Folks, what's going on out there is sick, and it has to stop. Bear with me while I shout a bit, gotta get this off my chest:
ATTENTION AMERICA AND EVERYONE INVOLVED WITH THE CORRUPT REAL ESTATE INDUSTRIAL COMPLEX. PEOPLE WHO MAKE $18.50 A FRICKING HOUR SHOULD NOT, SHOULD NEVER AND SHOULDN'T BE ABLE TO LIVE IN A $380,000 HOUSE. PERIOD.
SO STOP IT. IF YOU ARE INVOLVED IN THIS TYPE OF SWINDLE, YOU ARE EITHER MISGUIDED, EVIL, IMMORAL OR ALL OF THE ABOVE.
Ok, there, I feel better. But poor Mario, and many like him, are about to learn the definition of the word devastation. This is sad. I love the idea of helping the homeless and lower-income folks, but DO NOT PUT THEM IN A DEPRECIATING HOUSE THAT WILL DESTROY THEM. Homeownership should no longer be considered the American Dream. It is now the American Curse for many. One day again, when the fundamentals correct, buying a home will be a good move. But not now, and not for some time.
The cycle for Mario will go like this: Homeless, debt free and enough money to eat / Homeowner with massive debt and no money for necessities / Homeless and bankrupt. Thanks Patch for the link.
From Nearly Homeless To New Homeowners - Alexandria Group Trains Immigrants to Make the Jump
In a year, they managed to save $2,500, enough to consider home-buying classes at the Hispanic Committee of Virginia.
It took the couple a while to find the right house. Most were too expensive. In a few cases, the financing changed before they sat down to close the deal. But last month they found what they had been looking for -- a two-bedroom, two-bathroom house with a finished basement for Bermudez to one day set up a day-care operation, and a spacious back yard for Jasmine.
"I'm so proud of them!" gushed Jones as she took her first tour of the $379,500 house last week. Urbina's brother co-signed the loan and, according to Jones, will help pay the monthly mortgage of $2,800.
Urbina, who is employed with a Manassas-based construction company, makes $18.50 an hour, enough, he said, to cover his part of the bills with the help of Bermudez, who has returned to baby-sitting.
"It's not going to be easy," Urbina said, sitting on a large plastic Lego container in the couple's sparsely furnished living room. "But with a lot of willpower and discipline, we can pay it."
September 14, 2006
Recently homeless, now making $18.50 an hour, and now the proud owner of a $380,000 DC area house. Oh, dear god, the humanity!
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59 comments:
380K home in DC?
It surely ain't pretty. The two bedroom 60's era TH that I rent just sold for 550K. One bedroom condos go for 350-400K- and these are already a few blocks from the projects!
They'll be lucky to get out alive.
need a greater fool when you've exhausted the ones you've already got.....import em!
This is basically a corollary for our entire country. Everybody talks about the businesses that are employing illegal immigrants, yet nobody seems to notice the businesses that are selling products to illegal immigrants....been in a Walmart lately?....a Target?
If you think those companies aren't busy lobbying congress to keep the border wide open, you're kidding yourself. When the American consumer gets tapped out, what do American companies do? Export or just import some more consumers? Take a guess as to which is more cost efficient.
All in all, I'm not xenophobic and welcome immigrants, especially many of those from south of the border as they are in general very hard working people (as opposed to many native born Americans). But this situation of letting them come over illegally so that they can be exploited for their labor and sold cheap goods from China has got to stop. Let those that are here stay and fulfill a set path of obligations to become citizens without having to live in fear. Let those that want to come do so in an orderly fashion. Let those that still want to come over illegaly be stopped.
"Urbina, a bricklayer who emigrated from El Salvador in 2003...and they wanted to learn computer skills. Perhaps their most difficult hurdle was that neither spoke English...and were in the process of getting their naturalization papers...Now Urbina said they hope to one day add a backyard deck and make other improvements that will allow them to sell the house for a profit and move back to El Salvador to be with family."
