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Why do you base everything going on across the country on what's going on in your neighborhood? You seem to think if it's not happening in your backyard, it doesn't happen anywhere.
It's the hard copy deeds and signed mortgages, they're accurate.
Is that the criteria and plans when buying today? Put down the minimum so you can cut and run and fuck the bankers? Sounds like some questionable morals. I guess people in your world aren't buying houses to secure their future and families and have a nice place to live long term. Strange on how things change with different generations.
Given that there is no subprime lending crisis like there was over a decade ago
Because I know the realtors personally who sold the houses. Got it Bob? Still amazing?
Your analysis lacks a lot of factors.
My long rant aside. You're likely right that if there are more FHA borrowers out there, it's likely to do with the fact that they can't save up the down payment or have poor credit
All this said, FHA loans aren't necessarily bad. Smart people can use them to their advantage.WookieMan says
I'd bet good money that 90% of people that buy a $200k house with an FHA loan versus 20% down conventional, invest the 16.5% down payment ($33k) difference in index following funds, will end up with more money in the end all other things being equal (jobs, income, etc). Do this for 30 years until the house is paid off. FHA buyer will almost always end up ahead investing that $33k in stocks versus sitting in their house. And they still got the same house!
Just imagine.....four 800 sq ft cabin like homes in a heavily forested 1 acre lot
Bay Area is turning into a shithole.
Traffic, crime, terrible service everywhere, dirty bathrooms in public parks, drugs, angry Neighbour’s, tired overworked overmortgaded people, expensive daycares.
It’s only a question of time people will realize that it’s just not worth paying lifelong for huge mortgage, slave and hustle for it and than die. I see most of my friends living like this and slowly getting tired of it.
Life too short for it. You won’t take it with you. Smart are leaving already.
We really should not allow foreign money to own American land.
Given my 8 month experience leasing out a condo on Maui
FortWayne saysWe really should not allow foreign money to own American land.
Australia and Canada allow foreign ownership, but have been raising the surcharge on foreign purchases, up to 20% now in Canada I think.
That's not a bad idea. Discourages the Chinese speculators/launderers (lol, there must be a good "Chinese laundry" pun in there") and also provides revenue.
correction preceding the housing correction
Given that there is no subprime lending crisis like there was over a decade ago
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Given that there is no subprime lending crisis like there was over a decade ago, any housing correction would come elsewhere.
What are the possible triggers:
Interest rate hikes - heard of plans to raise rate 4 times in 2018
New tax plan - in Jan and Feb I’ve seen absolutely no slowdown or concern with reduction in tax benefits
Recession or stock market correction
War
Natural Disaster - massive earthquake would certainly shake things up in the Bay Area (no pun)