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It doesn't have to be doom and gloom if people would get OFF their stumps and DEMAND that government STOP propping up the Banks and the Housing industry and the Big Corporations. WE could see an abrupt turn around in the housing market and the overall economy if we all weren 't so spineless and started to put our proverbial feet down.
Stopping all the spending on military and nation building would be an EASY area that would make a DRAMATIC change in our economy that President Obama could do WITHOUT Congress approval (not that he bothers with that very often anyway)
Sadly the doom and gloom is REALITY. It is time people WAKE UP and stop pretending everything is OK.
Actually it is also the Federal Reserve going wild with our money bailing out foreign countries and banks. But people are so clueless they think the Federal Reserve Bank is a good thing when it has always been just the opposite.
I agree but it's a chicken and egg problem we have.
Defense spending accounts for 20% of our budget. Healthcare spending accounts for the other 20% of our budget. You cut defense or health spending, that trickles down to job cuts. You will deal with more unemployment coming from those sectors.
We have huge problems and housing is just one of them. The issue is this county has been built on credit and spending. It's just finally catching up to the USA the past 3-4 years. Unfortunately almost 60% of all home loans made in 2010 were still done with less than 3.5% downpayment (FHA, VA).
We will never learn as long as we kept on over extending ourselves with these types of loan to value ratios.
Other countries require 20-25% down on homes. If you can't put at least 10% down, you are really stretching yourself thin in case something goes wrong and you need to sell soon.
aneftp, in other countries they usually require the buyer to either put down 40% or pay cash.
When the government is spending in the billions (close to a trillion) per year on defense I find it hard to believe it is only 20% of our budget. It would be interesting to know what jobs my tax dollars are paying for. Wars themselves are just expensive, I'll take people loosing their jobs over their lives any day.
What isn't helping people feel confident about the housing market are other things going on in the government like H.R. 2401 "No Fly, No Buy" and now Schumer has proposed a "No Ride" list. Before you know it No Fly, No Buy could turn into you can't buy ANYTHING-- including groceries-- unless the government oks it.
Think about it, they established the TSA to first do seemingly innocuous screenings promising it would never be harmful or invasive. Then they started with the Naked Body Scanners which are exponentially more dangerous than advertised. Now they are groping people inside their pants and promised they wouldn't touch anyone under 14. Now they are checking six year olds and baby diapers.
It is time to GET ACTIVE people. Don't sit by and watch your housing market and your country go down the drain. If you want to have any semblance of quality of life after you buy/sell your house....
aneftp, in other countries they usually require the buyer to either put down 40% or pay cash.
When the government is spending in the billions (close to a trillion) per year on defense I find it hard to believe it is only 20% of our budget. It would be interesting to know what jobs my tax dollars are paying for. Wars themselves are just expensive, I'll take people loosing their jobs over their lives any day.
25% is norm in Canada. 40-50% down for some homes in Asia. My brother had to put down 50% for his condo in Malaysia. (He lives in Maryland but his wife is Malaysian so he brought it for his in laws).
aneftp, thanks for posting thought 20% was a bit low. The article also states: that defense spending published calculation does not take into account some other defense-related non-DOD spending, such as Veterans Affairs, Homeland Security, and interest paid on debt incurred in past wars, which has increased even as a percentage of the national GDP.
Also, think they aren't factoring in the construction costs they are spending in Iraq. Just saying, but really, thanks for posting didn't realize it was 20%.
Just as an aside, you realize this doesn't mean 28% of all US households - right?
Oh for cryin' out loud. There is one in every crowd who passes the bong on instead of tokin', and it is really good stuff we be passin' around tonight.
A little truthful detail from the cited article that was omitted from the original post since it doesn't support the hallucinatory agendas:
"...28 percent of U.S. homeowners with mortgages ..."
And since about a third do not have mortgages, and too many that do are 100% funded still, some even with closing costs rolled in, the material number is probably about 14%--15%.
But truth or academic accuracy are tangential to the intent of the thread, aren't they?
Personally, I've always liked reports that use Zestimates as fact.
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