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There were 1000's sitting empty in my area 8-10 years ago joe. Still homes sitting in my hood since 2010 that have been empty and rotting away ray.
Indeed. With the 08 crash there were entire subdivisions under construction that were just outright abandoned.
08 was caused by the crazy financing. If you had a pulse you could get a home at 125% of value on an interest only/short term ARM/balloon payment with little documentation. Because those that wrote those mortgages could just sell them off immediately. Then as soon as those variable rates adjusted they were headed for foreclosure. Those days are gone.
smh at the madness here.... my house is long paid off (more than 8 years).... my nephew recently asked me when/if we are going to move..... I told him the only way we move is if it's to a warmer state. There's no reason at all to move from this paid off house to a bigger house and start the cycle all over again. Maybe they should have taught economics in school a bit more, and less of all of the meaningless fluff.
I’m not totally convinced that is true. I think a lot of younger buyers have more debt than you realize. And I’m also hearing about people (lately) pulling out “equity†to do other things.
Where are they getting the cash to bid 50k + over on houses? Absurd to me. I've heard many stories of the parents helping with this, one even cashed out their retirement so the kids could offer a cash bid. Parents need their head examined IMO. As a millennial, I'd never ask or accept my parents doing that. Not that they ever would!
3 years out and it will be worse than 2007 deven when it all comes falling down like a clown.
People that don't own homes are the same people that aren't in the stock market, always hoping for failure for others where they have failed to venture.
Where are they getting the cash to bid 50k + over on houses? Absurd to me. I've heard many stories of the parents helping with this, one even cashed out their retirement so the kids could offer a cash bid. Parents need their head examined IMO. As a millennial, I'd never ask or accept my parents doing that. Not that they ever would!
If they're prepared for retirement otherwise, why not? I'd do it for my kids, and I hope they'd accept the help if I offered. That's why my spouse and I have worked so hard for all these years, to help our children get ahead.
Indeed. With the 08 crash there were entire subdivisions under construction that were just outright abandoned.
08 was caused by the crazy financing. If you had a pulse you could get a home at 125% of value on an interest only/short term ARM/balloon payment with little documentation. Because those that wrote those mortgages could just sell them off immediately. Then as soon as those variable rates adjusted they were headed for foreclosure. Those days are gone.
My area was the hardest hit in 2008 nate on the gulf in FL. Homes were worth around 20k and no one could get Ins on them. And the super big homes that were selling for 600k were worth under 150k. Now flood Ins will run everyone off. I paid cash and go bare blare.
If they're prepared for retirement otherwise, why not? I'd do it for my kids, and I hope they'd accept the help if I offered. That's why my spouse and I have worked so hard for all these years, to help our children get ahead.
You'd cash out your retirement to pay for you ADULT child's house? If that's what you would chose to do with your money, then more power to you. My bigger question would be, why can't your adult child, and presumably their spouse, provide for themselves. To each their own.
People that don't own homes are the same people that aren't in the stock market, always hoping for failure for others where they have failed to venture.
I would love to see another 2008 and see my Prop tax go way down again man.
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