Main > Everything Else

Bloodbath only a few hours away

<< < (9/10) > >>

danny_galaga:

--- Quote from: ChadTower on January 22, 2008, 02:15:22 pm ---
5.3 is damn low.  I think I'm at 5.875.  We didn't have the pocket cash to pay points and get it any lower.   :banghead:

--- End quote ---

funny about that. just the other week my housemate and i realised that we didnt even know what our mortgage rate was! the reason? we are so comfortable we just havent been paying attention. if i had to pay DOUBLE the payments i could still manage (but THEN id be watching every cent, thats for sure). I own my house with my sister though, she'll know the rate  ;D

shardian:

--- Quote from: mr.Curmudgeon on January 22, 2008, 05:00:52 pm ---Not entirely true. The median income (4-person family) in Massachusetts was the same as Michigan, when I moved out here in 2001. Haven't checked it since. And housing prices were/are OUTRAGEOUS.


EDIT:

Even right now, there's not a tremendous difference:

Massachusetts - 85,420
Michigan - 71,542

The job market makes all the difference. Michigan is hardest hit with foreclosures because of a loss of manufacturing jobs as the auto industry struggles. I know. My people are there, they're being effected and it sucks.

--- End quote ---

You consider 14000 not a difference for median incomes? Dude, that is a years worth of $1200 mortgage payments.

Hoopz:

--- Quote from: shardian on January 23, 2008, 08:11:32 am ---
--- Quote from: mr.Curmudgeon on January 22, 2008, 05:00:52 pm ---Not entirely true. The median income (4-person family) in Massachusetts was the same as Michigan, when I moved out here in 2001. Haven't checked it since. And housing prices were/are OUTRAGEOUS.


EDIT:

Even right now, there's not a tremendous difference:

Massachusetts - 85,420
Michigan - 71,542

The job market makes all the difference. Michigan is hardest hit with foreclosures because of a loss of manufacturing jobs as the auto industry struggles. I know. My people are there, they're being effected and it sucks.

--- End quote ---

You consider 14000 not a difference for median incomes? Dude, that is a years worth of $1200 mortgage payments.

--- End quote ---
Almost 20% more.  That's a big difference. 

ChadTower:

$14000 difference won't cover a year of $1200 mortgage payments.  That is only like $8000-9000 in actual takehome pay.  It is definitely a substantial difference in median income, though.

A 20% difference is really big when talking in medians.

NinjaEpisode:

--- Quote from: mr.Curmudgeon on January 22, 2008, 05:00:52 pm ---The job market makes all the difference. Michigan is hardest hit with foreclosures because of a loss of manufacturing jobs as the auto industry struggles. I know. My people are there, they're being effected and it sucks.

--- End quote ---

I can attest to this.  Those of us living in Michigan right now are fighting to keep our jobs and while the rest of the world is just now realizing that the economy might be in trouble, we've been feeling it heavily for at least a year now if not longer.

That being said, however, I think there is a mixed bag of blame to go around when it comes to the mortgage crisis.  Those that are alleged "victims" here either

a.) bought entirely outside of their means, meaning they were approved for a loan and subsequently a monthly mortgage payment that, while working they could afford just fine, but if one of them got laid off, suddenly that payment was no where near attainable.  Basically they bit off more than they could chew.

or

b.) Mortgage companies snowed them in to no-interest for x period loans or interest-only loans that sounded just too good to pass up.  The most ridiculous concept I've heard of is an interest-only loan.  Banks don't give anything away for free people.  You're going to have to pay on that principal at some point.   

In Michigan, interest-only loans were marketed heavily through radio, television, and print media.  To a manufacturing  line worker making a set hourly wage, it was looked upon as a way to move up in the world and achieve a greater standing.

Not every line-worker is as smrt as Chad and has the ability or know-how to research the best mortgage and consequences of that mortgage.  They relied heavily on their loan institutions to tell them what was the right thing to do.

Navigation

[0] Message Index

[#] Next page

[*] Previous page

Go to full version