« First « Previous Comments 54 - 93 of 470 Next » Last » Search these comments
Sophieil, I understand.
BTW I don't hate living here at all, it's my hometown, and nearly all my extended family and in laws live in the region.
We anchored ourselves here for the same reason as you, to be near family.
But I see how icky it is for my adult kids.
It sounds like what you are interested in is your own personal "rent control", owning is the only way to do that, but even in that case some of the costs are not so much in your control.
My spouse and I, and a lot of local kids like me, made renting work with adult roommates. It was the tradeoff we made. When we bought, it was always the backup plan too.
About the frenzy, we've seen this "Sky is the limit" employment situation before.
The Apple Orb is a harbinger of what's to come (Edifice Complex).
Renting with roommates is challenging when you have two young kids.
So judging by your Apple comment, you think that the real estate here won't go down any time soon?
I dunno about house prices.
To some extent, that's more a dynamic of the stampede of elites out of Communist China to communities they covet along the Left Coast.
But about the employment situation, of course it's a Bubble. Social networking, etc companies gonna choke on their own selves. Silicon Valley people are not smarter or harder working than elsewhere; as we choke on our growth, the jobs will leave the region. We've seen it all before.
Amen :)
I want all these people to go somewhere else. Well, not all, but many of them.
All these young, techie, dual-income-no-kids Facebook-Google couples are really annoying... (my personal rant)
We had moved back to So Cal after living in another country. When we came back in 2011, we wanted to wait for everything to shake out before buying something. So, we rented for a few years. With the exception of 2011 - 2012, we found that we were paying more for rent than we would be had we bought. I kept waiting for prices to do something favorable, but with each year I waited, my rent went up right alongside the sales prices. After a couple of years, I realized that it was getting harder and harder to buy a house. My rent was eating more and more of the paycheck and housing prices were not heading down any time soon. So, we finally decided to buy when, after doing the calculation, we learned that we would be paying $1,000 more to rent each month rather than own. Personally, I see it as a way to control costs. At least I know that my monthly payment isn't going up on the whim of the landlord.
The big question is - and I would highly appreciate any logical answer, is whether I should keep renting and wait for the housing market to go down and then buy something. Or should I bite the bullet and buy something small now? (the 30year fixed mortgage+HOA will be around 3K a month, by my calculations).
If you think prices will go down, why in the world are you even asking the question? I think you have already made up your mind.
Strategist, I didn't make up my mind. I am just aware of that as a possibility and have to take it into consideration.
Prices might not fall at all. Or just a little bit. I don't know. Thats why I asked an opinion an advice from people who know better than me. I am just a regular Joe (or Jane, in this case)
Guaranteed our investment timing won't be perfect, so I am not guided by that.
Instead always guided by other factors.
Your kids' father could be gone in a New York minute, especially since life around here is so miserable. Then what?
If you like your kids' school AND the middle and high schools they feed into, well, securing a residence safely within the enrollment area probably means a whole lot more than making the most savvy timed investment choice.
@Sophieil,
I hear the hard situation you are in. If I were you, these are the steps I would take:
1) explore any small prossibility of moving, even if it seems not an option right now, but see if there is some comprise.
2) save, save, save and save more. I mean save every penny. Every homemade lunch, second hand toys, clothes...
3) wait for the interest rates to go up, to see if the market will slow down and become less a seller's market and give you more footing.
4) get licensed as a realtor. You can take an evening class for fairly cheap, and cut out the middle "buyers agent", see if that will save you money.
5) as a agent you could work extra and sell houses and make some money, and see if you can figure out the houses that are a better deal. Hopefully you will also have a real insiders understanding of the current market in your area.
---- be careful when working for a broker, read all the small print ----
6) once you have more knowledge you will feel confident about your choice
Good luck. I know you will make the right decision.
Why is the inventory low? One reason, by changing the rules of the game to enable millions of previously unqualified homeowners to refinance to a lower monthly payment, HARP effectively transferred a massive amount of other people’s money into the hands of current homeowners. The resulting increased incentive for homeowners to stay in place, rather than move somewhere else at higher monthly payment rate, has the effect of sucking inventory and liquidity out of the market. Non-Ownership Society members face higher purchase prices and rents as a result.
Prices will go down. Canada and Australia are going to pop soon, when rates go up that will also soften prices, as well as lending will tighten, making it harder to get a loan and it will cause more houses to sit. When the stock market gets crushed, people often want to get cash out of their homes. So much happening all at once, I sold my home two years ago and am renting. No regrets whatsoever, debtslave no more. I will buy again if I can do a 15 year or less mortgage, and after the next big dumb.