So they don't speak English, are not legal as of yet (correct me if I am wrong), he's a brick layer (which is not one of those so-called jobs that American's just won't do) and he wants to turn a profit and move back? Oh, and he's 23, makes no money, and has a little American social services check provider in tow.
This is just the greatest country!
and check out this quote:
"Now Urbina said they hope to one day add a backyard deck and make other improvements that will allow them to sell the house for a profit and move back to El Salvador to be with family"
I'm speechless.
these people will NEVER be able to make that payment. Or their homeowner association fee, or their electricity bill, or their gas bill, etc.
Who the hell are you to say someone who makes $18 an hour doesn't deserve a house as much as someone who makes $180 an hour or even $1800 an hour.
This is America and these people are entitled to own a house, so anyone helping them is a gawddamned hero in my mind.
You rich bastards ain't gonna step on us no more we're just as good as you!
that last comment is laughable. Nobody said "deserve"
I said "shouldn't have" - as in they can't afford it, and signing their name to that mortgage will destroy them.
Just like I shouldn't have a Bentley and a $2 Million flat in Paris. I may want a Bentley, and I may want that flat in Paris, but I know I can't have them, as I can't afford them.
Comprendo?
(BTW - I don't want either)
"Who the hell are you to say someone who makes $18 an hour doesn't deserve a house as much as someone who makes $180 an hour or even $1800 an hour.
This is America and these people are entitled to own a house, so anyone helping them is a gawddamned hero in my mind.
You rich bastards ain't gonna step on us no more we're just as good as you! "
Ok that's hilarious. Thanks for making my night.
Good summary Keith. I was at such a loss for words after reading this one, that I literally couldn't write anything that wasn't entirely four letter words...
the uneducated and the little money they have are very easy to separate
Dude:
Someone who makes $18.50 per hour does not deserve or merit a loan for almost $400K. Mario will know why he is poor and destined to be poor when he signs away his life and the bills come due.
This guy is innocent in the sense that he really thinks these Latter-day loan sharks really give a damn about whether he keeps the house or not. No one gives a sh*t about you, especially your banker, broker or some jackass on the TV selling poor white trash get-rich-quick schemes. People with sh*t jobs dream about winning the lottery, etc.
thanks patch again for the lead - I sent a note to the reporter - told him he missed the point, that he should follow the money (I'd bet homebuilders are funding the "charity") and that he should plan to do a follow-up on this family in a year, after they've been foreclosed on and have lost everything
I don't know if people "deserve" a house, its more a matter of "afford". Perhaps some individuals believe they are entitled to have a house, and if they buy at todays prices, they are no doubt going to get what they deserve.
Maybe if they brought back the old debtor's prisons, there would be a different attitude towards debt in the good Ol' U.S. of A.
Who the hell are you to say someone who makes $18 an hour doesn't deserve a house as much as someone who makes $180 an hour or even $1800 an hour.
This is America and these people are entitled to own a house, so anyone helping them is a gawddamned hero in my mind.
You rich bastards ain't gonna step on us no more we're just as good as you!
Hey anowussy,
My wife and I together make about $150,000. Not bad but not rich either! I would no more buy a $380,000 house now than I would buy a Ferrari!
Keith is right, the first financial stumble these people have will undo all they have worked for to this point! Screw you and your pseudo compassion! No one is entitled to own anything!
I second the sentiment. No one is entitled to a material object or a minute of another person's life!
If you can both afford it and *want* it, then you can get it. Just because you have a lower paying job than the next man does not entitle you to government freebies, let alone a luxury like a house. Let 'em rent like the rest of us!
Parasite!
You know things are fucked up when they don't consider $380k expensive.
Have people lost their minds?
Tabasco Jenkins,
You've made a lot of good points on immigration. One thing that really cacthes my attention is when you made a comparison between the immigrants and the native born Americans, where the former is generally hardworking compare to the latter.
