Reply to Why is $275k hhi now so poor?

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Reply to "Why is $275k hhi now so poor?"

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[quote=Anonymous][quote=Anonymous]It truly is crazy that people nowadays say “I wouldn’t be able to afford my house if I had to buy it today”

Honestly, they shouldn’t be in that house if they can’t afford it today. There should be an evicting mechanism, like making sure property taxes match a “current mortgage”. But as a country we have so many benefits to homeowners that it distorts the housing market tremendously. [/quote]

There are so many things wrong with this.

1) property taxes do go up as market values rise, properties get reassessed and taxes go up.  It's a big source of complaint for people on fixed income, especially elderly who cannot qualify for discounted rates based on them not having any other assets and living off social security with no savings.  There is no advantage here, in fact, you can call RE tax increases "tax on unrealized gains" because you don't get any benefit from the value of your house rising unless you sell it.  And if price goes down won't get your taxes back you paid on the inflated value that's not deflated.

2) what do you mean by "evicting people"? If someone is delinquent on mortgage or RE tax they can lose their property in foreclosure or lien sale. You never really own your house and entitled to keep it if you don't pay RE tax even if it's paid off.

3) If there are so many benefits to homeowners why aren't you are homeowner? If you are still starting out one day you will be a homeowner and take advantage of the same. We bought at the height of the market right before the 2008 crash, we didn't get much appreciation at all. Some people got lucky with timing/location, some had to buy/sell at a wrong time.

4) are in trying to propose we overtax people or rise the rates on fixed mortgages or force them to sell and buy at today's prices somehow?  That negates the whole point of home ownership as insurance against rising cost of living you would get if you are renting.  Do we convert everyone to market rate renters?

Most important question, what are you smoking  :lol: [/quote]

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