jhulud Posted September 25, 2008 Share Posted September 25, 2008 Nerds everywhere are rejoicing because now they can justify still living at home. I've been living back home for 3+ years now...life is grand...kinda... Quote Link to comment Share on other sites More sharing options...
kirbypuckett Posted September 25, 2008 Share Posted September 25, 2008 I was planning on moving out soon.I'm thinking I should hold off and just keep saving money. This is a bad decision, and will only drag the housing bust/recession on longer. If you have a steady job and make enough money to support a mortgage, you should buy a house, especially now, because they are so cheap. We enter recessions when people retreat financially. I can't afford a house at the moment or I would. I'm talking about renting an apartment. Quote Link to comment Share on other sites More sharing options...
xfedaykinx Posted September 25, 2008 Share Posted September 25, 2008 im probably going to be moving out of my apartment and moving in with my aunt while i go back to school part-time. itll be a bitch but money is so fucking tight right now Quote Link to comment Share on other sites More sharing options...
mcm1610 Posted September 25, 2008 Share Posted September 25, 2008 with the eminent housing crash (we haven't seen the worst of it yet) in a few months you're gonna probably have a chance to buy something nice for cheap. i'm in canada. i don't think we're on the same housing trend as you guys in the states. housing around here (the GTA) has actually been in a bit of a boom as of late and prices are going through the roof. Buffalo's got a bit of a rise going on, too. Quote Link to comment Share on other sites More sharing options...
flood Posted September 25, 2008 Share Posted September 25, 2008 Mostly true, you just have to find a bank with money to lend you to buy a house. This is not difficult at all, provided you have a steady job and good credit. its alot harder now than it was. let me break it down for you... when i bought my home i was pretty much unemployed... i went stated income off the label (meaning some bank actually believed me when i said the label made 200k a year..) and to prove i actually still operated the business i sent them a sampler with the year written on the cover... pretty amazing practices right? they gave me $200k because i had a cd with a year written on it. my former roommate just bought a house 4 months ago, dude clears 100K+, no debt, great credit... and he got jerked around for months on the loan. its a much different world all of a sudden. Quote Link to comment Share on other sites More sharing options...
sgoodcore Posted September 25, 2008 Share Posted September 25, 2008 This is not difficult at all, provided you have a steady job and good credit. its alot harder now than it was. let me break it down for you... when i bought my home i was pretty much unemployed... i went stated income off the label (meaning some bank actually believed me when i said the label made 200k a year..) and to prove i actually still operated the business i sent them a sampler with the year written on the cover... pretty amazing practices right? they gave me $200k because i had a cd with a year written on it. my former roommate just bought a house 4 months ago, dude clears 100K+, no debt, great credit... and he got jerked around for months on the loan. its a much different world all of a sudden. Because your friend went through the process as it should be and you should have NEVER gotten the loan under those circumstances. I'm happy for you that you did and that you can afford it. But too many people did what you did and now can't afford it. Not sure how I feel about it but I lean towards believing they shouldn't be bailed out and neither should the people who gave them the money. Quote Link to comment Share on other sites More sharing options...
akross Posted September 25, 2008 Share Posted September 25, 2008 Quote Link to comment Share on other sites More sharing options...
Guest baseball Posted September 25, 2008 Share Posted September 25, 2008 Money doesn't exist anymore! There's just numbers floating around on paper! Quote Link to comment Share on other sites More sharing options...
mikeian Posted September 25, 2008 Share Posted September 25, 2008 it's time to start saving: Quote Link to comment Share on other sites More sharing options...
murakami Posted September 25, 2008 Share Posted September 25, 2008 ^ thats a wamu debit card. sunday, i am betting on the big announcement for them Quote Link to comment Share on other sites More sharing options...
flood Posted September 25, 2008 Share Posted September 25, 2008 its alot harder now than it was. let me break it down for you... when i bought my home i was pretty much unemployed... i went stated income off the label (meaning some bank actually believed me when i said the label made 200k a year..) and to prove i actually still operated the business i sent them a sampler with the year written on the cover... pretty amazing practices right? they gave me $200k because i had a cd with a year written on it. my former roommate just bought a house 4 months ago, dude clears 100K+, no debt, great credit... and he got jerked around for months on the loan. its a much different world all of a sudden. Because your friend went through the process as it should be and you should have NEVER gotten the loan under those circumstances. I'm happy for you that you did and that you can afford it. But too many people did what you did and now can't afford it. Not sure how I feel about it but I lean towards believing they shouldn't be bailed out and neither should the people who gave them the money. oh i definately shouldn't have been approved.. its insane that i did. Quote Link to comment Share on other sites More sharing options...
mediocore Posted September 25, 2008 Share Posted September 25, 2008 I wouldn't buy a house yet. The housing market has nowhere to go but down once all the Option ARMs start resetting. Plus, good credit doesn't guarantee shit at this point... banks just don't have the money to loan out unless you're super qualified and a very, very low risk to them -- and even then it's no guarantee. Saving money is the way to go. Quote Link to comment Share on other sites More sharing options...
