November 27, 2006

HousingPanic Stupid Question of the Day


Why can't people making $100,000 a year afford a home, when people making $10,000 a year own more than three?

30 comments:

Bake McBride said...

Could be the question of the decade.....

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Anonymous said...

The people making $10,000 obtained home loans using "stated income" to obtain there loans.

hemorrhoidforhousing said...

Why do men have belly button lint and women don't?

Why can little kids make really good machinegun sounds with their lips and then lose the ability as adults?

Why don't people understand houses are consumable assets not investments anymore?

YoungExec2B said...

It's been said before, but it bears to be repeated. Future generations will look back on this period and laugh uncontrollably. While also wondering how such a large percentage of the population can be so consumed by greed as to undo all the checks and balances in the world economy.

I've always said a little greed is a good thing, it creates inner drive and competition, but an overabundance of greed, with an overwhelming amount of stupidity and absolutely no accountability is a recipe for unmitigated disaster.

Anonymous said...

Between my wife and I we pull in about $200k/year. I'm renting. I can afford a house but not stupid enough to buy one. Pull emotions out of this craze and logic tells you that this is headed for one heck of a crash.

Just sitting by the side like a vulture, waiting...waiting...waiting.

Spring is gunna be a bloodbath!

Paul E. Math said...

The guy with $100k/yr is honest and will soon be rewarded for his honesty and his patience. The guy with $10k will soon lose that 10k and ruin his credit record, permanently destroying any vain hope he ever had of achieving material comfort in this world.

Shoe Shine Mr? said...

Remember the recession days of being told you had to take a pay cut to keep your job?
Retail sales are in the toilet just like before the last recession.
I predict Mr. 200k could become Mr. 80k unless he is a bankruptcy attorney or convenience store owner.
My business is flat out bad. It's time to sell picks and shovels to miners.

Anonymous said...

When you get the answer let me know, I make 6 figs and can't afford a house. I can't even afford to save anything because my rent is so F'ing high here in DC/Nova.

Getting tired of waiting and not being able to do what I want with a home. That and the SCUMBAG POS landlords who always take your security deposit. Yeah, there are about 2 of you on this entire planet that are on the level.

I just want you to invite me to your house so I can leave an extra large upper decker!!!

Anonymous said...

You guys don't get it!!!!!!!!!111111

It's a new paradigm, and everybody who doesn't buy now, will be priced out forever. Anybody who does buy will be rewarded with a lifetime of riches, as their property will continue its 30% yearly price increase until the end of time.

Renters, and anybody born in a future generation, will not be able to afford a $10,000,000 starter home in 15 years. They will live in tent cities, and Hondas.

This asset bubble is different than all of the others - it will never slow down, or pop. The gains are permanent.

panicearly said...

they are using leverage
or was that beverage, yeah i think are using beverage and lots of it. gulp gulp

Anonymous said...

Making 10k less a year = no prospects in life and so party on...bankrupty smankrupty...already been there

Anonymous said...

"Why can't people making $100,000 a year afford a home, when people making $10,000 a year own more than three?"
One of the best quotes I've heard about the housing bubble, how true!

"The guy with $100k/yr is honest and will soon be rewarded for his honesty and his patience. The guy with $10k will soon lose that 10k and ruin his credit record, permanently destroying any vain hope he ever had of achieving material comfort in this world."

Yes, but the guy making $100k per year and saving it will be bailing out the parasites. How long ago was the S&L crisis? That was peanuts compared to what is goin on today!


Personally, I make $150k+ and I can certainly afford to buy a house, but would have to be insane to buy at these prices, so I continue to rent my crap apartment and buy gold with my disposable income, which is ridiculously high because people making $60k household income buy houses like they make what I do and have driven prices through the roof. How much longer can it go on?

Anonymous said...

I think most of you hit it on the head. The guy making $100k a year works hard and respects money. They guy who makes $10k doesn't know what words like adjustable rate, amortization, etc means. But for sure, we'll all be bailing those dumb f**ks out.

worried saver said...

I need some reassurance.

At school, I studied, got a good decree, went onto grad school and ended up with a well paying job. Currently, I pull in $200,000 a year. I am married to a beautiful woman, and I have three wonderful kids that I am proud of.

However, something is not right. I am in my mid-40s, and I don't own a house. I have liquid assets of $800,000. Around 75 percent is in CDs, 10 percent in stocks, 10 percent in sterling and the rest invested in other currencies. I don't own any gold (but kinda wished I bought some in 01).

