chow
Joined: 22 Jan 2005
Posts: 2350
Location: Cornfield County, Indiana
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| Posted: Thu Mar 09, 2006 1:47 pm Post subject: |
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Well, if it were not for the rates being low, people being able to afford a home, our economy would have been in worse shape. Housing jobs represent a major part of the economy in my state.
The hurricanes didn't hurt either. We stopped building prefab housing and built FEMA units!!!! :wink: We all have customers, because they all have jobs!
But my home and lot on either coast or in some of the larger cities would go for 4 times as much in market value. I saved a ton of money in interest, and cut my term due to the rates dipping so low. I didn't lower my payment, or pay off other bills like many other people *did-but I will be in a home I own free and clear in a few years. That was never even a light I saw at the end of the tunnel when I first bought it, built on to it, and refinanced it after construction was done 6 years ago. I like many other baby boomers were able to shoot ourselves to the light, and make our future retirement nest eggs-double and even quadruple in funds we will be able to spend. How is that a joke for the economy?
*People had more money to spend, that helped the flexiable.
When we first bought this house (if you could call it a house) the rates were 13%. Our construction loan we took out a few years later was 9.25% (we were happy) Our rate now is 4.25% I can live with that rate-hell, I could live with 6.5%! It's still better than 13!!!!
I guess your question is kind off funny when you ask people in a mortgage board if we find it funny that our industry was credited for keeping an ecomony moving. :lol:
We are the second oldest profession! :wink: |
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