Replies to post #106328 on ajtj99's Market Pulse

[sylvester80]

I agree on the interest only loans.

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<<<the borrower needs to take personal financial responsibility as well.>>>
indeed,, but not just 'as well'. Personal responsibility not to live above your means, IS a must. The predators suck. But they are out there in many forms, not just mortgages. So we always have to be on financial guard. How about car salesman. They rape and pillage more so. The numbers are smaller than with houses, so we don't hear about it as often. But many people get upside down in car loans,,,and perpetually have to hock themselves to get a younger car because they never get paid off. Very costly over a lifetime!

the biggest prob we have as a country of wannahaves, is the never ending feeling of not having enough.

It's completely kookie imo. Debt is made out to be something good . HEY! I got credit! wow!!
Keeping up with the Jones sucks. Who invented that? Oh yeah, the taxman.


Bulldinghy.

[jdaasoc]

The pain will hit harder the lower down the economic ladder you go.

In Newark NJ (90%+ minorities), offers 5 year tax abatement to anyone who redevelops vacant land remaining from the 1967 riots.

You have seen a lot of 2 family homes go up in the $400-500K range that increasingly having for sale signs or for rent signs on them. Mixed in the 20 square block Central Ward are many cement foundation shells that have been abandons by their builders.

Property tax assessments on these 2 family houses are about $12,000 and will kick in over the next 2-3 years as the tax abatement wears out. If the interest rate uptick doesn't make them go empty surely elimination of the 100% tax abatement will.