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In article <el6i3f$8qk_002@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx>,
jmfbahciv@xxxxxxx wrote:
>In article <el4g4q$l1v$4@xxxxxxxxxxxxxxxxx>,
> lparker@xxxxxxxxx (Lloyd Parker) wrote:
>>In article <el45om$8qk_001@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx>,
>> jmfbahciv@xxxxxxx wrote:
>>>In article <1165332870.593782.314710@xxxxxxxxxxxxxxxxxxxxxxxxxxx>,
>>> |||newspam|||@nezumi.demon.co.uk wrote:
>>>>
>>>>jmfbahciv@xxxxxxx wrote:
>>>>
>>>>> In article <4572475E.BA56AF16@xxxxxxxxxxx>,
>>>>> Eeyore <rabbitsfriendsandrelations@xxxxxxxxxxx> wrote:
>>>>> >
>>>>> >jmfbahciv@xxxxxxx wrote:
>>>>> >
>>>>> >> Eeyore <rabbitsfriendsandrelations@xxxxxxxxxxx> wrote:
>>>>
>>>>> >> >I rather doubt that it does happen all the time in the USA. I
suspect
>>>it's
>>>>> >> > just another of your fanciful folksy notions.
>>>>> >>
>>>>> >> Nope. It's fact.
>>>>> >
>>>>> >I still don't believe you. Your 'facts' have been rather fanciful to
>>date.
>>>>
>>>>> All of my brothers and sisters bought their own home before they
>>>>> got legal (21). They were on their second or third car. They
>>>>> worked and supported themselves. All of my relatives on my mother's
>>>>> side had some kind farm business before they were legal.
>>>>
>>>>Even allowing for ultra-cheap tacky portacabin / garden sheds that some
>>>>USians call homes how exactly did they do it?
>>>
>>>None of my brothers would have been caught dead in
>>>a porta cabin.
>>>
>>>> The numbers just don't seem to stack up.
>>>
>>>They did it. Two incomes and paying off the loans first before
>>>buying junk is how they did it. Both my brothers built their
>>>houses. 50% or more of the work was done by their hands and
>>>not by hiring out.
>>>
>>>>
>>>>In most first world countries
>>>
>>>I thought we were talking about poor?
>>>
>>>>a basic starter home costs somewhere
>>>>between 5 and 20x median annual salary.
>>>
>>>If it's 20x, that means that the principle is about 10x.
>>
>>No, he means the purchase price.
>
>Oh, I see. So the loan is going to be triple that which
>is 15 and 60x annual salary. For somebody starting out,
>I'd say find a cheaper place to get started.
>
>
>> That's true around here -- the average home
>>price in the Atlanta area is $156,000. That's 3 times the median income. In
>>the LA area, it's around 9 times. Boston, 6 x.
>
>Yes. Large cities are not the place to start out. So you, as
>a young dewy-eyed adult, do not start out in the most expensive
>cities. You start out in a suburb or a countryside. After
You start out where you've got a job.
>a decade, you can move up. That's how it's done. You get really
>rich on your balance sheet if you never move.
>>
>>>That's takes 10 years to pay off loan and you own the
>>>house and property free and clear.
>>
>>What? Nobody making around or below the median income can pay off an
average
>>mortgage in 10 years.
>
>Yes they can. You just don't spend money on anything else.
>
OK, no food, clothing, medicine, transportation, oh, and no kids.
>>
>>>
>>>> And more still in truly
>>>>expensive hotspots like Tokyo or Hong Kong.
>>>>
>>>>I guess things are a bit cheaper in Outer Hicksville but what are the
>>>>numbers?
>>>
>>>You people keep assuming that only one person buys the house; only
>>>one person pays for the house; and that only the most expensive
>>>housing is bought.
>>>
>>
>>There're a lot of single parent families, you know.
>
>Oh, now we are talking about people who don't plan and do
>things bassackwards.
So what, a woman should stay in an abusive marriage so she can afford a house?
And oh, God, never let a spouse die either, OK?
>Now we're getting to misogynous assumptions
>of those Liberals you like to parrot.
>
>> And I was using the
>>average home price, above.
>
>So two single-headed families can pool their resources if they
>have to live in such an expensive place.
>
>>
>>>>
>>>>> None were rich. None were even middle class. Most were poor.
>>>>
>>>>This appears to be yet another of your folksy fairy tales. You cannot
>>>>be poor and buy a house - in the UK at least in the 80's the banks
>>>>would not even look at you for a home loan unless you had at least a 5%
>>>>deposit to put down.
>>>
>>>How does anybody get that 5% down payment (if you intend to borrow
>>>to buy)?
>>
>>How indeed? The mortgage industry is luring people who can't afford it,
with
>>interest-only loans, no down payments, etc. That's why defaults are up.
>
>Defaults are up because people buy things that are too expensive
>for them. Or they are members of that population (which is
>increasing) who assume everything should be free and it is
>their right to buy everything they want even if they don't
>the money.
In last night's paper: In Atlanta, defaults up 99% this year.
>
>>
>>>
>>>> You can be cash poor after buying a house though
>>>>and finding all the things that urgently need doing to make it
>>>>habitable.
>>>
>>>sure. But you aren't poor and all your "rent" is going into
>>>your real estate pocket. I didn't buy a house until I was
>>>told my rent was going up. So I went out and bought a house
>>>where the monthly payments were less than my current rent.
>>
>>I betr you saved up for a down payment though.
>
>So? That's how you do this buying your house biz if you
>are going to take out a loan. You can also take out a
>loan that includes the down payment. Is it now a sin
>to save for the down payment?
>
>/BAH
No, but it means young people have to put off buying a house while they do.
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