Gas Prices.... Completely Outrageous!!! How Much Are They Where You Are???

[MacMan]

Originally Posted by irishgrl

by the way, I did say this awhile back (like close to the beginning lol!) that the real Bahstids in this whole mess are the big oil companies. Like I said, Chevron just posted an 18% PROFIT in the most recent quarter, solely based on prices at the pump. Thats SICKENING. No matter what side of the pond you live on, the Oil Companies are GOUGING us. And thats the REAL story here...IMO...

Apparently (and correct me if I'm wrong) if the US adopted the same standards as Europe where vehicles have to get 40-50mpg, the US wouldn't be dependent or need oil from OPEC or in other words Oil from over seas.... And the reason it doesn't change in that direction is because of the influencial lobby groups in bed with the government...

[strandinthewind]

Originally Posted by MacMan

Mortgage interest isn't tax deductible in Canada, I know that much. Plus isn't it true in the US you can get a loan for a house and only pay the interest as your payments - and nothing towards your principle?

I saw something on the news a few months ago about housing sales and how they are falling in the US, along with forclosures and they were talking about interest rates and how people are buying these huge expensive houses they wouldn't normally be able to afford only because the way the banks are working their mortgages with interest payments only or something like that..

The amount of foreclosures is up and some of the major markets are slowing. However, I read somewhere that even with the slowing of the market and the foreclosures (which could be due to a myriad of reasons - remember, the US allows one to discharge almost all their unsecured debt and still keep their house in a bankruptcy if they can still afford the payment) -- the amount of gain in the real estate market is still significant. I think much of the trouble is that people get 100% + loans and never pay them down. It takes time for property to appreciate to cover that excess even in the US market of the last ten years.

[strandinthewind]

Originally Posted by MacMan

Apparently (and correct me if I'm wrong) if the US adopted the same standards as Europe where vehicles have to get 40-50mpg, the US wouldn't be dependent or need oil from OPEC or in other words Oil from over seas.... And the reason it doesn't change in that direction is because of the influencial lobby groups in bed with the government...

I still maintain that although oil companies initially fought the higher MPG - they now embrace it because they see the final drop of oil being mined in the next 30 or so years. Higher MPG = that 30 years becoming 50-60 years, equalling more time they can make money. Clearly, John Galt knows of a better way to power a car and a country. But, oil is the status quo and a highly profitable one. So, why reinvent the wheel when you do not have to. Well, morals aside that is.

[markolas]

You can still find housing in Austin for under $100k, just not in the "hip" parts of town (and you'll be looking at nothing much over 1000 square feet). What they're doing in central/downtown Austin, is taking apartments that were previously going for $500-600 a month (which is reasonable) and turning them into condos and selling them for hundreds of thousands of dollars. In a couple of more years, you probably won't be able to live there at all if you don't make $100k a year or more. It's tough to do now.

Small town living would be great if I were straight and Christian, but seeing as how I'm not, it's not an option.

[irishgrl]

Originally Posted by strandinthewind

The amount of foreclosures is up and some of the major markets are slowing. However, I read somewhere that even with the slowing of the market and the foreclosures (which could be due to a myriad of reasons - remember, the US allows one to discharge almost all their unsecured debt and still keep their house in a bankruptcy if they can still afford the payment) -- the amount of gain in the real estate market is still significant. I think much of the trouble is that people get 100% + loans and never pay them down. It takes time for property to appreciate to cover that excess even in the US market of the last ten years.

well, the reason the foreclosures are up is because buyers were being offered deceptive financing and they figured they'd be making increasingly more wages to offset the anticipated increase in interest from the ARM. Sadly, jobs are going away or being outsourced or eliminated due to budget cuts, and people are left holding the bag. People in the Bay Area who USED TO make good $$$ either have only one income left to do the work of two or in some cases, no income at all. Its just not realistic. I HATE HATE HATE ARM's. I dont believe in gambling with your HOME. you need to know up front whether or not you can afford something, and if you cant, then WAIT!!

some people cry the blues because they took the bait and then suffered an economic loss or had to pay increasing interest (surprise!) that they signed on the dotted line for, and I say its just criminal what I've heard agents get away with. The weird thing is, people get all feverish when they have a home on the line they are in love with and they indulge in this "oh I know we can make it work, we'll save here and scrimp there, and you're gonna get a raise, and really, how much can the interest rates rise anyway" attitude, and boy are THEY in for a shock.....

[irishgrl]

Originally Posted by MacMan

Apparently (and correct me if I'm wrong) if the US adopted the same standards as Europe where vehicles have to get 40-50mpg, the US wouldn't be dependent or need oil from OPEC or in other words Oil from over seas.... And the reason it doesn't change in that direction is because of the influencial lobby groups in bed with the government...

