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Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Home Ownership at 18 Year LOW
Posted by:
WingNut
()
Date: July 30, 2013 12:39PM
http://www.bloomberg.com/news/2013-07-30/american-dream-erased-as-homeownership-at-18-year-low.html
Surprise.
Surprise.
Re: Home Ownership at 18 Year LOW
Posted by:
sure makes sense
()
Date: July 30, 2013 12:42PM
Why own a home in Fairfax? Code Compliance personnel get merit pay if they manage to get you evicted and then the county seizes the house and sells it wiping out your equity.
Re: Home Ownership at 18 Year LOW
Posted by:
Truth Is
()
Date: July 30, 2013 01:17PM
Truth is, some Americans (and many non-Americans) just simply aren't qualified to own a home. They do not possess the financial resources nor the intellectual resources to manage owning a property.
The reason home ownership soared in middle of the last decade was mainly due to fraud and outright greed.
The reason home ownership soared in middle of the last decade was mainly due to fraud and outright greed.
Re: Home Ownership at 18 Year LOW
Posted by:
Bill.N.
()
Date: July 30, 2013 01:54PM
Weren't you the one who was trashing the Feds for encouraging financially marginal people to buy homes?
Re: Home Ownership at 18 Year LOW
Posted by:
Stabitha
()
Date: July 30, 2013 01:56PM
I would venture to say that most of the marginal and totally unqualified people who "bought" a home during the social engineering period of the 80's and 90's have since lost them.
Great experiment. Made some mortgage brokers rich but that's about it.
Great experiment. Made some mortgage brokers rich but that's about it.
Re: Home Ownership at 18 Year LOW
Posted by:
subprime lenders
()
Date: July 30, 2013 02:33PM
The financial engineering put people's homes at risk. A lot of subprime borrowers were encouraged to refinance by unscrupulous lenders and pay off their unsecured debts when their homes would've been protected in a chapter 13 bankruptcy.
Re: Home Ownership at 18 Year LOW
Posted by:
So True
()
Date: July 30, 2013 03:13PM
Truth Is Wrote:
-------------------------------------------------------
> Truth is, some Americans (and many non-Americans)
> just simply aren't qualified to own a home. They
> do not possess the financial resources nor the
> intellectual resources to manage owning a
> property.
>
> The reason home ownership soared in middle of the
> last decade was mainly due to fraud and outright
> greed.
+100
I don't know why the Government pushes the idea that people are 'entitled' to own a home. Just like they push the idea that everyone should go to college. Many people if not most are not cut out for either one.
-------------------------------------------------------
> Truth is, some Americans (and many non-Americans)
> just simply aren't qualified to own a home. They
> do not possess the financial resources nor the
> intellectual resources to manage owning a
> property.
>
> The reason home ownership soared in middle of the
> last decade was mainly due to fraud and outright
> greed.
+100
I don't know why the Government pushes the idea that people are 'entitled' to own a home. Just like they push the idea that everyone should go to college. Many people if not most are not cut out for either one.
Re: Home Ownership at 18 Year LOW
Posted by:
WingNut
()
Date: July 30, 2013 03:14PM
The social engineering created a number of things, among them-
Worthless Borrowers; the buyer/speculator who could not afford the home they bought but banked on appreciation. I have no feelings of sympathy for these maggots, they helped wreck the economy but portray themselves as victims.
Socialized Banks: Not really nationalized or socialized in a literal sense, but absolutely dependent on the bailouts and artificially low interest rates. Thank the Fed.
The financial collapse would have been a win-win for free market capitalism(also known as REALITY) had the government let these banks die. The asset of property would still exist- the houses weren't burned down with the bad loan.
Also, a little financial Darwinism showed it's head and revealed a great number of Americans are just too fucking stupid to own homes, particularly ones who bought when renting was cheaper or on some speculative contingency that justified a bad ARM. It's good to know who the dummies are and have them out of the arena,,,, if they are.
Worthless Borrowers; the buyer/speculator who could not afford the home they bought but banked on appreciation. I have no feelings of sympathy for these maggots, they helped wreck the economy but portray themselves as victims.
Socialized Banks: Not really nationalized or socialized in a literal sense, but absolutely dependent on the bailouts and artificially low interest rates. Thank the Fed.
The financial collapse would have been a win-win for free market capitalism(also known as REALITY) had the government let these banks die. The asset of property would still exist- the houses weren't burned down with the bad loan.
Also, a little financial Darwinism showed it's head and revealed a great number of Americans are just too fucking stupid to own homes, particularly ones who bought when renting was cheaper or on some speculative contingency that justified a bad ARM. It's good to know who the dummies are and have them out of the arena,,,, if they are.
Re: Home Ownership at 18 Year LOW
Posted by:
Truth Is
()
Date: July 30, 2013 03:14PM
subprime lenders Wrote:
-------------------------------------------------------
> The financial engineering put people's homes at
> risk. A lot of subprime borrowers were encouraged
> to refinance by unscrupulous lenders and pay off
> their unsecured debts when their homes would've
> been protected in a chapter 13 bankruptcy.
Exactly. Pure greed cloaked in the colors of the "American Dream" of home ownership.
-------------------------------------------------------
> The financial engineering put people's homes at
> risk. A lot of subprime borrowers were encouraged
> to refinance by unscrupulous lenders and pay off
> their unsecured debts when their homes would've
> been protected in a chapter 13 bankruptcy.
Exactly. Pure greed cloaked in the colors of the "American Dream" of home ownership.
Re: Home Ownership at 18 Year LOW
Posted by:
ryan
()
Date: July 30, 2013 03:18PM
Truth Is Wrote:
-------------------------------------------------------
> subprime lenders Wrote:
> --------------------------------------------------
> -----
> > The financial engineering put people's homes at
> > risk. A lot of subprime borrowers were
> encouraged
> > to refinance by unscrupulous lenders and pay
> off
> > their unsecured debts when their homes would've
> > been protected in a chapter 13 bankruptcy.
>
>
> Exactly. Pure greed cloaked in the colors of the
> "American Dream" of home ownership.
I dreamt the "American Dream" once. It was a nightmare!
-------------------------------------------------------
> subprime lenders Wrote:
> --------------------------------------------------
> -----
> > The financial engineering put people's homes at
> > risk. A lot of subprime borrowers were
> encouraged
> > to refinance by unscrupulous lenders and pay
> off
> > their unsecured debts when their homes would've
> > been protected in a chapter 13 bankruptcy.
>
>
> Exactly. Pure greed cloaked in the colors of the
> "American Dream" of home ownership.
I dreamt the "American Dream" once. It was a nightmare!
Re: Home Ownership at 18 Year LOW
Posted by:
blanche
()
Date: July 30, 2013 04:48PM
There are now folks who are in foreclosure on the second home that they have received through the "National Homeownership Program" -- and guess who gets to pay for it?
College and Home for everyone no matter what your circumstances or IQ!!!!
College and Home for everyone no matter what your circumstances or IQ!!!!
Re: Home Ownership at 18 Year LOW
Posted by:
0 down
()
Date: July 30, 2013 08:01PM
Bought a house in 98 with $0 down cause I had $0 in the bank, now it's paid off, nice to have no mortgage payments.