patrick.net

Call it Crazy says

A 25% down payment gave the bank a decent cushion in case you defaulted...

Loan officer just told my neighbor that larger down payments actually make some lenders leery, because they now factor in a likelihood of squatting if you lose your job.

If you have only 5-10% in the game, you're less likely to kick and scream on your way out of the house. Apparently the statistics back this up.

There are actually loans you can get with 5% down which are harder to get with 20% down.

Call it Crazy says

Many banks don't allow borrowed down payments anymore either. You need to prove that it was YOUR funds and show months of records of where it came from.

Stop living in the past... The banks got burned big time on your type of loans... They won't come back unless the banks REALLY get desperate

Well it is people too. I myself moved out of CA to a nasty weather state-primarily because of house prices. No way on earth could I justify 800-900k for a house in a burb that looked like every other house on the street or the next street. But so many people I know have no qualms of buying it. Quite a few people have no qualms about defaulting and stay free for years.

The gubmnt has mad people entitled and lazy and has made hard working people responsible for everyone else's welfare. As a result a huge number of people growing up with no concept of personal responsibility. Buy a 3/4th of million dollar home with zero down when you are making 17k a year like that illegal immigrant strawberry picker in Gilroy-blame the evil bankers or the 1%. Nobody needs to take responsibility for anything anymore-it is always someonelse's fault and somebody has to pay for it. Usually it is the hard working sap who is forced to support an increasing number of bums-weather that be ex wife/husband who did not contribute anything and just spent all your money or the whore down the street who had ten babies with ten different men.

Strategist says

Why are the dumb people in charge?

Let me guess, cuz someone voted for them.

Call it Crazy says

Iosef V HydroCabron says

Loan officer just told my neighbor that larger down payments actually make some lenders leery, because they now factor in a likelihood of squatting if you lose your job.

Very few are putting 25% or more down, so I don't think that's a big issue.. I know many who squatted for years with a 3.5% FHA... It was the best ROI they ever had on any investment!!!

Almost half are paying all cash. Lots of pent up demand with 25% down.

Strategist says

I got my first home in OC, while I was still a student in 1986.

Interest rates were in the 10% range then AND prices were accordingly very low. I imagine your house was in the low 100s? If so, the inflation factor doubles its value yet it now costs 400 to 500k. (If it cost more before...the math is the same.)

Lending now IS easier. No stated income bullshit is not allowed but look at those interest rates!!!!! If you have paid your bills for the past 7 years, banks are inviting you to take on a 30 yr commitment to pay your bills to them...at very low rates. If you cannot pay your bills on time then you are welcome to an FHA loan at a higher rate and PMI. STILL LOWER APR THAN IN 1986!!!!!!

It's all Obama's fault!!!

Call it Crazy says

Strategist says

The down payment requirement was 25% minimum, which I got from my parents.

Many banks don't allow borrowed down payments anymore either. You need to prove that it was YOUR funds and show months of records of where it came from.

Not entirely sure where you're getting this. The loan/gift from parents might need to be a structured a particular way, but I know a number of people who have bought a place this way in the last few months alone.

corntrollio says

Call it Crazy says

Strategist says

The down payment requirement was 25% minimum, which I got from my parents.

Many banks don't allow borrowed down payments anymore either. You need to prove that it was YOUR funds and show months of records of where it came from.

Not entirely sure where you're getting this. The loan/gift from parents might need to be a structured a particular way, but I know a number of people who have bought a place this way in the last few months alone.

Who knows what the loan people did, but I lied through my teeth.
That loan was a negative amortization loan with a start rate of 7.95%. It was an incredible bargain at the time. 1year t bill, margin of 2.45%. Today, that rate would be less then 3%.
I would lie through my teeth again. They do say - "want to succeed in business? CHEAT"

bubblesitter says

Strategist says

Why are the dumb people in charge?

Let me guess, cuz someone voted for them.

Don't blame me, I drive a Prius. We're supposed to be smart.

control point says

"Highly Educated" white went for Obama. Obama won the top 16 states by educational attainment, and 18 of the top 20.

http://boingboing.net/2012/11/11/what-the-election-map-would-ha.html

My wife is Ukrainian and grateful for what Obama has done to help keep Putin from running over the country. While many Ukrainians look to Poland's example for how to improve their country, many are asking whether they want to join the EU and wind up with the ethnic and cultural genocide and suicide that Western Europe is engaging in.

