Patrick.net

'The American nightmare'

By tovarichpeter   Follow   Sun, 29 Jul 2012, 10:53am   2,913 views   23 comments
In South San Francisco CA 94080   Watch (2)   Share   Quote   Permalink   Like (1)   Dislike  

http://www.ocregister.com/articles/percent-365633-loan-income.html

Viewing Comments 1-23 of 23     Last »     See most liked comments

1. errc Follow Befriend (7) 29 threads 1,212 comments 31 male Premium

   1   12:36pm Sun 29 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike (1)   Today, some 2.7 million California households –homeowners and renters –pay at least half their income for housing. That includes the Garcias and about 200,000 other Orange County households. The numbers have nearly doubled in the past decade, according to the Census Bureau. A much bigger group –4.6 million California households –is paying 35 percent or more, above the traditional 30 percent norm, up by 1.7 million in a decade. Its cheapskates like this, that are killing the hosuing market and in turn, the economy. Everybody knows that you have to be willing to fork over at least 3/4 of your next 30 years of work in order to live in sunny california, because california is like, so eff'ing cool!

2. Stepheng.bishop Follow Befriend 30 comments

   2   3:03pm Sun 29 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   If you got rid of appraisers and agents, everyone could afford a home, paying less than 1/3 of their income for housing.

3. Bellingham Bill Follow Befriend 30 threads 1,488 comments Bellingham, WA Premium

   3   3:54pm Sun 29 Jul 2012   Share   Quote   Permalink   Like   Dislike   Nope, housing will always suck out every spare dollar from our budgets. The REIC will always get their cut. As Iwog said recently, the only way to eliminate the scarcity rents that is their rake is to OVERBUILD, like what the REIC accidentally did to Las Vegas. This is why I'm kinda attracted to going back to Japan -- by the end of the decade the population of 20-50 yos is going to fall 10%, and in the 10 years after that close to another 20% from there. That's not bullish for housing, LOL. No place I want to live in California has oversupply, quite the opposite in fact.

4. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   4   7:25am Mon 30 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   Why are stories like these still coming up? I thought worst was behind us. Wasn't 2009 bottom the bottom of the housing market?

5. CaptainShuddup Follow Befriend (1) 247 threads 4,705 comments

   5   7:28am Mon 30 Jul 2012   Share   Quote   Permalink   Like (4)   Dislike (3)   I'm under 25% of my income. A number I learned from people from a time, smarter than the idiots running around changing and rewriting the rules prudence. Funny when you're less than 25%, you don't really give a crap what the market does.

6. HEY YOU Follow Befriend (4) 330 threads 919 comments

   6   9:06am Mon 30 Jul 2012   Share   Quote   Permalink   Like (3)   Dislike   No matter what any ones payment is, what happens if they lose their job? I guess that couldn't happen in this wonderful economy. Has anyone tried- No Debt?

7. 37108605 Follow Befriend 1 threads 1,055 comments

   7   4:03am Sat 29 Sep 2012   Share   Quote   Permalink   Like (1)   Dislike (2)   errc says Today, some 2.7 million California households –homeowners and renters –pay at least half their income for housing. Well, they must be pretty fucking stupid.

8. coriacci1 Follow Befriend (1) 65 threads 268 comments

   8   5:59am Sat 29 Sep 2012   Share   Quote   Permalink   Like   Dislike   gonMonnemyGox says i w ksztalt krzyza naznaczony przez los z tego zycia stanowi najpowszechniejsza forma dzumy posocznicowej i dzumy. i am convinced!

9. jan Follow Befriend 4 threads 68 comments McKeesport, PA

   9   9:06am Sat 29 Sep 2012   Share   Quote   Permalink   Like (1)   Dislike   No matter what any ones payment is, what happens if they lose their job? I guess that couldn't happen in this wonderful economy. Has anyone tried- No Debt? Yes and it is wonderful and sobering at the same time. We were playing the game like everyone else, and then I realized how much interest we were paying on credit cards. We paid them off and never looked back. We inherited the house, and we are about half the value in fixing it up. Still have miles to go.

10. Call it Crazy Follow Befriend 229 threads 2,777 comments

    10   9:24am Sat 29 Sep 2012   Share   Quote   Permalink   Like   Dislike (3)   coriacci1 says gonMonnemyGox says i w ksztalt krzyza naznaczony przez los z tego zycia stanowi najpowszechniejsza forma dzumy posocznicowej i dzumy. i am convinced! Yep, makes total sense to me!!

11. Call it Crazy Follow Befriend 229 threads 2,777 comments

    11   9:26am Sat 29 Sep 2012   Share   Quote   Permalink   Like (1)   Dislike (2)   jan says No matter what any ones payment is, what happens if they lose their job? They just squat in the house and don't pay for years....... Isn't this a wonderful country!!

