U.S. Economy and its Mess

[smokeshadow]

At the time that FDR implimented the 30 year mortgage, most people resided in their homes for 20, 25 or 30 or more years. So, a 30 year mortgage was a relistic goal. Today, I wouldn't be surprised if the average length of time that most people reside in a house is less than 10 years. A 50 year mortgage is just OBSCENE Just like an automobile loan that runs more than 36 months.

 

[KaraBulut]

At the time that FDR implimented the 30 year mortgage, most people resided in their homes for 20, 25 or 30 or more years. So, a 30 year mortgage was a relistic goal. Today, I wouldn't be surprised if the average length of time that most people reside in a house is less than 10 years. A 50 year mortgage is just OBSCENE Just like an automobile loan that runs more than 36 months.

You might be interested in this analysis from Morning Joe today.

The majority of people buying homes are in older age groups. The number of 20-somethings buying homes has declined because of the affordability gap and their lack of capital to contribute to the purchase. The average first time home buyer is now 40 years old, which means that they would not pay off the mortgage until they were 90 years old.

 

[rareboy]

 

[rareboy]

 

[rareboy]

Forbes is singing same tune:

​

 

[rareboy]

Here we go again.

The Republicans creating the foundations for the next future crash.