This is actually what the Russian protesters there are saying and they have a point.

But... I point out to her, by the time Ukraine would gain entry into the EU, by then the Euro should be dead and also as "diversity" benefits cause Sharia law to take over in certain regions, the cultural suicide issue should start to rear its head and perhaps Ukraine will be able to take a stand on avoiding becoming a welfare state for anti-European immigrants.

I certainly will be able to move there if I desire. You all, on the other hand, better be prepared to live in Oakland.

FortWayne says

In good old USA government only tells white people to be nice to other races, they don't actually tell other races that.

True, they just put them in prison instead.

FortWayne says

And politicians are oblivious, because many businesses discriminate against "non-minorities".

Yes, that's getting to be a serious problem. For example, if a white guy wants to make a hip hop CD, the doors might not be as open to him as if he were black.

This is getting out of hand.

(note to dodgerfandimbulb: that's what sarcasm looks like (i.e. the part where I said "this is getting out of hand"))

marcus says

FortWayne says

In good old USA government only tells white people to be nice to other races, they don't actually tell other races that.

True, they just put them in prison instead.

More liberal apologist made up BS.

WOW! The UNtrustworthy are certainly in control of what information is apparent to the people!

Say hey! This was in the Wall Street Journal on March 30, 1999. Note "... how much it will buy."

Holy cow/interesting/compelling ...!

And where is it up to date??? Right here ... see the first chart shown in this thread.
Recent Dow day is Wednesday, June 4, 2014 __ Level is 105.4

WOW! It is hideous that this is hidden! Is there any such "Homes, Inflation Adjusted"? Yes! This was in the New York Times on August 27, 2006:

And up to date (by me) is here:
http://patrick.net/?p=1219038&c=999083#comment-999083

WOW! The UNtrustworthy are certainly in control of what information is apparent to the people!

And "ThePublic Be Suckered"
http://patrick.net/?p=1230886

FortWayne says

More liberal apologist made up BS.

An exaggeration perhaps, to make a point. But it's based on facts, that you either can not or will not comprehend.

http://www.naacp.org/pages/criminal-justice-fact-sheet

Please forgive me for bringing facts in to the conversation.

marcus says

http://www.naacp.org/pages/criminal-justice-fact-sheet

Please forgive me for bringing facts in to the conversation.

I know, I heard that a lot of blacks get arrested. But a lot more blacks commit crimes than whites.

Turn on your television, white people, or well off blacks are watching Oprah Winfrey and Dr. Phil learning how to live in a functional society and be good people. While poor blacks are watching BET and listening to gangster rappers which celebrate robbing, killing, and selling drugs.

And that's a cultural difference, and until black people evolve on a mass scale and learn to live within the laws of the land, they are going to be more of them in jail.

Call it Crazy says

Strategist says

Who knows what the loan people did, but I lied through my teeth.

And you want to bring that same loan structure back to "help" the recovery....

No wonder your wife says your irresponsible...

Well, I succeeded, didn't I?
I tell my kids I never do these things. he he he. I'm such a scumbag.

Strategist says

I would lie through my teeth again. They do say - "want to succeed in business? CHEAT"

You ain't the only one, carry on. Hell, our commanders in chief do it on TV in front of the entire country.

With style..…: http://youtu.be/Z5lbbOzka5I

Are you sure 50% we're just made up to get the last minute numbers that happened.
It literally went from a complete failure a few weeks before deadline to meeting the sign up expectation.

What difference does it make now??

komputodo says

Wouldn't the statement "505,000 have issues with immigration data" mean that illegals don't qualify for obamacare?

hrhjuliet says

With style..…: http://youtu.be/Z5lbbOzka5I

I would still rather see him assassinated by immense hirsute lesbians dancing and sword fighting with knobby strap ons. They could squish a few of the male dancers, too, that would be real spectacle.

I guess I am just a traditionalist.

Rosa Klebb style, old school!

Ceffer says

assassinated by immense hirsute lesbians dancing and sword fighting with knobby strap ons. They could squish a few of the male dancers, too, that would be real spectacle.

