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Liberal_Stalwart71

(20,450 posts)

49. Obama's problem--which is not new to most presidents--is that they make all these claims,

Mon May 6, 2013, 03:54 PM

May 2013

all these promises when they know that they can't do anything without Congress. It is a big problem for this president because he keeps making these promises that he knows damn well can't get past the Republicans. So on that point I agree with you. Still, this is a problem that is at least a decade old. It's going to take some time to fully recover because what the mortgage industry did was really legal. Why was it legal? Because Congress deregulated and reduce its oversight function. So what the banks did in luring people into these homes and making a profit was perfectly legal. But I agree with you: bring back Glass-Stegall. Strengthen congressional oversight of the mortgage and banking industries. Until we have a Congress that will make these changes, we're fucked, and it has little to do with Obama, as there's little he can do. He should stop saying that he can. He can't!

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Across The Country, Renters Are Getting Crushed By Housing Costs [View all] geek tragedy May 2013 OP

Owners of rental houses on the west coast of Florida have been...... NCTraveler May 2013 #1

Families. geek tragedy May 2013 #2

Exactly what is going on. NCTraveler May 2013 #3

Yes, I live there. HooptieWagon May 2013 #30

Overall, privately owned apts, condos, and duplexes have been stagnant. NCTraveler May 2013 #32

"The rent is too damn high!" The campaigner running on this slogan was right!! kelliekat44 May 2013 #40

renting is the absolute smartest way to acquire housing galileoreloaded May 2013 #4

Sure, if you want to be part of the serf class, renting is the surefire way to go. geek tragedy May 2013 #5

10-20 years? have you ever seen job or ownership statistics? galileoreloaded May 2013 #7

I've seen the entire history of rents. geek tragedy May 2013 #9

oy vey, you need a lesson in macro. galileoreloaded May 2013 #11

decisions to buy a house are classic microeconomic decisions. geek tragedy May 2013 #14

lol. all real estate is local right? galileoreloaded May 2013 #20

It sure is local. jeff47 May 2013 #25

Plus, tax deductions. geek tragedy May 2013 #34

The deduction is based on the interest you pay on the property Mosby May 2013 #64

Truly wealthy people don't bother with mortgages at all. geek tragedy May 2013 #65

that's true sometimes but rich people also know how to leverage their assets Mosby May 2013 #66

Mere million dollar home= not terribly rich. geek tragedy May 2013 #70

the bubble wasnt the point it was the trend lol. galileoreloaded May 2013 #39

That chart doesn't prove what you think it proves. geek tragedy May 2013 #31

Seems like they are trying to justify... NCTraveler May 2013 #35

They conflate fluctuations in home price with the cost of home ownership. geek tragedy May 2013 #36

well, when i have some time for a longer teaching moment galileoreloaded May 2013 #38

Ah yes. Everyone just doesn't understand jeff47 May 2013 #41

Perhaps you could explain this statistic: geek tragedy May 2013 #43

you first. galileoreloaded May 2013 #48

Does this mean I should geek tragedy May 2013 #50

actually it tells you to lever up on debt denominated in USD and hold asset out of the country.. galileoreloaded May 2013 #52

it shows me banks are building reserves instead of lending. nt geek tragedy May 2013 #54

its dollar destruction galileoreloaded May 2013 #58

Not always Samantha May 2013 #71

Certainly, in cases such as yours where the landlord only has 1-3 geek tragedy May 2013 #72

Sounds great, if you can get a locked-in rental rate for 30 years or so Orrex May 2013 #6

Ahhh yes, it would be wonderful ellie May 2013 #8

It is very circumstantial, depending on geography, timing in terms of job, family, etc. geek tragedy May 2013 #10

It can only affect your credit for 7 years. jeff47 May 2013 #26

Who the hell can afford to buy and HappyMe May 2013 #12

Depends on the house and the location. We own a condo, so less maintenance. geek tragedy May 2013 #13

You still pay fees to maintain the condo. HappyMe May 2013 #16

A house would be too much money and work for us. geek tragedy May 2013 #18

I guess I'm not in the same HappyMe May 2013 #19

That was an unfortunate choice of words on my part. geek tragedy May 2013 #23

Buying is great if you have a solid job and dont have to move. DCBob May 2013 #15

I would say transaction costs are a bigger problem. geek tragedy May 2013 #17

And that's the main reason I bought when I did shanti May 2013 #33

Well... Freddie Stubbs May 2013 #21

my rent has been stable and VERY reasonable for 15 years.... mike_c May 2013 #22

He's probably very happy to have a good tenant. geek tragedy May 2013 #24

Opposite for me madville May 2013 #67

I earn a pretty good salary but face a dilemma: housing prices are too high in this Liberal_Stalwart71 May 2013 #27

We had to save years and years and years to come up with our 10% down payment. geek tragedy May 2013 #37

Yeah. I'm single and therefore the only income earner. So yes, that's been the name of the game. Liberal_Stalwart71 May 2013 #45

I recommend it. Bonus points if you do it before marriage and geek tragedy May 2013 #46

LOL!! Definitely. I'm sure they want nothing less. :) Liberal_Stalwart71 May 2013 #61

If your credit is good enough, you might be able to get an 80/20 jeff47 May 2013 #42

I don't think anyone does piggybacks anymore. geek tragedy May 2013 #44

Yeah, I work at HUD and am familiar with this program, but even an 80/20 is difficult to come by, Liberal_Stalwart71 May 2013 #47

Have you looked at FHA and FHA-eligible buildings in your area? nt geek tragedy May 2013 #51

Yeah. Still a lot of restrictions, but I haven't given up. Thanks so much. I'll keep saving and Liberal_Stalwart71 May 2013 #62

Look up the FHA program called 'Homepath' and find homes at 3.5% down in your area Bluenorthwest May 2013 #56

Thanks for this! I will look into it. :) Liberal_Stalwart71 May 2013 #60

It's not the rents that are the problem, it's the lack of increases in income. JVS May 2013 #28

If we now had someone who kept to his campaign pledges in the WH - truedelphi May 2013 #29

Obama's problem--which is not new to most presidents--is that they make all these claims, Liberal_Stalwart71 May 2013 #49

May I remind you of a President's ability to truedelphi May 2013 #53

Huh? geek tragedy May 2013 #55

No need to remind me of anything. As someone who works for a federal agency, Liberal_Stalwart71 May 2013 #59

Okay what if I concede and stae that the Congess IS INDEED the problem. truedelphi May 2013 #63

It's also bad in military communities where the housing allowance drives up prices as well. alarimer May 2013 #57

I have a rental unit Blue_In_AK May 2013 #68

I don't think I fit in any of these scenarios. freshwest May 2013 #69