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Author Topic: Financial burden of homeownership spread unequally  (Read 1451 times)

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Offline MrsSmith

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Financial burden of homeownership spread unequally
« on: January 18, 2009, 07:00:35 PM »
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brentspeak (1000+ posts)      Sun Jan-18-09 07:35 PM
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Financial burden of homeownership spread unequally

 Advertisements [?]Source: AP

By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer

WASHINGTON – When it comes to homeownership, Hispanics in New Jersey, single parents in California and senior citizens in Rhode Island all have something in common: More than a third have an unaffordable mortgage.

Inequality in America has traditionally followed familiar patterns of race, age and education. Those long-standing gaps have been magnified by the real estate boom and now the historic bust, according to an Associated Press analysis of 2007 Census Bureau data.

(snip)

Nearly 9.5 million households, or nearly one out of every five of the nearly 52 million homeowners with a mortgage, spend 38 percent or more of their pretax income on their mortgage payment, property taxes and insurance, the AP's analysis found. That's the new threshold to qualify for the loan assistance program launched last month by Fannie Mae and Freddie Mac, the mortgage finance companies now under government control.

Read more: http://news.yahoo.com/s/ap/housing_thirty_eight_percent

No bonfire, yet...but it may flare.  The premise is stupid enough for them to love it.   ::)  Seriously, does no one even thinking of buying a smaller, cheaper house if their income is low?   ::) ::)  They're all  :loser: :loser:.
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Offline thundley4

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Re: Financial burden of homeownership spread unequally
« Reply #1 on: January 18, 2009, 07:05:42 PM »
Teh Stoopid is strong on Skin's Island. I wonder how many of those same people have high car payments because of buying a car to fit the house?
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Offline The Village Idiot

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Re: Financial burden of homeownership spread unequally
« Reply #2 on: January 18, 2009, 07:08:42 PM »
RENT!

Its a pretty amazing concept
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Offline thundley4

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Re: Financial burden of homeownership spread unequally
« Reply #3 on: January 18, 2009, 07:15:06 PM »
Quote from: FGL on January 18, 2009, 07:08:42 PM
RENT!

Its a pretty amazing concept

And it's a Broadway play.  :rotf:
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Offline LC EFA

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Re: Financial burden of homeownership spread unequally
« Reply #4 on: January 18, 2009, 07:15:51 PM »
Quote from: MrsSmith on January 18, 2009, 07:00:35 PM
No bonfire, yet...but it may flare.  The premise is stupid enough for them to love it.   ::)  Seriously, does no one even thinking of buying a smaller, cheaper house if their income is low?   ::) ::)  They're all  :loser: :loser:.

Ah you see that would involve them to make a direct personal sacrifice rather than demanding that sacrifice of others at the point of the governments gun.
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Offline The Village Idiot

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Re: Financial burden of homeownership spread unequally
« Reply #5 on: January 18, 2009, 07:20:17 PM »
personal sacrifice is not something they believe in. They believe YOU should sacrifice for them.
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Offline DumbAss Tanker

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Re: Financial burden of homeownership spread unequally
« Reply #6 on: January 19, 2009, 01:51:34 AM »
Wow, you mean the most financially stressed and unsophisticated borrowers have mortgages that are more likely to fail?!?  How can this be???


 :o


Damn, that's stupid.   :lmao:
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Offline Chris_

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Re: Financial burden of homeownership spread unequally
« Reply #7 on: January 19, 2009, 06:15:25 AM »
Quote from: MrsSmith on January 18, 2009, 07:00:35 PM
No bonfire, yet...but it may flare.  The premise is stupid enough for them to love it.   ::)  Seriously, does no one even thinking of buying a smaller, cheaper house if their income is low?   ::) ::)  They're all  :loser: :loser:.

You would think...they love to move into better neighborhoods with better schools (that they can't afford on their welfare payments).  That tends to bring the whole area including the schools down a notch.
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Offline Ree

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Re: Financial burden of homeownership spread unequally
« Reply #8 on: January 19, 2009, 06:55:29 AM »
Can someone explain to me how someone who make 40,000 a year thinks they can afford a 400,000 house?
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Offline BlueStateSaint

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Re: Financial burden of homeownership spread unequally
« Reply #9 on: January 19, 2009, 07:14:48 AM »
Quote from: Ree on January 19, 2009, 06:55:29 AM
Can someone explain to me how someone who make 40,000 a year thinks they can afford a 400,000 house?

