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Home prices and Unemployment

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Home prices and Unemployment

Post by Jobless_in_Ma on Wed Feb 23, 2011 9:27 pm

From N.P.R

http://www.npr.org/blogs/money/2011/02/23/134001937/home-prices-and-unemployment

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Thanks to all members for participating in the discussions.

Jobless_in_Ma
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Re: Home prices and Unemployment

Post by TR11005 on Wed Feb 23, 2011 11:12 pm

Thanks for the information. It still comes down to: Location, Location, Location.

Perfect time to buy on house, lousy time to find a job if you don't have one. Young people should take advantage of this. I did this back in in the 1980's, My only problem is I have a bigger mortgage when I started out on my second home. Instead of having a 16% interest rate, I got a land contract at 12% in 1981 with a deal on my first house. Sold it in 85 when interest rate went down to 11% for a house 2 times the size. This house was much under value then first.

With 2 recessions in 92 and now was forced to to take more out of my equity. Refinanced several times to 5.5% in 2002, to make my home equity in good times. Being older, I would loose too much to sell and it still mortgage is still much lower, if you went to a decent apartment. Taking advantage of the refinancing and all things consider. I am still further ahead if I had continue to pay off house at 11%. Instead of paying 4 times for on the first 15 year loan. I am hardly paying 2 times. Considering I have used the equity to of the house to stay afloat. I am at the middle of this loan 15 year loan..

If a young person could get a steal on a house, then the prices bounce back in 5 years. They will have equity to borrow from it. The wisest thing I did was saved and had a large down payment. It is stupid to buy a house with less than 20% down. My house now is worth two times I paid for it, even with the hit on house prices.

Just because your out of a job, it does not mean the end of the world. Sometimes a bad location is good. Many people could never buy a house in California. That turnout to be a good thing not buying there. Eventually a job will come along, just have a decent down payment. Now, it is time to buy in California and elsewhere.

How I succeeded was sell your house for a beating, but buy a better house at greater buy. Even bad locations can be a good investment. The house you buy should be a fixer upper where others are building bigger houses is best. I did this with my current house, which keeps my value from going down too much.

So a bad location, bad location, bad location can be everything. too.

Any other stories?

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