12. Goran_K Follow Befriend (4) 25 threads 1,519 comments Laguna Beach, CA Premium

    12   9:29am Sat 29 Sep 2012   Share   Quote   Permalink   Like   Dislike   jan says No matter what any ones payment is, what happens if they lose their job? I guess that couldn't happen in this wonderful economy. Has anyone tried- No Debt? No worries. Squat, save a few years salary by not making any mortgage payments. Wait 2 years, then start over again.

13. swebb Follow Befriend (3) 29 threads 490 comments Denver, CO

    13   9:58am Sat 29 Sep 2012   Share   Quote   Permalink   Like (1)   Dislike   HEY YOU says No matter what any ones payment is, what happens if they lose their job? I guess that couldn't happen in this wonderful economy. Has anyone tried- No Debt? When you sign a lease, you aren't exactly taking on debt the same way as you do with a mortgage, but it's a liability on your balance sheet. If you lose your job you still have to pay rent next month, the same as you would have to pay a mortgage. True, with renting your lease term is probably relatively short in comparison to a 30 year loan, but you still do have to live somewhere, probably at some cost. I don't think it's a good idea to take out a home loan that you would be pressed to afford, but I don't think you need to avoid all debt. Pick a house that is fairly priced (so you can reasonably "get out" if you need to down the road), and one that you could afford the payment on even with a significant (40%?) pay cut. That way you can still live pretty stress free.

14. rfsanders Follow Befriend 6 threads 55 comments Fontana, CA

    14   10:24am Sat 29 Sep 2012   Share   Quote   Permalink   Like (2)   Dislike   I pay 1/3 of my take home pay ... in RENT! Stupid, lousy job market. People pay more for HOA fees than I do for housing. #endofwhine

15. 37108605 Follow Befriend 1 threads 1,055 comments

    15   10:35am Sat 29 Sep 2012   Share   Quote   Permalink   Like   Dislike (1)   errc says Today, some 2.7 million California households –homeowners and renters –pay at least half their income for housing. Bill Gorton: "How did you go bankrupt?" Mike Campbell: "Gradually, and then suddenly." --Hemingway (The Sun Also Rises)

16. 37108605 Follow Befriend 1 threads 1,055 comments

    16   2:27pm Sat 29 Sep 2012   Share   Quote   Permalink   Like   Dislike (1)   Watch and learn, the best I could find covering the basis of this entire mess outlined step by step &feature=related

17. E-man Follow Befriend (31) 34 threads 2,545 comments San Jose, CA Premium

    17   4:35pm Sat 29 Sep 2012   Share   Quote   Permalink   Like   Dislike   jan says We inherited the house Aren't you glad the older generation left you a house? Not everyone is as fortunate. You have a lot to thank for this Thanksgiving.

18. Politicofact Follow Befriend (3) 99 threads 464 comments

    18   4:38pm Sat 29 Sep 2012   Share   Quote   Permalink   Like (3)   Dislike   rfsanders says I pay 1/3 of my take home pay ... in RENT! Stupid, lousy job market. People pay more for HOA fees than I do for housing. #endofwhine That's normal and near the requirement for a mortgage. Most people spend 50% on rent believed it or not

19. AdamCarollaFan Follow Befriend 40 comments Sacramento, CA

    19   8:34am Thu 4 Oct 2012   Share   Quote   Permalink   Like   Dislike   in the article, it was great to hear that Fullerton-based Cheryl's realtor (R) told her not to buy the condo in 2006 because it was overpriced. maybe realtors (R) aren't that bad after all?

20. bmwman91 Follow Befriend (7) 37 threads 1,531 comments Mountain View, CA bmwman91's website Premium

    20   10:21am Thu 4 Oct 2012   Share   Quote   Permalink   Like   Dislike   My fiancee and I are fortunate. We are both in high tech, and at the same time have what some would consider to be "low standards" for where we live. Living expenses (rent, utilities, internet) are 10.3% of annual gross base pay, and 8.9% if bonuses & commission are factored in. It's no wonder that I look at buying a house anywhere in the SFBA and cringe. My quality of life would take a big old shit. Damn near everyone else in our income bracket is putting 30%+ of their income into their houses, and we would have to as well. Or, we could buy a house and put a lot less than 30% in but have to consume 8-10 hours a week commuting (my commute is a 5 minute bike ride now). No, thank you!

21. edvard2 Follow Befriend 34 threads 2,106 comments

    21   12:30pm Thu 4 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   What's interesting looking at that chart is that none of the super-high percentage payers appear in the areas you'd expect: aka- SF, Silcon Valley, etc etc. All of the red areas are out in places like the Central Valley, Mendocino, etc.

22. PolishKnight Follow Befriend (1) 408 comments Reston, VA

    22   1:00pm Thu 4 Oct 2012   Share   Quote   Permalink   Like   Dislike (3)   Being a limosine liberal can be an expensive luxury...

23. elliemae Follow Befriend (25) 413 threads 6,981 comments Saint George, UT elliemae's website

    23   11:27pm Thu 4 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike (1)   AdamCarollaFan says maybe realtors (R) aren't that bad after all? nah, they're really that bad.