No, but they feel that they deserve it, and 'bats are all about feelings . . .
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Offline Chris_

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Re: Financial burden of homeownership spread unequally
« Reply #10 on: January 19, 2009, 07:17:44 AM »
Quote from: ROCKURWORLD on January 19, 2009, 06:15:25 AM
You would think...they love to move into better neighborhoods with better schools (that they can't afford on their welfare payments).  That tends to bring the whole area including the schools down a notch.
That's their idea of equality....lowest common denominator.
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Offline Chris_

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Re: Financial burden of homeownership spread unequally
« Reply #11 on: January 19, 2009, 07:18:35 AM »
Quote from: BlueStateSaint on January 19, 2009, 07:14:48 AM
No, but they feel that they deserve it, and 'bats are all about feelings . . .
DUmmie math says they should be able to pay that off in 10 years.   :thatsright:
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Offline Ree

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Re: Financial burden of homeownership spread unequally
« Reply #12 on: January 19, 2009, 07:40:35 AM »
Quote from: lug-nut on January 19, 2009, 07:18:35 AM
DUmmie math says they should be able to pay that off in 10 years.   :thatsright:
Damn....even I know that will never happen...
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Offline formerlurker

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Re: Financial burden of homeownership spread unequally
« Reply #13 on: January 19, 2009, 07:44:26 AM »
Housing market prices are set to discriminate against single parents, seniors and Hispanics.......   damn, the cat is out of the bag. 

Which one of you sent this out over your Blackberry???   
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Offline BlueStateSaint

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Re: Financial burden of homeownership spread unequally
« Reply #14 on: January 19, 2009, 08:08:14 AM »
Quote from: formerlurker on January 19, 2009, 07:44:26 AM
Housing market prices are set to discriminate against single parents, seniors and Hispanics.......   damn, the cat is out of the bag. 

Which one of you sent this out over your Blackberry???   

I don't have a Blackberry . . .  :tongue: so it's not me!

Obama does, though . . . Can't find the link, but he apparently doesn't want to give it up.
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Offline JohnnyReb

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Re: Financial burden of homeownership spread unequally
« Reply #15 on: January 19, 2009, 08:27:37 AM »
SO WHAT???....DUmmies can't spread BS evenly either.
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Offline USA4ME

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Re: Financial burden of homeownership spread unequally
« Reply #16 on: January 19, 2009, 09:35:29 AM »
Quote from:
Nearly 9.5 million households, or nearly one out of every five of the nearly 52 million homeowners with a mortgage, spend 38 percent or more of their pretax income on their mortgage payment, property taxes and insurance, the AP's analysis found. That's the new threshold to qualify for the loan assistance program launched last month by Fannie Mae and Freddie Mac, the mortgage finance companies now under government control.

These are the guidelines that Chris Dodd and Barney Fag pushed to get for monority borrowers, and now they're upset about it.

The heart bleeds.

.
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Offline BlueStateSaint

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Re: Financial burden of homeownership spread unequally
« Reply #17 on: January 19, 2009, 09:42:22 AM »
Quote from: JohnnyReb on January 19, 2009, 08:27:37 AM
SO WHAT???....DUmmies can't spread BS evenly either.

Lord knows they try.
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"Timid men prefer the calm of despotism to the tempestuous sea of Liberty." - Thomas Jefferson

"All you have to do is look straight and see the road, and when you see it, don't sit looking at it - walk!" -Ayn Rand
 
"Those that trust God with their safety must yet use proper means for their safety, otherwise they tempt Him, and do not trust Him.  God will provide, but so must we also." - Matthew Henry, Commentary on 2 Chronicles 32, from Matthew Henry's Commentary on the Whole Bible

"These anti-gun fools are more dangerous to liberty than street criminals or foreign spies."--Theodore Haas, Dachau Survivor

Chase her.
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Offline MrsSmith

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Re: Financial burden of homeownership spread unequally
« Reply #18 on: January 19, 2009, 05:48:10 PM »
Quote from: USA4ME on January 19, 2009, 09:35:29 AM
These are the guidelines that Chris Dodd and Barney Fag pushed to get for monority borrowers, and now they're upset about it.

The heart bleeds.

.
I finally realized that earlier today.  The  :censored: Community Reinvestment Act forced banks to loan to minorities that would have trouble repaying...and now the media is all over the story of how "unfair" it is that these minorities can't afford the houses that the  :censored: Democrats forced the banks to write mortgages on!   :thatsright: :thatsright: :thatsright:
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