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Old 01-29-2008, 12:56 AM   #1
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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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Old 01-29-2008, 01:23 AM   #2
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Originally Posted by DerScotsman View Post
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.
Just wait til the dems take over and we're all paying x3 the taxes.
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Old 01-29-2008, 07:06 AM   #3
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Just wait til the dems take over and we're all paying x3 the taxes.



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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Old 01-29-2008, 08:32 AM   #4
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Just wait til the dems take over and we're all paying x3 the taxes.
you're wrong, but its all good... the Republicans have funded a "war against terror" with the money that the Dems had put into the government to keep the economy and the USA strong... so who really taxes us more?

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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Old 01-29-2008, 09:06 AM   #5
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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.

Quote:
not waging war for other countries in lands that will never really be our allies because we are a Christian nation.
This is a good thing to think about, if we are so very different than the Middle Eastern countries (who, if you ask if you are not Muslim you are an infidel/devil) we need to be careful with who we consider our "friends". I'm not saying we can't be respectful of each other and leave each other alone, but again if they consider you a "infidel/devil" how could we ever think these people could be our friends?

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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Old 01-29-2008, 12:00 PM   #6
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Originally Posted by SilverTurtle View Post
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.
All I have to say is we tried Isolationism a great number of years ago and it worked up until one December day in 1941. All of those troops and sailors were all at "home and safe" in Pearl Harbor but we all know how that ended. Not to mention that the United Nations military/policing force is 85% backed by American troops and I do believe that we should continue our support for the UN because they have done quite a few things right.
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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Old 01-29-2008, 01:51 PM   #7
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Quote:
Originally Posted by ChevyNut View Post
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.
Actually now is one of the best times to buy if you are looking to get into a house. Especially if you just buy something that you can afford to pay on! The housing market is going bust because people bought homes they couldn't afford and used ARM's or interest only loans to finance them (adjustable rate mortgage). An ARM allows low payments up front that get larger after a certain period of time (5 years or 10 years usually). Interest only is the same effect only even lower payments.

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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Old 01-29-2008, 02:16 PM   #8
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Quote:
Originally Posted by diarmadhi View Post
Actually now is one of the best times to buy if you are looking to get into a house. Especially if you just buy something that you can afford to pay on! The housing market is going bust because people bought homes they couldn't afford and used ARM's or interest only loans to finance them (adjustable rate mortgage). An ARM allows low payments up front that get larger after a certain period of time (5 years or 10 years usually). Interest only is the same effect only even lower payments.

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.

damn...you took the words out my mouth
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Old 01-29-2008, 04:06 PM   #9
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Originally Posted by SilverTurtle View Post
you're wrong, but its all good... the Republicans have funded a "war against terror" with the money that the Dems had put into the government to keep the economy and the USA strong... so who really taxes us more?

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.
+1

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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Old 01-29-2008, 04:13 PM   #10
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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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Old 01-29-2008, 05:09 PM   #11
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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)
I heard about that, it seems like a step in the direction of global anarchy; which I believe will eventually happen (I know you think I'm crazy, but it's true). In the mean time I'm going to live for today in hindsight of tomorrow. To be honest we know our priorities are really screwed up in this country when more people care about Gay marriage than welfare and keeping jobs in our country.
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Old 01-30-2008, 12:46 AM   #12
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Originally Posted by diarmadhi View Post
Actually now is one of the best times to buy if you are looking to get into a house. Especially if you just buy something that you can afford to pay on! The housing market is going bust because people bought homes they couldn't afford and used ARM's or interest only loans to finance them (adjustable rate mortgage). An ARM allows low payments up front that get larger after a certain period of time (5 years or 10 years usually). Interest only is the same effect only even lower payments.

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.
Well the fact that im still in college so im screwed as of right now. If I was out of college I would still probably go about purchasing a home in the same way that way if I buy a 350k house I will only have to finance 262500.
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Kinda scary isnt it!
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Old 01-30-2008, 07:49 AM   #13
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To be honest we know our priorities are really screwed up in this country when more people care about Gay marriage than welfare and keeping jobs in our country.
I have to respectfully disagree, it's not a matter of only caring about one issue and ignoring all others (that's a bit simplistic and a very general assumption) but caring about the impact each and every issue has on this nation.

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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Old 01-30-2008, 08:05 AM   #14
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this thread is also a good read!!!!
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Old 01-30-2008, 07:06 PM   #15
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I heard about that, it seems like a step in the direction of global anarchy; which I believe will eventually happen (I know you think I'm crazy, but it's true).
i would never call you crazy. i believe it is true. there is a rumor that Africa already has everything set to unite like the Europe did. money, flag, you name it it is ready. worldnetdaily.com runs stories all the time about this kind of stuff.
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Old 01-31-2008, 07:36 AM   #16
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^Really, they sure fight against each other constantly.
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Old 02-01-2008, 04:46 AM   #17
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yep they sure do, but that is what i have read.
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Old 02-02-2008, 09:41 AM   #18
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Wow...everything seems to be changing....hmmmmmm
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