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(former)FormerSanDiegan
ParticipantKid: “But Mom, everybody’s doing it. Even Jimmy”
Mother: “If Jimmy jumped off a building, would you do the same ?”
Kid : “I guess not.”
Mother : “Well then why would you go jumping into a mortgage product because everyone else did ?”
Kid: “I don’t know”
Mother: “You’re grounded. Go to your room and don’t come out until at least 2009.”
ParticipantAll this market volatility is great to see again. The last 2-3 years were too boring.
As for prognostication of sorts I would not be surprised to see a 10-20% market correction within a year or less. But I am not betting on it.ParticipantAll this market volatility is great to see again. The last 2-3 years were too boring.
As for prognostication of sorts I would not be surprised to see a 10-20% market correction within a year or less. But I am not betting on it.August 1, 2007 at 9:52 AM in reply to: If tax write-off was reversed, what would happen to the economy? #69164ParticipantSince the interest deduction has been around longer than highly leveraged mortgages have been popular (prior to WWII most mortgages were much less than 50% of property values), we have NOT been without the deduction of mortgage interest before.
The issue of repealing or reducing mortgage interest was brought forth by Bush’s panel on tax overhaul ideas. The idea was practically DOA because of the various lobbies (not just the NAR, but the 70% of people that “own” homes).
I could see the deduction further limited, e.g. capped at a lower maximum, say the same number as the Conforming Loan Limit. This would hurt places like East band West Coast, but might be easy for the rest of the country to buy into since it is only soaking the rich (and predominantly blue) states.
August 1, 2007 at 9:52 AM in reply to: If tax write-off was reversed, what would happen to the economy? #69235ParticipantSince the interest deduction has been around longer than highly leveraged mortgages have been popular (prior to WWII most mortgages were much less than 50% of property values), we have NOT been without the deduction of mortgage interest before.
The issue of repealing or reducing mortgage interest was brought forth by Bush’s panel on tax overhaul ideas. The idea was practically DOA because of the various lobbies (not just the NAR, but the 70% of people that “own” homes).
I could see the deduction further limited, e.g. capped at a lower maximum, say the same number as the Conforming Loan Limit. This would hurt places like East band West Coast, but might be easy for the rest of the country to buy into since it is only soaking the rich (and predominantly blue) states.
August 1, 2007 at 9:43 AM in reply to: If tax write-off was reversed, what would happen to the economy? #69148ParticipantFactual correction:
The mortgage tax deduction was not introduced in the 1980’s.
All interest (mortgage, credit card, etc) was deductible prior to the tax reform act of 1986. At that point most forms of interest were no longer tax deductible. Exceptions were made for mortgage interest with limitations (maximum value of loan limited to 1 million and up to 100K of home equity lines). Mortgage interest has been deductible since at least 1913.
August 1, 2007 at 9:43 AM in reply to: If tax write-off was reversed, what would happen to the economy? #69219ParticipantFactual correction:
The mortgage tax deduction was not introduced in the 1980’s.
All interest (mortgage, credit card, etc) was deductible prior to the tax reform act of 1986. At that point most forms of interest were no longer tax deductible. Exceptions were made for mortgage interest with limitations (maximum value of loan limited to 1 million and up to 100K of home equity lines). Mortgage interest has been deductible since at least 1913.
ParticipantYes, kaycee could refinance. But it may not make sense because you’d be looking at a mid-to-high 6% rate for non-owner occupied 30-year fixed.
Seems like a keeper loan to me.
What’s the margin and index used to set the rate ?ParticipantYes, kaycee could refinance. But it may not make sense because you’d be looking at a mid-to-high 6% rate for non-owner occupied 30-year fixed.
Seems like a keeper loan to me.
What’s the margin and index used to set the rate ?ParticipantSmells like a flaky seller.
ParticipantSmells like a flaky seller.
ParticipantBeing a housing bear and a market bull has paid off well the last couple years. Many folks have trouble being pessimistic in one realm and optimistic on the other. I think it boils down to personality traits. Those who are neither eternally pessimistic or eternally optimistic typically come out ahead.
ParticipantBeing a housing bear and a market bull has paid off well the last couple years. Many folks have trouble being pessimistic in one realm and optimistic on the other. I think it boils down to personality traits. Those who are neither eternally pessimistic or eternally optimistic typically come out ahead.
ParticipantHaven’t we had this conversation before?
Yes. Many times.But ….
I once had a conversation with my wife about where I wanted to live, how many kids I wanted, etc. If we hadn’t revisited that conversation occasionally she might be pissed that we don’t have 7 kids and live in Tennessee.There are …
1. New sets of eyes (and accompanying sets of new opinions) reading these pages every couple months
2. New sets of data
3. New sets of bearish articles in the media
4. New comments by crazy Jim Cramer
… to consider. -
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