The average individual will live a happier life if they avoid debt.
Research had shown, if you are not yet wealthy but want to be someday, never purchase a home that requires a mortgage that is more than 2x your total annual income. Better yet, pay cash for it.
What you probably don't know is that your neighbor in the $550k condo next to yours bought his condo after he became wealthy. I know this guy who lived frugally for 17 years in the cheapest apartment he could find. After he had enough saved, he bought his home with cash.
My research has shown, if you are not yet wealthy but want to be someday, you better have good timing when you purchase a home.
Sure, if someone would just tell me when the peaks and valleys are in the stock market, I'd be a billionaire by the end of this year.
So given that you cannot know the timing, you have to go on fundamentals.
Fundamentals ^^ Yes!
The stock market tripled since 2009. Anyone who upset by it's recent plunge has not done their homework.
The real estate market has experienced an echo bubble.
We are entering a world debt crisis. I don't know the answers, but fundamentals tell me that when prices feel high, when people seem to be acing out of fear (2014-15) or exuberance (early 2000's bubble) you are not smart money. Smart money enters and leaves before fear and exuberance hit the party.
Debt free is key. And ya, now is a good time to sell if you are house poor. Nothing worse than that kind of timing if all of your cash is tied up in your home.
you better have good timing when you purchase a home.
if someone would just tell me when the peaks and valleys are... ...you have to go on fundamentals.
I do not disagree that "timing" play a role when you buy (ie you are lucky buying low). When the market (house or stocks) is going up and will continue to go up for sure, any time is a good time to buy. When prices are detached from fundamentals, speculators are going crazy, it is wise to keep one's sanity.
On buying a home, not only do you have to go on fundamentals, you also buy only when you are ready --have enough cash reserve for emergency, and you are ready to hold for 10 to 12 years in case the market tanks.
People do not factor in the big picture.
Yes, rents are higher in major metro areas, but sometimes, it is worth paying a higher rent. No, maybe not in San Fran.
But picture this scenario. One buys a home for 700k, puts 140 down (or 70 down) and ties up most of their cash in the home, between the down and renovations/updates/upkeep. They don't mind, they figure they will stay.
The stock market crashes, there is a world wide debt crisis, and at first, the US is a safe haven. Then it trickles over here by around 2017 and it affects our economy. People start to get laid off, etc. You suddenly need that money tied up in your "Purchased" home (but really, you are just renting it from the bank, and had to give them your life savings to do so" Maybe you even need to change jobs because of a layoff and you need to leave the area. But houses aren't selling. You are forced to sell for less and lose money you put in the home, plus the cost in moving (realtors fees) and banks are no longer offering HARP so you can't lower your payments.
Real Estate is TIED to the economy and stock market. It is slower to react but ALWAYS does. We have not fully recovered from the last bubble and recession because the feds created another echo bubble by lowering rates, encouraging people to buy again for little down, etc.
I like not being tied up in the housing market right now. I know if I had a mortgage on a similar property (to what I'm renting) I would save some every month, but I am saving by not making repairs. And I haven't tied up my life savings in a depreciating asset.
That doesn't mean I wouldn't buy again, right now it FEELS like a bubble. It feels like the economy could take a beating when all of the EU debt crisis trickles over here. So I am waiting and renting, quite happily I might add.
The future of the housing market is a topic that has been subject to a great deal of debate and can be somewhat confusing. It should be noted that much of the new construction is in apartments and not single family dwellings. In much of the country units are being built using cheap money flowing from the Fed and Wall Street under the idea that if it is built "they will come."
Currently, we have a shortage of "qualified" buyers and renters and it seems that government policies are pushing on a string and calling it demand. The low end of this market is driven by Fannie, Freddie, and the FHA all insuring 3.5% down payments from borrowers that lack substantial collateral. We have a situation where when someone who can barely pay the rent is encouraged by the government to buy a house they can neither afford or maintain. The piece below delves deeper into the housing market debate.
http://brucewilds.blogspot.com/2015/08/the-great-housing-debate-housing-20.html
But picture this scenario. One buys a home for 700k, puts 140 down (or 70 down) and ties up most of their cash in the home, between the down and renovations/updates/upkeep. They don't mind, they figure they will stay.
