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mwtosd
Participant[quote=macromaniac]Realtors,
Yea, it’s different this time..here is how..the drop in median price we have seen to date has very little to do with unemployment thus far….but you wait till that effect comes through the pipeline here in the next 6 to 9 months……
no job + no income = no loan mod = more foreclosures
Yea…It’s different this time…it’s going to be a hell of a lot worse and longer….
But I know it’s a great time to buy because prices are down 35%.
[/quote]
I am really surprised not many have commented (1 or 2) on this quote from macromaniac. prices will still come down dramatically because of the unemployment increasing fairly significantly. With so many people underwater, this will really make it impossible to continue to pay the mortgage.
Participant[quote=macromaniac]Realtors,
Yea, it’s different this time..here is how..the drop in median price we have seen to date has very little to do with unemployment thus far….but you wait till that effect comes through the pipeline here in the next 6 to 9 months……
no job + no income = no loan mod = more foreclosures
Yea…It’s different this time…it’s going to be a hell of a lot worse and longer….
But I know it’s a great time to buy because prices are down 35%.
[/quote]
I am really surprised not many have commented (1 or 2) on this quote from macromaniac. prices will still come down dramatically because of the unemployment increasing fairly significantly. With so many people underwater, this will really make it impossible to continue to pay the mortgage.
Participant[quote=macromaniac]Realtors,
Yea, it’s different this time..here is how..the drop in median price we have seen to date has very little to do with unemployment thus far….but you wait till that effect comes through the pipeline here in the next 6 to 9 months……
no job + no income = no loan mod = more foreclosures
Yea…It’s different this time…it’s going to be a hell of a lot worse and longer….
But I know it’s a great time to buy because prices are down 35%.
[/quote]
I am really surprised not many have commented (1 or 2) on this quote from macromaniac. prices will still come down dramatically because of the unemployment increasing fairly significantly. With so many people underwater, this will really make it impossible to continue to pay the mortgage.
Participant[quote=macromaniac]Realtors,
Yea, it’s different this time..here is how..the drop in median price we have seen to date has very little to do with unemployment thus far….but you wait till that effect comes through the pipeline here in the next 6 to 9 months……
no job + no income = no loan mod = more foreclosures
Yea…It’s different this time…it’s going to be a hell of a lot worse and longer….
But I know it’s a great time to buy because prices are down 35%.
[/quote]
I am really surprised not many have commented (1 or 2) on this quote from macromaniac. prices will still come down dramatically because of the unemployment increasing fairly significantly. With so many people underwater, this will really make it impossible to continue to pay the mortgage.
ParticipantI am not sure the feelings of the group on Suze Orman, but I do listen/watch her show and periodic interviews. She has always said
“Never ever borrow against your 401k plan because you will pay double taxation on the money you borrow. Because you don’t pay taxes on the money you put into a 401k, when you pay back the loan (which you must do within five years, or 15 years if used to buy a home), you pay it back with money you have paid taxes on. Then, when you retire and take the money out again, you end up paying taxes on it a second time. And that isn’t even considering the penalties you have to pay if you change jobs/quit/lose your job, in which case the money is due immediately and subject to taxes and a 10% penalty.”
ParticipantI am not sure the feelings of the group on Suze Orman, but I do listen/watch her show and periodic interviews. She has always said
“Never ever borrow against your 401k plan because you will pay double taxation on the money you borrow. Because you don’t pay taxes on the money you put into a 401k, when you pay back the loan (which you must do within five years, or 15 years if used to buy a home), you pay it back with money you have paid taxes on. Then, when you retire and take the money out again, you end up paying taxes on it a second time. And that isn’t even considering the penalties you have to pay if you change jobs/quit/lose your job, in which case the money is due immediately and subject to taxes and a 10% penalty.”
ParticipantI am not sure the feelings of the group on Suze Orman, but I do listen/watch her show and periodic interviews. She has always said
“Never ever borrow against your 401k plan because you will pay double taxation on the money you borrow. Because you don’t pay taxes on the money you put into a 401k, when you pay back the loan (which you must do within five years, or 15 years if used to buy a home), you pay it back with money you have paid taxes on. Then, when you retire and take the money out again, you end up paying taxes on it a second time. And that isn’t even considering the penalties you have to pay if you change jobs/quit/lose your job, in which case the money is due immediately and subject to taxes and a 10% penalty.”
ParticipantI am not sure the feelings of the group on Suze Orman, but I do listen/watch her show and periodic interviews. She has always said
“Never ever borrow against your 401k plan because you will pay double taxation on the money you borrow. Because you don’t pay taxes on the money you put into a 401k, when you pay back the loan (which you must do within five years, or 15 years if used to buy a home), you pay it back with money you have paid taxes on. Then, when you retire and take the money out again, you end up paying taxes on it a second time. And that isn’t even considering the penalties you have to pay if you change jobs/quit/lose your job, in which case the money is due immediately and subject to taxes and a 10% penalty.”
ParticipantI am not sure the feelings of the group on Suze Orman, but I do listen/watch her show and periodic interviews. She has always said
“Never ever borrow against your 401k plan because you will pay double taxation on the money you borrow. Because you don’t pay taxes on the money you put into a 401k, when you pay back the loan (which you must do within five years, or 15 years if used to buy a home), you pay it back with money you have paid taxes on. Then, when you retire and take the money out again, you end up paying taxes on it a second time. And that isn’t even considering the penalties you have to pay if you change jobs/quit/lose your job, in which case the money is due immediately and subject to taxes and a 10% penalty.”
ParticipantI have not read this blog yet, but may be helpful for people in this situation. I book marked it for later reading.
ParticipantI have not read this blog yet, but may be helpful for people in this situation. I book marked it for later reading.
ParticipantI have not read this blog yet, but may be helpful for people in this situation. I book marked it for later reading.
ParticipantI have not read this blog yet, but may be helpful for people in this situation. I book marked it for later reading.
ParticipantI have not read this blog yet, but may be helpful for people in this situation. I book marked it for later reading.
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