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There will be a lot of paid off properties in 15 years. Nice cash flow.
Only if you can get out of expensive mortgages now. Also only if you have a good job. Lots of things to factor in, there will always be a small segment of the population that is fortunate enough to step into a nice cash flow but most will not be able to benifit.
Only if you can get out of expensive mortgages now. Also only if you have a good job. Lots of things to factor in, there will always be a small segment of the population that is fortunate enough to step into a nice cash flow but most will not be able to benifit.
Such as the way the world turns.
I guess I am a member of that small segment of the population.
I guess I am a member of that small segment of the population.
That is good, do good things. Most people dont have the stars align for them and dont be arrogant about it, not saying you are but just for future reference.
Having a paid off property that is generating income for you before your 200 years old is very fortunate. Thoes that got burned in the housing crash will take YEARS to recover and likely wont be in a position to buy until housing is expensive again thus missing the opprotunity.
That is good, do good things. Most people dont have the stars align for them and dont be arrogant about it, not saying you are but just for future reference.
Having a paid off property that is generating income for you before your 200 years old is very fortunate. Thoes that got burned in the housing crash will take YEARS to recover and likely wont be in a position to buy until housing is expensive again thus missing the opprotunity.
You sure use 'most people' liberally.
Most people are not losing their homes.
Most people can afford to make their mortgage payments.
Most people will continue to pay their homes down and will eventually own them outright.
Most people are not underwater, but even of those that are, most continue to make thier payments and will eventually have positive equity.
Most people don't believe their is a conspiracy against them.
Most people don't wallow in their problems. They keep pouding away to make things better.
Last edited by TimtheGuy; 12-13-2011 at 08:52 AM..
Most people are not losing their homes.
Most people can afford to make their mortgage payments.
Most people will continue to pay their homes down and will eventually own them outright.
Most people are not underwater, but even of those that are most continue to make thier payments and will eventually have positive equity.
Most people don't believe their is a conspiracy against them.
Most people don't wallow in their problems. They keep pouding away to make things better.
Most people are not losing their homes.
Most people can afford to make their mortgage payments.
Most people will continue to pay their homes down and will eventually own them outright.
Most people are not underwater, but even of those that are, most continue to make thier payments and will eventually have positive equity.
Most people don't believe their is a conspiracy against them.
Most people don't wallow in their problems. They keep pouding away to make things better.
i'm not saying you're right or wrong ...
but it is helpful to break down "the american people" into smaller groups to understand what's going on.
The collapse in the housing market has had relatively little impact on Millennials, largely because they are less likely than older Americans to own a home. In a Pew Research survey conducted earlier this year, only 18% of Millennials reported that they owned their own home.
The share of homeowners among Gen X is much higher – 57%. And among Gen Xers who own homes, three-in-four say they bought their home in 2000 or later, during the dramatic rise and fall in home values. One-in-four of these homeowners say their house is worth a lot less than it was before the recession, and 21% say they are underwater on their mortgage – that is, they owe more on their home than they could sell it for today.
Boomers are more likely than Gen Xers to own a home (75%), but they are less likely to have bought their home during the real estate bubble of the past decade. Fewer Boomers than Gen Xers (13%) say that they are underwater on their mortgages.
Silents – the vast majority (82%) of whom are homeowners – are even more removed from the housing crisis. Only 24% of homeowners from the Silent generation bought their home in the past decade; twice as many (50%) bought their home before 1990. Just 4% of Silents report that they are underwater on their mortgages. (For more, see Pew Social & Demographic Trends’ “Home Sweet Home. Still.” April 12, 2011.)
Last edited by Cletus Awreetus-Awrightus; 12-13-2011 at 09:09 AM..
but it is helpful to break down "the american people" into smaller groups to understand what's going on.
Yep, I am GEN-X and am upside down on my own home purchased in 2003. It stinks, but I deal with it and continue to move forward. It is going to be a substantial financial set back compared to other generations. I won't be able to step up the next house like many/most have done before, which will really drag out this real estate problem imo. I will have to live with the house I have as there is really no way out of it in the near term.
Yep, I am GEN-X and am upside down on my own home purchased in 2003. It stinks, but I deal with it and continue to move forward. It is going to be a substantial financial set back compared to other generations. I won't be able to step up the next house like many/most have done before, which will really drag out this real estate problem imo. I will have to live with the house I have as there is really no way out of it in the near term.
yup, i understand. i know guys like you, in your age group, in my office. Gen X'ers with an underwater house and 3 or 4 mouths to feed. They took a "moderate risk", not a reckless one, and the timing just happened to be poor.
i'm a millenial who is on the other side. I never bought a house, because the economy was imploding just as I joined "the middle class." So for years I've been looking at these boomers and the insane prices they want for their aging houses, and i just laugh. WAY too much risk at the current price levels. Some of the investment-type properties (high-end or low-end, generally undesirable or unattainable for your typical family) have been declining in value. However, the values in decent neighborhoods have stayed firm. So as far as "decent places to live" go, I'll buy one of these whenever my annual salary doubles.... any day now.
Last edited by Cletus Awreetus-Awrightus; 12-13-2011 at 09:52 AM..
yup, i understand. i know guys like you, in your age group, in my office. Gen X'ers with an underwater house and 3 or 4 mouths to feed. They took a "moderate risk", not a reckless one, and the timing just happened to be poor.
i'm a millenial who is on the other side. I never bought a house, because the economy was imploding just as I joined "the middle class." So for years I've been looking at these boomers and the insane prices they want for their aging houses, and i just laugh. WAY too much risk at the current price levels. Some of the investment-type properties (high-end or low-end, generally undesirable or unattainable for your typical family) have been declining in value. However, the values in decent neighborhoods have stayed firm. So as far as "decent places to live" go, I'll buy one of these whenever my annual salary doubles.... any day now.
This is how a nation decends to 2nd world. No one has the money to do anything and WAY too many kids. All the human endevors above and beyond feeding and shelter go to the way side and the society dies. No one can have hopes or dreams with any sort of realistic chance for success so people stop trying. America WAS the land of opprotunity but the govt, courts and lawyers sunk us but where to go from here, where is the new land of opprotunity?
Our govt is too bloated and the courts/lawyers have WAY too much authority over our lives, can things really go back to the late 40's and 50's.
The main issue the American relying on credit the past 20 plus years. People need to look at the expenses closely.
Cable Internet bills north of $150 per month. Cell phone bills north of $200 for many family. Electric bills that can be curbed by keeping the temp in the high 60s in the winter time and 78 in summer time.
I got my electric bill down to $89 when I was back in Maryland in an almost 3000 square foot home in winter time while my brother and sister had $400 plus electric billsm. Sure keeping the thermostats at 55 degrees is extreme but u can do maneuvers like that to save money here and there.
People need to just live within their means. If they cannot afford their mortgage after these maneuver than they can't afford their mortgage.
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