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Condos suck, have negligible appreciation, and lenders often won't finance them, making them often unsaleable, which is a great way to lose any equity you might have had.
Says who? Lenders won't usually finance anything below $50K because of foreclosure costs, but they will finance condo's. I live in a condo with my roommate and the landlord does have a loan on the property.
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Originally Posted by Maabus1999
Go look at MTAtechs graph on page 1. It is basically proof that Reaganomics damaged the most important cornerstone to a healthy economy: wealth equality. Reaganomics might have improved some other minor facets of the economy, but overall was more damaging in the long run.
It is like no one has ever studied history and examined what happens when wealth inequality reaches obscene levels...guess what? It never works out well for anybody in the end...especially the well off.
Reaganomics doesn't have anything to do with globalization or automation. Whether you tax people at 90% or 60% the cost of living is going to remain the same and would have followed the same trend. Women joining the workforce had more to do with stagnant wages than tax rates did. More old people living has more to do with rising cost of living than tax rates did. The internet has more to do with stagnant wages than tax rates did.
Says who? Lenders won't usually finance anything below $50K because of foreclosure costs, but they will finance condo's. I live in a condo with my roommate and the landlord does have a loan on the property.
Ask lenders if they will finance condos in developments where most of the condos are NOT owner occupied. Sadly, lenders are classist.
What the graph ignores is the non-income benefits, most importantly healthcare benefits. My company pays 7K to 8K a year of my health insurance premium.
Ask lenders if they will finance condos in developments where most of the condos are NOT owner occupied. Sadly, lenders are classist.
That is very different than lenders not financing condos. Owners tend to take better care of property than renters/landlords do. I believe the federal gov has the same standard when it comes to FHA loans.
Reaganomics doesn't have anything to do with globalization or automation. Whether you tax people at 90% or 60% the cost of living is going to remain the same and would have followed the same trend. Women joining the workforce had more to do with stagnant wages than tax rates did. More old people living has more to do with rising cost of living than tax rates did. The internet has more to do with stagnant wages than tax rates did.
Reagan tax cuts --> lower tax rates --> people kept more of what they earned --> discretionary income increased --> people bid up housing prices --> rental supply could not keep up with increased demand (long lag time to catch up) due to regulation, permits, red tape, NIMBY, etc --> rents necessarily skyrocketed --> cost of living soared for renters.
That is very different than lenders not financing condos. Owners tend to take better care of property than renters/landlords do. I believe the federal gov has the same standard when it comes to FHA loans.
So renters who want to buy condos should be screwed because landlords don't take care of their rental properties???
The quality of care exercised by renters is a function of the quality of the rental relationship and agreement. Exploited renters can't be expected to take as much care as those who are not exploited.
Actually if one can buy and plans on long term, it's a good time to buy.They do have to consider property taxes and some have homeowner fees.
Way pay someone else's mortagage or investment.
That is why I am so angry about not being able to buy. Why should I pay more to get less, and buy a house for someone else, and have nothing to show for it in the end?
Reagan tax cuts --> lower tax rates --> people kept more of what they earned --> discretionary income increased --> people bid up housing prices --> rental supply could not keep up with increased demand (long lag time to catch up) due to regulation, permits, red tape, NIMBY, etc --> rents necessarily skyrocketed --> cost of living soared for renters.
Doubling the workforce and increasing divorce rates would have had the same impact.
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Originally Posted by freemkt
So renters who want to buy condos should be screwed because landlords don't take care of their rental properties???
The quality of care exercised by renters is a function of the quality of the rental relationship and agreement. Exploited renters can't be expected to take as much care as those who are not exploited.
The same way people that default on mortgages screw people over that want to buy cheap houses. If you want to buy a house for $30K you can't get a 30 year loan.
It honestly doesn't matter what the quality of the property is. When lenders see that the majority of housing isn't owner occupied the underwriters take that into account. I imagine that they ask themselves why should they loan money for that property when most people don't want to own it. It isn't that hard to find condos that qualify for loans.
If min wage rate would have increased like it did in the late 60s to early 70s till now the min wage would be $22. $7 today is pathetic today it really should be more like $12 to $14 that would mean everything goes like 10% to 15% big deal your making more money and the increase on everything is not that much you could afford it
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