Don't you think that we've just found the root cause of the problem? Employers who are in desperate need, can't wait to go through the legal process nor find a "harworking" American, so they resort to hiring illegal workers. One can of course argue that depressed salaries are the main reason native born don'y want the job. Well, it's like which comes first - the chicken or the egg? I don't know. What I do know however is that native born Americans have the opportunity to go to school and stay in school in order to finish college. I don't want to hear that it was because the tuition is expensive. Believe me, even the illegals have the resolve to go to college, even without any government subsidy. Now, these same native born individuals who have not even finish high school, found themselves competing with the illegals and they feel insecure and threatened.
So, whose fault is that? Remember what JFK said..."Ask not what your country can do for you." Meaning don't expect your country to spoon fed you and if you're not satisfied, you blame somebody else for your irresponsible behavior.
WAKE UP AMERICA!
Damn! If houses came back down to the $380K neighborhood that would almost be a bargain! A median house in Westchester is over $700K
A lot of these immigrants, where English is their second language, will fall or has fallen victim of the optionARM or IO loans, because they "may" not understand the language. It is easy to miss, even for those who are educated native born people.
I work in construction and I deal with non-English speaking workers day in and day out. 9 out of 10, you tell them what to do and ask if they understand and they will nod their heads in a gesture that yes, they understood you, but they don't. Some don't even know how to read. For the life of me, I don't know what will happen to them if they got into what Mario did.
Virginia property taxes are incredibly high, so they probably won't be able to pay them.
If they are not legally here, they really shouldn't be able to buy a house here and live in it. This is obviously exploitation on the part of the sellers, lenders, etc.
No doubt the Hispanic Committee of Virginia, after registering him to vote, signed him up for food vouchers, medicaid, & provided Spanish translators for the closing.
Speaking of the Hispanic Committee of Virginia, check out their tax return that says their puke Director is pulling down 72k a year, and they have to re-file their tax return because of "significant income that wasn't reported."
The real question is when is America going to wake up from being raped by these so-called "non-profits?"
http://tinyurl.com/o9yar
LOL! If an American went to Mexico and tried the same stunt, they would be deported in a heartbeat.
These shadow groups operating in this country grease the skids for illegals, and many of them hide under the guise of churches or non-profit status. If the Senate wants to hold some meaningful hearings, lets put a few of them under the microscope.
this kind of criminal activity guarantees a debt-deflationary episode at some point, along with a contraction of real M2 growth and a dramatic deceleration of money velocity, together being necessary AND sufficient conditions for demand destruction and deflation.
this prospect is VERY bullish for US treasuries (even at 4-5% nominal yields) and the US$ and VERY bullish for stocks, real estate, corporate bonds, and commodities.
gold appears headed below $500 at some point ahead, which is suggestive of a big deceleration in money supply growth (M2) and likely a big slowdown in money velocity.
This country is so screwed up! No way should a hard working family be able to buy a home. What's going on? We need to pass legislation that restricts all purchases to those without risk. These people are so stupid. Why the hell would anyone want to provide a better environment to their family. Dumbasses!
I'm amazed at how much misinformation about immigrants there is, even in what I assume is a forum (ok, a blog) such as this one, which the educated frequent.
Couple of things:
1) In the article, Mario et al are said to be in the process of applying for "naturalization." "Naturalization" refers to the act of becoming a CITIZEN. A prerequisite for that is LEGAL residency. It follows that if Mario is applying to be a citizen, then he must already be a legal resident.
2) There are two types of working illegal aliens (ok, more than that, but for this purpose, let's just say there are only 2): the ones whose labor is compensated in CASH, thus requiring no papers, fake or otherwise; and the type who are compensated with checks, and thus need papers. The first pays no taxes; the last pays taxes just like you and I because they use fake or stolen social security numbers (most of the time, these SSN are stolen just for the purpose of obtainin employment, not to obtain credit to use and abuse). The last group pay local and fed taxes, as well as social security and medicaid (or is it medicare??) like any other legal resident or citizen of this country. They may or may not receive State subsidies, but in general are MUCH LESS likely to request or receive them because they are afraid of being discovered.
