01-29-2008, 12:56 AM | #1 |
Auto Pilot
Drives: Gunmetal Join Date: Feb 2007
Location: L.A.
Posts: 1,307
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Where's this all headed..???
I was having a conversation about real estate and the economy today with some co-workers of mine. We talked about real estate/income disparity, the credit crunch, adjustable rate mortgages, and it got me to thinking; where are we headed with all of this??? Surely none of my generation (unless their parents are doing hand-outs or hand-me-downs) could possibly afford real-estate (especially in SoCal) at the prices their at today (which are certainly not going to go down to the levels where most Americans could comfortably afford). On top of that there are many that can't even afford to move out of the homes they already have(!). Most post baby-boomers are also spending money they don't have, entrenching themselves in serious debt which will substantially decrease the buying power they have in the future. Certainly we're headed for leaner times, there's no doubt in my mind.
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"Let the rest of the world dream of Ferraris, Lamborghinis and dinky little British two-seaters. In this country speed doesn't look like that." Got SS?
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01-29-2008, 01:23 AM | #2 | |
Drives: Audi TT Join Date: Oct 2007
Location: Bay Area, CA
Posts: 75
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01-29-2008, 07:06 AM | #3 | |
I used to be Dragoneye...
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I think we'll be fine, DerScotsman...the 90's were a 'golden age' of sorts, and now we're in a slump. Whats different from before, however, is the existance of a global marketplace...I'm interested to see how this turns out - because, frankly - I don't think it can't get much worse unless somebody really screws up. We're being held afloat by the previously mentioned global market.... |
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01-29-2008, 08:32 AM | #4 | |
Reality Check Specialist
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I'll gladly pay a little more in taxes to keep the government strong, the labor unions stronger and the lives of our troops safe at home... where they belong... not waging war for other countries in lands that will never really be our allies because we are a Christian nation. for every up cycle, there is a down cycle... this is a down cycle in our economy... I plan on taking slight advantage of it by getting a home loan this year to build a house on some land that we have... this house will, God willing, be the last house I ever live in... I'd like to think that I'm going to build it big enough and strong enough to withstand anything that nature or the future can throw at it... whether that be strong winds, fires or children and all their friends... but the future is uncertain and so is this economy... where are we going? "down" is the answer... for now... where will we be in 10 years? I'm betting we will be back in the swing of things... that is, of course, if the Republicans don't demolish the middle class by adding more and more taxes to them while giving bigger and bigger concessions to the already too powerful big businesses that continually ship their operations overseas.
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got tequila?
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01-29-2008, 09:06 AM | #5 | |
Follower of CHRIST!
Drives: 2005 Mazda RX8 Join Date: Aug 2007
Location: Central FL
Posts: 299
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You know I don't talk politics too much because people can get ugly fast, but so far this is a pretty friendly and slow to anger website so I'd thought I'd say just a few things.
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Now, that is too general so don't get me wrong...a friendship would be good, but I just don't see it in the cards. I think most put up with us and the rest loath us because we 8/10 times are a Christian nation who are holding them up from establishing a Muslim world. With that said, just thoughts, I have hope for a middle ground...while in all honesty I know what we are told about the future and things don't look good but are going to be progressively worse. So, before I depress anyone (lol), the economy is our main concern but I for one could care less about how much money I have if in the midst of it all we end up losing this nation's moral compus further and we forget that terrorism exist. As a nation...we are a forgetful people (humanity in general really) so who ever is the next president I hope he makes the US better while aggressively defending it from people/nations like Iran and terrorist. My political views tend to be moderate while I side with the republicans more so than the democrats but these are just my thoughts on the political machine. Quick fix, the wages of this nation have been WAY behind inflation and it's a simple rule...if we have money we spend it, fix that wage problem and you will boost the economy more than anything else. LOL, I already told my wife...as a patriotic citizen of this great nation, when Bush gives us that 1-1.5K in tax rebates I plan on spending it all to help boost the economy. It's MY DUTY!!! LOL, married people have to be creative convincing wives they "need" to spend money...lol. "Honey, now about that 25-27K Camaro...."
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A GM V8 in every home....
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01-29-2008, 12:00 PM | #6 | |
Drives: 2010 SS Camaro Black on Black Join Date: Dec 2006
Location: Northern Colorado
Posts: 314
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Freedom is not Free! It never has and it never will be. As for the housing market well that will be screwed up for many years to come that is why after college I plan on renting property for a good number of years and saving a bunch of money so when the time comes to buy a house I will hopefully have 25-30% for a down payment on a house like they used to do in the 50's and 60's and finance the rest instead of financing the whole cost of the house. Not to mention that i plan on living in the midwest where a small amount of money will go a lot further than it will on the coasts and in the big cities.
