HOUSE REPUBLICANS PUT UP HISTORIC FIGHT!

[Captain Virgil Hilts]

If the banks fail won't the govt (and by extension YOU guys) be forced to pink up for the $100,000 insurance provided by the federal govt on deposits? 

That is not as simple or as common as you might think. The FDIC only insures individual deposits of up to $100K.

There's not as much to be lost in individual deposits that actually are insured by the FDIC as you might think.

[Sixpence]

When I bought my house I was pre approved for up to $270,000 with no monny down. I bought a house for $98,000 because that's what I KNEW I could afford in the long run.

I don't know where you live, but I paid 280k for mine because it's the lowest price I could find(lol, and I had to fix it up!!)

Houses in that range are still selling, though not as much(they are considered starter homes), it's the 600k-1m mcmansions that are sitting

[Sixpence]

What's wrong with loaning these guys the money, or can't they qualify for a loan!

yeah, let's give them an interest only loan, w00t!!

[Captain Virgil Hilts]

The FIRST thing to do about the economy and the possibility of government action to do something about it is to calm down and quit panicking like a bunch of freaked out fools. Just like the fuel shortages we had here after the hurricanes, the panic only serves to make the situation worse.

[Mr No Name]

I don't know where you live, but I paid 280k for mine because it's the lowest price I could find(lol, and I had to fix it up!!)

Houses in that range are still selling, though not as much(they are considered starter homes), it's the 600k-1m mcmansions that are sitting

See, that is the problem, home prices were also artificially inflated and when you double the price (opposed to value) of something, then loan 125% of that inflated price.... you are gonna have a problem down the road junior!  

[Gaidin]

I don't know where you live, but I paid 280k for mine because it's the lowest price I could find(lol, and I had to fix it up!!)

Houses in that range are still selling, though not as much(they are considered starter homes), it's the 600k-1m mcmansions that are sitting

Man where do you live!  I don't think there is a house anywhere near me that values even close to 600k.  I know of 1 that they want about 300k for, but its like 5bedroom 3 full bath, and has an inground pool with a 2 acre lot.

[Mr No Name]

The FIRST thing to do about the economy and the possibility of government action to do something about it is to calm down and quit panicking like a bunch of freaked out fools. Just like the fuel shortages we had here after the hurricanes, the panic only serves to make the situation worse.

AMEN!  we still have gas outages/rationing/price gouging here in many parts of SC since the last hurricane that hit galveston.

[Hangtime]

The FIRST thing to do about the economy and the possibility of government action to do something about it is to calm down and quit panicking like a bunch of freaked out fools. Just like the fuel shortages we had here after the hurricanes, the panic only serves to make the situation worse.

 

Yup. If there's a bailout, lets do it right. The world will wait.

[crockett]

That is not as simple or as common as you might think. The FDIC only insures individual deposits of up to $100K.

There's not as much to be lost in individual deposits that actually are insured by the FDIC as you might think.

Something else to think about and it's already happened. People that spread their money across several accounts to get the 100k protection on each account were out of luck with indymac. The FDIC only covered the first 100k, reguardless if they had seprate accounts or not.

[Mr No Name]

If you have 100K, you aren't worried about groceries anytime soon lol.

[Hangtime]

Something else to think about and it's already happened. People that spread their money across several accounts to get the 100k protection on each account were out of luck with indymac. The FDIC only covered the first 100k, reguardless if they had seprate accounts or not.

proper prior planning prevents piss poor performance.

Accounts in different banks would be covered.

[Sixpence]

See, that is the problem, home prices were also artificially inflated and when you double the price (opposed to value) of something, then loan 25% of that inflated price.... you are gonna have a problem down the road junior!  

Not a problem where I am at, time is on my side and I do ok. Now if I bought a 500k house, well, that would have really stretched me.

But yes, it was simple supply and demand. Everyone was getting a loan, so demand skyrocketed. And, of course, prices did too.

[Sixpence]

Man where do you live!  I don't think there is a house anywhere near me that values even close to 600k.  I know of 1 that they want about 300k for, but its like 5bedroom 3 full bath, and has an inground pool with a 2 acre lot.

Saugus, ma, but if you really want to see expensive, search in Newton or Brookline. I got some mcmansions going up behind me in a new subdivision(like 200 yards away), i'll post a few pics. And they are selling too. They help the value of my house, but I am sure the assessor will notice

[indy007]

Try to do the same today..

I don't discuss my particular moves, but it's much easier than you think. Low risk, good return, huge demand. It's almost as good as religion.

[Mr No Name]

you made the wise choice and bought what you could best afford. i understand supply and demand... but by the government tinkering and opening up loans to people who should not have gotten them, they raised the price on your home significantly... or kept you from affording a better home that you could have had for the same price.  government interference with the free market nearly always ends in disaster