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I was sent a private message saying that I am not intelligent and am a moron.
We obviously aren't.
I am simply looking for a decent place to live in a few decent towns that would enable my husband to have a decent commute. My budget is reasonable to find a decent house, and I don't see anything on the market. I find it depressing that we can't find a decent place with a 1.2 million price tag.
but honestly, 30 year fixed rates are around 4.3%. people really believe they'll stay there for a couple years? i think they'll start to slowly climb to 5% over the course of the next year.
That's a complicated question. If you would have asked me a year ago, if I thought the rates would still be 4.3% now, I would have said no. As you probably know, the mortgage rate is based on the 10 year treasury bond, not on the Fed funds rate, which is what I believe Bernanke was talking about when he said he wouLd keep rates low through 2013. HOWEVER, if he did another round of bond buying, i.e. QE3, AND our credit rating does not fall any lower, then the 10 year treasury rates will remain low.
Location: The Land Mass Between NOLA and Mobile, AL
1,796 posts, read 1,661,814 times
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Quote:
Originally Posted by Magic78
Hi. I don't want to pay almost a million bucks to basically live on Summit Ave. The house is practically on the street. I can't imagine hearing traffic all day/all night with that price tag!
LOL. This is Summit. There is no all night traffic, and Summit Ave. is only busy downtown, which itself dies around 9 or 10 on weeknights, maybe 11 on weekends. The only remotely busy streets are River Rd., Springfield Ave., Morris Ave., and Broad St.
so you believe that a $500,000 house today, if rates go from 4.26% to 5.26% tomorrow, would turn into a $400,000 house? no, sorry...the buyer will have to adjust their expectations maybe, but houses aren't dropping 20% just like that.
Actually the $500,000 house turned into a $400,000 house in a couple of years...and brace yourself... while mortgage rates were decreasing. HAHAHAH imagine what will happen if the rates increae. That's one of the reasons Bernanke is printing money: to bailout owners with overpriced houses.
Actually the $500,000 house turned into a $400,000 house in a couple of years...and brace yourself... while mortgage rates were decreasing. HAHAHAH imagine what will happen if the rates increae. That's one of the reasons Bernanke is printing money: to bailout owners with overpriced houses.
Bernanke doesn't give a damn about the home owners. He is really bailing out the banks. The more home prices drop, the more people will just walk away from their obligations, leaving the banks with a lot of unwanted houses, and not a lot of money.
Actually the $500,000 house turned into a $400,000 house in a couple of years...and brace yourself... while mortgage rates were decreasing. HAHAHAH imagine what will happen if the rates increae. That's one of the reasons Bernanke is printing money: to bailout owners with overpriced houses.
no doubt housing prices in 2006, 2007 were overpriced. But that's 4+ years behind us. rates went from around 6% to around 4.5% in that time period. but the prices were largely unrelated to mortgage rates...as they were inflated all over the place. homes are selling in the NY metro area. the doom and gloomers are misguided. the bottom line is, if you can afford a $3,000/month payment, you can buy the house. people are putting 20% down more often than not now...not 0% or -10% like in the last decade. the value of my home is meaningless to me. the mistake being made is people acting like because their house increased by 5%, they could go out and buy a BMW instead of a Toyota.
i'll say it again...the value of the home is meaningless to me. it's a place to live, that's all.
Bernanke doesn't give a damn about the home owners. He is really bailing out the banks. The more home prices drop, the more people will just walk away from their obligations, leaving the banks with a lot of unwanted houses, and not a lot of money.
Bernanke doesn't give a damn about the home owners. He is really bailing out the banks. The more home prices drop, the more people will just walk away from their obligations, leaving the banks with a lot of unwanted houses, and not a lot of money.
exactly. if they wanted to help homeowners, they would actually talk about policy that would effect homeowners more directly. instead, they toss the public these token items, like a 2% break in the SS payroll tax...which looks like fun in the short term, but just hurts us more in the long term.
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