Homeownership rate drops to 63.4%, lowest since 1967

[OnePercenter]

Why make somebody else's mortgage payment? Unless things have changed drastically you can buy for a little more than renting. Yes, there are additional expenses but I payed my mortgage off 20 years ahead of schedule, saved a bundle on the principle and now live debt free. I have property taxes and utilities but where can I live for free?

It's paying for a place to live.

 

[OnePercenter]

I will say one thing - there are homes in the south that are like mansions you can get for like $200,000 which is NOTHING.

If you want to live up North, that's a different story...

Location, location, location.

 

[OnePercenter]

I'm sure we have put into this house at least 1/2 of what it's worth. New windows, replacing the deck, new siding, installing hard wood floors, 2 water heater replacements, 1 a/c furnace replacement, in addition to the cost of power washing and staining the deck every other year. Oh, and washer/dryer replacement and dishwasher replacement... hell, we could have built our own house from scratch at this rate!

Or, you could have created a corporation and written off the entire amount of the improvements, thus making those improvements much less expensive.

 

[OnePercenter]

Good lord!

anyone can afford that.... $15.00 min wage and you'd be rich!

Which is why minimum wage should be $23.50/hr.

 

[OnePercenter]

Nothing wrong with owning a house. I own two

It is just that home ownership is no longer a sure fire investment like it used to be. That is why ownership rates are dropping

It depends on how you buy. I paid .20 of today's worth.

If ownership is dropping, who owns the houses?

 

[OnePercenter]

I have many millionaire friends who have sold their homes & live on the road in RV's. 3 of them powered by solar live off grid on free land tax free. A few others working & following pipeline jobs living in campers.

It's sad that Republicans are responsible for Americans having to live in rv's.

 

[EdwardBaiamonte]

Good lord!

anyone can afford that.... $15.00 min wage and you'd be rich!

Which is why minimum wage should be $23.50/hr.

why not $500??

 

[Iceweasel]

Why make somebody else's mortgage payment? Unless things have changed drastically you can buy for a little more than renting. Yes, there are additional expenses but I payed my mortgage off 20 years ahead of schedule, saved a bundle on the principle and now live debt free. I have property taxes and utilities but where can I live for free?

It's paying for a place to live.

I don't. I suffered from wage disparity my whole life. Most government workers rake in more than I ever have, plus they have bennies. I paid my mortgage off 20 years ahead of time so either reality is wrong or you are.

 

[Bonzi]

You would be amazed at how little it takes to live with the basics in life.
People are just too lazy to do the research and make the effort.
They'd rather have the Government cover their asses.

 

[OnePercenter]

I don't. I suffered from wage disparity my whole life. Most government workers rake in more than I ever have, plus they have bennies. I paid my mortgage off 20 years ahead of time so either reality is wrong or you are.

Because you did, everyone should? Even your children?

 

[OnePercenter]

You would be amazed at how little it takes to live with the basics in life.
People are just too lazy to do the research and make the effort.
They'd rather have the Government cover their asses.

What your writing is that you walked uphill in the snow to and from school.

 

[Iceweasel]

I don't. I suffered from wage disparity my whole life. Most government workers rake in more than I ever have, plus they have bennies. I paid my mortgage off 20 years ahead of time so either reality is wrong or you are.

Because you did, everyone should? Even your children?

That isn't what I said, asshole. Try reading, you might learn something and move up from your burger flipping job.

 

[GHook93]

This is what Obamabots call an economic recovery

Home ownership rates drop to 63.4 lowest since 1967

You might attack the regs since 2008, but they were necessary:
(1) New HUD fee rules: no more baiting and switching which was common place.
(2) Appraisal Independence: Very necessary. Not more loan officer and mortgage bankers threatening appraisers with lose if business for not rigging appraisals.
(3) ATR/QM: ability to repay and qualified mortgages. Yes the numbers don't lie people who mean certain parameters and debt ratio requirements are more likely to pay their loan. Banks can still portfolio their loans, but then FM/FM won't take them and they are less valuable to investors.
(4) TRID: TILA RESPA Integrated Disclosure Rule. It was supposed to start tomorrow, but moved to Oct 1st. People don't understand the GFE, TIL or HUD. The Loan Estimate and Closing Disclosure are very user friendly and easy to understand.


