friday free for all!
As you may have been able to tell I’ve got my hands full with other things right now, but it is Friday and this is your open topic post!
Whats going on out there? Post your news, anecdotes, links and theories here!
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September 13th, 2007 at 9:55 pm
Tony Danza,
thank you very much for your comment finally we are able to get that right.Now further support is coming up in articles.
Thanks
September 13th, 2007 at 6:51 pm
“when he’s 81 and makes that final payment on his home”
That’s assuming he lives that long (doesn’t die of stress at 60) and doesn’t get a HELC. He is definitely sudden heart attack material down the line.
Sadly, I’ve discovered too many people in my circles doomed to the same fate.
September 13th, 2007 at 6:21 pm
beta: Teachers are often quite stupid about money matters. Why is he smiling in the picture? Doesn’t he realize that his life is a nightmare?
A teacher starts on about 42k add about 5k for a Master’s Degree. He will go up the pay scale for 10 years at about 2k per year. He says he’s been working in low-paid youth work for years, so i’m guessing he has been teaching for less that 5 years. He’s probably making 55k. His wife isn’t working either, until the kids get older. So yes Beta, his life sounds like a nightmare to me.
He’s locked into a 40 year mortgage with no downpayment on a townhouse that probably cost 350-400k and makes 55k. Ouch!
I wonder if his marriage will survive 2 screaming kids and no diposable income. Ah well… at least they aren’t paying someone else’s mortgage and when the Olympics come they’ll only have 36 years left to go.
Also, just think, when he’s 81 and makes that final payment on his home, THEN the good life will begin. Hip replacements, retirement homes, kids visiting once a year.
I too can vouch that many teachers know little about finance, but as was mentioned earlier, it is probably no more prevalent than in the rest of the population.
September 13th, 2007 at 1:57 pm
Chief,
“foreclosures” ?
I ain’t a word in Canada;it’s only a yank problem.
It seems you are very new to the real estate market.
The fact is: foreclosures do occur in canada; I have attended the court sale of several of them (at the Smithe & Howe courthouses downtown).
September 13th, 2007 at 11:15 am
What are those numbers satv?
It’s 2007 in case you hadn’t noticed. Are those your predictions, or is your muddled brain so loose with numbers that you can’t tell one year from the next?
September 13th, 2007 at 10:18 am
Teachers are often quite stupid about money matters.
Unfortunately this is not just about this couple, or any particular professional group. It’s conventional wisdom.
(1) Your main consideration in deciding to purchase a house should be affordability (as opposed to say value, which is meaningless)
(2) Affordability is measured in one dimension, that being the lowest monthly payment you can finagle (on whatever terms).
(3) Since overall affordability is worsening, you should buy now so you don’t miss the opportunity forever.
Articles like this that show smiling homeowners (oh how blessed are they) without addressing the lapses in logic don’t help things.
September 13th, 2007 at 10:13 am
michael: Where have you been??
Your bizarre interjections were so much more coherent and so much funnier than than those of our current ‘blog-fool’, satv.
—-
BTW, WRT your oil/freako statement:
If ARU closes below $5, you kinda owe me an ‘okay, you did say it was prematurely overvalued at $10′.
(that’s $20 and $40 before the split)
It’s currently at about $7.50, and it recently revisited $6..
((PS: that’s not to say I don’t believe PM shares aren’t going to be a good speculation at some point soonish).)
September 13th, 2007 at 9:10 am
“Speculative buying is rare and subprime mortgage loans account for just 5 per cent of the market in Canada – much lower than the 20-per-cent market share in the U.S.”
Yeah right on the speculative buying.
This may well be true on a national average, if you’re including all the Truro NS and Port Hardy BC towns. In Vancouver itself? Not likely.
September 13th, 2007 at 9:08 am
“Under the leadership of our great leader Gordon Campbell,BC will proper for the decades to come.”
September 13th, 2007 at 9:05 am
freako….if oil closes above 80.00 you owe me 100.00
September 13th, 2007 at 8:53 am
“Speculative buying is rare and subprime mortgage loans account for just 5 per cent of the market in Canada – much lower than the 20-per-cent market share in the U.S.”
Yeah right on the speculative buying.
September 13th, 2007 at 8:39 am
First, affordability is terrible but no worries, it can be mitigated by using zero-down 40-year am mortgages
Teachers are often quite stupid about money matters. Why is he smiling in the picture? Doesn’t he realize that his life is a nightmare?
September 13th, 2007 at 8:13 am
oops:
http://tinyurl.com/2uomrl