Housing market trash

obullfish said:
Yea, all these damn apartments they are building around here start around $1300 for 1 bedroom and $1800 for 3 bedroom from what some of the property managers have told me while there getting the fiber optic service ready.
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Those new 1 BR/1 Bath between Food Lion and Fast stop on Smokey Park are $1700 month.
 
obullfish said:
They are similar to section 8 housing supplemented by our tax dollars for some and high rent for us regular folk. Already turning into a problem area as well which that’s never been a great area there at Scratch Ankle.
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Good ol scratch ankle. Good place to catch crabs.
I understand *some* are lower cost as per local regulations. Guess what that did to the cost of the others???
We're from the government and we're here to help.
 
shawn said:
Pssst.... they use the same dollars in Asheville that we have here.
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For the record. I don’t want Asheville either. Going to be smaller town if a town. Could be sw va or tn possibly as well. Not sure we will stay in nc. I fantasy real estate a lot. One reason why I’m saving up like crazy. What used to be cheap no longer is.
 
DSM Turbos said:
For the record. I don’t want Asheville either. Going to be smaller town if a town. Could be sw va or tn possibly as well. Not sure we will stay in nc. I fantasy real estate a lot. One reason why I’m saving up like crazy. What used to be cheap no longer is.
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Cloudland TN is where I would love to be. The AT passes through, lots of nature, 20 minutes to Elizabethton and Johnson City.
Really laid back there
 
Jody Treadway said:
Cloudland TN is where I would love to be. The AT passes through, lots of nature, 20 minutes to Elizabethton and Johnson City.
Really laid back there
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Limestone Tn is where I’d like to settle. We lived there 79-81 (from what I remember)while my dad had a contract building the Johnson City hospital. Remember it being a great community that helped my family tremendously when our rental house burned to the ground.
 
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jeepinmatt said:
"The average loan size hit another record high at $446,000"
:eek:

Average salary is $51k, or ~$4k/month, or closer to $3k after taxes/etc. Average new loan size is ~$2k/month plus taxes.
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Don't tell Dave Ramsey.
It's getting to a breaking point. Especially for people that live w/o savings, retirement or a budget. Living based off payments is about to catch up to many Americans.
 
Jody Treadway said:
Don't tell Dave Ramsey.
It's getting to a breaking point. Especially for people that live w/o savings, retirement or a budget. Living based off payments is about to catch up to many Americans.
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as someone who is no hold bars doing about everything we can do to get out of debit and payments i dont understand how so many people are living like that. it literally kills me knowing there is cost being held over my head.
 
Loganwayne said:
as someone who is no hold bars doing about everything we can do to get out of debit and payments i dont understand how so many people are living like that. it literally kills me knowing there is cost being held over my head.
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same.
 
Jody Treadway said:
Don't tell Dave Ramsey.
It's getting to a breaking point. Especially for people that live w/o savings, retirement or a budget. Living based off payments is about to catch up to many Americans.
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This is the breakpoint after they are all already driving 60k cars buying new every 2 years?

I don't know how they didn't hit the breaking point before.

Don't get me wrong, I like to have toys and have fun, but I don't understand how some people afford what they do.
 
DSM Turbos said:
This is the breakpoint after they are all already driving 60k cars buying new every 2 years?

I don't know how they didn't hit the breaking point before.

Don't get me wrong, I like to have toys and have fun, but I don't understand how some people afford what they do.
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People get in habits.
They had a nice home, reasonable payment (in their eyes) and the 60k cars you mentioned. They're "getting by".
They decide now is the time to sell their current home for "more money than it's worth" and "invest" in a bigger home. Another excuse: Now is the time to borrow more money before rates increase.
Now they have those car payments and an even higher (longer term, too) mortgage. Stretched even thinner than before.
When SHTF, they don't have an emergency fund, savings, etc. Just more debt.
It'll get really ugly.
We could clean up on our home based on what we owe, what we paid for it and what it would sell for. But where are we gonna go w/o paying through the nose? Hell, I took my shop fund I've saved for for 15 years and invested most of it. I'm not building a shop in this current economic climate and overpay by 30-50%. I'll turn that overpayment into profit and build later.
 
DSM Turbos said:
This is the breakpoint after they are all already driving 60k cars buying new every 2 years?

I don't know how they didn't hit the breaking point before.

Don't get me wrong, I like to have toys and have fun, but I don't understand how some people afford what they do.
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They don't own any of it. The bank owns everything. Once the music stops, the bank comes to get it.
 
