Posted on 08/15/2007 6:11:20 PM PDT by Kaslin
>The President is issuing “America’s Homeownership Challenge” to the real estate and mortgage finance industries to join in his effort to increase in the number of minority homeowners by 5.5 million families by the end of the decade.<
And just what does he expect the real estate and mortgage finance industries to do? Sounds like more welfare to me. If he would just close the borders, and clear the decks of illegals, jobs at the entry level and above would open to those minorities, enabling them to close in on their dreams of home ownership. It might even serve to preserve the middle class!
>If you have 5% down, verifiable income, and a decent credit score, it’s still doable rather easily. Don’t let the media fool you.<
Better 10% down with verifiable income (three years income tax returns), and a decent credit rating. Three important prerequisites missing the last five years or so!
The rise in the market prices were DIRECTLY the result of easy lending policies of the Fed and the banks.
That fueled the speculation.
If the Fed wants prices of new cars to go down or stabilize, they cut back on new car loans. If they want the prices to rise, they make loans more available.
Simple as that.
I concur.
I see, so the problem is not one of the failure of Central Planning. In your mind, it is just a matter of needing the "right people" to centrally manage the economy.
Ugh.
There is no evidence of planning, much less “central planning.”
The Fed is supposed to foresee and forestall liquidity crisises...that’s its job.
Why is it asleep?!
Why even have it if it won’t do its stated job?
LOL. The Fed's job is to provide the Federal Government with infinite credit regardless of the damage done to the private economy.
Naturally this results in crisises. The entire point of the Fed is to regularly generate crisises and unnatural inflationary asset bubbles that allow the FedGov and favored banking institutions to consolidate and centralize control of the economy.
They've been debasing the currency at 8% per year since 1995 until they abolished money supply data. Since then its been running 13% per year.
What in the hell did you think was going to happen?
The current liquidity crisis threatens our entire banking system. It does not benefit them.
The Fed does not print money and give it to the government.
They've been debasing the currency at 8% per year since 1995 until they abolished money supply data. Since then its been running 13% per year.
Because every dollar they print debases the currency? That's funny!
They eliminated M3 so they could inflate in secret? That's funny too.
Shhhh. It'th a thecret!
Whew, you need to up your dosage.
True. But they were having a good ole time right up until now.
Now we will need to bail them out for the sake of the little people, of course.
Not quite yet...
Yeah sure we banked the windfall.
With more employees, workers comp rates rose. So did business liability since both workers comp and general liability rates are based solely on payroll.
Alsi there were increased withholding matching taxes. Unemployment tax, federal and state, increased because of more payroll. And to get decent help, wages were pressured upwards to compete with the demand for help. all contributing to the government and insurance industry getting richer.
Replacement cost of equipment rose. Gasoline for the truck rose. Repair costs for the truck rose. Rental equipment rose. Phone bill rose. Advertising went up.
Yeah, for all the hard work we really made a killing and saved a lot of money back for hard times.
Do I think I made some bad choices? No!
Occasionally a questionable choice looking back. But I did what was necessary to remain competitive, keep the lights on, keep a payroll reserve, and pay insurance.
Sitting in your ivory tower it is easy for you to say I made a bad choice because of my trade.I am not a fortunate son. Kiss my a$$.
it isn’t that there are not houses going up. Just not as many. So there is downward price competition of at least 20% less for the same work this time last year. This is great for the builders who prod on the subcontractors to drop prices to a ridiculous level!
I can’t begrudge the builders for siezing on the opportunity to save some money. But any loyalty based on past business relationships has gone with the wind. But this situation is creating a business climate where nobody can sustain a viable business. Bricklaying is hard work and a skill that few people can do. I cannot operate a business with quality employees when they make more money than I do and don’t have overhead like taxes and insurance. So why work my ass off and give a skill away and still go broke?? That is where the pressure falls and frankly I can’t sustain without hiring illegals for below minimum wage.
Assets in knowledge and equipment don’t pay the bills if the work is not there.
Good luck on the remodeling job.
Who was it that made the bad choices to overbuild and overprice?
I can honestly say I played no part it that debacle.
Can you do the same?
BTW, I never kiss any portion of a total strangers anatomy.
And as you have outed yourself on this thread as a knowing employer of imported illegal slave labor, I would be much more inclined to kick rather than kiss your “a$$”.
I am not an employer of illegal immigrants. I never said I was. Learn to read the ENTIRE sentence rather than focusing on key words.
Oh and I wish I was making the six figure income the IT people were. I am just a sub contractor. I finish the project the GENERAL CONTRACTOR starts.
Here in Missouri the housing is still affordable. People don’t stick out their neck building mansions hoping for some rich snow bird to come buy. I have no sympathy for them either.
Why should I take any abuse from someone from Flori DUH where people can’t even vote correctly and whine every time a hurricane smacks them in the side of the head crying for government assistance??? We build things once here. A foundation of sand is never a secure investment.
To rebuild every few years is a complete WASTE of money and natural resources that drives up the cost for the people who build on stone foundations.
Who needs their a$$ kicked????
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