I hate the big oil and the car industry lobbies. (as well as others LOL!)

ETA: I wish it were MANDATORY to build more cars that ran on something other than oil, whether it be bio fuel or electricity or whatever.....methane, I dont care. We need to find an alternative and make it mandatory and make it NOW.

Global warming is for REAL.

[irishgrl]

remember, the US allows one to discharge almost all their unsecured debt and still keep their house in a bankruptcy if they can still afford the payment)

this is not exactly true by the way. with the new bankruptcy laws in place you may not qualify for a total forgiveness of debt if you make more than your state's median income. you have to take a test first (its on the DOT website) to see if you qualify for the chapter 7 bankruptcy total elimination.

you can thank the Repubs and the credit card companies for that one. Jerks.

[irishgrl]

Originally Posted by strandinthewind

I still maintain that although oil companies initially fought the higher MPG - they now embrace it because they see the final drop of oil being mined in the next 30 or so years. Higher MPG = that 30 years becoming 50-60 years, equalling more time they can make money. Clearly, John Galt knows of a better way to power a car and a country. But, oil is the status quo and a highly profitable one. So, why reinvent the wheel when you do not have to. Well, morals aside that is.

can I just say, that's bad bad policy? we DO need to re-invent the wheel. we DO.

[strandinthewind]

Originally Posted by irishgrl

well, the reason the foreclosures are up is because buyers were being offered deceptive financing and they figured they'd be making increasingly more wages to offset the anticipated increase in interest from the ARM. Sadly, jobs are going away or being outsourced or eliminated due to budget cuts, and people are left holding the bag. People in the Bay Area who USED TO make good $$$ either have only one income left to do the work of two or in some cases, no income at all. Its just not realistic. I HATE HATE HATE ARM's. I dont believe in gambling with your HOME. you need to know up front whether or not you can afford something, and if you cant, then WAIT!!

some people cry the blues because they took the bait and then suffered an economic loss or had to pay increasing interest (surprise!) that they signed on the dotted line for, and I say its just criminal what I've heard agents get away with. The weird thing is, people get all feverish when they have a home on the line they are in love with and they indulge in this "oh I know we can make it work, we'll save here and scrimp there, and you're gonna get a raise, and really, how much can the interest rates rise anyway" attitude, and boy are THEY in for a shock.....

Anyone who argues they did not know up front that their ARM could rise in three or so years is liar - it says so in the documents they sign. In fact, it says so in like five of them and I believe there is a special document explaining it

As for gambling with your home, you should not. But, not all ARM's are that. If you can aford the initial payment and that initial payment can save $300 a month for three years in an ARM and then after the third year, your pmt goes up $50 a month for the next two or so years, then you have not lost money nor have you gambled Rather, you have been a smart investor. Plus, they can always sell the house at that time for a significant gain in the current market and buy a less expensive one if it comes to that.

But, many people cannot see this and they think paying that $300 more a month is the right and smart way to go. If that works for them, then great -- but that comfort zone does not equate to a smart shopper.

Actually, the smartest thing to do is take the ARM and put that extra $300 a month of "free money" (you pay no interest on that money "borrowed" ) on the mortgage -- that way, in three years, you owe about $4,000 less on your mortgage.

[strandinthewind]

Originally Posted by irishgrl

can I just say, that's bad bad policy? we DO need to re-invent the wheel. we DO.

No, it is a smart economic means -- at least for now. The proof, they say, is in the pudding.

Note - I do not agree with them and think the person who develops the better fuel source will be the king of the world. But, that will not happen until the oil companies want it to happen, which IMO will not be until the last drop of oil is drained. In other words, they will continue to make huge amounts of money on the status quo - right or wrong. But, that policy certainly works now doesn't it? And, the minute it does not, they will change it.

[irishgrl]

Originally Posted by strandinthewind

Anyone who argues they did not know up front that their ARM could rise in three or so years is liar - it says so in the documents they sign. In fact, it says so in like five of them and I believe there is a special document explaining it

As for gambling with your home, you should not. But, not all ARM's are that. If you can aford the initial payment and that initial payment can save $300 a month for three years in an ARM and then after the third year, your pmt goes up $50 a month for the next two or so years, then you have not lost money nor have you gambled Rather, you have been a smart investor. Plus, they can always sell the house at that time for a significant gain in the current market and buy a less expensive one if it comes to that.

But, many people cannot see this and they think paying that $300 more a month is the right and smart way to go. If that works for them, then great -- but that comfort zone does not equate to a smart shopper.

