Average Monthly Mortgage Payment Explodes to $3,322 In Biden’s America

[fpgt72]

Yep. Just saw that about 15% of GM Financial's loans are subprime. Imagine what that number looks like for Hyundai/Kia.

I understand the grade-school math that's used to justify borrowing at 3% and earning 8% annually from investments, but am generally unimpressed by the fact that nearly everyone touting this logic is perpetually in debt. My home and shop are modest but paid off, and the security those provides (including that of being able to tell employers and customers that I'm not beholden to them) has substantial value that can't be measured by a bank account. I'm constantly getting comments about "it must be nice to have the money to afford that!!!” when discussing a new firearm, tool, or car part. Imagine having a six-figure gross income and struggling to spend a few percent of that on an occasional discretionary expense.

What I was trying to say.

Guy behind me took out a second note on his house....he said to fix it up. I did not think it needed "fixing up". But I do see a new truck, and a month long Vac over the summer.

He is over the other day and I am showing him my new welder. He had been harping on me to get a 240 welder for years.

How much was that, $1999, but they had a $400 rebate going on so a little less.

It must be nice................

Above popped into my mind, a few minutes go by and we are talking about our cars. My honda is starting to make clicking noises in the front end, thinking CV joints. Not looking forward to that. You should get a new truck like me. Well depending on the repairs I might start looking, I have the money almost saved up to do it if I need to. It must be nice.

I am starting to get just a little angry.....so how much was that month long Vac you the wife and kid took last summer.

I get a real mad look and he has to leave.

I will see him again in about 6 months when he needs something again.

You could do it as well, you just CHOOSE not to.

 

[BCP]

I understand the grade-school math that's used to justify borrowing at 3% and earning 8% annually from investments, but am generally unimpressed by the fact that nearly everyone touting this logic is perpetually in debt.

It makes more sense once you realize our financial system is designed to screw us over. Inflation outpacing wages, housing prices outpacing inflation, therefore people HAVE to rely on credit to survive. So we are perpetually in debt.

 

[Hobo Hilton]

It makes more sense once you realize our financial system is designed to screw us over. Inflation outpacing wages, housing prices outpacing inflation, therefore people HAVE to rely on credit to survive. So we are perpetually in debt.

That is why Jerome Powell is shooting for a 2.5% rate of inflation... Sounds great but there has never been a logical explanation of why inflation, at any level, is good.

 

[RichExp]

Your insight into the financial landscape is thought-provoking.

 

[Hobo Hilton]

Your insight into the financial landscape is thought-provoking.

I bring up topics the presidential candidates shy away from. Like "Balance the Budget". It works in my house.

https://www.usdebtclock.org/

 

[lariat]

I think the current estimate is that balancing the budget would reduce household incomes by half, and that is in this current environment, in order to fund the repayment through increased taxation and reductions in government spending. So it will never happen. A balanced budget is a pipe dream. Nobody - government or populace - has the stomach or financial wherewithal for it. The only way out realistically is to erase the debt and start over, which will destroy the US influence around the world and if it happens before the dollar decoupling fully implements it will plunge the world into financial chaos. China going under would look like a fun time compared to that.

 

[theLBC]

https://www.breitbart.com/economy/2024/01/31/fed-drops-bombshell-no-interest-rate-cuts-soon/

 

[TheHorta]

I hate to break it to y’all…

Trump will NOT be our next POTUS. In fact, it won’t even be a Republican.

 

[91Eunozs]

I hate to break it to y’all…

Trump will NOT be our next POTUS. In fact, it won’t even be a Republican.

Reacted with sad face only because you’re in all likelihood correct.

 

[Necessary 3vil]

I hate to break it to y’all…

Trump will NOT be our next POTUS. In fact, it won’t even be a Republican.

 

[Glowworm]

I hate to break it to y’all…

Trump will NOT be our next POTUS. In fact, it won’t even be a Republican.

Think there will ever be another Repubican POTUS?

 

[pmclaine]

Your insight into the financial landscape is thought-provoking.

Why hello fellow financial enthusiast.

Is ammunition a good investment?

