Americans' equity in their homes near a record low

Lowaicue said:
If you knew how to build with bricks, mortar or concrete, I might be tempted to look at some bargains, but who the hell wants to buy a shed that has to be treated for woodworm and dry rot and is likely to be huffed and puffed away at the first sign of a tornado.
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You don't know what you're talking about. when properly constructed on a masonry foundation a wood house can last centuries.
 
Sorry troll, but unlike you I have excellent credit, and both of my homes are in restricted developments where manufactured homes are not allowed.

Edit: LOL at troll deleted his own post in an attempt to avoid embarrassment.
 
Lowaicue said:
If you knew how to build with bricks, mortar or concrete, I might be tempted to look at some bargains, but who the hell wants to buy a shed that has to be treated for woodworm and dry rot and is likely to be huffed and puffed away at the first sign of a tornado.
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If I were to build a home now, I would be very tempted to build a dome house, more likely a monolithic dome from concrete. The more I have read the more I like them.
 
Lowaicue said:
My pleasure. However I do know how to build houses that last for hundreds of years and do not blow down in hurricans. twat.
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Actually I don't think you do. You see, in the US, residential building codes require you to build up to hurricane standards and when corners aren't cut homes survive hurricanes. Wood homes are also designed to last for 30 years with little maintenance. Many last much longer but only because they are adequately maintained.
 
Damn Yankee said:
Falling real estate prices are eating away at home equity. The percentage of their homes that Americans own is near its lowest point since World War II, the Federal Reserve said Thursday. The average homeowner now has 38 percent equity, down from 61 percent a decade ago.
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]http://www2.journalnow.com/business...-equity-in-their-homes-near-a-rec-ar-1107985/

Nice move, Democrats. :palm:
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One has to look at the upside. Housing prices increased so much, so quickly, that many first-time buyers were priced out of the market. If they did manage to save a down payment quick enough before the price rose they were priced out of their mortgage range. Now prices are coming more in line with other things.

Housing is a basic requirement. Imagine if food prices increased as fast as housing prices. How many of us would be sympathetic towards beef farmers if steaks and hamburger increased like housing prices increased and then the prices fell? Would we feel sorry for the beef farmer? Of if milk doubled in price in a matter of a few years and then declined. Would we feel sorry for the dairy farmer?

Once a person signs a mortgage the rate stays the same over the period of the renewable, say 5 years. Does the average rent stay the same for 5 years?

Bitch. Bitch. Bitch. People who have a home are much better off than renters in the long run. Whether the house value stays the same or even decreases a little the owner will still be paying less than a renter in the not too distant future and the whole idea is to have shelter.

While the current home I purchased 10 years ago, just before the housing bubble, has definitely increased in value the main point is my mortgage is less than what a 3 room apartment now costs. Even if my home had never increased in value I would be better off. The fact is even if my home had lost value I'd still be better off as I'm living in a house for the price of an apartment.

Think of it this way. Is it better for the average 50-something to be living in a home of high value so he/she can sell it in a few years and have money to retire while others, mostly young people, continue to rent or is it better to have moderate housing prices allowing young people to obtain ownership sooner and pay a few extra dollars towards SS? And let's not forget young people are more energetic. They are more likely to finish a basement or make other improvements to their home.

Along with the young home owner having the energy to improve their investment the pride of ownership also motivates them in other areas of life. They have a feeling of accomplishment.

It benefits everyone should housing prices become realistic. We can't expect young people to contribute to SS while their ability to enjoy home ownership is delayed and then watch older folks sell their home and collect SS while enjoying the proceeds of their sale.

Fannie and Freedy and the whole mortgage scheme should have been tailored for first time buyers only. That was the mistake. Greedy flippers and multiple home investors ruined it for everyone.
 
Lowaicue said:
If you knew how to build with bricks, mortar or concrete, I might be tempted to look at some bargains, but who the hell wants to buy a shed that has to be treated for woodworm and dry rot and is likely to be huffed and puffed away at the first sign of a tornado.
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Clearly you have no understanding of construction.
 
Damn Yankee said:
Actually I don't think you do. You see, in the US, residential building codes require you to build up to hurricane standards and when corners aren't cut homes survive hurricanes. Wood homes are also designed to last for 30 years with little maintenance. Many last much longer but only because they are adequately maintained.
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I don't give a toss for US regs. They tend to be way below BS and in many cases below Jap and Aussie standards. I have worked to them all and have worked with consultants who have had to wrestle with ASTM standards in an effort to give the client what he requires. I have seen ASTM chucked out in favour of Jap standards. So dont come the raw prawn, yank. You know f-all about international construction.
We build to 120 years design life, know what that means, do you? Wooden houses? You must be having a flaming laugh. You build with wood because it is cheap and in plentiful supply in the US. Not because it is good.
 
ya gotta be a dumbass to pin this on politics, oh wait southern back whisker burns posted.
never mind

Americans Net Worth is rising as home prices fall.
And guess what, your home is not your most liquid asset and is better used for living in.
 
apple0154 said:
One has to look at the upside. Housing prices increased so much, so quickly, that many first-time buyers were priced out of the market. If they did manage to save a down payment quick enough before the price rose they were priced out of their mortgage range. Now prices are coming more in line with other things. ...
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This misses the point entirely. The OP proves that there is an overall drop in wealth held by all American homeowners, not just youngins.
 
Lowaicue said:
I don't give a toss for US regs. They tend to be way below BS and in many cases below Jap and Aussie standards. I have worked to them all and have worked with consultants who have had to wrestle with ASTM standards in an effort to give the client what he requires. I have seen ASTM chucked out in favour of Jap standards. So dont come the raw prawn, yank. You know f-all about international construction.
We build to 120 years design life, know what that means, do you? Wooden houses? You must be having a flaming laugh. You build with wood because it is cheap and in plentiful supply in the US. Not because it is good.
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We build with wood because it is cheap and plentiful, yes. And we build with a 30 year design life, extendable to 100 or more with regular maintenance. That is why more Americans own their own homes and can do so with a 30 year mortgage instead of 100 years which is the Japanese standard.
 
Damn Yankee said:
We build with wood because it is cheap and plentiful, yes. And we build with a 30 year design life, extendable to 100 or more with regular maintenance. That is why more Americans own their own homes and can do so with a 30 year mortgage instead of 100 years which is the Japanese standard.
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or 5 to 10 years here. Is the Japanese point significant in any way?

I don't think you understand the meaning of 'design life', do you?
 
Lowaicue said:
or 5 to 10 years here. Is the Japanese point significant in any way?

I don't think you understand the meaning of 'design life', do you?
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Its significant because Americans have the highest level of home ownership, and building inexpensive homes is part of that equation.
 
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