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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: BWAC who wrote (27793)	3/4/2005 4:50:04 PM
From: Les H	Read Replies (2) \| Respond to of 306849

[quote]$2761 = $260,400 = using credit cards for month to month bills = not eating much = forever and deeper in debt. (Assuming of course they don't flip it out for 50% profit every year!) [/quote] It'd be hilarious if we went to a consumption tax with all these homes mortgaged to the hilt.

To: BWAC who wrote (27793)	3/5/2005 4:45:23 AM
From: Amy J	Read Replies (1) \| Respond to of 306849

BWAC, They consider 33k salary adequate for a 260k mortgage? tinyurl.com Loan $264,000, 5.5 %, 30 years, Monthly Payment = $1,498 payroll-taxes.com Net Pay = $1,759.46, assuming 401K is 15% 1759 - 1498 = $261/mo. The government sponsors a program that encourages consumers to have only $261/mo to live on? $261/mo would not pay for health insurance, food, electricity/heat, and a bus pass. And where's the rainy day 5% savings? What happens when their roof needs repairing? If this is the new "Ownership Society", it sounds similar to Britain's serfs, but where the owner is the corporate bank. Regards, Amy J