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Old 09-20-2018, 02:24 PM
 
2,971 posts, read 1,108,756 times
Reputation: 2745

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Quote:
Originally Posted by ohhwanderlust View Post
You never declared the income? Be careful, or you could end up in the federal pen for tax fraud.
At the time, I didn't do it with the intention of cheating the government, I was just young and naive. It was just a bunch of young guys living together and sharing the rent.
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Old 09-20-2018, 02:25 PM
 
2,971 posts, read 1,108,756 times
Reputation: 2745
Quote:
Originally Posted by skeddy View Post
Smart, hardworking people seem to get it all -- waaaah ..waaaah
By Jove, I think he's got it...!!!
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Old 09-20-2018, 02:47 PM
 
Location: New Yawk
8,650 posts, read 4,783,711 times
Reputation: 14011
Oh well. After renting for 19 years and saving for a down payment for 10 of those years, we will no longer be renters by this time next year. I don't care if interest rates double between now and then, we're done renting. Besides, when interests rates were super low, home prices were much higher; what good would have done to buy then?
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Old 09-20-2018, 02:50 PM
 
9,865 posts, read 11,370,122 times
Reputation: 5573
Quote:
Originally Posted by Ginge McFantaPants View Post
Oh well. After renting for 19 years and saving for a down payment for 10 of those years, we will no longer be renters by this time next year. I don't care if interest rates double between now and then, we're done renting. Besides, when interests rates were super low, home prices were much higher; what good would have done to buy then?
Well I hope the home prices go down in response to the increase in interest rates. They are VERY high where I am.
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Old 09-20-2018, 02:54 PM
 
24,885 posts, read 11,599,261 times
Reputation: 11616
Quote:
Originally Posted by Grumpy ol' Man View Post
It's the same in every facet of life, not just RE. Those willing to work hard and take some chances reap the gold. The rest continue to sit on their backside, make excuses, and want to be taken care of.

I believe the latter are known as democrats.
Weird, I own my own home, and have a great job putting me in the top 20% of income.

Now while thats all great for me, it was more about good timing. One of my GF's makes even more then I do, and with local houses being 1/2 a million is struggling to realistically afford it. This isnt a Democrat or Republican issue, this is the simple fact that housing is being bought up rapidly by corporations and wealthy individuals, and the resulting rent increases are rapidly sucking the money out of folks. If your rent eats your income, you arent likely to buy soon. Which is great for those of us who own a home.....not so great for everyone else.
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Old 09-20-2018, 05:17 PM
 
Location: Ohio
17,986 posts, read 13,233,625 times
Reputation: 13765
Quote:
Originally Posted by craigiri View Post
This is of little concern to me (in fact, it's a positive since I am more often on the lending side), but I can't help but wonder how it hits the forgotten man and woman. Stable wages....at most up 1%, yet fuel up 10-20% and interest rates up 30-60%.
Making things up for disinformation purposes isn't very flattering.

The average mortgage rate is presently 4.8% and isn't expected to reach 5% until 2019.

People with stellar credit are paying less than 4.8%, and those with average credit around 4.8%, and those whose credit isn't so good are probably paying over 5%, exactly as it should be.

Mortgage rates are a function of Federal Reserve interest rates, and not the government or the "plutonomy."

Since 2006 when BLS started compiling data, wages have increased 34.6% from $20.04/hour to $26.98/hour and CPI-W has only increased 26.7% over the same period.

So, your propaganda false claim that wages haven't risen more than 1% is debunked, since they've actually risen 7.9%.

Gasoline prices typically rise in Summer, because only California, Kentucky and a couple of other States require reformulated gasoline year-round. The other 40+ States only require reformulated gasoline typically between May and September to reduce smog.

Reformulated gasoline costs more to produce than non-reformulated gasoline.

The State EPAs generally prohibit reformulated gasoline from containing more than 2% non-reformulated gasoline by volume.

That requires all of the tank farms along the Mississippi, Missouri, Ohio, Allegheny and Monongahela Rivers, and along the Great Lakes, and out in the middle-of-nowhere in the Plains States to near totally exhaust their supply of non-reformulated gasoline before taking reformulated gasoline.

That creates a shortage of gasoline which drives up the price. The tank farms spend the rest of Summer trying to play catch-up. That's easy to do for tank farms along the major rivers, since a single barge can transport 10 Million gallons of gasoline or more.

