In the past 10 years the Gov. made a move, a double or tripple step move. The purpose was to get everyones money, no matter what way they turn and squeeze the riches out of the baby boomers. In the end, those big houses will be worthless and mostlikey empty. Why, because phase one, was to build tons of homes and give great rates to get buyers, hell some evern bought and sold as an investment, buying new house after new house making big money in the process. Sounds fun, until you satuate the market get everyone and their mother a mortgage and inch up property taxes, decrease the value of their homes and inch up rates. What do you have then.....A TRAP!!!!....Americans are now trapped in homes they can not sell but must pay the mortgage while Uncle Sam's state side buddies bend you over and rap you with property taxes. Soon they will exceed your mortgage payment so that even the Baby boomer who has the cash to pay his 599K house off will run out of cash trying to pay taxes on it....
2006-09-10 10:24:23 · 11 answers · asked by dyno_bot 2 in Politics & Government ➔ Government
Wow! did that happen to you? I just sold my house I paid $ 17500. 30 years ago for $ 825000.
Where is your info coming from?
2006-09-10 10:29:06 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Don't blame the Gov, I do agree that homes have gotten out of sight for many people. This has spawned a rash of truely horrible mortgage options i.e. ARMs, interest only, 50 year term. The blame is on lenders for not fully disclosing the terms and the consequeces and the buyer for not being fully informed as to the terms. Why is he surprised that after 3 years his 900 payment is now 1200 and in another year it will be 1500. The math is the math over 30 years at 6% ( a great rate) what is the payment on 400,000 (a now modest home in some parts of the country)? the payment is $2,398.
2006-09-10 10:37:45 · answer #2 · answered by lobo 4 · 0⤊ 0⤋
HUH? First of all, lay off the drugs or alcohol for a minute and figure out how to correctly spell and write what you want to say.
To put it bluntly -- when I purchased my first home as a very young adult -- no, it was NOT the biggest on the market -- it was something that I could be comfortable in as a single woman and be able to maintain myself. Then I got married, bought a house a little bigger to raise my family in. Then divorce comes, I paid off the Abusive and Violent Spouse, and kept paying the mortgage, despite everything he did to me and my children -- including damaging my property multiple times.
It is the FAULT of the individual who tries to grab the biggest, newest, most bling property on the market -- set one's sights to the point where you can feel comfortable paying. Then STAY in that residence for a number of years -- not months, not 1-3 years, but 10 or more years -- that is what helps you BECOME the Homeowner one wants to be.
Then ... talking about Property Taxes -- once you have owned the house for several years, the Adjustment in Assessed Valuation is pretty much tied down to a certain level by some/most state laws -- so the Assessed Valuation does not rise as dramatically as you think -- and the same house with the same yard bought 10 years apart can have DRAMATICALLY DIFFERENT Property Tax Bills!
2006-09-10 11:45:32 · answer #3 · answered by sglmom 7 · 0⤊ 0⤋
And what? We're all supposed to feel sorry that people bit off more than they could chew? It seems to me ...and I'm no economist, just your basic consumer, that people jump into debt too readily. Oh yeah, let's buy a big house, we will turn it over fast and make a ton of money...like you say, what about a downturn in the market. What you refer to as a trap is something everyone ought to know...in fact there's no excuse for not knowing what might happen.
2006-09-10 10:46:23 · answer #4 · answered by EW 4 · 0⤊ 0⤋
What huh what?!?! I am loving the increase to my property value over the last ten years. I could sell now and double my profit. What are you talking about?? I too blame the government for many things they have done, but this is just a matter of market value and a person living within their means. I fail to see your point.
2006-09-10 11:29:19 · answer #5 · answered by one voice 3 · 0⤊ 0⤋
Wow.......I guess no one is responsible for anything anymore are they? It's always the governments fault somehow. What the hell kind of people are we breeding in the nation?
2006-09-10 10:33:14 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Easy with the wacko weed, brother. Use only in moderation.
2006-09-10 10:27:45 · answer #7 · answered by Vicki B 5 · 1⤊ 0⤋
calm down negative nancy
2006-09-10 10:26:51 · answer #8 · answered by hmm... 3 · 1⤊ 0⤋
then don't be house poor...don't buy a mansion just so you can LOOK affluent....get real!
2006-09-10 10:28:30 · answer #9 · answered by bushfan88 5 · 0⤊ 0⤋
shut up. u think to much
2006-09-10 10:29:37 · answer #10 · answered by igoturanswer 2 · 1⤊ 0⤋