3) One more thing: ONLY citizens (native or naturalized) can vote or be registered to vote (provided they haven't been convicted of a felony...) Since Mario is not yet a citizen, he cannot be registered to vote and cannot vote... Voter fraud by illegals and other non-citizens is much more rare than the xenophobe believe.
Having said all of that, let me now agree with some of the comments posted here. YES, it is UNETHICAL to sell a $380k house to someone making $18 per hour, though unfortunately it's not illegal. To refuse to sell him that house, or lend him the money to buy that house is NOT discrimination. It's just good ethics, since the person making so little money will most likely end up losing the house in foreclosure, especially in a crap economy like the one we have now. Mortgage brokers know this, lenders know this, and RE agents know this. But the greedy bastards don't give a rat's ass. Plain and simple as that.
Those of you who said no one is ENTITLED to be a homeowner are correct. However, the utopian in me says that WE ALL should be entitled to have what we need, regardless of what that might be or whether we are here legally or illegally (BTW, it would also be nice to live in a world without borders, don't you think?). I know that in the real world, that's not possible, so I am going to side with the camp that argues for the NO ENTITLEMENT.
One more point of agreement: The mortgage brokers and RE agents that sold Mario the $380k house are obviously unethical, as they have no interest in helping that dumbass make more rational financial decisions. They are to blame. But so is Mario for being an idiot, and not "edumacating" (hehe) himself about the financial responsibilities of homeownership, including the consequences of defaulting on his mortgage, and the possible longish-term losses in a bubble market such as Virginia.
That's all I have to say for now....I think....Sorry for the longish message.
--SSH Anon
Wow, you mean Hispanic Committee of Virginia and Community Lodgings didn't educate the family about home ownership? That's what these non-profits said they did after they picked the family up from the homeless shelter...
I see debt people.
Illegals don't vote? Right, next you'll tell me that dead people don't vote in Baltimore.
Don't laugh - Immigrants will save the housing market.
OFHEO said the following:
"In the long run, I expect housing markets to perform well, especially if immigration continues at recent
rates."
http://www.ofheo.gov/media/pdf/
plawlertest91306.pdf
Down goes housingo
Down goes Mario's construction jobo
Down goes Mario
Down goes Urbina off his lego
Back to Mexico they all go!
Just wanted to clarify a few things.
A lot of these immigrants, where English is their second language, will fall or has fallen victim of the optionARM or IO loans, because they "may" not understand the language.
From TFA, the house payment is $2,800 per month. Most likely, this translates into a fixed-rate mortgage for the full $380,000 or the worst I/O or option ARM loan in the history of borrowing.
As stated before, based on the article Mario and his family are not here illegally.
Having said that, let's do some quick math:
$18.50 per hour
x 40 hours per week
-------------------------
$740.00 base pay per week
$18.50 per hour
x 1.50 overtime rate
x 15 hours per week
-------------------------
$416.25 ot pay per week
Assuming 55 hours per week for "hard-working" Mario, it's very possible that he is pulling down gross: $1156.25 per week. Let's put him at 22% total tax on that money (I know that's probably low) for a potential net pay of: $901.88 per week or $3908.12 per month.
These may be VERY generous, and we'll assume that Mario is so hard-working that he will continue to be employed and continue to get his "OT" to make the nut, he's still looking at ~71% of his net pay going toward his mortgage every month!
I gotta say, it doesn't look good, but the hell with it - I'M ROOTING FOR MARIO! He may not be financially savvy, but that doesn't differentiate him much from any typical native I've run in to and if he's willing to stretch a bit for the American Dream (admittedly, that he can then turn for a profit on his way home) I say why not.
