Has anyone given any thought to the question of the price of a new home, given the current prices of materials????? What are the youth of today going to do???
But, then I can not imagine buying a new car now days, my first NEW car cost me less than $2500.00, and that was a V-8 Mustang!!!!
Damn it IS good to be old!!!!
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Feel free to reply to any comment by clicking the "Reply" button.My first car was a 88 Mustang 5.0. Under 15K. Our new Jeep Wrangler Unlimited Sahara 4XE is $66K. House across from us in Toronto sold for $1.7 Million. I never thought I would live in a million dollar house but we could sell for the same easily in under a week. Our house is a 1200 sq foot bungalow. It's nuts.
sobieskirocks
Level 7
May 24, 2021
0
I understand the housing thing, we would like to down size, but are not able to justify down sizing and not making any money!!!
We also have one female SA westy!!!!
Wow, fortunately, you have a 4 wheel drive to get to WalMart.
@WayneHawthorne Don't follow me. You won't make it. LOL
PS I don't shop at Walmart.
Let me guess....it was "red"?
I have given some thought to it and all I have come up with is that banks are still willing to make mortgage loans for people to buy them. Here in Canada they have even made it compulsory to put a 20% down payment on it. I think that is being skirted somehow because people are still buying million dollar houses and I don't think they are doing a lot of saving for that down payment. I know, claim a house is worth 1 million, have the builder lend you $200,000 and write the mortgage for 1.2 million. The builder gets his $200,000 back and whatever profit he makes on the house. The builder gets the sale, the buyer gets the home and the bank gets a $1.2 million mortgage.
The 2008 housing bubble collapse resulted from NINJA loans. One could get a mortgage with No Income - No Job and be Approved. This was speculation that the house would be worth a lot more in a year and the person would then have equity built into the house. He could sell it and the increased price was his profit. It wasn't entirely the fault of banks though. The Federal Government wanted people to buy houses and forced banks to abandon prudence in loan approvals. It was claimed that the loaning process was being racially disciminatory. Fannie Mae and Freddie Mac were buying up these mortgages and selling them to Wall Street who sold them on the market as junk bonds. When the mortgages started failing the bubble collapsed.
FrankZeleniuk
Level 8
May 24, 2021
1
I have a feeling the 1930's, and all the bad of that decade, are coming back in more ways than one!!!
Good Luck!!! Being old has it's advantages!!!!
Like, a life sentence just doesn't carry the weight it use to!!!!!!
Prices went sky-high in the 80's. Then Interest rates went over 20%. People walked away from houses when the prices slumped and were worth less than the mortgage. Best get your ducks lined up, pay down your loans and hunker down. History repeats. Those who do not study history are bound to repeat it.
WayneHawthorne
Level 8
May 24, 2021
1
Way ahead of you, no mortgage, no debt!!! House, and everything else, I have is paid for!!!
Yes it is. All of my buddy's in construction are staying busy somehow
Bendingo
Level 7
May 24, 2021
0
Where I live, they can not build them fast enough!!!!
I guess that comes from living in a "REALLY RED" area!!!!
Around here, house only stay on the market about TWO day!!!!!!!!!!!!
@Serg97 Same here in Montana price are nuts the people from this area can't afford to live anymore. I see you got your handle straightened out that's good to see.
@energymixer Thanks!!! Glad to be back!!!!
How do you feel about the people moving in???????
@Serg97 Not so good.... mostly Californians that want to make this place just like the place they left.
@energymixer Forty four years ago a sign in Dillon Montana said: DON"T CALIFORNICATE MONTANA
@WayneHawthorne Well they are learning that Montanans don't fall for it easily so I guess we have that on our side.
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