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LETMYSILVERGO
26th January 2010, 20:23
never mind thanks 4 your help

maplesilverbug
26th January 2010, 20:49
Don't know what that has to do with the silver market but whatever...

So I read a report that came out today which marks West Coast Canada as #1 and #8 on the most un-affordable housing market in the "world" (272 metropolitan markets in Canada, the U.S., the United Kingdom, the Republic of Ireland, Australia and New Zealand).

Affordability was calculated by using the median house-sale value in the third quarter of 2009, divided by the median annual gross household income.

A ranking of 3.0 or less is deemed to be affordable.
A "severely unaffordable" rating starts at 5.1.

#1 Vancouver is 9.3.
(Median single-family house-sale value $540,900; median household income $58,200 <--- tons of low-income families)

#8 Victoria is at 7.9.
(Median single-family house-sale value $555,000; median household income $70,250 <--- tons of government employees!)

(Calgary is 4.6, for all you dales out there!)


So...yeah, a nice $140K house is a pretty good deal!


p.s. -- Detroit comes in at a whopping 1.6!

SilverJim
26th January 2010, 21:07
Hello Fellow Stackers,

I have a friend who has a 100,000 mortage rate at 5&#37;, ( not a teaser rate )

they put 40,000 down, so they are not dumb as dead beats.

BUT IN 2011, their rate will be adjusted....

it was rumored to me there is another GOV PROGRAM TO PROTECT these folks.

if any one knows about this, Please let me know.

I am going to my bank and see if they can refinance at a decent fixed rate.

GOOD LUCK. ROSS

Assuming they plan to keep the house a few years, the situation has only 1 answer which is easy. Refinance now to a fixed rate. 15 year will offer the best rate but if payment is a real concern, go with a 30 year fixed. Might be a half point higher but can also be paid off early if finances improve. Don't wait until 2011 because rates are likely to go up, not down, by then.

LETMYSILVERGO
26th January 2010, 21:08
Don't know what that has to do with the silver market but whatever...

So I read a report that came out today which marks West Coast Canada as #1 and #8 on the most un-affordable housing market in the "world" (272 metropolitan markets in Canada, the U.S., the United Kingdom, the Republic of Ireland, Australia and New Zealand).

Affordability was calculated by using the median house-sale value in the third quarter of 2009, divided by the median annual gross household income.

A ranking of 3.0 or less is deemed to be affordable.
A "severely unaffordable" rating starts at 5.1.

#1 Vancouver is 9.3.
(Median single-family house-sale value $540,900; median household income $58,200 <--- tons of low-income families)

#8 Victoria is at 7.9.
(Median single-family house-sale value $555,000; median household income $70,250 <--- tons of government employees!)

(Calgary is 4.6, for all you dales out there!)


So...yeah, a nice $140K house is a pretty good deal!


p.s. -- Detroit comes in at a whopping 1.6!

WELL we are in Ohio-- it's a 3,000 square ft , 4 bedroom 3 bath on 2 acres.

with a full finished garage and a new 30 X 40 out building with heat electric and concrete floor..

I was in Perth and Sydney Australia-- a dump was $400,00-- a bloke a knew
paid $21,500 rent for a 2 bedroom old ass house.

OK, WHY IS SILVER NOT AT $50.00?????

maplesilverbug
26th January 2010, 21:15
WELL we are in Ohio-- it's a 3,000 square ft , 4 bedroom 3 bath on 2 acres.

with a full finished garage and a new 30 X 40 out building with heat electric and concrete floor..

Holy shiite!!! That would run about...mmm...ball park, I would say $1,000,000 where I am -- dead serious.



I was in Perth and Sydney Australia-- a dump was $400,00-- a bloke a knew
paid $21,500 rent for a 2 bedroom old ass house.

I know some people from the Philippines...they said you can rent a house w/ pool and maid for $100 a MONTH.


OK, WHY IS SILVER NOT AT $50.00?????

Because people are still paying $500,000 for 90-year old houses!!!
There's no money left over to put into silver!!!

Relayer
26th January 2010, 21:34
JP Morgan Chase, Bullion Bank for the FED.

Muthafugga
26th January 2010, 21:57
I've heard the same thing about the Philippines. Maybe worth a second look? Someone else chimed in awhile ago (a native of the Philippines) and said that if you relocated over there, you would be harassed endlessly and it wouldn't be worth it. Even if, it's pretty hard to resist - one gold coin would get you one year's worth of rent with a maid. That's pretty farkin tempting.

maplesilverbug
26th January 2010, 21:59
WELL we are in Ohio-- it's a 3,000 square ft , 4 bedroom 3 bath on 2 acres.

with a full finished garage and a new 30 X 40 out building with heat electric and concrete floor..