 

[pmclaine]

I hate to break it to y’all…

Trump will NOT be our next POTUS. In fact, it won’t even be a Republican.

Should we buy thermal and NVG optics?

 

[Bigfatcock]

Should we buy thermal and NVG optics?

Beans. Buy beans.

 

[E. Bryant]

https://www.breitbart.com/economy/2024/01/31/fed-drops-bombshell-no-interest-rate-cuts-soon/

Good. Low interest rates cause distortion and the misallocation of capital.

 

[mosin46]

Nolte: Average Monthly Mortgage Payment Explodes to $3,322 In Biden’s America

The average monthly mortgage payment in Joe Biden's America has soared to $3,322, the WSJ reports, up from $1,787 when Donald Trump left office.

www.breitbart.com

The average monthly mortgage payment in Joe Biden’s America has soared to $3,322, per analysis from the Wall Street Journal.


That $3,322 is nearly double the average monthly mortgage payment when His Fraudulency assumed office. When former President Trump left office, the average monthly mortgage payment was $1,787.




“Homeownership has become a pipe dream for more Americans,” writes the WSJ, “even those who could afford to buy just a few years ago.”
“Many would-be buyers were already feeling stretched thin by home prices that shot quickly higher in the pandemic, but at least mortgage rates were low,” the report adds. “Now that they are high, many people are just giving up.”
But let’s remember who these people are who are looking to enter the housing market — young people. And who do young people vote for overwhelmingly? Democrats. And so, allow me to welcome you to today’s edition of People Getting What They Vote For:




This is good news for me. The wife and I purchased our home in 1997. Afterward, we worked hard and saved harder to pay it off by 2003. Ever since we’ve been saving our money for retirement, and now that we are Of A Certain Age where it’s no longer wise to try to ride out stock market downturns, we have taken advantage of these gloriously high interest rates Democrats voted for. Our money is now nice and safe and snug in an interest-bearing account working its butt off for us. Thanks, Unhoused Zoomers!

this ought to finish off the construction industry and it's spinoffs. prob all get sent to rebuild ukraine. 10% for the big guy,of course.

 

[Redmanss]

Your insight into the financial landscape is thought-provoking.

Just fuck off right now spammer. There is zero fucking chance you signed up with good intentions for a firearms forum just to post that comment one minute after starting your account.

Fuck the fuck off.

 

[Redmanss]

https://www.breitbart.com/economy/2024/01/31/fed-drops-bombshell-no-interest-rate-cuts-soon/

There was zero "bombshell" in today's announcement. Fantasy bubble bursting? Absolutely. But nobody with a bit of sense thought they would be cutting now or in the very near future. That's being saved for the summer to give FJB a boost in the polling and talking points leading into the general election.

 

[Mike Casselton]

Ok, I’m gonna ask, “how the hell did you pay your house off in 6 years?” I only have like $240,000 left on mine after equity from the last house and a couple hundred thousand down in cash on top of that and yet I still have that much left. There is no way in hell I’ll be paying that off in 6 years. You must make some damn good money. At 43 I’m still a long way off from paying off what I have left and that’s even refinancing to a 20 year in 2010 for like 2.5% interest.

That's easy.
You spent too much on your house.

 

[lariat]

Good. Low interest rates cause distortion and the misallocation of capital.

However hard this is to accept, this is the truth. 100%.

 

[SilentStalkr]

That's easy.
You spent too much on your house.

Depends on how you look at it. I could sell right now for 2-3x what I got in it, easily pay it off and make some serious coin. If the lady would let me do it then I would.

 

[BAMAboy18]

Ok, I’m gonna ask, “how the hell did you pay your house off in 6 years?” I only have like $240,000 left on mine after equity from the last house and a couple hundred thousand down in cash on top of that and yet I still have that much left. There is no way in hell I’ll be paying that off in 6 years. You must make some damn good money. At 43 I’m still a long way off from paying off what I have left and that’s even refinancing to a 20 year in 2010 for like 2.5% interest.

Velocity banking for one...

 

[Mike Casselton]

So your answer is to buy a smaller, less expensive place?

Sounds like my response was spot on.

 

[SilentStalkr]

So your answer is to buy a smaller, less expensive place?