Picture this scenario. I just opened a 500K line of credit to take care of my cash needs for 10 years in case TSHTF.
So i did your math equation =(1750*12)/315000 = 6.6%. Looking in neighborhood of redlands, ca. Good school district. Popular college is in area. Lots of businesses and warhouses have been coming up in the local area i have noticed. Would you suggest being ok with 6.6% in an up and coming area? Where do you research the growth potential of a city? Or does the impending baby boom retirement mean we should wait to by everywhere, even in places i think more businesses are coming in?
Redlands was an absolute steal from 2009-2013 assuming you did not have to commute to LA or OC for work.
It's still one of the few affordable, low crime, decent public school areas in So Cal.
If you like mountains and don't mind the summer heat and smog, and don't need to use public transport for a 90 minute each way daily commute, it's a relative bargain for So Cal.
I love this and will be sharing with many members of my family. We're going into our second year of the 2 year lease we locked in at $1500/month. The rents in our area are now $2000 to $2500, so we thank God for the fore site. NYC is very expensive, but we're frugal people. My husband and I recently bought a house out of state next to a metropolis for only 160k, a 2000 sq foot 4 bedroom with 2.5 bathrooms that came with 6 acres and an in ground pool. We could have never paid that in NYC. Nothing cost less then 400k for a semi decent area. The sick thing though is we had people CONSTANTLY (and two EX-byer agents) trying to push us to higher priced homes based on our income bracket. I don't know who said " Buy the most expensive house you can afford", but I would love to kick them in the shin.
Who want's to pay for their house for the rest of there lives when you already have those darn property taxes for the remainder of it?? We're renting it out at $200 more then the mortgage because we didn't really want to leave the house empty when we found out we couldn't go leave right away.
We have no debt other then this house and no kids yet. But I have no idea how these mortgage pre-approvals do their calculations. My cousin was recently approved for a 400k+ loan and she only makes 40k, with two kids and an ex-husband who contributes NOTHING. I told her she was insane for even looking at houses in that range and that perhaps she too she look out of state, she works in the medical field, I'm sure she can transfer to just about anywhere. Needless to say, she felt I wasn't supporting her. This whole process is like swimming with sharks and people want to bite the hand that's trying to give them a life line out. Perhaps this site can help open hers and many others eyes.
Re: OP
Thank you very much for very helpful information, OP.
I have recently relocated to Houston,TX in Semiconductor industry. As we know, price per barrel hasn't stabilized and recent Central bank decision to keep the rates at bay has me on the fence.
I have contract on a house to buy
Re: OP
Thank you very much for very helpful information, OP.
I have recently relocated to Houston,TX in Semiconductor industry. As we know, price per barrel hasn't stabilized and recent Central bank decision to keep the rates at bay has me on the fence.
I have contract on a house to buy $300K. It is located just outside of Houston. It has good schools, and homes are built within last ten years. The good family environment, combined with few good yrs of oil production, has attracted a lot of buyers from all over the States and rest of the World.
For Houston suburb housing, the prices are up like I have seen in 2004-2006 California. I was victim of that era on a $600K home. I short sold it at $400K in 2009.
Although the Houston house is $300K, however, the shut down of oil rigs in Texas has me worried. The big lay offs in oil and gas industry has not yet shown the impact on these Houston homes. Is it because these house prices are still low? Despite the 3+% annual property tax, should I move forward with my current contract to buy, or wait six more months (more like couple years) and see? Renting is too high in Houston due to no State tax passed to home owners.
Your insight on this matter would be greatly appreciated.
Picture this scenario. I just opened a 500K line of credit to take care of my cash needs for 10 years in case TSHTF.
I understand, but remember, banks can close lines of credit if shtf. Unless you actually draw on the money, having the credit is just having the credit for now. Banks are going to get crunched hard, lending will tighten. Having access to real money is key.
Picture this scenario. I just opened a 500K line of credit to take care of my cash needs for 10 years in case TSHTF.
I understand, but remember, banks can close lines of credit if shtf. Unless you actually draw on the money, having the credit is just having the credit for now. Banks are going to get crunched hard, lending will tighten. Having access to real money is key.
It takes me one click and 10 seconds to move the money as I know the circumstance specifically (equity and economy). The bank will drag their feet for 6 months. When SHTF where they have to take away the LOC, the money is long gone in my account somewhere. Like I don't know what the bank does.
The great thing is WTSHTF, interest rates will be all time low again.
