spin_dry Posted February 26, 2018 Share Posted February 26, 2018 https://www.cnbc.com/2018/02/26/rising-mortgage-rates-hit-new-home-sales-hard-a-bad-sign-for-builders.html Quote Link to comment Share on other sites More sharing options...
Wildboer Posted February 26, 2018 Share Posted February 26, 2018 Fuck buying homes as an investment. It's stupid and unsusta. Shelter isn't something to gamble with. Quote Link to comment Share on other sites More sharing options...
awful knawful Posted February 26, 2018 Share Posted February 26, 2018 Well my house is paid for and quite an asset. 1 Quote Link to comment Share on other sites More sharing options...
Wildboer Posted February 26, 2018 Share Posted February 26, 2018 Just now, awful knawful said: Well my house is paid for and quite an asset. It's not an asset, it's what shelters you. Quote Link to comment Share on other sites More sharing options...
awful knawful Posted February 26, 2018 Share Posted February 26, 2018 I think a house worth $150000 - $200000 is an asset..... Let me guess you rent, lease cars and don't own anything? And fuck all saved for retirement or any pension? One day, one butt hole at a time attitude. 1 Quote Link to comment Share on other sites More sharing options...
Whiskey Tango Foxtrot Posted February 26, 2018 Share Posted February 26, 2018 (edited) 9 minutes ago, Wildboer said: It's not an asset, it's what shelters you. Then once you pay it off, or pay it down, it becomes an asset ... As in equity, allows someone to purchase other "assets". For people like us to rent to people like you. "This is simple economics" ?? Edited February 26, 2018 by Whiskey Tango Foxtrot Quote Link to comment Share on other sites More sharing options...
Rod Posted February 26, 2018 Share Posted February 26, 2018 9 minutes ago, Wildboer said: It's not an asset, it's what shelters you. No if you owe less than it’s worth it’s an asset 1 Quote Link to comment Share on other sites More sharing options...
GGNHL Posted February 26, 2018 Share Posted February 26, 2018 Rising rates is a good thing, they've been kept artificially low for so long, of course it's going to sting a little bit. A .25% increase in rate is a little under $30 per month increase in payment on a 30 year mortgage. For people buying on the edge of affordability that can be a deal breaker. Quote Link to comment Share on other sites More sharing options...
Wildboer Posted February 26, 2018 Share Posted February 26, 2018 8 minutes ago, awful knawful said: I think a house worth $150000 - $200000 is an asset..... Let me guess you rent, lease cars and don't own anything? And fuck all saved for retirement or any pension? One day, one butt hole at a time attitude. No, I bought my car outright. I don't view my belongings as assets though, I'm a socialist... Quote Link to comment Share on other sites More sharing options...
awful knawful Posted February 26, 2018 Share Posted February 26, 2018 Most i paid was 4.5%? At the end I think it was 3.5%? I would lock for 5 years and remortgage at 4.5 years and lock in again without penalties. Bought in 2004. Paid in 2014. Made many, many double payments. Paid weekly. 25 year mortgage took 10.5 years. 1 Quote Link to comment Share on other sites More sharing options...
Wildboer Posted February 26, 2018 Share Posted February 26, 2018 (edited) 11 minutes ago, Rod Johnson said: No if you owe less than it’s worth it’s an asset This is a philosophical argument, not an economic one. The economics is the unsustainability of ever increasing home prices. Edited February 26, 2018 by Wildboer Quote Link to comment Share on other sites More sharing options...
awful knawful Posted February 26, 2018 Share Posted February 26, 2018 1 minute ago, Wildboer said: No, I bought my car outright. I don't view my belongings as assets though, I'm a socialist... Cars can be an asset but devaluate too fast. House is an asset. Quote Link to comment Share on other sites More sharing options...
Wildboer Posted February 26, 2018 Share Posted February 26, 2018 2 minutes ago, awful knawful said: Cars can be an asset but devaluate too fast. House is an asset. Shelter should not be traded in a profit motivated market. It is not sustainable. Quote Link to comment Share on other sites More sharing options...
