puros_bran
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- Joined
- Dec 10, 2007
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Been pondering on the housing market a bit tonight. Let me run this by ya, comments welcome.
We've had a house on the market almost a year now. The house is rather modest yet appraises for 180,000. The best offer in twelve months has been a bit over 80g with the provision that we sign away our 'right of way' or 'pay' them 14g. This in light of the BRAC agreement that is bringing almost 3000 civilians into the area to service Ft Knox? Now the house is paid for and I can and will sit on it before I give it away. What about Joe Average setting in a house he's paying a 200g note for that he can't unload for 100g? He's already upside down 100g, if a typical American he has little or no savings,zero job security, and no retirement other than a hope of social security and a paltry sum in his 401k. How's he going to make it? I heard on one of the news shows that there was 1 forclosure per every 134 family last year. How's the bank going to make it? They can't sale the propertys without taking even more a loss than I would.
The bankruptsy laws have been changed to make it a lot harder to default on a note you can't pay, if you don't have equity your basically renting. If you don't hold several months salary in savings, or have tons of insurances most of us can't afford even something as simple a broke leg could make ya homeless. Its really scary when you sit and think about the fragility of the whole system.
We've had a house on the market almost a year now. The house is rather modest yet appraises for 180,000. The best offer in twelve months has been a bit over 80g with the provision that we sign away our 'right of way' or 'pay' them 14g. This in light of the BRAC agreement that is bringing almost 3000 civilians into the area to service Ft Knox? Now the house is paid for and I can and will sit on it before I give it away. What about Joe Average setting in a house he's paying a 200g note for that he can't unload for 100g? He's already upside down 100g, if a typical American he has little or no savings,zero job security, and no retirement other than a hope of social security and a paltry sum in his 401k. How's he going to make it? I heard on one of the news shows that there was 1 forclosure per every 134 family last year. How's the bank going to make it? They can't sale the propertys without taking even more a loss than I would.
The bankruptsy laws have been changed to make it a lot harder to default on a note you can't pay, if you don't have equity your basically renting. If you don't hold several months salary in savings, or have tons of insurances most of us can't afford even something as simple a broke leg could make ya homeless. Its really scary when you sit and think about the fragility of the whole system.