Sophieil,
Have you considered buying a duplex, triplex or fourplex? The price per unit will be less than your condo purchase and the other rents (take advantage of the high rental market instead of bemoaning it!) may pay for most if not all of your payment. Those rents will help you qualify for the property too. It could be something to hang on to after the 15-years which will retire (or help retire) you! Don't think small...think big!
Do you need 100% Finance? I can service your financial need with less pay back problem that is why we fund you for just 3%. Whatever your circumstances, self employed, retired, have a poor credit rating, we could help. Flexible repayment over 3 to 20 years.Contact us at:redacted@gmail.com
1.NAME..........
2.SEX..........
3.AGE..........
4.CONTACT..........
5.COUNTRY..........
6.PHONE..........
7.AMOUNT NEEDED..........
8.LOAN DURATION:.........
9.PURPOSE OF LOAN..........
10.OCCUPATION..........
11.GENDER..........
12.YOUR MONTHLY INCOME..........
13.MODE OF REPAYMENT:..........
EMAIL US NOW AT:mohammadloanservice@gmail.com
Best Regards,
Mr mohammad.
Another fucking scam!
Aren't you the asshole who says he needs help depositing $4 million because some king died?
Hey Dan, this is perfect for you. I helped you fill out the application.
1.NAME..........
Dan
2.SEX..........
At Georgies.
3.AGE..........
80+
4.CONTACT..........
through Patnet.
5.COUNTRY..........
Merica.
6.PHONE..........
(800) FUCK YOU
7.AMOUNT NEEDED..........
Lots.
8.LOAN DURATION:.........
40 years
9.PURPOSE OF LOAN..........
Buy a car.
10.OCCUPATION..........
This and that.
11.GENDER..........
ha ha ha.
12.YOUR MONTHLY INCOME..........
Not much
13.MODE OF REPAYMENT:.......... Collection Agency.
Sophie,
I don't understand how you asked for some advise and people just changed the topic to how terrible it is to live there. If I am not wrong, you probably cannot or do not want to leave the area. So here is my piece of advice:
The fact that you expect to be there for the next 15 years doesn't necessarily mean you will be. Even if you were, it is really no justification to make such a big purchase with the biggest $$ you got in the bank. To my knowledge, it would be a very risky move most likely to fail.
If you can afford $2780 in rent, what makes you want to change that? Do you live ok?
No need to have that money rot. With a little reading and research, you can invest that money over the long term so it is not "rotting". Your bank is making use of that money, so it technically not "rotting". Someone is benefiting from your money. It is just not you :(
If in doubt always stay on the side of safety
for 850k loan i'm gonna need pictures of ms rita and ms kimberly.....lots of pictures...
GOD fearing woman Mrs.Rita to help me with a loan of $ 850,000.00, which is a God-fearing woman if you are in need of loan and you will pay the loan please contact her to tell Mrs.kimberly is referred you to her. Contact Mrs.Rita via email:
Hello everyone, My name is Ms. kimberly Who. I live in Bolivia and I am a happy woman today? and I told myself that any lender that rescue my family from our poor situation, I will refer to anyone who is looking for a loan he gave happiness to me and my family, I was in need of a loan $ 850,000.00 to start my life all because I am a single mother with 3 children I met this honest lender which Email is : mrsritaloanhelp@gmail.com, and loan GOD fearing woman Mrs.Rita to help me with a loan of $ 850,000.00, which is a God-fearing woman if you are in need of loan and you will pay the loan please contact her to tell Mrs.kimberly is referred you to her. Contact Mrs.Rita via email:
he he he.
First it's the Nigerians, then the Chinese, and now it's the whole world.
Hello and thanks for a very informative article. I agree with all your points. However, my question is, how will these predictions affect affluent and highly desirable locations such as Los Angeles. We're trying to buy an average 3 bed 2 bath home, around 1600 sqft in Sherman Oaks, Los Angeles for us to live in. The price tag on such houses are 850k+ built in 1950's with over a million dollars for a little more attractive and remodeled homes. We own 2 rental properties in central california at 250k a piece which give us about $500 positive cash flow. A million dollar home or even 800k is way out of our budget. I've always wondered if those houses will drop in price too? or because they're in such demand they will continue to rise and we will never be able to purchase one. Even if the prices drop, there are a great deal of cash investors in Los Angeles or even people like us who are awaiting a crash, that will drive the prices up again. At least that's my assumption. So on one hand, I'm debating whether we should buy cheap income producing properties now and pay off our existing homes and build equity in that sense or buy whatever we can afford in LA and rent it out even if we're not gonna break even monthly. That way we can capture the gains of LA. What is your opinion? We can afford something around 600k. Should we find low income areas and buy cheap rental properties for the cash flow? Or buy a house in LA to either live in or rent out to capture the gains. That way 5-6 years down the line when we're financially ready for our purchase we can sell and buy a decent home. Please advise! Thank you!