I'll give Mario the benefit of the doubt, because I've seen enough stories of FB's at 70% net that wouldn't have allowed that new home (eh, albatross) remain unfurnished and without an H2 in the driveway. And, certainly, wifey wouldn't have humiliated herself by taking up babysitting to make the nut.
So, yeah, Mario you are pretty well screwed and you're probably going to get blamed by all your new neighbors for their decreasing house values, but I for one think you at least have a shot in hell because you've at least got a little humility going in that most won't find until it's much too late.
Deflation???
Give me a break, there's more chance of Sadam Hussien being elected Pope by the conclaive than deflation taking place.
There's a huge difference between asset deflation and monetary deflation.
Once all these people in housing related jobs lose them and all the other service jobs that rely on the workers spending like Lexus, Starbucks etc lose theirs, what %age of the country is going to be on welfare?
The printing presses will be firing off banknotes like they're possessed.
Welcome to the $37 trillion (thats 12 zeros) loaf of bread!!
The bloom has already come off the rose in Manassas. The worst inventory in DC, falling prices, and plenty of people with houses there on the market for ~1 year. This guy isn't going to feel much like putting in 80 hour weeks when his house is losing value. My money is on him ducking out next year. The charity staff is either (hopefully) terribly naive or terribly corrupt. I'd think the former. I personally know "fair" housing advocates who spout off illogical and uneconomic solutions meant to help guys like this.
Said: Assuming 55 hours per week for "hard-working" Mario
Really, how many masonary workers do you know that get a consistent 55 hours a week for the next 30 years? They're pretty fair weather guys; ever hear of rain, wind, and snow? But in all fairness, the article does say his brother is paying part of the mortgage. I'd almost be willing to bet that Mario will be just fine. In fact, as long as he doesn't run afoul of zoning or the law, I'm betting he'll have beds lined up side by side in the basement for $200 a month while has neighbors with ARMS are all losing their houses.
I'm also very leary that Mario is a legal citizen. In fact, I'd bet the so-called charities have started paperwork to make him a ciitizen, and that's part of how they justify their existence. Keith was also quick to pickup on the tie-in these charities have with the REIC, which gives them fees and kickbacks.
My biggest problem with the article is the charities and the real estate industry. How much credit can a guy that arrived in America in 2003, and then lost his job because his wife was sick have? This article just goes to show there really is a loan out there for anybody...
Said: Assuming 55 hours per week for "hard-working" Mario
Really, how many masonary workers do you know that get a consistent 55 hours a week for the next 30 years? They're pretty fair weather guys; ever hear of rain, wind, and snow? But in all fairness, the article does say his brother is paying part of the mortgage. I'd almost be willing to bet that Mario will be just fine. In fact, as long as he doesn't run afoul of zoning or the law, I'm betting he'll have beds lined up side by side in the basement for $200 a month while has neighbors with ARMS are all losing their houses.
I'm also very leary that Mario is a legal citizen. In fact, I'd bet the so-called charities have started paperwork to make him a ciitizen, and that's part of how they justify their existence. Keith was also quick to pickup on the tie-in these charities have with the REIC, which gives them fees and kickbacks.
My biggest problem with the article is the charities and the real estate industry. How much credit can a guy that arrived in America in 2003, and then lost his job because his wife was sick have? This article just goes to show there really is a loan out there for anybody...
Preying on newcomers is as much an American tradition as the 4th of July. Just read any book by Upton Sinclair.
Now THAT'S living!
He's a construction builder to boot.
Now that's a stable job!
I meant "construction worker" not constructino builder.
I'm so shocked I can't even type straight!
5 years ago these types would be living in a $45k trailer home. Hey, that's still a house.
I live in a small house myself, because that's all I can afford, and I make $80k/yr. According to loan brokens I can afford through creative financing (and therefore 'deserve') and $$500k house. Fuck that noise.
