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People will then default on their other credit lines. People are so heavily in debt in this current economy. It's only a matter of time till all the debt dominos fall. Time to invest in cash
People will then default on their other credit lines. People are so heavily in debt in this current economy. It's only a matter of time till all the debt dominos fall. Time to invest in cash
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So defaulting on one loan = future defaulting on all loans/LOCs ? I don't know just doesn't make sense to me.
Maybe I'm too young to understand how this works.
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Speaking of debt, I just started investing with lending club and the amount of people in a lot of debt is insane. I saw this note yesterday for someone who was making nearly $120K a year owed $150K in credit cards alone. 
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Bought my first place in 2003, required little documentation.
Fast forward to 2011, required a lot more, and then again in 2015 even more documentation.
Guidelines are much more strict than they used to be. My wife had been at the job for 9 months and they wouldn't include her income in the ratios since it wasn't over a year.
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Wow that is crazy. I got my house with only 6 months of full time employment. They wouldn't budge at all?
The process required a bunch of documentation.
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In 2005 my college roommate worked at the airport made 12 bucks an hour and owned 3 homes valued at over 1.3 million dollars.
That my friends is why the housing bubble crashed.
That my friends is why the housing bubble crashed.
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Yup banks giving 750K loans to households with a 100K income was very common in the DC area.
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My roommates situation was fraud but this chick I messed with did the same thing so I just assume it rampant around the country.
Basically these loan officers and real estate agents would shoot a buyer some bread to buy a house knowing these people couldn't afford it.
My roommate and the chick I messed with were young and naive so if someone is giving you stacks to put houses in your name you go along with it.
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Government contractor position, I think had she been a regular employee it might have been different.
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checking in, will find time to read through the thread.
my wife and i bought a house in July '15 and we're loving it.
my wife and i bought a house in July '15 and we're loving it.
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I've been looking at houses for like 3 weeks straight, thinking that the idea of owning a home will help me to not spend money and actually save it for a down payment
Currently upgrading & shopping for countertops for a house I don't own and have never actually seen IRL. My life is so pathetic LOL!
Currently upgrading & shopping for countertops for a house I don't own and have never actually seen IRL. My life is so pathetic LOL!
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I need someone to explain to me how a housing bubble would even impact a regular person that doesn't plan on moving anytime soon.
Like my interest rate is fixed and me and my family would always need somewhere to live so if my house dropped to half its worth tomorrow oh well.
Like my interest rate is fixed and me and my family would always need somewhere to live so if my house dropped to half its worth tomorrow oh well.
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Not sure if serious..
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It would affect your home value, but like you said if you plan on staying and continue paying your mortgage I don't know what other affects it would have on you personally.
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I'm a licensed mlo. Time to buy is now. My bank goes as low as 580 fico on a purchase or refinance. Being a home owner is not for everyone.
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^you forgot to post your contact info
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I started doing loans in 2006 and not once did I ever do a stated income qualification or those option arm loans that led to people foreclosing on their homes.
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They are indeed more strict but there are different lenders that can approve you a loan depending on the situation. I was able to get an approval with 5-6 months of employment for one of my clients.
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Housing drives the overall economy. Much of our spending habits aren't based on reality, but rather our consumer confidence. Much of our spending habits depend on how we perceive our level of wealth and the stability of our surroundings. If we perceive that things are declining we will hunker down and hold onto our cash, thus halting the flow of money through the economy which is central to our monetary system. If you don't have a buyer for your product at the current price, the price will come down.
It can get pretty complex, but a lot of businesses both directly and indirectly benefit from a strong housing market since consumers need/want to fill their house with new stuff and also use equity in their home to make purchases too.
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- Jul 23, 2004
My wife and I are in the home stretch of our home buying process. The over process has been really smooth because our loan officer told us all of the information we would need, and he collected them all up front. I'm sure we would have closed already, but the sellers were dragging there feet at the beginning until we threatened to pull out of the deal.
Some of you may already know, but my wife also gave birth to our first child, and I started a new job. So I actually think that the sellers slowing things down at the beginning helped us.
Some of you may already know, but my wife also gave birth to our first child, and I started a new job. So I actually think that the sellers slowing things down at the beginning helped us.
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^ congrats fam!
it's an amazing feeling when you sign them papers and get those keys
it's an amazing feeling when you sign them papers and get those keys
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- Jul 23, 2004
Damn, I know NYC is bad, but LA is making a run at the top spot. Jeez!!that sq footage!good deal if you want to live in the bay area lol
"Nicely remodeled home"
http://www.zillow.com/homedetails/1627-Whitton-Ave-San-Jose-CA-95116/19718448_zpid/
And the black stove that's ahead of its time.
Jump on this now.
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Thank you!^ congrats fam!
it's an amazing feeling when you sign them papers and get those keys
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Congrats! I see you're from NYC. Where did you guys buy your home ?
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oh thats up here in Nor Cal fam.. in the bay area.. prices up here are crazier than socal LA area. its cause norcal > socal
i kid
congrats on the new fam and the home btw
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