Sounds like my response was spot on.

One day, after Ive done it 2-3x.

 

[Hobo Hilton]

I think the current estimate is that balancing the budget would reduce household incomes by half, and that is in this current environment, in order to fund the repayment through increased taxation and reductions in government spending. So it will never happen. A balanced budget is a pipe dream. Nobody - government or populace - has the stomach or financial wherewithal for it. The only way out realistically is to erase the debt and start over, which will destroy the US influence around the world and if it happens before the dollar decoupling fully implements it will plunge the world into financial chaos. China going under would look like a fun time compared to that.

You have painted a grim picture. The first baby step would be to reduce spending. Watching Congress passing around the "hot potato" budget as we speak. FED Reserve is not budging. Debt is rising.

National debt is rising.

Household Debt and Credit Report

Unique data and insight into the credit conditions and activity of U.S. households

www.newyorkfed.org

 

[E. Bryant]

You have painted a grim picture. The first baby step would be to reduce spending. Watching Congress passing around the "hot potato" budget as we speak. FED Reserve is not budging. Debt is rising.

National debt is rising.

Household Debt and Credit Report

Unique data and insight into the credit conditions and activity of U.S. households

www.newyorkfed.org

Since about 2008 or so, each dollar of deficit spending has created about a dollar of GDP growth. Cutting spending would presumably work the same way, although I'm sure there's some wrinkle of economics I'm overlooking that might actually amplify the effects. So basically the odds of meaningful deficit reduction are about nil, and forget any thoughts of ever reducing the debt that's accumulated since 2001 - such thoughts are pure fantasy.

Eventually there will be some sort of significant crisis (probably a failed bond auction) and the Fed will print. Judging by the conversation here and elsewhere, there will be much rejoicing as nominal asset values skyrocket. People can be pretty dumb in that way.

Until then, politicians might pay occasional lip service to spending reduction or tax increases, and the Fed will be carefully watched as our "stronger economy ever" is manipulated by trivial 0.25% changes in rates. It's quite tiring, but we all deserve it due to the choices we made at the polls and with our bank accounts.

 

[Gunfighter14e2]

Ain't nothing like going thru life involved in a game conceived, to make people suck dick at work, so as to buy things they don't need, to make others think they are living the dream.

 

[Death From A Distance]

I built my own place over 2.5 years, and it's all paid for. I built it with mostly salvaged materials to save money

 

[The D]

Sorry everyone, but sometimes the medicine and healing process hurts too. Interest rates have been forced artificially low for a long time. This raise in rates and the accompanying price hikes(which are still artificially low) are a necessary step in the economic healing process

End the fed

 

[sirhrmechanic]

You will eat zee bugs!!

 

[sirhrmechanic]

I built my own place over 2.5 years, and it's all paid for. I built it with mostly salvaged materials to save money

View attachment 8338142

Remind me not to open any packages from you without dousing them in the sink.

Sirhr

 

[babyguppy]

I built my own place over 2.5 years, and it's all paid for. I built it with mostly salvaged materials to save money

View attachment 8338142

DOT called, they want their fence posts back

 

[91Eunozs]

Beans. Buy beans.

Magic beans in a few different calibers for me…LoL

 

[E. Bryant]

I built my own place over 2.5 years, and it's all paid for. I built it with mostly salvaged materials to save money

View attachment 8338142

That's not 4400 sq ft with extra bedrooms and a few half-baths on the main floor, so you suck.

 

[tucaz]

Ok, I’m gonna ask, “how the hell did you pay your house off in 6 years?” I only have like $240,000 left on mine after equity from the last house and a couple hundred thousand down in cash on top of that and yet I still have that much left. There is no way in hell I’ll be paying that off in 6 years. You must make some damn good money. At 43 I’m still a long way off from paying off what I have left and that’s even refinancing to a 20 year in 2010 for like 2.5% interest.

i paid $167k in 1997 and had it paid off in 14-15 years. yes good paying job and didnt spend money on many toys or frivolous things.

had to go get a loan in 2020 to pay the ex-wife her half of the house value though, i wasnt gonna lose the house because of D. lucky as hell i got in at 3.2%. my monthly is $760.00 on $175k

 

[Gunfighter14e2]

i paid $167k in 1997 and had it paid off in 14-15 years. yes good paying job and didnt spend money on many toys or frivolous things.

had to go get a loan in 2020 to pay the ex-wife her half of the house value though, i wasnt gonna lose the house because of D. lucky as hell i got in at 3.2%. my monthly is $760.00 on $175k

My cousin loved the female Y so much, it made him buy his house back 3 times, before the last one got it all.