Actually if I went by these people's standards I could afford (and deserve) an $800k house. Certainly doesn't sound smart to me.
OMG, like his mortgage is more than his net income. I make $25/hr and owe $125k on my house and feel a little strained.
He'll rent out the basement and possibly pave the front yard for parking, unless there are prohibitive covenants. He'll probably work weekends for cash, and the wife's daycare will probably be under the radar.
I know an original resident in a MD neighborhood which has become a nuevo barrio. The houses are crackerboxes, 2-3 small BR, 1 bath, maybe 900 sf. She had a washing machine repair guy in recently, who said he gets a lot of business in that area-- installing coin-op washers/dryers!
Danimal:
Good presentation. It's sad sometimes that some people who joins this blog have no intellectual capacity to stay and focus on the issue. Instead, they drift away and discuss other irrelevant issues. For example, the post by Keith is about Mario (happens to Hispanic) and how he bought a house for $32k? and only making $18.50/hr. Your presentation has zeroed in on the issue. This has got nothing to do with immigration. The issue at hand is; if Mario can afford the payment, not whether he is here illegally or not. Immigration is a separate issue and can be debated if Keith wants to post it.
No wonder why America is going down the tubes. Lack of freakin comprehension.
ERATUM: It's $380k not $32k.
Someone should be arrested for this one. THese people should be in a starter home AT BEST.
It may be a matter of lifestyle and culture. Let's face it. Many Americans, not all, are somewhat spoiled and have a hard time saving money and being responsible and typically do not want the jobs these immigrants take because we believe we are above them. This whole system of belief that we are entitled to something better, whether it be a job a car or a house creates a slippery slope of bad decisions making. Immigrants aren't as spoiled, they appreciate every penny they make and save more of their money. It's amazing how much money is wasted on things like Alcohol, Tabacco, big screen TV's and the like. I think Mario will be just fine...
since i live in arlandria, i was wondering where this place is. the reporter sure did a great job of reporting. there is no Notabene ST! It's Notabene DRIVE. i mean if the reporter cant get this correct, wow..maybe they meant to say they are illegal and left that out too.
This area arlandria btw, is supposedly the largest per capita of el salvadorians in the country (dont know how they'd get here illegally, go thru mexico illegally and then here?)..and if you drive down down that section of mt vernon drive between the glebe rd's, it's amazing the number of el salvadorians you see, all walking around or up to eight in the backs of pickup trucks, and staring at you in your car, they're all in construction so i am concerned for my safety with the slowdown and rows of houses with Tyvek siding for months and months, but i have heard more sirens lately at night, so maybe that means something
I make over $100k and wouldn't buy a $380,000 house. Too much
same guy from arlandria here...just another observation..
right off of that notabene dr is four mile run stream, where if you ride your bike by the trail there you see some el salvadorian's 'camping' in their tents and also getting their food from the stream, most fishing at the sewer treatment plant discharge area (i guess that stirs up fish food and brings the yummy fish).
"and typically do not want the jobs these immigrants take because we believe we are above them."
I am really tired of the above quote. To put myself through school this 35 year old citizen has been previously employed as a dishwasher, a janitor, a busboy, a waiter, a groundsperson, a short order cook, a restaurant manager, a bricklayer- all jobs that Americans, apparently, do not want to do. Additionally, it should be appreciated that 95% of my co-workers were native born citizens .
The last I knew, there were a lot of current citizens that wouldn't mind making $18.50/hour as a bricklayer or construction worker.
"No wonder why America is going down the tubes. Lack of freakin comprehension."
Some comprehend the importance of maintaining national sovereignty and see the danger of importing poverty & crime when we already have plenty. Latin American immigrants use social services at disproportionate levels and strain already bad schools which must provide bilingual ed.
And if you think we're dumb now, wait til the Hispanic population reaches majority, and the resultant national IQ drop.
