So true... Anytime I start hearing "It's about to crash" or "don't catch a falling knife", the asset in question *in the right area* becomes very attractive to me... Per liar loans and sub-prime; most of the crap has been flushed out. Where I live 30 year mortgages are now less than rent, which they haven't been since 1999 or so. Think of in terms of par value, when rent = mortgage the asset is essentially at its realistic value. Some locations I wouldn't touch - ever. But coastal areas with good weather are always desirable.
comparing present-day to then is useless - back then ~5% of homes were purchased with a mortgage, now it's over 80%. IMO - mortgages devastated the housing market.
I don't understand renting when you can afford mortgage. If your rent is equal to your mortgage payment, why the hell would you rent? If you decide that's not for you for whatever reason, dropping the mortgage and losing the house is the same as dropping the rent and losing the rented house. Renting 10 years could pay off half of your mortgage. Unless you're really poor with a dead-end job and uncertain future, why rent?
Hola Misinformed poster. Conservatively 50%+ homeowners are under water with no relief. Check it! --------------- You can't just sell a house @full retail value quickly--it can be a soul-crushing experience! ----------------- Methinks not (for Vegas and land-locked 'middle-tier' cities in U.S.). But what do I know; I only save 85% of my gross income for retirement and plan to live in Portugal (all drugs legal) 1/2 time and 1/2 time on the Ocean on the cheap in Mexico in 5 years when I hit 50 years old. Never pay more than $500 for rent and have moved 8 times in the last 5 years (single guy and like to travel). My undergraduate degree in statistics/economics though is long forgotten; I just ride the trend. peace Hedvig/Steve http://www.elitetrader.com/vb/attach...postid=3519806 The Crashing US Housing Metro Areas | ZeroHedge Guest Post: The Fraud & Theft Will Continue Until Morale Improves | ZeroHedge Mish's Global Economic Trend Analysis: New American Dream is Renting; Reflections on Renting Houses, Cars, Books, Clothes; Will Rentership Fuel the Next Boom? What About Home Prices?)
http://www.elitetrader.com/vb/attachment.php?s=&postid=3519806 http://www.zerohedge.com/contribute...–-atlanta-home-values-crash-17-percent-last-y http://www.zerohedge.com/news/guest-post-fraud-theft-will-continue-until-morale-improves http://globaleconomicanalysis.blogs...paign=Feed:+MishsGlobalEconomicTrendAnalysis+(Mish's+Global+Economic+Trend+Analysis ----------- Peace Archbishop Hedvig Von Dikkeman V
Property taxes are consistently rising. I suppose it's because many homes are vacant and the villages have the same budget. And then there's talk of the villages funding public workers pensions in Illinois. Saw a tax return this year where a retired Chicago teacher was receiving a pension of $115k per year. Yep, that's a pension. My old man is a retired carpenter and his pension is 25k per year. Saw another return for a retired fireman. 72k per year. Pension obligations are going to crush this state. Why on earth does a retired teacher get 115k per year??? If villages have to pay these pensions property taxes will go into the stratoshere. It will affect renters too because the landlords will have to pay the taxes and raise rents to cover it.
Exactly! Probably some douchey post-graduate educator. No offense to firemen dudes--but those fuckers get 3+ days off per week and don't deserve their excessive pensions either! This whole public service guv'ment sector is pissing me off lately. Never thought it would. -------------- Eh, I am a trader and in 5 years (I am 45) I plan on living 6 months per year in Portugal {no drug laws} and then 6 months either in Cabo or perhaps north of Vancouver. For the last 5+ years I have lived in San Diego for 7+ months of the year and even in the 'hood' the guv'ment workers {parks & recreation and etc...} all FUCKED around and constantly walked around/rode their gay electric carts or whatever aimlessly trying to either lose their hard ons or just killing time. Those fags (I actually counted one day) rode around a 2 block radius {park} 27 times in a 4 hour timespan--doing not a fucking thing! I didn't count the time they conveniently disappeared into the 'jets surrounding the park; presumably to smoke weed {nothing wrong with that} or hit the pipe! Lucky fuckers! Useless fucks 85% of public employees. ------------- Back in the early 80's I worked as a lawn mower (I was 16 years old) for a county building in Chicago {my hometown} in the summers. My supervisor showed up @10am and then I didn't see him again until 4pm {he told me he was reading the newspaper and watching his "soaps"}. I am ashamed to admit that after I busted my ass for the day (roughly 4 hours) I would take a 2+hour lunch and in between mowing the lawns surrounding the building I would scope/mack/hump on the hot pussy near the building. $5.00 an hour and after awhile I felt kind of superior; get it? I think 99% of federal/county/state workers who have 2 or 3+ years 'in' the system have less than a 0.5% chance of being fired. A former friend was a complete and utter FUCK UP for the Department of Transportation in Michigan {Engineer from U of Mich--so he wasn't a dunce}. However, he was very much interested in speculative investing and I was mentoring him; during this 16+ month experience he continually ignored his 'cunt on wheel's' supervisor (female). That was back in 2008. HA HA He would get 2 probationary warnings and then work a week straight--make himself whole--then fuck all over his job for the next 3+ months. I guess you might as well if you were faced with the politics and boredom and utter fuckery that is government employment. Honestly--who would want this jackoff no-responsibility 'waste my time until 5pm' job for multiple 'soul-crushing' years? No real man I know--whatever. The world needs fuck ups and retards to fill potholes and make policy at the county building eh, ha ha! ---------------- 80+K per year and he had his own internet connection to trade and my phone line direct to him. I did fuck his wife pretty good (hey--he was estranged and I did get him some hot/young emo/goth pussy while they were battling). Last I heard he has 2 children (good-looking spawn). His wife chills and he trades full time from work and is now making 100+K and is in a supervisory role. So basically, he just fucks around for 80% of the workday. Welcome to the real world. peace Archbishop Hedvig Von Dikkeman V
LOL, I worked a summer job for a village and I got paired with one of the plumbers. He was one cool dude. We spent about 2 hours each day "trolling," looking for hot women to pick up. Never landed one but it was fun trying. Sure better than doing some actual work. Imagine that...do squat for 40+ years and collect a 100k+ pension when you retire. Now that's the good life.
Listen 'the1!' ----------------------- For the 'beta' dudes in life; hey--it is all good. The relentless pursuit of pussy (outside of trading) is what makes life worth living for. I address this and my own ultra-disciplined militaristic pursuit of profit in the market in my thread {'Psychology' section--thread title "Deep Thoughts"}. http://www.elitetrader.com/vb/showthread.php?s=&threadid=237397&perpage=40&pagenumber=1 -------------- No offense, perhaps you were doing it 'wrong.' On the lake near Chicago those little hookers were just waiting for the 'bigger & better plan'--even if I was full of shit back then. Peace & Blessings... Archbishop Hedvig Von Dikkeman V p.s. Sorry--what the fuck was this thread about again??!! : ) Have a good evening y'all!