Posted on 03/04/2023 5:34:29 PM PST by SeekAndFind
Sure, all that was before the r’s and d’s sold out on trade, Mexico, china, debt, illegal immigration, etc.
It was once the norm the present sacrifices for the future. Now, the present takes from the future. RIP gen x, y, z etc.
My siblings and I have put my late mother’s house on the market. We reduced the price by $10,000 the first of March. We have no serious parties interested even though it is on over 9 acres, in the country, surrounding by corn and soybean field, and has no HOA. It also has a shop out back with a concrete floor. It’s in a rural county in a red state with practically no crime, and decent schools. Yes, the house is small and only three bedrooms, but new first-time home buyers do not want a “starter” home. They want the 3000 foot brand new home with a full basement. And, they can’t afford the payments on what they want and demand. The house appraises for a decent price, but no one seems to be able afford it.
Yup. I see people here strutting around like kings. They bought their first house in 1981. Interest rates were through the roof — didn’t stop them! They had a crappy job — didn’t stop them! They had to save! They had to work hard! But they did it!! If they can do it — anyone can do it! These darn kids today must be stupid — or lazy! No excuses! I did it — why aren’t you doing it????
But the 21st century is a very different time. As you say — Neither political party is working to solve our problems. Immigration is screwing the economy. China and Mexico have cheaper labor. Our laws and regulations hobble domestic jobs. Our future is not bright and “hard work” is not the panacea it once was. Most young people are just screwed, but a lot of old farts aren’t smart enough to see it or sympathize at all.
The interest rates will probably go down at some point, and then you refinance.
A good friend had two of his four kids buy homes in the last say two-three years. I don’t know if he helped them out, I don’t consider it my business. But I noted to him that getting his kids into mortgages with a “2” handle was likely one of the best financial moves they’ll ever make, and he agreed.
Bkmk
They have a LIFE. Incredible health benefits, sick leave, retirement, etc. that you will never securely have, even AFTER they retire. They take great pleasure in watching you pursue those things on which you will pay taxes like a slave all the years of your life.
Cry me a couple of polluted rivers.
I remember the 1980s. Rates were going up so fast.
How fast? Well, someone in my family signed to buy a house when rates were 12.5%.
By the time he could get to closing the rate was 15%. Negative amortization became a widespread phenomenon.
You live and learn. 7%? Oh the humanity.
Yeah, I’ll never be able to own a home. I’m finally well enough to hold down a job after almost 20 years of non-stop health problems and it all just seems so... Futile.
Excellent advice.
the problem isn’t so much the current interest rates...it’s the rapid home appreciation coupled with the rise in interest rates. A scenario in which the median home value is 2x median family income with 10% interest rates is preferable to the current scenario in which the median home value is 5x median family income even though rates are still in the single digits.
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