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<a href="http://www.danasoft.com"><img src="http://www.danasoft.com/vipersig.jpg" border="0"></a><p><div style="font-family:Arial,sans-serif;font-size:11px;">Sign by Danasoft - <a href="http://www.danasoft.com">Get Your Free Sign</a></p></div> Kinda scary isnt it! |
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01-29-2008, 01:51 PM | #7 | |
SoCal Race Team #13
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Example 30 year fixed loan on $200,000.00 @ 6% payments roughly $1,100.00 (not including taxes or insurance ect..) 5/1 Arm loan for $200,000.00 @ 6% payments roughly 800.00 (not including taxes or insurance ect..) After 5 years you owe the balance of the loan in 12 payments payments after 5 years = $12,666.00 per month for 1 year Interest only loan for $200,000.00 @ 6% payments of $550.00 (not including taxes or insurance ect..) After contract period you have the option to refinance and buy the home OR you have the option to leave (your basically renting from the bank). These odd loans allow you to buy more than you can afford but only for a short period of time, after which you need to either sell the house or refinance. The downslope comes when everyone went and got an odd loan at the same time period (within a year or few years) and then EVERYONE needs to sell or refinance at the same time (within a year or few years) and you flood the market with houses for sale, guess what. Your back to supply and demand and a glut of houses for sale lowers the prices and then people cant even get what they originally paid for the house. If your smart and do a standard 30 year fixed rate mortgage and you can afford it you can get A LOT of house right now for a low price and your set for the next 30 years. Personally i have a decent rate and a 30 year fixed loan, my payments are the same they where the last 4 years. I can afford to make the payments so as long as I don't lose my job I'm set for 30+ years.
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A.K.A - Diarmadhi (old handle) - So much to do.. So little money
Owner : Fast-Stache Industries LLC |
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01-29-2008, 02:16 PM | #8 | |
Camaro Fanatic
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damn...you took the words out my mouth |
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01-29-2008, 04:06 PM | #9 | |
Blessed
Drives: 2013 Sonic RS MT Join Date: Dec 2007
Location: Saint Augustine FL
Posts: 28,444
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Well said. It is and has always been cyclic. The overall graph goes up and up with some downs in between. But in the long term houses/property is a good investment. And if you can, NOW is the time to buy.
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Click image to see build thread. PQ - "the love of cars. It's a boys first step toward manhood and a mans last hold on boyhood." Fbodfather - "We do not want to use the Z28 moniker on a car that does not deserve this hallowed name." The_Blur - "Let's not confuse competitors with equals." |
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01-29-2008, 04:13 PM | #10 |
the nerd king
Drives: 2005 scion xb... Join Date: Jul 2007
Location: phoenix, az
Posts: 426
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to answer the question "where is this all headed?" i think the answer is in one word or two if you count (the) "the amero" go to youtube and look it up. cnbc has some people mention it at times. it might not be as crazy as it sounds. NOT THAT IF FOR IT AT ALL. but it is probably coming. unless we as Americans stop it. (and our Canadian friends also help us)
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01-29-2008, 05:09 PM | #11 | |
Auto Pilot
Drives: Gunmetal Join Date: Feb 2007
Location: L.A.
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Quote:
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"Let the rest of the world dream of Ferraris, Lamborghinis and dinky little British two-seaters. In this country speed doesn't look like that." Got SS?
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01-30-2008, 12:46 AM | #12 | |
Drives: 2010 SS Camaro Black on Black Join Date: Dec 2006
Location: Northern Colorado
Posts: 314
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Only you can see this!
<a href="http://www.danasoft.com"><img src="http://www.danasoft.com/vipersig.jpg" border="0"></a><p><div style="font-family:Arial,sans-serif;font-size:11px;">Sign by Danasoft - <a href="http://www.danasoft.com">Get Your Free Sign</a></p></div> Kinda scary isnt it! |
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01-30-2008, 07:49 AM | #13 | |
Follower of CHRIST!
Drives: 2005 Mazda RX8 Join Date: Aug 2007
Location: Central FL
Posts: 299
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If this nation is about expansion and making money, then it's doomed as all other nations of the past are. Like a dead rich man...this nation can go to it's grave with money in it's pocket but if you are dead WHO CARES what possessions you have...you are still dead. So, I care about the economy (sold my home and going to buy another) and jobs (currently unemployed for the past 3 months), but that does not mean that if I get the first two I'd gladly trade the moral fiber of the country. The way people who agree with me feel, if you neglect the moral fiber of your nation all the rest does not matter because you are setting up your nation for failure. My .02...
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A GM V8 in every home....
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01-30-2008, 08:05 AM | #14 |
this thread is also a good read!!!!
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