11: You are buying a loan, not a home.
Funny, when I leave work--I don't drive to my loan. I don't park my car in my loan. I don't sleep in my loan's master BR.
I have been a long time reader of Patrick and have been sticking with renting since 2007. Instead of buying a place, I put some of that money in the stock market...then the 2008 crash happened and I lost money. I took my money out of stocks/bonds and just kept it in the bank. I stuck with renting instead of buying in 2008 when house prices sank... and now they are up as much as they were up from 2003-2008. So, I basically timed everything horribly.
My simple question is this, if I was to just keep my potential housing down payment money in a savings account instead of putting it in the stock market, then is it still better to rent vs. buy now? I can get at best 1% return on the savings account and I'm not sure what the inflation rate is. And, I find the stock market just as risky as the real estate market right now. Both could crash.
And, if I had $400k, and I allocated $200k for a down payment on a house, and kept the other $200k in savings, is it still not wise to buy? If so, what is the logic there?
I can get at best 1% return on the savings account and I'm not sure what the inflation rate is. And, I find the stock market just as risky as the real estate market right now. Both could crash.
A 1% return is a ridiculous investment strategy. So yes, you need to do something else with your money. I sense that you are the type of person who is so terrified of a loss that you'd rather let inflation eat away at your principle than risk some catastrophic investment that wipes you out. Obviously, the worst case scenario could happen, but you really cannot live your life that way. That's kind of like shutting yourself up in the house because you are afraid of being mugged. Sure... a mugging is a possibility, but statistically speaking it's not very likely. You are going to have to take a chance on something, at some point or someday, your $400,000 risks turning into chump change.
I sense that you are the type of person who is so terrified of a loss that you'd rather let inflation eat away at your principle than risk some catastrophic investment that wipes you out.
That is probably pretty accurate :) But, I'm not totally terrified... I do have a decent amount of my 401k money in stocks, and I do own a condo that is being rented... but I'm mostly cash for now... waiting for a slightly less bubble-y environment in both real estate and stocks. I do want to diversify more, which is why I asked if in a hypothetical scenario if I had $400k of cash available, if investing $200k or $300k as a down payment on a house makes sense in this crazy housing environment.
« First « Previous Comments 54 - 93 of 470 Next » Last » Search these comments
On the other hand, in some poor neighborhoods, prices are now so low that gross rents may exceed 10% of price. Housing is a bargain for buyers there. Prices there could still fall yet more if unemployment rises or interest rates go up, but those neighborhoods have no bubble anymore.
The only true sign of a bottom is a price low enough so that you could rent out the house and make a profit. Then you'll know it's pretty safe to buy for yourself because then rent could cover the mortgage and ownership expenses if necessary, eliminating most of your risk. The basic buying safety rule is to divide annual rent by the purchase price for the house:
annual rent / purchase price = 3% means do not buy, prices are too high
annual rent / purchase price = 6% means borderline
annual rent / purchase price = 9% means ok to buy, prices are reasonable
So for example, it's borderline to pay $200,000 for a house that would cost you $1,000 per month to rent. That's $12,000 per year in rent. If you buy it with a 6% mortgage, that's $12,000 per year in interest instead, so it works out about the same. Owners can pay interest with pre-tax money, but that benefit gets wiped out by the eternal debts of repairs and property tax, equalizing things. It is foolish to pay $400,000 for that same house, because renting it would cost only half as much per year, and renters are completely safe from falling housing prices. Subtract HOA from rent before doing the calculation for condos.
Although there is no way to be sure that rents won't fall, comparing the local employment rate (demand) to the current local supply of available homes for rent or sale (supply) should help you figure out whether a big fall in rents could happen. Checking these factors minimizizes your risk.
The way to win the game is to have cash on hand to buy outright at a low price when others cannot borrow very much because of high interest rates. Then you get a low price, and you get capital appreciation caused by future interest rate declines. To buy an expensive house at a time of low interest rates and high prices like now is a mistake.
