WatchHomeowners more than 50 years old are falling into foreclosure faster than any other age group, particularly widows whose husbands held the mortgage, said the New York Times.
Foreclosures among homeowners over 50 increased by 23% over the past five years, resulting in 1.5 million foreclosures.
The main reason for the rise in foreclosures is due to women outliving their spouses and not being able to cop with ballooning, medical costs, mortgage and pension cuts.
One of the problems is older Americans are saving less and borrowing more, said executive vice president for policy Debra Whitman of AARP.
http://www.housingwire.com/news/monday-morning-cup-coffee-homeowners-over-50-fall-foreclosures
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I guess all those kids of these seniors better plan on another way to get a "free" house because it won't be mom and dad's they get.......
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CaptainShuddup says
OK, then add this one too, no chart, you'll have to read it:
Study: American Households Hit 43-Year Low in Net Worth
30 Nov 2012 The median net worth of American households has dropped to a 43-year low as the lower and middle classes appear poorer and less stable than they have been since 1969. According to a recent study by New York University economics professor Edward N. Wolff, median net worth is at the decades-low figure of $57,000 (in 2010 dollars).
And as the numbers in his study reflect, the situation only appears worse when all the statistics are taken as a whole. According to Wolff, between 1983 and 2010, the percentage of households with less than $10,000 in assets (using constant 1995 dollars) rose from 29.7 percent to 37.1 percent…
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Yep, the baby boomers are definitely "wealthier"...
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tatupu70 says
Newsflash, the election is over... there are no more Troll Dollars for you!!! You'll need to go to a different forum if you want to troll...
Now, back to your tree stump....
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This chart also says there were no consumer goods to purchase before the 1960's.
Sears and Roebucks The first Sears catalog was published in 1888. By 1894, the Sears catalog had grown to 322 pages.
Woolworth The first Woolworth store was opened by Frank Winfield Woolworth on February 22, 1878.
The Model T was introduced on October 1, 1908. It had the steering wheel on the left, which every other company soon copied. The entire engine and transmission were enclosed; the four cylinders were cast in a solid block; the suspension used two semi-elliptic springs. The car was very simple to drive, and easy and cheap to repair. It was so cheap at $825 in 1908 ($21,340 today) (the price fell every year) that by the 1920s, a majority of American drivers had learned to drive on the Model T.
Ford created a massive publicity machine in Detroit to ensure every newspaper carried stories and ads about the new product. Ford's network of local dealers made the car ubiquitous in virtually every city in North America.
In 1900, Brazilian priest Roberto Landell de Moura transmitted the human voice by wireless. According the newspaper Jornal do Comercio (June 10, 1900), he conducted his first public experiment on June 3, 1900, in front of journalists and the General Consul of Great Britain, C.P. Lupton, in São Paulo, Brazil, for a distance of approximately 8 km. The points of transmission and reception were Alto de Santana and Paulista Avenue.
One year after that experiment, he received his first patent from the Brazilian government. It was described as "equipment for the purpose of phonetic transmissions through space, land and water elements at a distance with or without the use of wires." Four months later, knowing that his invention had real value, he left Brazil for the United States of America with the intent of patenting the machine at the US Patent Office in Washington, DC.
Having few resources, he had to rely on friends to push his project. In spite of great difficulty, three patents were awarded: "The Wave Transmitter" (October 11, 1904) which is the precursor of today's radio transceiver; "The Wireless Telephone" and the "Wireless Telegraph," both dated November 22, 1904.
In June 1912 after the RMS Titanic disaster, due to increased production Marconi opened the world's first purpose-built radio factory at New Street Works, also in Chelmsford, England.
Televisions Commercially available since the late 1920s, the television set has become commonplace in homes
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Call it Crazy says
Personal insult, check. Ignoring the point of the post, check.
I think, perhaps, you need to look inward to find the troll.
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CaptainShuddup says
The chart says there were no consumer goods to purchase during the war. See the circle?
It was trying to explain the very high savings rate during the war.
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CaptainShuddup says
The whole point of the chart I posted is to show, even with two income earners, the amount saved has gone down in the last few decades. Many households have more available money, but they have been spending it just as quick...
They aren't saving for the "rainy day", retirement or apparently, to be able to pay their mortgages when they get older....
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tatupu70 says
Why don't YOU step up to the plate and post some usefully info instead of trolling threads finding fault with everyone???
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Of course there were consumer goods to purchase during the war.
As metal was rationed for the war effort, products went from pressed metal, that you only bought one of in a life time, to plastics and wood that you had to replace every few years.
Manufacturing ultimately benefited by lowing costs, from learning to with out metals and other resources needed for the war.
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Pleasanton, CA
The "golden age" for workers was post WWII up to about 1975. After that, hit and miss but admittedly a bit better than now. That would only include a few of the baby boomers for part of their career. Actually, WWII veterans who survived had the best opportunities, they really had to try hard to fail.
Young people who are jealous of baby boomers just have their history jumbled up. Most baby boomers have had to work and save with two earner households in less than optimal times.
However, imprudent does not get better with age, so it doesn't mean that wastrel baby boomers won't have consequences.
I am seeing a lot of people in their 60's, even with health problems, saying they will have to work until at least 68 to 72. Reasonable retirement is becoming a luxury for the working, only government workers seem immune.
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Call it Crazy says
Another chart
*
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Call it Crazy says
You usually don't find the info I post to be useful, unfortunately, but I have and will continue to post it.
The savings rate decline is definitely a problem. Although peoples' attitudes definitely are part of the story, I think the wealth disparity is another part. That is the core problem and you can find symptoms of it everywhere you look.
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tatupu70 says
You Really have a problem with people who are more successiful then you, don't you.... maybe you should step up, and work harder, then you can join their income ranks.....
...or, work the "system" like they do.... just stop complaining about it if you're not going to change it!!!
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Call it Crazy says
Just use the ignore function on Tatupu. He's the 9th most ignored member on the site. Once he figures out that he's practically been ignored by everyone on the site, he will stop trolling.
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Goran_K says
Thanks Goran--I'm flattered.
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tatupu70 says
Too bad he won't see your response, because your IGNORED!!
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Call it Crazy says
I know--it's kind of crappy to insult someone you have on ignore. But that's typical of Goran.
How did he know how many people have me on ignore, anyway? I can't find that anywhere.
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Goran_K says
I never said "Boomers paid off their homes 100%" but that didn't stop you from writing that.
You're usually pretty good at trying to back up your wish for lower housing prices with some semblance of an argument. Why would you call me out on a thread I've never posted on, with a statement that's falsely attributed to me? For somebody that likes calling anybody that disagrees with you a troll, you're full of it.
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tatupu70 says
Gorak_K is a pussy.
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Call it crazy, just buy a damn house already. Your sanity has got to be worth more than the mental anguish you put your self through trying to decipher all of the stupidity that makes the market as mental as it is.
That was the main reason I bought in 2010, and I haven't regretted it yet.
In fact any depreciation here in south Florida anyway, has only seemed to benefit me, as it also lowers my tax and insurance.
And be it real or market manipulation, so far it appears I bought at the bottom. As much as fiscally possible to. Sure RE got cheaper in some sense, and the interest rates even went a full point lower than when I bought. But the zillion of other hidden fees and a barrage of FHA lending fees and out of control MIP since I've bought. It also appears that I caught a brief window when banks were actually approving loans.
So besides the possibility that had I bought a few months later my house for 20 or 30K less. Most likely the banks wouldn't have approved the loan, because I'm not an investor class and it would be against their interests to create a renters society. And in the event I did find a bank willing to loan, even at the lower interest fee, and 20 to 40K less on the purchase price. I would probably be paying few dollars more a month on my total monthly mortgage payment.
The good thing about going forward, everytime they make a new rule and come up with a new fee, I just say... "I'm glad I bought when I did."
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CaptainShuddup says
Hey man, I'm trying to... hell, I signed the contract back in August... unfortunately, there are some useless realtors and attorneys in this deal that don't have the ability to move the ball down the field....
CaptainShuddup says
I'm already insane... can't you tell by my avatar :)
Nah, posting here is just a hobby until this deal gets done, then you won't see me.... I'll be busy doing too many of the projects my wife starts.....
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tatupu70 says
Here, look at the last column....
*
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Call it Crazy says
Yeah I had to dig up a retired relic from my Carpet laying days. He was a commercial realtor I did flooring for in the 80's. He said he wasn't even sure if he knew the ropes in residential anymore. But all I needed him for was his funny face and his John Hancock I did all of the leg work. The selling agent kept giving crap about how ineffective Keith was, and how all of the stuff and leg work I was doing was his job. I had to bite my tongue to stop from telling him that he was doing a damn fine job considering I had a signed contract less than a week later after enlisting his help. After three years of being ignored or stirred wrong by hundreds of realtors. It's easy for the selling agent, everyone seeks them out. The buyers agent actually has to get off his ass and find those seller agents.
Especially the buyers agents before I found Keith didn't want to deal with me, because my reality of where the market was headed vs theirs of living in the where it was, was two different realities. I kept telling them I'm looking for a large house with a large lot, for less than $175K no Realtor wanted to hear that shit. It was sacrilege.
Seriously thought try to find someone just willing to do the contract with no other interest in you finding a house. You'll find things start to move then. Realtors today, only get things moving when they think it will benefit THEM.
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OH and find a title company that will do all of your legal work as well as the stamp and escrow. That cut out a lot of middle men that would have muddied the waters.
I lucked out the title company guy was also referred to me by Keith, was a friend of his. Even that title guy was giving me crap about doing stuff that was Keith's job. I don't think those well intentioned people in the business knows just how pathetic the Buyers RE portion of the industry really is.
Kieth should win Realtor of the Century as far as I was concerned.
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tatupu70 says
----------------------------------------
Tatupu, when you say the following, did you not know you would be stirring up the shit-storm w/ one fell swooop of a statement? Sounds like you can dish out the heat, but can't take it. Humor the man, and tell him why you don't agree w/ his facts...
......"I'm not sure you know what a fact is. You have some facts listed there, along with many estimates or outright opinions. Your point would be much better made if you actually stuck to facts..."
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zesta says
You didn't say that, but you did try to claim that only 4% of boomers were underwater. Something that evidence shows to the contrary.
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AverageBear says
Fair enough. The true unemployment number is a guess, but I won't really quibble with it.
The ones that I think really aren't facts at all are the true inflation (I'm assuming he means the shadowstats which IMO are very questionable), and the stuff at the end about education, unicorns farting rainbows, and infrastructure. At best they are argumentative and at worst they are exaggerations or fabrications.
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CaptainShuddup says
I found the house but needed a realtor to "present" it to the seller. I didn't need any hand-holding because I've bought and sold a bunch of houses over the years. I thought I'd be a nice guy and give the deal to my brother-in-law's girlfriend, who is a realtor, because her business was slow.... BIG MISTAKE...
Now I know why her business is slow... because she is too!! I also made the second mistake of taking her referral for an attorney because as she said "He's a short sale expert".... MISTAKE #2....
Plus, she has NO balls to push and stir the pot to get answers.... and the attorney is an even worse loser...
So the deal drags along and I can't get any information where it's at.... This is the LAST time I play the "nice" guy....
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AverageBear says
See, you figured him out!!... Tat just comes here to stir shit, not provide any content or useful information to the discussion....
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That's why he's in the Top 10 of ignored people on this site. I noticed his modus operandi (basically to be a negative force and sideline any discussion into pettiness) back in May.
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Call it Crazy says
See, I would disagree with that. I provide info--just not the sort of info that you or Goran like to see. Because it disagrees with your set viewpoint.
My posts do tend to be more disagreements or trying to point out flaws in logic--I'll agree. I don't see the need to constantly post when I agree with someone. Usually, they make the point better than I anyway. I thought that was the point of a discussion board--to actually engage in discussions.
And my idea of a discussion is not a circle jerk where everyone agrees with each other. Hard to expand your mind that way...
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Goran_K says
Funny--he's "noticed" that in everyone that disagrees with him...
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Goran_K says
Why even bring it up from the other thread other than to troll this thread? Could we discuss it in the other thread you started?
You've been using study from 2009 that take into account people that aren't even boomers (45-48 yr. olds) and try to pull numbers from that because it fits your tenuous agenda. You really believe 30% of boomers are underwater?
76M boomers * 30% = 23M boomers underwater. If ALL 23M of them were married and had a loan together, that's 11.5M properties that are underwater. Corelogic tells me that as of Sept 12 2012, there are 10.8M properties underwater in TOTAL. Somehow your math doesn't pencil out.
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tatupu70 says
The correlation between being liked/disliked on this site is if you're bearish or bullish on RE.
If you post simple facts like a C/S chart showing housing prices increasing you'll get 'dislikes', but if you posted a C/S chart a year ago showing declining prices you'll get 'likes'
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zesta says
That's assuming every boomer owns a house. See how easy it was to disrupt that theory?
Anyway, I don't understand why you're so mad. Just admit you were wrong. It's not a big deal. You take the internet way too seriously.
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Goran_K says
You're right, which is why anybody saying 30% of boomers are underwater is stupid.
From your own posts in the other thread:
Goran_K says
Goran_K says
Goran_K says
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How the f*ck is someone going to be underwater if they don't own a mortgage, genius?
OF COURSE that was under the assumption that they actually had a MORTGAGE. In that same thread, I also discussed boomers who were free and clear (i.e - no mortgage). It's not my fault you didn't understand the premise.
If someone says "22% of physicians 44-55 are accused of malpractice", only the most misguided individual would interpret that to mean "22% of ALL 44-55 year olds". Being a doctor is inherent to the premise.
Like I said, it would be easier for your to just admit your "4% of boomers are underwater" (who have a mortgage, have to spell it out for you because you're special) when every study, stat found proved you to be wrong, was a ridiculous claim, and now you're trying to play word games because you were proven wrong from every source (even the one you FOUND).
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Goran_K says
If I say 2% of boomers have been accused of malpractice what do you assume? physicians? veterinarians? lawyers? dentists? nurses?!? I assume 2% of all boomers.
You seemed very clear quoting 72M boomers. Maybe you should have quoted the actual boomers that were homeowners, or you could quote the number of boomers that had mortgages. What's the point in pointing out 72M boomers if 40% of them are automatically excluded. ... maybe it makes your premise less 'sensational'?
Goran_K says
Unlike you, I have no problem when I've made a mistake. I admitted in the previous thread.
zesta says
zesta says
Maybe you should have noticed it when you started trolling this thread to get me to comment.
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Great,zesta says
Great. I think we've settled it then.
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Ceffer says
While I agree with your sentiment, even this isnt entirely true! I work for a government agency where some of my co-workers are VERY spendy people....and wind up working well into their 70's...in a few cases, they are bizarely(IMO) working even though their retirement is maxed out.
I contrast this with my parents...one an engineer in private industry, one who was a stay at home mom for a long time and then went to work in a blue collar job she had held prior to having children...they had parents who were adults during the entire depression, and served in WWII etc, and they held onto the lessons those people taught them...namely don't spend more than you can afford to and make sure you save.
What it got my parents was their dream home in coastal OC, a full retirement at 65, travel when they want, where they want(literally theyve been all over Europe and most of the western world since retiring), and as much time with the grandkids as they can handle.
Theres been parables about this stuff since the begining of human existence...the Tortise and the Hare comes to mind.
It really doesn't seem like too many people pay attention.
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Unfortunately many 'boomers' always thought that real estate always went up and traded up beyond their needs. Their assets are tied up in their house and even if it is not underwater, it cannot provide them with the retirement they expect.
If they are 'above water' they wait for higher prices. If they are a little 'below water' they wait for higher prices. Both can be one small financial disaster away from foreclosure.
So a great number of the over 50 set in foreclosure is to be expected.