 

[dino67]

 

[pmclaine]

It's true that the cost of living, especially housing, seems to be on the fast track lately. The dance between inflation, wages, and housing prices is a tricky one, leaving many feeling caught in the credit loop.

Fuck off!

 

[Gunfighter14e2]

It's true that the cost of living, especially housing, seems to be on the fast track lately. The dance between inflation, wages, and housing prices is a tricky one, leaving many feeling caught in the credit loop.

My trucks transmission was caught in a credit loop, it could not afford the lubricant to preform a hand job properly until a Toyota came along. Nine months later we had twin disks preforming the one wheel peel . Thanks for bringing that to the table, but we're out of salt. Salt w/o iodine is like white peppers, they're raciest.

 

[tucaz]

My cousin loved the female Y so much, it made him buy his house back 3 times, before the last one got it all.

not me man. once is enough after 24 years. its a different game for me now.

 

[Death From A Distance]

 

[NoDopes]

Looks AI generated. Purple cigar, broom handle, exhaust flume and gun display. Not too bad though.

 

[Haney]

I don't understand why people live beyond their means and carry so much debt. Borrowing money will keep you in the hole until you die,and then someone else has to take over where you left off or lose the house, car, etc .

 

[PatMiles]

I don't understand why people live beyond their means and carry so much debt. Borrowing money will keep you in the hole until you die,and then someone else has to take over where you left off or lose the house, car, etc .

In a word...stupidity!

 

[Gunfighter14e2]

I don't understand why people live beyond their means and carry so much debt. Borrowing money will keep you in the hole until you die,and then someone else has to take over where you left off or lose the house, car, etc .

Three words explain it all---->look at me. This logic has been constantly instilled into the weak via radio & TV the day WW II ended. Then got kicked into afterburner with the inception of the internet. It is a control tool that is so simple to envision once you game it to ground. Just think about all the dick sucked to hold a B/S job that allows you to say look at what I think I own. Then express your views or not take the jab and finally understand the jail you created for yourself based up the game you bought into with boot feet. If most lost their/a job for more than 6 months all their look at me shit would be gone, because if you don't hold title to it, you don't own its simple as that. On the street I live on there are only 2 homes that are owned. The rest are still making monthly payments not only on a home but their rides, toy's and many other things.

 

[kenny1773]

Agree 100% - people live beyond their means to show off

I also run into people that have that mentality of 'I could die tomorrow' so why not live for today and just get/do everything I want. I get it, I could die to tomorrow, odds are in my favor I will live to 70 or so

and the ever famous, everyone is in debt and makes payments on everything, its just the American way of life.

Delayed gratification vs instant gratification and impulse control, lots of psychology at play here too (see self control)

I saw a study a long time ago about how poorer people tend to suffer more from the psychological aspects and it explained why, can't seem to find it now.

 

[lariat]

Agree 100% - people live beyond their means to show off

I also run into people that have that mentality of 'I could die tomorrow' so why not live for today and just get/do everything I want. I get it, I could die to tomorrow, odds are in my favor I will live to 70 or so

and the ever famous, everyone is in debt and makes payments on everything, its just the American way of life.

Delayed gratification vs instant gratification and impulse control, lots of psychology at play here too (see self control)

I saw a study a long time ago about how poorer people tend to suffer more from the psychological aspects and it explained why, can't seem to find it now.

This. I have come to the conclusion that this living beyond one’s means comes from an inability to find self worth outside of others’ opinions. Obviously that’s not everyone but it’s a sizable percentage, especially when it the stuff they buy is super flashy.

The rich old men with faded overalls know what’s up and have more wisdom than most. There is peace in the satisfaction that comes from the inner self instead of material things that fade.