Who is Responsible?

[Danzig]

Originally Posted by jms62

^^
Exception == Rule

i seriously doubt that when talking of underwater homes, million dollar properties on golf courses are what is in the mind of the president.

of course talking of countless small properties up and down main street and winding country homes just isn't quite as fun to think about, is it? nor the fact that people who can't sell their current home due to lowered values certainly aren't in the market for their next purchase either. multiply that by thousands, and then go talk to construction companies and their employees and then get back to me. you can also talk to the businesses and industries who are hurting because there is no demand for building materials.
none of that is exactly sexy, but it's the current climate....and once again, while american workers suffer, banks make .

[dellinger63]

Originally Posted by Danzig

i seriously doubt that when talking of underwater homes, million dollar properties on golf courses are what is in the mind of the president.

:.

In order to save an average of $300/month, which is what the President used as an average what size of mortgage are we talking?

To refinance from 6.5% down to the current 3.87% you would need to be in the 200K range for 30yrs. From 5% to 3.87% in the 500K range. Not value mind you just amount of loan.

[Danzig]

all i know is the current interest rates on 15/30 year mortgages are great. we refinanced just to cut time off, i'll pay the house off in half the time with barely an increase in monthly payment.
the issue isn't underwater-most people owe more than the house is worth when they make the purchase because of no money down.
the issue is when they get ARM's and the payment goes thru the roof and they can't afford it when it jacks up. i have fixed, and would never, ever have done otherwise. anyone who did is paying now-thru the nose. or they give up and give back their house.
right now the rent demand is incredible, so rent will rise. eventually it'll price people back into buying again because it'll be cheaper.

he's probably referencing people going from a high interest rate due to an ARM to a lower fixed. that would save a lot of people a lot of money.