|
Legitimately affordable housing means that someone in their 20s with a typical job should be able to afford a 15-year mortgage on a reasonable house, and a couple in a similar position should be able to afford a house large enough to accommodate kids. 30-year mortgages are already a symptom of wildly unaffordable housing and it's hilarious that we've normalized it so hard that we're going to accept 40-year mortgages like they're no big deal. Paying for your house your entire goddamn life is not "owning" your home.
|
#
?
Apr 7, 2023 02:32
|
|
|
|
| # ? May 24, 2024 13:18 |
|
|
actionjackson posted:lol That's assuming the value of the house won't go up.... 
|
|
#
?
Apr 7, 2023 02:58
|
|
|
In 10 years that $400k house is now $600k and you have 38.2% equity not 7.3%.
|
|
#
?
Apr 7, 2023 03:04
|
|
|
the quaintest thing to me about those numbers is the 400K principal
|
|
#
?
Apr 7, 2023 03:05
|
|
|
Fozzy The Bear posted:That's assuming the value of the house won't go up.... Introducing the all new, 6% interest zero principal payment 100 year mortgage . You can't lose!!! Just roll your equity gains into repairs via helocs!
|
|
#
?
Apr 7, 2023 03:06
|
|
|
Fozzy The Bear posted:That's assuming the value of the house won't go up.... Value increases are meaningless until you realize them
|
|
#
?
Apr 7, 2023 03:10
|
|
|
I think house prices always go up is not universally true especially for politically disadvantaged people
|
|
#
?
Apr 7, 2023 03:11
|
|
|
Pittsburgh Fentanyl Cloud posted:Value increases are meaningless until you realize them We were talking about equity in a house, it absolutely applies. euphronius posted:I think house prices always go up is not universally true especially for politically disadvantaged people You don't think people in high value markets will get 40 year loans?
|
|
#
?
Apr 7, 2023 03:14
|
|
|
Fozzy The Bear posted:We were talking about equity in a house, it absolutely applies. No it doesn't My house is worth either $60K, $120K, or $220-250K depending on who you ask It's meaningless until someone writes a check for it
|
|
#
?
Apr 7, 2023 03:17
|
|
|
Sometimes when I'm out for a walk I'll pass by this abortion and chuckle to myself that they somehow haven't sold it for their $610k price tag in 7 months
|
|
#
?
Apr 7, 2023 03:19
|
|
|
Beached Whale posted:Sometimes when I'm out for a walk I'll pass by this abortion and chuckle to myself that they somehow haven't sold it for their $610k price tag in 7 months Please refer to my earlier post about the Sunday St Gingerbread House My wife is insanely pissed about that
|
|
#
?
Apr 7, 2023 03:20
|
|
|
Beached Whale posted:Sometimes when I'm out for a walk I'll pass by this abortion and chuckle to myself that they somehow haven't sold it for their $610k price tag in 7 months Cool color scheme for an electric guitar...
|
|
#
?
Apr 7, 2023 03:20
|
|
|
Pittsburgh Fentanyl Cloud posted:Please refer to my earlier post about the Sunday St Gingerbread House That's a pretty cool house, not surprised the sellers agent lied to you about it, or that your realtor didn't question it, since they both stand to benefit from getting you ginned up.
|
|
#
?
Apr 7, 2023 03:25
|
|
|
External Organs posted:Cool color scheme for an electric guitar... Here's what that house used to look like, if you were wondering. 
|
|
#
?
Apr 7, 2023 03:26
|
|
|
Beached Whale posted:That's a pretty cool house, not surprised the sellers agent lied to you about it, or that your realtor didn't question it, since they both stand to benefit from getting you ginned up. Honestly had we started bidding up on it, it would have got a lot worse, so I'm not particularly upset about walking away.
|
|
#
?
Apr 7, 2023 03:27
|
|
|
Pittsburgh Fentanyl Cloud posted:Here's what that house used to look like, if you were wondering. incredible
|
|
#
?
Apr 7, 2023 03:28
|
|
|
Pittsburgh Fentanyl Cloud posted:No it doesn't It's even more meaningless when you still need somewhere else to live after you sell. Unless they're downsizing substantially or moving to a much cheaper market, most people are probably just going to roll that existing equity into a worse loan.
|
|
#
?