The Plains States, and a few States in the southeast and New England don't have barge service, so they rely on tanker trucks, which can only carry 8,000 gallons of gasoline, or rail cars, which can carry a little over 34,000 gallons to replenish their stocks. They never catch-up until the end of Summer.

Quote:
Originally Posted by craigiri View Post
As it stands, the housing market in many areas has barely recovered (if that!) from the Great Recession, now this means the average person can afford less...
Every single housing market has recovered, and you can't prove otherwise.

Demand for housing changes over time, and changes heavily based on demographics and other factors.

The fact that a particular housing market was "hot" before and not now is not proof of anything, except that consumers are no longer interested in that market.

There is no Law of Economics that says once a housing market is "hot" it must remain so indefinitely.
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Old 09-20-2018, 05:20 PM
 
3,930 posts, read 1,451,492 times
Reputation: 2225
Quote:
Originally Posted by Mircea View Post
Making things up for disinformation purposes isn't very flattering.

The average mortgage rate is presently 4.8% and isn't expected to reach 5% until 2019.

People with stellar credit are paying less than 4.8%, and those with average credit around 4.8%, and those whose credit isn't so good are probably paying over 5%, exactly as it should be.

Mortgage rates are a function of Federal Reserve interest rates, and not the government or the "plutonomy."

Since 2006 when BLS started compiling data, wages have increased 34.6% from $20.04/hour to $26.98/hour and CPI-W has only increased 26.7% over the same period.

So, your propaganda false claim that wages haven't risen more than 1% is debunked, since they've actually risen 7.9%.

Gasoline prices typically rise in Summer, because only California, Kentucky and a couple of other States require reformulated gasoline year-round. The other 40+ States only require reformulated gasoline typically between May and September to reduce smog.

Reformulated gasoline costs more to produce than non-reformulated gasoline.

The State EPAs generally prohibit reformulated gasoline from containing more than 2% non-reformulated gasoline by volume.

That requires all of the tank farms along the Mississippi, Missouri, Ohio, Allegheny and Monongahela Rivers, and along the Great Lakes, and out in the middle-of-nowhere in the Plains States to near totally exhaust their supply of non-reformulated gasoline before taking reformulated gasoline.

That creates a shortage of gasoline which drives up the price. The tank farms spend the rest of Summer trying to play catch-up. That's easy to do for tank farms along the major rivers, since a single barge can transport 10 Million gallons of gasoline or more.

The Plains States, and a few States in the southeast and New England don't have barge service, so they rely on tanker trucks, which can only carry 8,000 gallons of gasoline, or rail cars, which can carry a little over 34,000 gallons to replenish their stocks. They never catch-up until the end of Summer.



Every single housing market has recovered, and you can't prove otherwise.

Demand for housing changes over time, and changes heavily based on demographics and other factors.

The fact that a particular housing market was "hot" before and not now is not proof of anything, except that consumers are no longer interested in that market.

There is no Law of Economics that says once a housing market is "hot" it must remain so indefinitely.
wanna try again?

https://www.businessinsider.com/home...18-3#alabama-2
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Old 09-20-2018, 05:58 PM
 
17,659 posts, read 10,197,125 times
Reputation: 8972
There have been several articles saying that any wage increases have been eaten up by inflation, it's been a story for a while now. Interest rates have gone up, houses and condos have gone up and so has fuel.

BUSINESS
U.S. wage growth is getting wiped out by inflation
U.S. wage growth is getting wiped out by inflation - Los Angeles Times

"U. S. inflation hit its highest rate in more than six years, with consumer prices eating away at modest wage gains by American workers..."

Inflation Is Eating Away Worker Wage Gains
https://www.wsj.com/articles/u-s-con...012-1531398709
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Old 09-20-2018, 06:48 PM
 
1,056 posts, read 1,246,605 times
Reputation: 972
Quote:
Originally Posted by FatBob96 View Post
Because when people buy houses they cannot afford, eventually they default on their loans...... and then they have to be bailed out......

Sound familiar?
How will higher interest rates keep people from buying a house they can't afford? People will still stretch to a payment they can barely afford. It's just as interest rates rise that same payment will pay for less house.
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Old 09-20-2018, 08:10 PM
 
4,120 posts, read 4,540,526 times
Reputation: 3556
It's making me rethink giving up my 3.2% interest rate on my current house.
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