Jody Treadway said:
Don't tell Dave Ramsey.
It's getting to a breaking point. Especially for people that live w/o savings, retirement or a budget. Living based off payments is about to catch up to many Americans.
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Boy I sure hope so. I really hope it hits the sxs and gun buyers hard, I'm looking some affordable toys!
 
drkelly said:
They don't own any of it. The bank owns everything. Once the music stops, the bank comes to get it.
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But it seems that these people never stop, the music never shuts off. I'm sure it does for some, but a lot that I see do not stop at all.
Jody Treadway said:
People get in habits.
They had a nice home, reasonable payment (in their eyes) and the 60k cars you mentioned. They're "getting by".
They decide now is the time to sell their current home for "more money than it's worth" and "invest" in a bigger home. Another excuse: Now is the time to borrow more money before rates increase.
Now they have those car payments and an even higher (longer term, too) mortgage. Stretched even thinner than before.
When SHTF, they don't have an emergency fund, savings, etc. Just more debt.
It'll get really ugly.
We could clean up on our home based on what we owe, what we paid for it and what it would sell for. But where are we gonna go w/o paying through the nose? Hell, I took my shop fund I've saved for for 15 years and invested most of it. I'm not building a shop in this current economic climate and overpay by 30-50%. I'll turn that overpayment into profit and build later.
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I guess it is a matter of IF SHTF, a lot have skirted by doing this for 15 years or more now.

I'm the same way, we would love a bigger house (1600 sq feet for 3 of us and 2 pets can get cramped) but at the same point we don't need it, the space works for us. I don't need to keep up with the Jones's. There are some house things I'd like to do also, but there is no point to doing them and overpaying when I don't really NEED it. Same reason for years I drove a 20 year old car until the diff blew up. It met my needs. When I needed a new car, I went and bought a honda accord, not going to buy some BMW.

People are out there also buying 150k wakeboard boats every 2 years, I just don't get how they are doing it, one day it might catch up, but people see the Jones's doing it and they think they can do it also.

The older I get though, the more I don't want to work, so savings and making smarter choices now is my plan, but i'm also not going to stop enjoying life now since you never know when it will end.
Jody Treadway said:
I'm looking a tracked skid steer and mini-ex accordingly.
Gonna make some $$$
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I have been waiting for RV prices to drop from all of these covid purchases but it hasn't happened yet.
 
Loganwayne said:
as someone who is no hold bars doing about everything we can do to get out of debit and payments i dont understand how so many people are living like that. it literally kills me knowing there is cost being held over my head.
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I really, truly don't get it either. I have my mortgage payment and equipment payments (more than pay for themselves, and I consider 'good debt'). I've mentioned several times now, I increased my plant floor wages 30-50% back in October. I still have several folks that still come ask for loans. I started having conversations with these people to try to determine if they're taking care of other family, if they're taking their new 'extra' and putting it towards retirement, or what the deal is? I do have one lady tell me she actually invested in a rental trailer on a beach somewhere. I was proud of her, the rest of them...the increase in wages just meant instead of stretching a carton of cigarettes a week, now meant they could buy two cartons...instead of stretching a case of beer for the week, now they can buy 2-3 cases of beer. I feel really bad for a couple of them, because they decided against applying $50 of the net $3-500/month increase in wages to short term disability (open enrollment was November)...and they're out of work for several weeks. It blows my mind, because I consider alot of the folks to be semi-educated or at least know what kind of environment they were brought up in.
 
jeepinmatt said:
"The average loan size hit another record high at $446,000"
:eek:

Average salary is $51k, or ~$4k/month, or closer to $3k after taxes/etc. Average new loan size is ~$2k/month plus taxes.
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They should really be stating medians, not averages, because of the heavy positive skew.
 
DSM Turbos said:
People are out there also buying 150k wakeboard boats every 2 years, I just don't get how they are doing it, one day it might catch up, but people see the Jones's doing it and they think they can do it also.
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I know several people like that. It blows my mind, 30yr note on a boat is downright insane. Back in 2007, you could buy a brand new Nautique 210 fully loaded for around 70-80k from the factory. Now that boat is 100+ with the G series pushing 150-200k.

Wife and I have wanted a Nautique for quite a while. Looking at 07 and up models, used to be around the 35k-45k mark, now those same used boats are 60-70k.

Guess I'll keep being the boat whore and provide gas and beer money for the friends that have them.
 
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