It is far better to pay a low price with a high interest rate than a high price with a low interest rate, even if the mortgage payment is the same either way.
The Fed exists to protect big banks from the free market, at your expense. Banks get to keep any profits they make, but bank losses just get passed on to you as extra cost added on to the price of a house, when the Fed prints up money and buys their bad mortgages. If the Fed did not prevent the free market from working, you would be able to buy a house much more cheaply.
As if that were not enough corruption, Congress authorized vast amounts of TARP bailout cash taken from taxpayers to be loaned directly to the worst-run banks, those that already gambled on mortgages and lost. The Fed and Congress are letting the banks "extend and pretend" that their mortgage loans will get
paid back.
And of course the banks can simply sell millions of bad loans to Fannie and Freddie at full price, putting taxpayers on the hook for the banks' gambling losses. Heads they win, tails you lose.
It is necessary that YOU be forced deeply into debt, and therefore forced into slavery, for the banks to make a profit. If you pay a low price for a house and manage to avoid debt, the banks lose control over you. Unacceptable to them. It's all a filthy battle for control over your labor.
This is why you will never hear the president or anyone else in power say that we need lower house prices. They always talk about "affordability" but what they always mean is debt-slavery.
The simple fact is that the renter - if willing and able to save his money - can buy a house outright in half the time that a conventional buyer can pay off a mortgage. Interest generally accounts for more than half of the cost of a house. The saver/renter not only pays no interest, he also gets interest on his savings, even if just a little. Leveraged housing appreciation, usually presented as the "secret" to wealth, cannot be counted on, and can just as easily work against the buyer. In fact, that leverage is the danger that got current buyers into trouble.
The higher-end housing market is now set up for a huge crash in prices, since there is no more fake paper equity from the sale of a previously overvalued property and because the market for securitized jumbo loans is dead. Without that fake equity, most people don't have the money needed for a down payment on an expensive house. It takes a very long time indeed to save up for a 20% downpayment when you're still making mortgage payments on an underwater house.
It's worse than that. House prices do not even have to fall to cause big losses. The cost of selling a house is kept unfairly high because of the Realtor® lobby's corruption of US legislators. On a $300,000 house, 6% is $18,000 lost even if housing prices just stay flat. So a 4% decline in housing prices bankrupts all those with 10% equity or less.
From The Herald:
"We were all corrupted by the housing boom, to some extent. People talked endlessly about how their houses were earning more than they did, never asking where all this free money was coming from. Well the truth is that it was being stolen from the next generation. Houses price increases don't produce wealth, they merely transfer it from the young to the old - from the coming generation of families who have to burden themselves with colossal debts if they want to own, to the baby boomers who are about to retire and live on the cash they make when they downsize."
House price inflation has been very unfair to new families, especially those with children. It is foolish for them to buy at current high prices, yet government leaders never talk about how lower house prices are good for American families, instead preferring to sacrifice the young and poor to benefit the old and rich, and to make sure bankers have plenty of debt to earn interest on. Your debt is their wealth. Every "affordability" program drives prices higher by pushing buyers deeper into debt. Increased debt is not affordability, it's just pushing the reckoning into the future. To really help Americans, Fannie Mae and Freddie Mac and the FHA should be completely eliminated. Even more important is eliminating the mortgage-interest deduction, which costs the government $400 billion per year in tax revenue. The mortgage interest deduction directly harms all buyers by keeping prices higher than they would otherwise be, costing buyers more in extra purchase cost than they save on taxes. The $8,000 buyer tax credit cost each buyer in Massachusetts an extra $39,000 in purchase price. Subsidies just make the subsidized item more expensive. Buyers should be rioting in the streets, demanding an end to all mortgage subsidies. Canada and Australia have no mortgage-interest deduction for owner-occupied housing. It can be done.
The government pretends to be interested in affordable housing, but now that housing is becoming truly affordable via falling prices, they want to stop it? Their actions speak louder than their words.
Next Page: Eight groups who lie about the housing market »
The Housing Trap
You're being set up to spend your life paying off a debt you don't need to take on, for a house that costs far more than it should. The conspirators are all around you, smiling to lure you in, carefully choosing their words and watching your reactions as they push your buttons, anxiously waiting for the moment when you sign the papers that will trap you and guarantee their payoff. Don't be just another victim of the housing market. Use this book to defend your freedom and defeat their schemes. You can win the game, but first you have to learn how to play it.
115 pages, $12.50Kindle version available