Thread: I've been thinking...

Originally Posted by TurnBackTheClock

If you paid for it in cash, then that's cool. If you have a mortgage, then it's not yours until you pay it off. And don't forget the cost of maintenance on the house.

its paid for,....

and i have wildlife and livestock write offs,....which are quite nice if i do say so myself,........

Real Estate bubbles burst too. My mom was telling me over mother's day that what scared her about dad being stationed in Florida in the 1950s was seeing housing sites in the Florida panhandle that couldn't be given away 20 years after the 1925-6 bubble burst. In the 1960s I saw the remnants of the bubble in the Keys where the railroad ruins could be seen from Miami to Key West. In super hot markets: Greater NYC, Boston, Nevada, south Florida, California and some parts of the Gulf Coast; negative real returns on real estate will persist for 20-30 years for any purchases made now. 5-10 years from now when real estate investor finally becomes a synonym for idiot that will be the time to buy but not now. Anyone who has a 30 year mortgage now with more than about 8-9 years left on the note is quite possibly in deep trouble depending on the future rate of foreclosures in their neighborhood. About 10% foreclosed and boarded up houses in a two block radius will usually start cascading value drops that take decades to recover from and such blighted areas spread to natural market barriers or at least that has been true of the industrial midwest since about 1974.

I rent so that if my roof blows off the top of my house, it ain't my problem, it's my landlord's. I'm lucky too, I have a landlord who lets me do pretty much whatever I want in here as long as it's upgrading the joint. I've been here 21 years.

Originally Posted by savannah

its paid for,....

and i have wildlife and livestock write offs,....which are quite nice if i do say so myself,........

Are you Barbie? Yanno, that bitch who has EVERYTHING?

My wife is of the same mind Dr. House. I couldnt really answer her. The only answer I could think of was Savanna's - just for the sake of owning it myself. But how may tens of thousands of lost capital is that worth?

Whatever you do, make sure all your bonds or gold you've hidden under the mattress pays for 30-50 years of retirement because you'll be living longer, and it'll need to include a place to live because you don't own a house.

Trust me, when the day comes that you own more of your house than it owns of you, you can tear out a wall to show it who's boss. In other words, I recommend the house purchase. Real Estate is down now but it always goes back up without fail. The only sure things are death, taxes, and real estate appreciation.

Originally Posted by william the wierd

Anyone who has a 30 year mortgage now with more than about 8-9 years left on the note is quite possibly in deep trouble depending on the future rate of foreclosures in their neighborhood. About 10% foreclosed and boarded up houses in a two block radius will usually start cascading value drops that take decades to recover from and such blighted areas spread to natural market barriers or at least that has been true of the industrial midwest since about 1974.

I don't normally quote myself but I realized that this last part was accurate but misleadingly optimistic:
30 year mortgages are based 1/64,980ths (the sum of 1-360) so the halfway point in amortization is close to 21 years 2 months of payments.
If a neighborhood's boundaries are 12 blocks by 22 blocks like mine is (3rd west to Penman and Beach north to Florida) then a less than 3% foreclosure rate is when a 10% foreclosure rate in a two block radius starts approaching certainty.
I should have been more precise the first time around. my apologies.

Originally Posted by Dubyas-Twin-Sister

Are you Barbie? Yanno, that bitch who has EVERYTHING?

you could say that,........
now if i could just find my ken i'd be fuckin set,....SET,.......