The laws make homeownership harder, but they are good laws. Personally I like it's the ballooning student crisis that is the true culprit!


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[EdwardBaiamonte]

The laws make homeownership harder, but they are good laws.

100% stupid of course. Why should libNazi govt bureaucrats make home ownership harder or easier and how on earth would they know how hard or easy home ownership should be? What's best is capitalism, i.e., letting the guy who loans you the money to buy your home decide whether he wants to take the risk or not.

Get it? When you have one lib Nazi policy from Washington a mistake sinks the entire nation!!

Do you have the IQ to understand?

 

[GHook93]

The laws make homeownership harder, but they are good laws.

100% stupid of course. Why should libNazi govt bureaucrats make home ownership harder or easier and how on earth would they know how hard or easy home ownership should be? What's best is capitalism, i.e., letting the guy who loans you the money to buy your home decide whether he wants to take the risk or not.

Get it? When you have one lib Nazi policy from Washington a mistake sinks the entire nation!!

Do you have the IQ to understand?

I do have the IQ. I do legal compliance for a too big to fail bank. I had and have to get the bank in compliance with these laws and the next big one is TRID (October 1).

These laws make home ownership more difficult, but I argue they are worth it.

Why is it the government job? Because if the banks fail, then the gov has to bail them out to avoid a total collapse of our economy. Ron Paul was wrong. If the gov let the banks go under we would have the 2nd Great Depression. And this one would have made the first one look like a cake walk.

Banks can and still do what they want and portfolio their loans. Most banks portfolio private bank loans.


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[EdwardBaiamonte]

Why is it the government job? Because if the banks fail, then the gov has to bail them out to avoid a total collapse of our economy.

dear you lack the IQ to understand I'm afraid. Govt involvement caused the housing collapse. If there had been capitalism it would have been self-correcting long before you had a national crisis brought on by a national policy.

Do you understand now??

 

[HenryBHough]

Today, for working people, home ownership is a trap.

When government decides the area where you live needs to be punished and finds ways to kill off entire industries you need the flexibility to quickly move to new "favored" areas where there ARE jobs. Owning a home keeps too many people locked in - preventing them from moving and finding themselves both homeless through repossession AND then having no savings left to move.

Of course a government relocation program could help but surely it would be tied to a required commitment to vote, forever, for The Democrat Party!

 

[GHook93]

Why is it the government job? Because if the banks fail, then the gov has to bail them out to avoid a total collapse of our economy.

dear you lack the IQ to understand I'm afraid. Govt involvement caused the housing collapse. If there had been capitalism it would have been self-correcting long before you had a national crisis brought on by a national policy.

Do you understand now??

Do explain then.

I am familiar with the damage caused by the CRA and the GLB, which is primarily a privacy law. I'm also familiar with the added authority provided to Fannie Mae and Freddie Mac.

So explain your position.


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[EdwardBaiamonte]

Why is it the government job? Because if the banks fail, then the gov has to bail them out to avoid a total collapse of our economy.

dear you lack the IQ to understand I'm afraid. Govt involvement caused the housing collapse. If there had been capitalism it would have been self-correcting long before you had a national crisis brought on by a national policy.

Do you understand now??

Do explain then.

I am familiar with the damage caused by the CRA and the GLB, which is primarily a privacy law. I'm also familiar with the added authority provided to Fannie Mae and Freddie Mac.

So explain your position.


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what's to explain?? The Fed printed too much money to stimulate the economy that in reality created a housing bubble which Fan Fred encouraged to the point where they ended up with 77% of all the sub prime and Alt A mortgages.

Now do you understand?

 

[iamwhatiseem]

Yep, I've been following it for over a year now. Very sad. ... FYI - There is NO recovery. As a matter of fact, we're going backwards.

The wealthy have MORE than recovered.
The top 7% earners have lavished in a 33% earnings increase since the crash.
The rest of us...have loss.
PERIOD.
You are exactly correct. There has been no recovery.