Apr 7, 2023 03:33
|
|
|
I think I'm just gonna live here for a while It's got problems. There's a hole in the floor in my office. The doors aren't great and don't close good. The ceilings aren't completely even. It's also $700/mo and I own it.
|
|
#
?
Apr 7, 2023 03:35
|
|
|
Pittsburgh Fentanyl Cloud posted:No it doesn't The OP that I replied to was talking about equity: actionjackson posted:lol Please gently caress off with your stupid bullshit. Stick to talking about your $60k house and your $100k job.
|
|
#
?
Apr 7, 2023 03:40
|
|
|
Fozzy The Bear posted:gently caress off back to pittsburgh in your $60k house you dumb motherfucker. lol you're so mad
|
|
#
?
Apr 7, 2023 03:41
|
|
|
Equity is meaningless until someone writes me a check for it.
|
|
#
?
Apr 7, 2023 03:43
|
|
|
equity is the sacred doctrine of the middle class you're not allowed to just point out that it is meaningless bullshit
|
|
#
?
Apr 7, 2023 03:52
|
|
|
Pittsburgh Fentanyl Cloud posted:Here's what that house used to look like, if you were wondering. wow I’m stunned to say that the shittiest ugliest house I've ever seen is actually an improvement on how it used to look
|
|
#
?
Apr 7, 2023 03:56
|
|
|
apparently the 40 year thing is only for refinancing. well, for nowFozzy The Bear posted:I was talking about equity. Yes, in 10-20 years we don't know exactly how much houses will be worth, but its safe to assume that they will be worth more than they are today. i'm just giving the percentage of principal that will be paid off, why are you getting so mad yes your home value may be higher in the future, but that's irrelevant for comparing the percentages to each other. no matter what the value is later on, you will still have paid off double the principal with 30 year vs. 40 year. actionjackson has issued a correction as of 04:45 on Apr 7, 2023 |
|
#
?
Apr 7, 2023 04:37
|
|
|
Fozzy The Bear posted:gently caress off back to pittsburgh in your $60k house you dumb motherfucker. haha settle down, you’re too wrong to get this worked up
|
|
#
?
Apr 7, 2023 04:51
|
|
|
the bitcoin of weed posted:equity is the sacred doctrine of the middle class you're not allowed to just point out that it is meaningless bullshit
|
|
#
?
Apr 7, 2023 04:51
|
|
|
So about 90% of loans are 30 year mortgages. How long until they are mostly 40 year mortgages? Also how the gently caress are Shittsburg home prices skyrocketing?! This is almost as bad as Palestine OH.
|
|
#
?
Apr 7, 2023 05:06
|
|
|
Beached Whale posted:Sometimes when I'm out for a walk I'll pass by this abortion and chuckle to myself that they somehow haven't sold it for their $610k price tag in 7 months "i can just go without 610k for 7 months"
|
|
#
?
Apr 7, 2023 16:43
|
|
|
40 years is barely making a dent in the monthly payment. They're going to have to come up with even more exotic bullshit to keep the game going.
|
|
#
?
Apr 7, 2023 18:21
|
|
|
Nothus posted:40 years is barely making a dent in the monthly payment. They're going to have to come up with even more exotic bullshit to keep the game going. it’s just going to become a pure rental model is all
|
|
#
?
Apr 7, 2023 18:24
|
|
|
Nothus posted:40 years is barely making a dent in the monthly payment. They're going to have to come up with even more exotic bullshit to keep the game going. It requires price appreciation. Buyers are making a leveraged bet that the price of the house will go up. In other words, this is leveraged derivatives trading of individual, illiquid assets.
|
|
#
?
Apr 7, 2023 19:25
|
|
|
https://www.cnbc.com/2023/04/07/worst-places-to-buy-a-home-if-you-want-it-to-grow-in-value.html A list of the worst markets to buy a house if you want it to appreciate in value. (Values all went up during the measurement period, just not enough!)
|
|
#
?
Apr 7, 2023 21:05
|
|
|
Lmao at 5 of the top 6 being in Illinois What the gently caress, I guess my perception is totally warped by being here. Most of the worst cities aren't even on that list! But yeah, inflation calc says 100k in 98 is 186k now. So getting 60% return in that time stinks mastershakeman has issued a correction as of 21:50 on Apr 7, 2023 |
|
#
?
