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U.S. Economy and its Mess

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.
 
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.

 

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Here we go again.

The Republicans creating the foundations for the next future crash.

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And we're not yet seeing the fallout from the government layoffs, the mass arrests of immigrants and the loss of the social safety net.

  • Foreclosure starts, which are the initial phase of the process, rose 6% for the month and were 20% higher than the year before.
  • Completed foreclosures, the final phase, were up 32% year over year.
  • Florida, South Carolina and Illinois led the nation in state foreclosure filings.
Florida, South Carolina and Illinois led the nation in state foreclosure filings. On a metropolitan area level, Florida’s Tampa, Jacksonville and Orlando had the most filings, with Riverside, California, and Cleveland rounding out the top five.
 
By the end of Novemeber, the strain is really going to start showing and I am predicting that the Christmas retail season is going to fall flat.

I see and hear about it all over now.
 
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