which is why home-loanership is a losing proposition for the majority. Job nomadism rules the economic environment for those who don't wish to rely on welfare. The fact remains that nomadism mostly ends them up in some form of forced landlorship until they can unload, or they take the hit at sale.
As a military member, I have no intention in purchasing a home that's not going to appreciate squat in 4 years anyways, in a location that is as temporary as ice on concrete in Texas. That lost cash on every buy/sell transaction over 20 years pays for all the premiums paid on rent, leaves me with a lot of cash in the bank, and I still provided a roof over the family's head. People should just admit they like throwing anchor over emotional valuations of "ownership" and stop pretending their job situation affords them said mythical buy-compatible long term homesteading.
For some folks renting is a better financial choice. For many years owning was a good financial choice for many people as well. Only time will tell what the future holds, I wouldn't make any iron clad judgments based on the "housing bubble".
Inability to plan competently is not the same thing as "moral turpitude," and nobody has suggested that the two are the same except for you. And nobody has pulled any rugs. Many Americans have been subject to job-driven transfer for decades, and have managed to do quite well -- especially those with the cognitive ability needed to plan for the future. Look around you in Washington, DC, (if you really live there) or talk to anyone who has worked for IBM -- "I've Been Moved."
Love Song of the Limousine Liberal.
So, sixty years of growth in home equity followed by the housing bubble didn't catch anyone off guard?
Fill me in on how buying a home you could afford 15 years ago, in order to live in it for 25-30 years, and watching its valuation drop by 50% in one year and then getting laid off from your job of 20 years could have been planned for more competently?
For the past fifty years if you had a job transfer or found a better opportunuity, you could count on getting out with your shirt. Most companies offered moving allowances. Yes, even IBM! Now people lose a job and are forced to take a lower paying job out of state and suffer a huge financial loss, even after being in a house for 5 or 10 years.
Do you think that is the same thing as getting transfer, a promotion and a moving allowance?
The Love Song of the Limousine Liberal sounds very similar to the Dirge of the Trailer Park Conservative.
So, sixty years of growth in home equity followed by the housing bubble didn't catch anyone off guard?
Fill me in on how buying a home you could afford 15 years ago, in order to live in it for 25-30 years, and watching its valuation drop by 50% in one year and then getting laid off from your job of 20 years could have been planned for more competently?
For the past fifty years if you had a job transfer or found a better opportunuity, you could count on getting out with your shirt. Most companies offered moving allowances. Yes, even IBM! Now people lose a job and are forced to take a lower paying job out of state and suffer a huge financial loss, even after being in a house for 5 or 10 years.
Do you think that is the same thing as getting transfer, a promotion and a moving allowance?
The Love Song of the Limousine Liberal sounds very similar to the Dirge of the Trailer Park Conservative.
15 year mortgage. If you get laid off sell house and rent until new job. Keep it since it is paid off. In your scenario that would work just fine. 30 year mortgages are foolish in this new economy.
If like to see some data on companies not offering as many job movement packages. I wouldn't be shocked of less but have never seem any data.
Last edited by Gatornation; 07-15-2013 at 05:58 AM..
Narcissus had the same reaction as you to his surroundings . . .
You'd be more like Sisyphus, I guess. Fail...try again. Fail...try again. Fail...try again. Be aware that your evident crush on me will come to the same sort of end. All your stalking and asking me out on dates will come to nought.
So, sixty years of growth in home equity followed by the housing bubble didn't catch anyone off guard? Fill me in on how buying a home you could afford 15 years ago, in order to live in it for 25-30 years, and watching its valuation drop by 50% in one year and then getting laid off from your job of 20 years could have been planned for more competently? For the past fifty years if you had a job transfer or found a better opportunuity, you could count on getting out with your shirt. Most companies offered moving allowances. Yes, even IBM! Now people lose a job and are forced to take a lower paying job out of state and suffer a huge financial loss, even after being in a house for 5 or 10 years. Do you think that is the same thing as getting transfer, a promotion and a moving allowance? The Love Song of the Limousine Liberal sounds very similar to the Dirge of the Trailer Park Conservative.
Too much context. You know what that does to these people. Context is almost as toxic as nuance.
If interest rates were to go up to the historical average of 8% from 3.5% housing prices would have to fall 40% and if incomes do not rise meaningfully to cover that gap, which it looks like they will not, I am sure housing prices will drop!
15 year mortgage. If you get laid off sell house and rent until new job. Keep it since it is paid off. In your scenario that would work just fine. 30 year mortgages are foolish in this new economy.
If like to see some data on companies not offering as many job movement packages. I wouldn't be shocked of less but have never seem any data.
You missed the point completely. Sure, you can be reactive, but I was responding to the idea that you can "plan competently" for a housing bubble after 60 years of no such event. Lots of folks got laid off AFTER their property value plummeted. It is pretty arrogant to suggest they should have planned better!
And the idea that everyone can afford a 15 year mortgage "in this economy" is ludicrous! In fact, a 30 year is a better choice if you need time to re-group. A lower monthly payment is an advantage when you lose your job. If anything a 15 year mortgage is more risk and suggests you have better job security.
Job transfer package have gone the way of pensions and retiree health care among the companies most famous for such benefits. Of the top of my head: AT&T, Lucent, Verizon, Motorola. I suspect they still offer such perks to executive staff, but everyone else is on their own.
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