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I don't know how much you make, but I used to tell people (when I worked in mortgage) that not more than 30 or so percent of income should go to pay for living expenses. That means a salary of around $300K in SF and I know that is not exactly the going rate for most.
Average home value in my part of the world? $150,000. A really nice, large, new home is around $300,000 on up, but there are almost no properties here in the million dollar category.
I think it depends on what part of the country you live in--I'm in a midwestern state with a primarily agriculture based economy, and some of the lowest unemployment in the country. Our housing prices went down a little, but they're coming back up. In states where you have underwater mortgages, and high unemployment, I understand how it could be a real fear. I wasn't criticizing you at all--just commenting . We're in our early 50s--younger people probably do not own outright.
I have the good fortune of living in the crazy state (can you guess what?) with so many underwater houses it's unreal, high unemployment and very low wages. Hence my fear.
I do think it depends on where you live. I think we are becoming a country of doing oks and not doing oks.
I don't know how much you make, but I used to tell people (when I worked in mortgage) that not more than 30 or so percent of income should go to pay for living expenses. That means a salary of around $300K in SF and I know that is not exactly the going rate for most.
Good call.
Why people like you weren't the majority in the mortgage business. All this will never have happened. Instead, the thugs sold the masses toxic assets and negative equity.
Why people like you weren't the majority in the mortgage business. All this will never have happened. Instead, the thugs sold the masses toxic assets and negative equity.
This was almost 20 years ago I did this job. I used to tell people to make sure not to overspend and to have enough money for pizza. I worked for Prudential Home Mortgage and this is what we pushed. Of course, they overhired for that job too and let 370 go and I was one of them.
I don't know what the H has happened. I guess greed and stupidity happened.
I have the good fortune of living in the crazy state (can you guess what?) with so many underwater houses it's unreal, high unemployment and very low wages. Hence my fear.
I do think it depends on where you live. I think we are becoming a country of doing oks and not doing oks.
Why people like you weren't the majority in the mortgage business. All this will never have happened. Instead, the thugs sold the masses toxic assets and negative equity.
That's the rules for loans. I have never seen a loan program that will give you more than like 41% (if I recall) of your income for your debt expenses, and that's FHA. It's not a matter of lenders preying on people, it's a matter of people taking on more than they can handle in the form of ARMs and interest-only loans during the housing bubble. You can't just blame everything on the mortgage industry. The people signed the docs, they need to accept their responsibility in it.
Most of the time Republican but, have walked as a human shield into abortion clinics in Atlanta.
Everything is paid for.
Most of my money was made during the "everyone can own a house" years.
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. We're in our early 50s--younger people probably do not own outright.
Hence my fear.
What is your political bent and living situation?