sgoodcore Posted September 25, 2008 Share Posted September 25, 2008 I wouldn't buy a house yet. The housing market has nowhere to go but down once all the Option ARMs start resetting. Plus, good credit doesn't guarantee shit at this point... banks just don't have the money to loan out unless you're super qualified and a very, very low risk to them -- and even then it's no guarantee.Saving money is the way to go. Interest rates are very low to save too much though. Best off making the money work for you if you can where you get a bigger return than a savings account. Quote Link to comment Share on other sites More sharing options...
mediocore Posted September 25, 2008 Share Posted September 25, 2008 I wouldn't buy a house yet. The housing market has nowhere to go but down once all the Option ARMs start resetting. Plus, good credit doesn't guarantee shit at this point... banks just don't have the money to loan out unless you're super qualified and a very, very low risk to them -- and even then it's no guarantee.Saving money is the way to go. Interest rates are very low to save too much though. Best off making the money work for you if you can where you get a bigger return than a savings account. True. There were some good rates on CDs, etc., before the shit hit the fan. Glad we got our savings in that. Although my wife works for WaMu, so we're fucked when she inevitably loses her job. Quote Link to comment Share on other sites More sharing options...
devilstrombone Posted September 25, 2008 Share Posted September 25, 2008 I guess its good im getting a second job even though I dont need one. I can have more income just going straight into my savings. Quote Link to comment Share on other sites More sharing options...
sgoodcore Posted September 25, 2008 Share Posted September 25, 2008 Interest rates are very low to save too much though. Best off making the money work for you if you can where you get a bigger return than a savings account. True. There were some good rates on CDs, etc., before the shit hit the fan. Glad we got our savings in that. Although my wife works for WaMu, so we're fucked when she inevitably loses her job. Tell her to go work for Wells Fargo, they're doing well. Quote Link to comment Share on other sites More sharing options...
mediocore Posted September 26, 2008 Share Posted September 26, 2008 True. There were some good rates on CDs, etc., before the shit hit the fan. Glad we got our savings in that. Although my wife works for WaMu, so we're fucked when she inevitably loses her job. Tell her to go work for Wells Fargo, they're doing well. Yeah, but not a lot of people are hiring. She works in HR, so I think there's been less openings in that side of the business. Quote Link to comment Share on other sites More sharing options...
monk0nuggets Posted September 26, 2008 Share Posted September 26, 2008 i'm in canada. i don't think we're on the same housing trend as you guys in the states. housing around here (the GTA) has actually been in a bit of a boom as of late and prices are going through the roof.Buffalo's got a bit of a rise going on, too. I'm moving to Buffalo within a year it looks like. Stoked, even if prices are on the up. Quote Link to comment Share on other sites More sharing options...
deville Posted September 26, 2008 Share Posted September 26, 2008 Why are all of you saying to save money for? USD is going to be worthless now since the morons in Washington are going to fuck us all up the ass with the 700+ billion dollar bailout. When big businesses take huge gambles and win, they make mad money, but when their gambles fail, the government shouldn't bail out their greedy asses. I know I sound insincere about people loosing their money/homes/jobs, but like blows. The bailout will fuck over more people because it devalues our currency hence inflation. So no matter how much money you save, it will become pretty much worthless compared to what it is now. If you want to protect your money, you should invest in commodities such as gold/oil/minerals/food etc. I say let the system burn and start all over. "The Great Depression" isn't coming, but a long term recession is like the one Japan faced that lasted for nearly a decade. Lastly I would recommend investing in cheap-ass malt liquor and whiskey since they will be in high demand. Quote Link to comment Share on other sites More sharing options...
mediocore Posted September 26, 2008 Share Posted September 26, 2008 And WaMu just got bought by JPMorgan. Fun times. Quote Link to comment Share on other sites More sharing options...
sonix Posted September 26, 2008 Share Posted September 26, 2008 Hurry, what failing company can America throw billions of dollars at that we'll never see again!? I had a lemonade stand years back that went belly up! Quote Link to comment Share on other sites More sharing options...
sherlock Posted September 26, 2008 Share Posted September 26, 2008 fuck this entire situation. this all makes me sick to my stomach. and to bring it down to make the younger guys on here understand how bad this is. as we go to college it's going to be harder and harder for us to get loans. and since the economy is not going to be growing there are not going to be enough jobs out there for all of us. so basically, thanks, adults for letting this get so bad. we all love you for it. Quote Link to comment Share on other sites More sharing options...
cj Posted September 26, 2008 Share Posted September 26, 2008 I guess its good im getting a second job even though I dont need one. I can have more income just going straight into my savings. i wouldnt keep it in a bank either! if you are going to have a mass amount of savings id keep it in cash in a safety deposit box somewhere or in a shoebox under my bed Quote Link to comment Share on other sites More sharing options...
mediocore Posted September 26, 2008 Share Posted September 26, 2008 I guess its good im getting a second job even though I dont need one. I can have more income just going straight into my savings. i wouldnt keep it in a bank either! if you are going to have a mass amount of savings id keep it in cash in a safety deposit box somewhere or in a shoebox under my bed Except anything under $100K is FDIC insured... Quote Link to comment Share on other sites More sharing options...
riddle350 Posted September 26, 2008 Share Posted September 26, 2008 things are pretty shitty right now but people need to calm down a bit and realize that this isn't the first time the economy has gone down hill. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.