Ill conceived as his plan is, Mario wants to make a profit on his house and take the $$$ back to El Salvador. That's the kind of citizen we need, who avails himself of taxpayer benefits while buiding a nest egg to return to the country he obviously prefers.
Many Americans have paid taxes all their lives and sacrificed for this country, and wouldn't even think of paying that much for a house. Their taxes subsidize the likes of Mario.
This topic hits a nerve, and maybe sidetracks a thread, but it shares bubble themes: widespread corruption, fraud and deteriorating quality of life for American middle class.
"No wonder why America is going down the tubes. Lack of freakin comprehension."
Some comprehend the importance of maintaining national sovereignty and see the danger of importing poverty & crime when we already have plenty. Latin American immigrants use social services at disproportionate levels and strain already bad schools which must provide bilingual ed.
And if you think we're dumb now, wait til the Hispanic population reaches majority, and the resultant national IQ drop.
Ill conceived as his plan is, Mario wants to make a profit on his house and take the $$$ back to El Salvador. That's the kind of citizen we need, who avails himself of taxpayer benefits while buiding a nest egg to return to the country he obviously prefers.
Many Americans have paid taxes all their lives and sacrificed for this country, and wouldn't even think of paying that much for a house. Their taxes subsidize the likes of Mario.
This topic hits a nerve, and maybe sidetracks a thread, but it shares bubble themes: widespread corruption, fraud and deteriorating quality of life for American middle class.
Anon: 5:36:28 wrote:
"That's the kind of citizen we need, who avails himself of taxpayer benefits while building a nest egg to return to the country he obviously prefers."
I wish we can also say that to the big corp. who outsource our jobs overseas.
As to Mario, perhaps he was just using his head. For one, we shout and say deport all illegals, but on the other hand, we also criticize them for taking what they've earned and worked for and bring them to their home country. If Mario is unwelcome, he will naturally leave and obviously by leaving, he wants to make his stay here and taking the risk worthwhile.
So the question is, what do we do? Do we give hardworking people like Mario to have the opportunity to stay legally, pay taxes and level the playing field or do we want him deported, but will take all his savings and other assests with him? Take your pick. We can't have both.
Lastly, I really enjoy this debate, but it is not what the post is all about. It is about affordability. The so-called income to house price ratio. Maybe you can't comprehend that's why you don't or can't intelligently discuss something about it.
What a joke. These people will most likely be foreclosed on then their american dream will turn into an american nightmare.
Good luck making payments when your option ARM readjusts on an $18.50 an hour wage.
The people that suckered them into THINKING they could afford it should be slapped silly.
"The people that suckered them into THINKING they could afford it should be slapped silly."
probably no major effort needed to influence their "THINKING"
El Salvador average IQ: 84
I think we're getting near the point but still missing it narrowly. The point is that Mario shouldn't have to pay $380k for a little 900sft house. That house should cost $100k tops in a healthy real estate market.
The REIC has skillfully effected home price inflation and it's new buyers like Mario who get screwed.
Like most of the rest of you, I cheer the bursting of this bubble but we still need to look at the factors that produced it in order to avoid it's recurrence.
Personally, I think we need to make it as easy and cheap as possible for builders to make homes, keep housing affordable and stable, rather than having to negotiate this ponzi scheme just to put a roof over our heads.
I don't know about other local housing markets, but below is a great (though challenging) study of housing prices in greater Boston: http://tinyurl.com/rnx8d
-Prairiedog
lost that peice of westchester farm when regulations and non saleability came, with property tax increases, for to long a time with tax based on value, to avoid paying 15% of its then changed market value in taxes every year, or perhaps better said, went with the community builders who could not afford to work or retire,in or on their own property, next, or
new guy in change the rules to avoid the screw job, also makes me for 62% inheiritance taxes,when any fool would demand changes,still would like to figure the profits of the land grab schemes,hungry?
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