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To be honest I think we are going to experience another horrible crash. I know several people that bought home in the last few months and they already cannot afford them. One couple I know spent over $250k on a doublewide. I don’t even know why a lender would give that much for a type of structure that has a 50 year life IF maintained properly. The couple a year ago had a repossession, they were facing eviction so they abandoned the rent to move in with their parents and kids. The husband hasn’t had a job in 2 years. The wife is employed by the county and makes $43,000 even with more that double that income and an actual house cheaper than that we had to provide all these documents when we bought our home. Apparently, there are lenders that are giving FHA loans etc without a proper check. I fear those people will get into something they can’t get out of when prices go down. It seems a little predatory.
To be honest I think we are going to experience another horrible crash. I know several people that bought home in the last few months and they already cannot afford them. One couple I know spent over $250k on a doublewide. I don’t even know why a lender would give that much for a type of structure that has a 50 year life IF maintained properly. The couple a year ago had a repossession, they were facing eviction so they abandoned the rent to move in with their parents and kids. The husband hasn’t had a job in 2 years. The wife is employed by the county and makes $43,000 even with more that double that income and an actual house cheaper than that we had to provide all these documents when we bought our home. Apparently, there are lenders that are giving FHA loans etc without a proper check. I fear those people will get into something they can’t get out of when prices go down. It seems a little predatory.
The left doesn't want us owning single family homes. It's a form of privilege in their eyes. That's why some cities and towns around the nation are not allowing new single home construction. They want us living in apartments stacked on top of one another like China. Single family home owners will see increased property taxes to the extent they can no longer afford to live in a house they own. It's happening in many states around the country. I know working class people who are paying $20 - $30K in property taxes per year in addition to mortgages to live in modest sized homes in Long Island and the suburbs of Boston.
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