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TOPIC: WTF
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Bill Clinton forced the banks to give out those crappy loans. Its why the whole economy collapsed in 2006

Right now its just coming out that Obama nationalized Fannie and Freddie Mac and then looted both companies of hundred of billions of dollars. Obama gave that money to the NGO cronies of the Democratic Party and to fund Obamacare.

Are not Democrats such wonderful people?

Las Vegas NV
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@Lacouple,

Not arguing with the "Holy crap!" sentiment. I felt the same way about my first $60,000 mortgage on a house that cost $82,500. Hell of a nice house too.

Traditionally banks have allowed 25% to (rarely) 30% of someone's gross income to be assignable for total housing cost. Right now interest rates are ridiculously low but even at 3.5%, a thirty year fixed will cost you $5,400 per $100,000. Assuming $800 for homeowner's insurance, enough of a down payment to avoid private mortgage insurance and a state with ridiculously low property taxes, $300,000 is more than anyone should lend a person making $60,000.

Of course if oversight is slack enough and banks can offload crappy loans like they did about ten years ago and assume the taxpayers will bail them out, that all goes out the window. In his book "The Big Short" Michael Lewis chronicled a case where a California "strawberry worker" (his gross income was $17,000/year so a one season per year ag worker sounds about right) received a $650,000 mortgage from a subsidiary of Washington Mutual.

Wenatchee WA
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Un-fucking-believable.

A Georgia woman allegedly killed her paraplegic ex-boyfriend last month by dropping him off in the woods and leaving him to die in the freezing cold. Ruby Kate Coursey, 27, was charged Monday with felony murder and neglect of a disabled adult, a felony, in connection with the death of 33-year-old Troymaine Johnson, Upson County, Georgia, Sheriff Dan Kilgore tells PEOPLE.

Johnson was last seen alive on March 14 and was found dead by authorities after midnight on March 17, Kilgore says. The Georgia Bureau of Investigation later determined he died of hypothermia.

Kilgore says that Coursey, Johnson’s ex-girlfriend, allegedly dropped him off on a dirt road in the area of a hunting camp in Upson County, in Middle Georgia. To access the road, she allegedly crashed her vehicle through a gate, he says.

Kilgore says Johnson didn’t have the use of his legs and had only partial use of one arm: “He was totally immobile. ... There was absolutely no way he’d be able to get out of there or call for help.”

As Johnson was stranded overnight, the temperatures dipped into the 20s. “That would have been a very painful way to meet your demise,” Kilgore says.

Windermere FL
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In California the cost of regulations make it incredibly expensive to build a new house. Just the cap and trade and global warming regs in California now add huge amounts of money to a new house being built.

When its to expensive and to much red tape to build the price of existing housing goes through the roof.

Las Vegas NV
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Alternative math?

Little Egg Harbor NJ
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"The point is not that houses cost more in different markets it's how does someone who seems to have no more than 40 to 60K in income buy a house that's costs 500K to a Mil or more. "

THANK YOU!

Windermere FL
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The point is not that houses cost more in different markets it's how does someone who seems to have no more than 40 to 60K in income buy a house that's costs 500K to a Mil or more.

Our income was around 170K when we brought this house for 220 and we were like, holy crap we're spending how much!!!!!

Lubbock TX
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Most of the difference is land price. When a lot of people want to live somewhere land gets scarce. Most of the rest is market expectation (ie do they expect granite counter tops or laminate).

Wenatchee WA
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My mom sold her house in Silicon Valley last year. It was a 1962 2,000 sq ft 4b2.5b for 1,070,000. i sold my house 150 miles north of Silicon Valley for 425,000. It was a 2002 1800sqft 3b2b.

live 150 miles away from silicon valley and housing prices drop by half.

Where i am living now in Vegas the house that i am renting is a 1998 2100sqft 4b3b that sells for 200k. In a guarded gated community that is nice.

Las Vegas NV
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Point is that it's relative to where you are at. Some areas will give you less for more and vice versa.

Little Egg Harbor NJ
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TOPIC: WTF
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