Quote:
Originally Posted by vintageogauge
Over the years I had plenty of mortgages well over 8%, one was 14%, you go with the flow and re-finance later. The economy survived then and it will survive now.
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Our worst was a 10% in 1979 and we were thrilled to get it. Had a couple of 8’s along the way.
But! The thing is now though that house prices are an obscenity.
Remember the days of not spending more on your mortgage than 25% of gross. (And that advice might have included taxes and insurance. It was a long time ago.)
One of our next generation just bought their first house. They had to go up a notch or two in price because landlords were grabbing up everything cheaper in the college town where they live. They are two-income, no student loans, good savers and had a 20% downpayment —but still the chase for that first house has been crazy times. A quote from them, “Now, nobody can raise our rent!”
Another of our next generation just bought one in CA. Holy Digits!!!
I read an article the other day about how we Boomers need to get the hellouta the way so our houses will be for sale. Bashing Boomers seems to be the name of a rather popular game recently. (sigh)
Boomer