Out of Touch
Posted: Mon Jul 21, 2008 6:38 am
I always thought that I had a sound grounding in reality, but recent events appear to have blown that theory.
An article in the paper to day says "with many Americans having trouble justifying a $3,00 cup of coffee (at McDonalds) when their home values are dwindling..."
I don't know about you but I never through of my home as an asset to be spent on a cup of coffee. What am I missing here? :-5
I bought a house in 1987 at the height of that housing market, the mortgage rate was 9.75% on a thirty year fixed rate. It took nearly ten years for the house to be worth what I paid for it as the market collapsed. Do you remember that housing crisis? Likely you don't, why? Becasue people were not out there buying what they could not afford and yes, bankers were not willing to give a loan for less than 10% down and sometimes more.
And I must admit, I never spend $3.00 for a cup of coffee, especially at McDonalds. What I want to know is what are these people doing eating out anywhere if there house is declining in value? :wah::wah::wah:
An article in the paper to day says "with many Americans having trouble justifying a $3,00 cup of coffee (at McDonalds) when their home values are dwindling..."
I don't know about you but I never through of my home as an asset to be spent on a cup of coffee. What am I missing here? :-5
I bought a house in 1987 at the height of that housing market, the mortgage rate was 9.75% on a thirty year fixed rate. It took nearly ten years for the house to be worth what I paid for it as the market collapsed. Do you remember that housing crisis? Likely you don't, why? Becasue people were not out there buying what they could not afford and yes, bankers were not willing to give a loan for less than 10% down and sometimes more.
And I must admit, I never spend $3.00 for a cup of coffee, especially at McDonalds. What I want to know is what are these people doing eating out anywhere if there house is declining in value? :wah::wah::wah: