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Bringing You Real Estate Viewpoints From Around the Globe

By David9 following x   2012 Oct 12, 8:06am 2,479 views   4 comments   watch   nsfw   quote     share    


http://blogs.aljazeera.com/blog/americas/families-bear-brunt-us-housing-crisis

As mentioned in Patrick's book 'The Housing Trap' there is an endless
barrage of 'upbeat' Real Estate media articles constantly being promoted for our consumption.

I've decided I'm going to search for articles that have credibility, this one is from a 'Senior Washington Correspondent', and, for whatever reason, don't get the air time they may deserve.

This article focuses on one family, but interweaves a darker plot..

On a quiet, tree-lined street in Charlotte, there’s a modest wood-frame house that the Sanchez family calls home. In many ways the Sanchez’s are a real American success story. Gonzalo and Sylvia Sanchez came to the US two decades ago from San Luis Potosi, Mexico. Gonzalo worked hard in the construction industry. Sylvia cleaned houses to earn some extra money. They have five children, and their eldest daughter is attending medical school, hoping to be a pediatrician. One day recently, just before the Democratic Convention came to town, I sat down with Sylvia Sanchez  and her daughter Jessica at the...

#housing

1   bubblesitter   ignore (0)   2012 Oct 12, 8:58am   ↑ like (3)   ↓ dislike (0)   quote   flag        

One of the comments:

It seems almost criminal that it should take the average person 20-30 years to pay for a house made of wood, hay and stubble.....

2   37108605   ignore (0)   2012 Oct 12, 9:43pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

bubblesitter says

One of the comments:

It seems almost criminal that it should take the average person 20-30 years to pay for a house made of wood, hay and stubble.....

While while we are at it try explaining to the average idiot what a depreciating asset or a negatively amortised mortgage is how they will pay and pay and pay and after years theoretically owe MORE than they borrowed!

3   ELC   ignore (0)   2012 Oct 13, 6:11am   ↑ like (2)   ↓ dislike (0)   quote   flag        

This is what financing options does to those tempted by it. I remember a time when a Cadillac was $3000 but there was no such thing as seven year financing or auto worker unions. A house was $20,000 but it could be had by most without a mortgage never mind a 30 year.

Just say no. Every friggin "holy book" that exists tells you not to lend or borrow money yet people do and then they can't figure out where they went wrong. If books of fairy tales for ignorant people have it figured out why can't intelligent people grasp the concept?

4   bob2356   ignore (4)   2012 Oct 13, 6:25am   ↑ like (0)   ↓ dislike (0)   quote   flag        

ELC says

This is what financing options does to those tempted by it. I remember a time when a Cadillac was $3000 but there was no such thing as seven year financing or auto worker unions. A house was $20,000 but it could be had by most without a mortgage never mind a 30 year.

I'm confused by your time lines. Houses were 20k in the 60's, caddies were 3k in the 40's, autoworkers unions started in the 30's, mortgages have been common since the late 1800's. When exactly are you talking about. I'm really interested in when "most? people had cash to buy houses.


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