Sorry to the Boomers who overconsumed, who relied on their house for their retirement, and who HELOC'ed themselves into a permanent job at Wal-Mart
The median household headed by those between 45 and 54 in 2009 will have about 25% less wealth than the median household of that age in 2004, according to the report. That household's wealth will decline to $113,268 in 2009, from $150,113 in 2004.
June 25, 2008
HousingPANIC Stat of the Day
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Headline from NYTimes today.
Approval Is Near for Bill to Help U.S. Homeowners
THAT'S TOO BAD ABOUT ALL THOSE FOLKS, BUT THEIR MISFORTUNE, PART OF WHICH I CREATED, DIDN'T STOP ME FROM DUMPING ALL MY STOCK TO PROTECT MY LIFESTYLE...
ME WITHOUT MONEY WOULD BE LIKE A DAY WITHOUT ARTIFICIAL SUNSHINE...
25,000 isnt much, compared to the what they will actually lose.
why no word on the bailout bill passing Qweefie?
as for boomers, don't you worry about a thing. Osamabama will make all their problems go away and we'll all be rich as soon as he's elected
ALL HAIL THE NEW MESSIAH!
why no word on the bailout bill passing Qweefie?
I want my $8,000 first time homebuyer tax credit on top of the new lower price.
$120k?
Wow, I save more than that a year right now.
why no word on the bailout bill passing Qweefie?
http://tinyurl.com/6jvl65
http://tinyurl.com/5s8bow
Looks to me like it is not that simple.
What does this mean?
I'm so confused.
Anecdotal evidence from my old fart friends - they are all planning on working "a few more years". . .right!. . .till they drop. . .it's ok though, they can stay home and enjoy their granite countertops, mega tv sets, and give the SUV to the grandkids for a playhouse . . .all while paying off their huge HELOC. "Welcome to Walmart."
Before they close, Home Depot should be turned into moseleums for Boomers.
the bailout will pass...they are all in it together. we are screwed. Once they add some extra pork for bushy, he will sign it. DAMN!!!!!!!!!!
keith,
yet another reason to not vote for obama...
http://www.humanevents.com/article.php?id=27185
Just another reason why more and more houses will just be sitting on the market for quite sometime.
The $8,000 tax credit to people who gambled and lost would be fair if someone who saved and did not contribute to this mess got a gubament check for $8,000.
Will it add to the inflation problem? YES
Will it really make a difference? NO!
Pretty soon we will need $200 to buy gasoline and an apple will cost $3-5 each.
Boom Boom, out go the lights...
Nation, let's review if the bailout will help all flippers, gamblers, and f*cked homedebtors who usually have a pathetic income of $40k max:
1. Banks will have to volunteer a conversion of the current ARM to a 30-year fixed. Let's be generous here and pick a 7% rate (only for people with good FICO scores).
2. Now we'll get an average low ball price of $400k for a cancer home, with no equity since it's interest only financing.
3. 85% of $400k = $340k
4. $340k @ 7% for 30 years = $2,300 + $400 HOA + $300 TAX + $200 INS = $3,200 per month = $38,400 per year.
5. Oops too bad, in order to comply with the standard PITI threshold of $28% Gross Income, the buyer should have an income of at least $137k (38,400 / 0.28). In other words, the capacity of the buyer to securely pay for this new "bailout", for an average $400k home, relies on income of $137k. Any income below that figure would make the homedebtor a huge risk and still deep in debt, with no money leftover to put away for emergencies or retirement.
6. Now show me how many of these flippers and gamblers have incomes of $137k. Let me remind you that only 18% of Americans have a college degree.
7. If you have a working brain, you notice that the numbers don't add and don't lie. So good luck with the useless bailout plan because it won't work, especially with mass layoffs, as well as skyrocketing gas and food prices that put even more pressure on that PITI.
8. The bailout plan is a failure; the numbers don't lie.
9. However, bankers and their bootlickers in Congress don't care if you choose to become their financial slave for life, dangerously in debt. So go ahead and put that debt iron ball attached to your ankle, sheeple.
10. Enjoy your retirement in poverty.
And I was wondering what would happen to my neighbor who kept refinancing his house. He bought a big pickup truck, sent his kids to school. He also said housing never goes down.
Boomers deserve it. Greedy selfish aholes who thought they could make up for their underfunded retirements by sticking that burden on the next generation of home buyers.
I hope they all end up working at wallmart and baging groceries.
Screw you boomers. Screw you sideways.
"Sorry to the Boomers who overconsumed, who relied on their house for their retirement, and who HELOC'ed themselves into a permanent job at Wal-Mart"
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Where I work the big consumers (who save nothing) are the gen-xy and z.
Not all boomers are assholes. I retired early and did it the conservative way and now live in my paid for house and do fun things with plenty of money to spare. Some of my peers are like me.
But then there are others who are buried by HELOCs because they had to have that Hummer and 52 inch Plasma.
Most are the former. Don't be jealous of false stereotypes.
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