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UCGal
ParticipantTo sum up what they are saying:
– First time home buyers might be able to *buy* a house, but they can’t afford to *keep* the house. Especially if the ARM adjusts, there are taxes/HOAs not accounted for in the calcs, and they have an unexpected bill that puts the 40% threshold to close to the edge.
.. Heaven forbid they have normal things happen, like unpaid maternity leave, a car break down, etc…
ParticipantTo sum up what they are saying:
– First time home buyers might be able to *buy* a house, but they can’t afford to *keep* the house. Especially if the ARM adjusts, there are taxes/HOAs not accounted for in the calcs, and they have an unexpected bill that puts the 40% threshold to close to the edge.
.. Heaven forbid they have normal things happen, like unpaid maternity leave, a car break down, etc…
ParticipantI’ve felt for a while, based on anectdotal stories, that the “shadow inventory” isn’t in the bank owned properties.. It’s the limbo’d properties that the owners have stopped paying – but the bank had NOT foreclosed. For whatever reason: loan mods, moratoriums, banks not wanting to acknowlege the loss… It seems that the banks are not moving properties that are delinquent into the foreclosure/courthouse sale.
As far as inflation vs wage inflation. I’m old enough to remember a few economic cycles. The 70’s come to mind as the most obvious example – a recession with a jobless recovery. Lots of unemployment ever after the recession was nominally over. I can see that happening again.
I also think jp makes a good point. The past decade’s economic “growth” was based on over leveraged consumers. Now that credit is less free/easy, there is less money for consumers to spend. That goes for housing, retail, everything.
ParticipantI’ve felt for a while, based on anectdotal stories, that the “shadow inventory” isn’t in the bank owned properties.. It’s the limbo’d properties that the owners have stopped paying – but the bank had NOT foreclosed. For whatever reason: loan mods, moratoriums, banks not wanting to acknowlege the loss… It seems that the banks are not moving properties that are delinquent into the foreclosure/courthouse sale.
As far as inflation vs wage inflation. I’m old enough to remember a few economic cycles. The 70’s come to mind as the most obvious example – a recession with a jobless recovery. Lots of unemployment ever after the recession was nominally over. I can see that happening again.
I also think jp makes a good point. The past decade’s economic “growth” was based on over leveraged consumers. Now that credit is less free/easy, there is less money for consumers to spend. That goes for housing, retail, everything.
ParticipantI’ve felt for a while, based on anectdotal stories, that the “shadow inventory” isn’t in the bank owned properties.. It’s the limbo’d properties that the owners have stopped paying – but the bank had NOT foreclosed. For whatever reason: loan mods, moratoriums, banks not wanting to acknowlege the loss… It seems that the banks are not moving properties that are delinquent into the foreclosure/courthouse sale.
As far as inflation vs wage inflation. I’m old enough to remember a few economic cycles. The 70’s come to mind as the most obvious example – a recession with a jobless recovery. Lots of unemployment ever after the recession was nominally over. I can see that happening again.
I also think jp makes a good point. The past decade’s economic “growth” was based on over leveraged consumers. Now that credit is less free/easy, there is less money for consumers to spend. That goes for housing, retail, everything.
ParticipantI’ve felt for a while, based on anectdotal stories, that the “shadow inventory” isn’t in the bank owned properties.. It’s the limbo’d properties that the owners have stopped paying – but the bank had NOT foreclosed. For whatever reason: loan mods, moratoriums, banks not wanting to acknowlege the loss… It seems that the banks are not moving properties that are delinquent into the foreclosure/courthouse sale.
As far as inflation vs wage inflation. I’m old enough to remember a few economic cycles. The 70’s come to mind as the most obvious example – a recession with a jobless recovery. Lots of unemployment ever after the recession was nominally over. I can see that happening again.
I also think jp makes a good point. The past decade’s economic “growth” was based on over leveraged consumers. Now that credit is less free/easy, there is less money for consumers to spend. That goes for housing, retail, everything.
ParticipantI’ve felt for a while, based on anectdotal stories, that the “shadow inventory” isn’t in the bank owned properties.. It’s the limbo’d properties that the owners have stopped paying – but the bank had NOT foreclosed. For whatever reason: loan mods, moratoriums, banks not wanting to acknowlege the loss… It seems that the banks are not moving properties that are delinquent into the foreclosure/courthouse sale.