Apr 7, 2023 21:48
|
|
|
if you didn’t spend the intervening quarter century using it for shelter I'd have to agree that it's a terrible investment vehicle
|
|
#
?
Apr 7, 2023 21:57
|
|
|
Pittsburgh Fentanyl Cloud posted:https://www.cnbc.com/2023/04/07/worst-places-to-buy-a-home-if-you-want-it-to-grow-in-value.html Illinois is that bad?
|
|
#
?
Apr 7, 2023 21:57
|
|
|
i dont have any facts and figures besides living in illinois a lot but those cities are all dying
|
|
#
?
Apr 7, 2023 22:02
|
|
|
mastershakeman posted:Lmao at 5 of the top 6 being in Illinois It's basically our ptax. It keeps valuations lower because home buyers tend to want a month to month cost at the end of the spreadsheet. Voters keep on voting for tax increases, and the services those taxes pay for are good. I like Illinois so much.
|
|
#
?
Apr 7, 2023 22:05
|
|
|
As long as some vets don't live in a mansion on the north shore, they pay approximately $0 in ptax because the USA sent impressionable young idiots to war zones and broke their brains and turned their blood into toxic sludge from burnpits, and Illinois is good for that small charity. A local angry upset person is upset that there are three, counted himself, THREE households in our subdivision that pay ZERO PROPERTY TAXES and he calculates all the 487 other homes have to foot an extra $ten lattes a year for their freeloading.
|
|
#
?
Apr 7, 2023 22:10
|
|
|
err posted:Illinois is that bad? yeah, secondary cities in Illinois are all remnants of long-established, but then Pleasantville-era heyday boom developed, "urban" cores that took longer than the rest of the Rust Belt to die. It's sort of... like a meeting of industry and agriculture at the threshold of the plains, with a heavy lean on the last remaining public institutions that are just now being cored out. I kinda think of the extractive (in the form of calories) / productive (in the form of other stuff) industry "frontier" rusting from east to west, and it's pummelling Illinois and Missouri now. Springfield is the seat of government and nothing else, in the middle of nowhere. Peoria used to be Caterpillar's world headquarters but they left 5 years ago for Chicago burbs. Bloomington/Normal area has two state universities one of which was chartered to train public school teachers (oops). Rockford is the second largest city in the state and managed to turn around and pick up a big UPS hub after Chrysler bailed, but is just decaying as their bet on the healthcare "industry" reverts to profit-seeking and extraction of patient wealth. in a vacuum and a reality where capitalism doesn't make everything loving suck poo poo rear end all the time, Illinois is a really interesting place
|
|
#
?
Apr 7, 2023 22:28
|
|
|
|
| # ? May 24, 2024 13:18 |
|
|
Gunshow Poophole posted:yeah, secondary cities in Illinois are all remnants of long-established, but then Pleasantville-era heyday boom developed, "urban" cores that took longer than the rest of the Rust Belt to die. It's sort of... like a meeting of industry and agriculture at the threshold of the plains, with a heavy lean on the last remaining public institutions that are just now being cored out. I kinda think of the extractive (in the form of calories) / productive (in the form of other stuff) industry "frontier" rusting from east to west, and it's pummelling Illinois and Missouri now. i guess danville and east st louis didnt make the cutoff for worst investments because no one in their right mind would even set up shop there Cat still has factories in peoria, i think, but they're working less and less. All the supporting industries in the area are shutting down. Same with Rockford (now 4th?5th? largest city) - used to have tons of part manufacturers for the big 3, I even worked at one one summer making ball studs, it's long gone now. The next door giant auto plant, with thousands of workers, shut down last month for good. It's bad everywhere outside Chicagoland. My friend in Champaign had to pay the bank to leave after he owned for 5 years post-crash - no one wants to live there once they leave school. They're all mini Detroits without the white flight to the suburbs - people just straight up left. I'd really hoped that covid would boost all those cities - they all have downtowns, density, green space, anything you really need besides jobs. But every remote worker went someplace more picturesque. The only cold city on the list is Rockford. edit this poo poo is one of the few bright spots https://www.nytimes.com/2023/03/29/realestate/tiktok-peoria-illinois.html mastershakeman has issued a correction as of 23:04 on Apr 7, 2023 |
|
#
?
Apr 7, 2023 22:56
|
|