Whiskey Tango Foxtrot Posted February 26, 2018 Share Posted February 26, 2018 6 minutes ago, GGNHL said: Rising rates is a good thing, they've been kept artificially low for so long, of course it's going to sting a little bit. A .25% increase in rate is a little under $30 per month increase in payment on a 30 year mortgage. For people buying on the edge of affordability that can be a deal breaker. ARM'S are the biggest scam ever. Fix your rate so you have consistency in your budget. Sure, you may save a few over the long run, if it goes towards your favor. If not it can be a home wrecker. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted February 26, 2018 Platinum Contributing Member Share Posted February 26, 2018 Good, it will keep the housing market from overheating and keep thoshouldn't be buying one from doing sose that 1 Quote Link to comment Share on other sites More sharing options...
Rod Posted February 26, 2018 Share Posted February 26, 2018 6 minutes ago, Wildboer said: Shelter should not be traded in a profit motivated market. It is not sustainable. How is it not sustainable Quote Link to comment Share on other sites More sharing options...
Wildboer Posted February 26, 2018 Share Posted February 26, 2018 1 minute ago, steve from amherst said: Good, it will keep the housing market from overheating and keep thoshouldn't be buying one from doing sose that Housing prices still need to drop for sure. Quote Link to comment Share on other sites More sharing options...
GGNHL Posted February 26, 2018 Share Posted February 26, 2018 2 minutes ago, Wildboer said: Shelter should not be traded in a profit motivated market. It is not sustainable. I worry about wages not keeping up with rising prices for younger generations. I just bought a $260k house on 28acres of land and had enough down not to pay PMI. I doubt more than maybe 4 other people I know in my age range could have done the same thing and not had it stretch them to their absolute income limits. We're eventually going to see a severe home affordability issue especially for first time buyers which will effect people who currently own homes and want to sell. Prices can't keep going up forever if people can't afford them, but honestly wouldn't be surprised to see banks start to come out with greater than 30 year mortgage products to help keep things moving... Quote Link to comment Share on other sites More sharing options...
Wildboer Posted February 26, 2018 Share Posted February 26, 2018 Just now, Rod Johnson said: How is it not sustainable You already forget what created the mess we're in now? Quote Link to comment Share on other sites More sharing options...
GGNHL Posted February 26, 2018 Share Posted February 26, 2018 4 minutes ago, Whiskey Tango Foxtrot said: ARM'S are the biggest scam ever. Fix your rate so you have consistency in your budget. Sure, you may save a few over the long run, if it goes towards your favor. If not it can be a home wrecker. I agree, having a fixed payment for the life of your loan is very important especially for people on the edge of affording the property. It just matters how risk adverse you are I suppose but I think in most cases it partly attributed to the housing crash 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted February 26, 2018 Platinum Contributing Member Share Posted February 26, 2018 8 minutes ago, Whiskey Tango Foxtrot said: ARM'S are the biggest scam ever. Fix your rate so you have consistency in your budget. Sure, you may save a few over the long run, if it goes towards your favor. If not it can be a home wrecker. Arms are for rookies and suckers 1 Quote Link to comment Share on other sites More sharing options...
Wildboer Posted February 26, 2018 Share Posted February 26, 2018 2 minutes ago, GGNHL said: I worry about wages not keeping up with rising prices for younger generations. I just bought a $260k house on 28acres of land and had enough down not to pay PMI. I doubt more than maybe 4 other people I know in my age range could have done the same thing and not had it stretch them to their absolute income limits. We're eventually going to see a severe home affordability issue especially for first time buyers which will effect people who currently own homes and want to sell. Prices can't keep going up forever if people can't afford them, but honestly wouldn't be surprised to see banks start to come out with greater than 30 year mortgage products to help keep things moving... This is dead on. How long can you make a mortgage before it makes more sense to rent though? Quote Link to comment Share on other sites More sharing options...
Rod Posted February 26, 2018 Share Posted February 26, 2018 4 minutes ago, Wildboer said: You already forget what created the mess we're in now? Yes. Government. 1 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted February 26, 2018 Platinum Contributing Member Share Posted February 26, 2018 When a mortgage is paid off you have a house while the renter has nothing except a rental bill twice as much as his mortgage payment would have been 1 1 Quote Link to comment Share on other sites More sharing options...
Wildboer Posted February 26, 2018 Share Posted February 26, 2018 5 minutes ago, Rod Johnson said: Yes. Government. The government market collapsed? What market Rodney, think hard. 4 minutes ago, steve from amherst said: When a mortgage is paid off you have a house while the renter has nothing except a rental bill twice as much as his mortgage payment would have been That would be a great reason to buy a home if buying a home was affordable. Wages ain't keeping up though. Quote Link to comment Share on other sites More sharing options...
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