I guess I am just a traditionalist.

This sounds like a dream sequence from a Ken Russell film.

Ceffer says

hrhjuliet says

With style..…: http://youtu.be/Z5lbbOzka5I

I would still rather see him assassinated by immense hirsute lesbians dancing and sword fighting with knobby strap ons. They could squish a few of the male dancers, too, that would be real spectacle.

I guess I am just a traditionalist.

But admit it, my version had more style. ;-)

hrhjuliet says

Ceffer says

hrhjuliet says

With style..…: http://youtu.be/Z5lbbOzka5I

I would still rather see him assassinated by immense hirsute lesbians dancing and sword fighting with knobby strap ons. They could squish a few of the male dancers, too, that would be real spectacle.

I guess I am just a traditionalist.

But admit it, my version had more style. ;-)

Yes, if you dazzle Kim Jungalongadingdong-huh! with style, he might die of fabulousness, point taken.

Kill it with fire!

Obamacare is going to enable the democratic party to snatch defeat from the jaws of victory in 2016. Well deserved too.

Thats some classified scuttlebutt sailor. Zip it!

Ceffer says

hrhjuliet says

Ceffer says

hrhjuliet says

With style..…: http://youtu.be/Z5lbbOzka5I

I would still rather see him assassinated by immense hirsute lesbians dancing and sword fighting with knobby strap ons. They could squish a few of the male dancers, too, that would be real spectacle.

I guess I am just a traditionalist.

But admit it, my version had more style. ;-)

Yes, if you dazzle Kim Jongalongadingdong-huh! with style, he might die of fabulousness, point taken.

Exactly.

bob2356 says

Obamacare is going to enable the democratic party to snatch defeat from the jaws of victory in 2016. Well deserved too.

That was so funny I ALMOST forgot to crap my pants laughing.

What difference does it make? Even if you get Obamacare-your doctor won't accept the plan!

lostand confused says

What difference does it make? Even if you get Obamacare-your doctor won't accept the plan!

They don't need doctors. They need insurance.

Call it Crazy says

Strategist says

lostand confused says

What difference does it make? Even if you get Obamacare-your doctor won't accept the plan!

They don't need doctors. They need insurance.

Huh???? Why would you need insurance if it isn't accepted by anyone??

It's called sarcasm.

Call it Crazy says

Nice... Looks like the illegals DO get Obamacare insurance after all...

..."About 1.2 million have discrepancies related to income; 505,000 have issues with immigration data and 461,000 have conflicts related to citizenship information."

Nice try, but probably not:

http://www.newrepublic.com/article/117994/obamacare-enrollment-data-2-million-inconsistencies-not-big-deal

So far, Administration officials say, the vast majority of immigration discrepancies they are seeing turn out to be paperwork issues—an applicant submitted an expired document, for example, or one letter was incorrect in the spelling of somebody's name.
...
Among other things, they note, it's a felony to lie on the Affordable Care Act application and most people are unlikely to risk the consequences. (Immigrants, in particular, would fear deportation; convincing even legal and eligible immigrants to apply for insurance is often a struggle for that very reason.)

As the article says overall, nothing to see here, move along. With as many systems as are being pulled together, it's entirely possible that a record doesn't match exactly somewhere along the chain (e.g. middle name in one, not in the other, name misspelled somewhere, address on your W2 doesn't match exactly, etc.). Something similar happens sometimes when you try to port your cell phone number from one carrier to another, but this is on a larger scale, obviously.

Honestly, does the main street opinion does even matter?

That 25% is 1. realtors 2. builders who employ illegals 3. underwater people.

I'm part of the two in five.
Home prices are too low.
Loan standards are too tight.
They better get their act together or we all sink.

corntrollio says

As the article says overall, nothing to see here, move along. With as many systems as are being pulled together, it's entirely possible that a record doesn't match exactly somewhere along the chain (e.g. middle name in one, not in the other, name misspelled somewhere, address on your W2 doesn't match exactly, etc.). Something similar happens sometimes when you try to port your cell phone number from one carrier to another, but this is on a larger scale, obviously.

That's how bureaucrats work:
One person screws up.
Two people discover it.
5 people fix it, only to screw up again.

Nice web site Mr. Anderson. I like that skull.