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Re: Rental Nation: U.S. Mortgage Applications Crash to Near-30-Year Low

By: micro in 6TH POPE | Recommend this post (0)
Fri, 25 Aug 23 2:13 AM | 28 view(s)
Boardmark this board | 6th Edition Pope Board 		Msg. 45268 of 60008
(This msg. is a reply to 45267 by nacl01)
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Do you remember the days when a down payment on a mortgage was required? At a minimum it was 10 percent and sometimes 20 percent. That meant one had to earnestly save while working to apply for a mortgage when they could purchase a house. It also was a whole lot more likely the bank or financial institution wasn't going to get stiffed
by the borrower.

Times have really changed. No BAIL for criminals. No down payments for homes and we wonder why things are the way they are..

There seems to be a lack of responsibility and commitment.

Glad I am long past those worries!

I want to get me a new mansion like Decomposed! It looks great!


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The above is a reply to the following message:
Re: Rental Nation: U.S. Mortgage Applications Crash to Near-30-Year Low
By: nacl01 in 6TH POPE
Fri, 25 Aug 23 12:03 AM 		Msg. 45267 of 60008

the bar was set way too low for first time home buyers.

Maybe, in some ways, But prices have gone up A LOT.

I was out of college a year and a half and I bought a townhouse. Then, about 10 years later I bought a single family house. Easc of these properties were about 1.5x my gross salary.

Now, my daughter is 4 years out of engineering school and the houses in Dallas are 4 to 6 times her gross salary. Now that interest rates have gone up, houses are out of reach.

nacl

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