I fear that the central banks of this world have pissed my hard earned savings away. For years, they have printed money, generated asset bubbles and now we, savers are about to suffer.

Confronted with major defaults in the housing market, the fed will cut rates in February, inflation will take off and all those high-rolling debters will be bailed out. I, on the other hand, will lose my savings.

Tell me that this won't happen. I need some reassurance.

Anonymous said...

To worried saver - the bloodbath will consume the weak and the strong, the virtuous and the charlatans. Sorry - but the forces soon to be set loose are oblivious to me and mine, you and yours and those forces are merciless. Have a good day.

Anonymous said...

who makes $10k a year?
The Feds want the dollar to crash.
They want a one world currency, imo.

twib said...

Simple: The guy making $10K has nothing to lose and everything to gain. The $100K guy could lose everything he's worked for. That is the difference.

honica jewinski said...

As noted above by the guy in the D.istrict of C.riminals. People making 100,000 a year living in a large city have insane costs of living.... Sure, they could buy a house in the really "diverse" parts of town, you know, the ones with all the crack addicts and prostitutes roaming the streets, but in reality, they are the real racists. They refuse to "embrace diversity" in that very real, very up close and personel sense. Instead they preach the virtues of tolerance and diversity from their gated, guarded subdivisions that are 99.99999% white.

Anonymous said...

I am married, mid 40's, wife also works, No kids, 2 vehicles paid for, No debt!!!
Combined, we do Very well, but we do live in So Cal.
We do Not own, and with the prices the way they are....we're not going to anytime soon either!
We have looked at places from 500k to over 1mil....that I would hope we wouldn't have to live in!
Bad neighborhoods, cracker boxes with overlaping rooflines, No yard, high HOA's, Crap constuction....literally a month ago the house didn't even exist.
With lots in savings, no credit debt, stocks, some gold, silver
It's actually hard to believe that I can almost say, 'we can't afford anything here!
Or at least we don't want to now!

honica jewinski said...

Now, now anon. Homes are still affordable in the criminal mexican invaders neighborhoods.

Anonymous said...

Good point!

Ole!

Anonymous said...

From above:

Just be patient,

Your just smart with your money!

Anonymous said...

Don't fall for the Hype, save and wait, a house of cards will eventually fall!

Anonymous said...

It was fun to drive through some "upscale" neighborhoods last weekend. Almost every home had several bags and boxes of junk out on the curb - stuff they were discarding. TVs, exercise equipment, cheap-looking furniture, etc. I guess when you buy a bunch of crap on Black Friday, you have to make some room in da crib for it all.

Keith asks why a guy earning $100K a year can't afford a home? The answer is he's in debt so deep buying crap that there isn't enough left over even for an zero down, I-O mortgage.

Jip said...

How about the fact that the people who make $10,000 are eligable for special programs not available to people who make $100,000 (even though it is paid for by their taxes).....

Anonymous said...

You guys raggin on the Mexican hoods..realisticaly, you CANT even afford those SOCAL homes! I know, I am Mexcian and grew up there. Homes are going for 550 and up. I saw this coming 4 years ago and snatched up a nice 1800 sq ft home in Irvine by the toll road. Pre-bubble price a rate. Suck it and suck it good. LOL!

Frocco said...

Before the housing bubble I had saved about %50 to put down on a house. I thought maybe I will save more since I didn't really need a house at the time. Well I got
Fuc%ed!! My big fat downpayment is worthless paper now thanks to the FED. If you save money then you are stupid like me. I actually get ridiculed by people I work with for saving money. They all have nothing but huge debt and laugh at me for haveing none. They say "what are you saving for? You may die and what good will it do you then? I reply...Maybe by some freak chance I will live long enough to retire and I would like to be comfortable. But these idiots don't seem to care they think they are rich because they live in a house worth $350,000 and owe $400,000. What kinda math is that I don't understand. I guess I am the bigger fool........Although I will retire when I am 46

Anonymous said...

"Although I will retire when I am 46"

Yeah in the Bubble Hills Retirement home for all the idiots that procrastinated and missed the chance to buy a home at pre-bubble prices. How sad is that! HAHAHA!!!!

Anonymous said...

Who the Hell is raging on the Mexican hoods?

Their self raging!

Puto!