Low interest rate is a sucker's game

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Low interest rate is a sucker's game Posted by Jim (more from Jim) on Fri, 3 Jun 2005 16:31:27

In Reply to: Re: most of them are broke or renting..., Rich, Thu, 2 Jun 2005 18:54:47 Members do not see ads below this line. - Help Keep This Site Online - Signup

High interest rate can be refinanced at a lower-interest rate period later; restructuring the principal portion of a loan covenent is the definition of BANKRUPTCY.

All low interest rate accomplishes is inducing buyers to bid each other into bankruptcy. Like internet stocks, one has not made a cent on the capital "investment" until one sells. "Taking money out of the house" via equity loan is no different from borrowing against stock holdings. We all know what followed from that.

I'm currently renting a 2700 sq.ft 4br/2br newly rennovated house with two-car garage on 3/4 acre in Wellesley, MA, one of the top 10 most expensive markets for detached single-families in the nation (and the second most expensive in New England after Greenwich CT)according to recent Coldwell Banker market survey, which says a house like the one I'm in sells for over 1 million in the neighborhood. My rent? $2200 a month, about 15% of my income. All tax, water, sewer and house insurance are responsibility of the owner (amounting to nearly half of my rent, so I'm told). Why would I want to buy at all?

posted by 65.96.21...

Posts in this Thread:

Median home price in CA is now..., Bob M, Thu, 2 Jun 2005 09:22:04
- Move to Toledo..., Rod , Fri, 3 Jun 2005 09:03:19
- in santa barbara is now median 1.3 million :-( nm, baggsly , Thu, 2 Jun 2005 11:52:23
- We certainly have a lot of Californians moving up here, KBR88900T, Thu, 2 Jun 2005 11:19:01
  - Re: We certainly have a lot of Californians moving up h, rob , Fri, 3 Jun 2005 09:58:34
    - Yes, I guess the open boarder thing is part of the, KBR88900T, Fri, 3 Jun 2005 18:06:57
      - The warped world that we live in . . ., Jim, Sat, 4 Jun 2005 22:20:54
        It is Libertarian to believe in personal property so, KBR88900T, Sun, 5 Jun 2005 15:39:16
        Here's a handy link, Jim, Sun, 5 Jun 2005 18:40:17
        I can't stand the minimum wage but I'm not, KBR88900T, Sun, 5 Jun 2005 19:49:55
        Good Question, Jim, Sun, 5 Jun 2005 23:34:41
        I agree with a lot of your points., KBR88900T, Mon, 6 Jun 2005 11:56:34
        Very much in agreement, Jim, Tue, 7 Jun 2005 08:31:43
        Nice piece, keep up the fight. n/m Cheers, KBR88900T, Tue, 7 Jun 2005 09:09:45
        Personal Property vs. Communal Property, Jim, Sun, 5 Jun 2005 17:55:56
        Maybe I'm not an absolute Libertarian., KBR88900T, Sun, 5 Jun 2005 19:56:52
  - Re: We certainly have a lot of Californians moving up here, steveC, Thu, 2 Jun 2005 12:41:40
    - come to Toronto ;-) nm, Canadian_Saab, Thu, 2 Jun 2005 13:14:43
      - Re: come to Toronto ;-) nm, steveC, Thu, 2 Jun 2005 17:41:03
        Geez., LesH, Thu, 2 Jun 2005 20:25:13
        Re: Geez., steveC, Fri, 3 Jun 2005 17:36:49
- Tear-downs in my area are pushing $800,000, Geoff, Thu, 2 Jun 2005 11:13:40
- Re: Median home price in CA is now..., Randy Thatcher , Thu, 2 Jun 2005 10:21:13
- My house went from 150-348 in 1.5 years, NickR, Thu, 2 Jun 2005 10:18:01
  - Re: My house went from 150-348 in 1.5 years, Jim, Fri, 3 Jun 2005 16:45:44
- Re: Median home price in CA is now..., GM, Thu, 2 Jun 2005 09:46:43
  - most of them are broke or renting..., Bob M, Thu, 2 Jun 2005 10:06:54
    - Re: most of them are broke or renting..., Rich, Thu, 2 Jun 2005 18:54:47
      - Low interest rate is a sucker's game, Jim, Fri, 3 Jun 2005 16:31:27 <-- Viewing This Message
    - Interest only loans, too ->, michael p, Thu, 2 Jun 2005 11:13:23

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