Vancouver: $1.3 mil (http://www.realtor.ca/propertyDetails.aspx?propertyId=9001770)
(4 bed, 3 bath, 2900 sqft, 26x45 out building/barn, RV building, 2.4 acres...)


Same stuff for 9.3 times the money than in Ohio -- and the exact same ratio as their non-affordability rate! Weird.

realmoney
26th January 2010, 22:27
Hello Fellow Stackers,

I have a friend who has a 100,000 mortage rate at 5%, ( not a teaser rate )

they put 40,000 down, so they are not dumb as dead beats.

BUT IN 2011, their rate will be adjusted....

it was rumored to me there is another GOV PROGRAM TO PROTECT these folks.

if any one knows about this, Please let me know.

I am going to my bank and see if they can refinance at a decent fixed rate.

GOOD LUCK. ROSS

They shouldn't worry. Their adjusted rate may well be LOWER than what they currently have (don't know their current rate or when it was set). Just because the rate can adjust doesn't mean it will go up. That's what most assume, but it will only be likely to rise if the Fed starts increasing rates, which they won't anytime soon.

If you/they can do a refi, that's probably best even after paying points/closing costs, just for peace of mind and certainty of the rate. But if not, personally I wouldn't sweat it.

RM

LETMYSILVERGO
26th January 2010, 22:51
They shouldn't worry. Their adjusted rate may well be LOWER than what they currently have (don't know their current rate or when it was set). Just because the rate can adjust doesn't mean it will go up. That's what most assume, but it will only be likely to rise if the Fed starts increasing rates, which they won't anytime soon.

If you/they can do a refi, that's probably best even after paying points/closing costs, just for peace of mind and certainty of the rate. But if not, personally I wouldn't sweat it.

RM

THAnKS GOOD REpLYS from all--- I'll check the rates tomorrow--the closing costs are around 1k on refinicing---i remember in 1975 the going rate was 10 to 12 percent---

if inflations kicks in like in 1976--cds where paying 15 percent--f---k

So i shall get on the ball---i used to sell real estate when a new 3 bedroom ranch 2 car garage, familly room and fire place 2 baths, half acre lot was $30.000--- I bought one --my payments were $300.00 a monnth 9.5 interest.

TheLoneRanger
27th January 2010, 00:27
Hello Fellow Stackers,

I have a friend who has a 100,000 mortage rate at 5&#37;, ( not a teaser rate )

they put 40,000 down, so they are not dumb as dead beats.

BUT IN 2011, their rate will be adjusted....

it was rumored to me there is another GOV PROGRAM TO PROTECT these folks.

if any one knows about this, Please let me know.

I am going to my bank and see if they can refinance at a decent fixed rate.

GOOD LUCK. ROSS

What kind of mortgage is it? If it is going to reset the interest rate, how is the 5% not a teaser rate? Adjustable rate mortgages are adjustabled rate mortgages period If the interest rate is going to be adjusted then it is an adjustable rate mortgage.. the contract will specify how much over prime the reset rate will be... if it specifies a higher rate over prime than the inital interest rate, the initial rate was a teaser rate. This is what most folks don't realize.. ARM's don't always just reset to the current mortgage rates... the contract will specify how much above or below prime the inital rate is and how much above prime the reset rate is... they are seldom the same, typically the reset rate is a couple three percent more above prime than the initial teaser rate.

I know you said it wasn't a teaser rate, but if it's an ARM and has a reset it is a teaser rate. The first thing you need to do to get out of any problem situation is to fully understand the situation. To start fibing to yourself about the nature of the situation because you think people will think you aren't smart is about the least smart thing you can do.

What do they need to be protected from? This is what I don't get.. you have a $60,000 mortgage @5% that's $400 a month.. if you can't afford that, you can't afford to rent either.. and if , as you say, that 5% is NOT a teaser rate it won't be going up that much in a year in all likelyhood so the payments won't be going up that much... how much are they paying in property taxes and insurance? .. that should'nt change much in any case.. And if the House cost $140,000 Less the $40,000 and the Mortgage is $100,000 then the payments are still only about $600-$650 a month. thats still better than rent in a decent neighborhood.

At any rate, none of the "Obama Save the Mortgage" plans are available until they are reset and behind or defaulting on the mortgage... they have a year to adjust their budget to be able to afford whatever the new payments are.. Just exactly what is the problem and what exactly do they need protection from? Is there a real reason for the panic?

How long ago did they get this Mortgage, Interest rates 4 or so years ago, assuming this is a 5/30 ARM, were pretty much all under 6% fixed with good credit.. I refinanced my principle about 5 years ago @ 4.5% on a 15 year fixed.. so that sorta begs the question .. why did they choose an ARM in the first place?