As far as inflation vs wage inflation. I’m old enough to remember a few economic cycles. The 70’s come to mind as the most obvious example – a recession with a jobless recovery. Lots of unemployment ever after the recession was nominally over. I can see that happening again.
I also think jp makes a good point. The past decade’s economic “growth” was based on over leveraged consumers. Now that credit is less free/easy, there is less money for consumers to spend. That goes for housing, retail, everything.
Participant[quote=threadkiller]I would be interested in what kind of bids you get on the pool. Wife and I are trying to decide between pool or jacuzzi, they have some really big jacuzzi’s now. Neighbor said they paid $60k for a pool some 5 or 6 years ago, seemed a little high to me.[/quote]
It can run even higher… If there is no place to put the excavated dirt onsite it can get REALLY pricey to haul the dirt away.There’s an entire sub-industry in construction with fill dirt. The end consumer pays at both ends – getting fill and getting rid of fill.
Participant[quote=threadkiller]I would be interested in what kind of bids you get on the pool. Wife and I are trying to decide between pool or jacuzzi, they have some really big jacuzzi’s now. Neighbor said they paid $60k for a pool some 5 or 6 years ago, seemed a little high to me.[/quote]
It can run even higher… If there is no place to put the excavated dirt onsite it can get REALLY pricey to haul the dirt away.There’s an entire sub-industry in construction with fill dirt. The end consumer pays at both ends – getting fill and getting rid of fill.
Participant[quote=threadkiller]I would be interested in what kind of bids you get on the pool. Wife and I are trying to decide between pool or jacuzzi, they have some really big jacuzzi’s now. Neighbor said they paid $60k for a pool some 5 or 6 years ago, seemed a little high to me.[/quote]
It can run even higher… If there is no place to put the excavated dirt onsite it can get REALLY pricey to haul the dirt away.There’s an entire sub-industry in construction with fill dirt. The end consumer pays at both ends – getting fill and getting rid of fill.
Participant[quote=threadkiller]I would be interested in what kind of bids you get on the pool. Wife and I are trying to decide between pool or jacuzzi, they have some really big jacuzzi’s now. Neighbor said they paid $60k for a pool some 5 or 6 years ago, seemed a little high to me.[/quote]
It can run even higher… If there is no place to put the excavated dirt onsite it can get REALLY pricey to haul the dirt away.There’s an entire sub-industry in construction with fill dirt. The end consumer pays at both ends – getting fill and getting rid of fill.
Participant[quote=threadkiller]I would be interested in what kind of bids you get on the pool. Wife and I are trying to decide between pool or jacuzzi, they have some really big jacuzzi’s now. Neighbor said they paid $60k for a pool some 5 or 6 years ago, seemed a little high to me.[/quote]
It can run even higher… If there is no place to put the excavated dirt onsite it can get REALLY pricey to haul the dirt away.There’s an entire sub-industry in construction with fill dirt. The end consumer pays at both ends – getting fill and getting rid of fill.
ParticipantIf you’re looking for a cost effective and enviro friendly solution… Pre arrange with UCSD Medical school to donate your body to them.
They harvest any usuable bits (skin for burn patients, corneas for eye patients even if you have cancer or another disease that makes the other organs unusable.) If nothing else, they can use the body for a cadaver for learning. When they’re done, they cover the cremation costs and dispose of the ashes.
Having had family members choose this option I know it has to be arranged ahead of time. And I know they are very nice when they show up at the hospital or home to collect the body. There is ZERO expense.
The ultimate “Reduce, Reuse, Recycle.”
ParticipantIf you’re looking for a cost effective and enviro friendly solution… Pre arrange with UCSD Medical school to donate your body to them.
They harvest any usuable bits (skin for burn patients, corneas for eye patients even if you have cancer or another disease that makes the other organs unusable.) If nothing else, they can use the body for a cadaver for learning. When they’re done, they cover the cremation costs and dispose of the ashes.
Having had family members choose this option I know it has to be arranged ahead of time. And I know they are very nice when they show up at the hospital or home to collect the body. There is ZERO expense.
The ultimate “Reduce, Reuse, Recycle.”
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