Actually, the smartest thing to do is take the ARM and put that extra $300 a month of "free money" (you pay no interest on that money "borrowed" ) on the mortgage -- that way, in three years, you owe about $4,000 less on your mortgage.

actually, the problem out here is, the house payment takes two incomes and many times, people think their wages are going to rise with the interest rates, and sadly that doesnt happen. Thus, the bottom dropping out. Especially with companies cutting costs and outsourcing and eliminating positons and a hiring freeze and just a myriad of things that add up to a really BAD initial decision, betting on the come. (gamblers term for hoping to get lucky in future) It just isnt worth it. Most people dont have that kind of $$$$ to throw away but they THINK they'll be able to do it based on today's circumstances and a belief that there will be automatic raises etc.

Just BAD BAD policy.

[irishgrl]

Originally Posted by strandinthewind

No, it is a smart economic means -- at least for now. The proof, they say, is in the pudding.

Note - I do not agree with them and think the person who develops the better fuel source will be the king of the world. But, that will not happen until the oil companies want it to happen, which IMO will not be until the last drop of oil is drained. In other words, they will continue to make huge amounts of money on the status quo - right or wrong. But, that policy certainly works now doesn't it? And, the minute it does not, they will change it.

Well, the artic ice is melting 3X faster than anyone thought it would. Global warming is more real than anyone expected. Bad Bad policy to continue putting greenhouse gasses in the air. much smarter to switch now to something more eco-friendly.

PS: by the time everyone realizes that we should have throttled Big Oil, it will be (most likely) too late. Pretty stupid.

[strandinthewind]

Originally Posted by irishgrl

well, the reason the foreclosures are up is because buyers were being offered deceptive financing and they figured they'd be making increasingly more wages to offset the anticipated increase in interest from the ARM.

Actually, it's more like the staggering amount of credit card debt in this country Again, a $50 to $100 increase in a morgage likely will not cause a foreclosure unless other serious problems are there.

Now - are banks loaning money to non-qualified people? Of course they are. But, many of those people are minorities or people who qualify for some program that mandates they be given the money. I am unsure however what percentage that entails. The mtg. lending rules are, however, pretty strict regarding qualification, though they can be played with by a smart buyer.

Originally Posted by irishgrl

Sadly, jobs are going away or being outsourced or eliminated due to budget cuts, and people are left holding the bag. People in the Bay Area who USED TO make good $$$ either have only one income left to do the work of two or in some cases, no income at all. Its just not realistic. I HATE HATE HATE ARM's. I dont believe in gambling with your HOME. you need to know up front whether or not you can afford something, and if you cant, then WAIT!!

In that job loss case, it would make no difference what kind of mortgage you had and, quite frankly, the ARM would be better for you if your income dropped because the monthly payment under that ARM likely would not reach the usually much higher fixed rate payment for 7 or so years

[strandinthewind]

Originally Posted by irishgrl

Well, the artic ice is melting 3X faster than anyone thought it would. Global warming is more real than anyone expected. Bad Bad policy to continue putting greenhouse gasses in the air. much smarter to switch now to something more eco-friendly.

PS: by the time everyone realizes that we should have throttled Big Oil, it will be (most likely) too late. Pretty stupid.

I am not arguing with you here.

[irishgrl]

Originally Posted by strandinthewind

Anyone who argues they did not know up front that their ARM could rise in three or so years is liar - it says so in the documents they sign. In fact, it says so in like five of them and I believe there is a special document explaining it

As for gambling with your home, you should not. But, not all ARM's are that. If you can aford the initial payment and that initial payment can save $300 a month for three years in an ARM and then after the third year, your pmt goes up $50 a month for the next two or so years, then you have not lost money nor have you gambled Rather, you have been a smart investor. Plus, they can always sell the house at that time for a significant gain in the current market and buy a less expensive one if it comes to that.

But, many people cannot see this and they think paying that $300 more a month is the right and smart way to go. If that works for them, then great -- but that comfort zone does not equate to a smart shopper.

Actually, the smartest thing to do is take the ARM and put that extra $300 a month of "free money" (you pay no interest on that money "borrowed" ) on the mortgage -- that way, in three years, you owe about $4,000 less on your mortgage.

by the way: your inference that people will save (bank) that extra money that they benefitted from with the ARM is GOOFY! people will always find a way to spend "found" money! oh yeah, Ive always wanted a big screen tv, or I've always wanted to travel, or say, wouldnt it be cool to have a nice backyard patio/bbq set? Nope, sorry, people just dont really look ahead and/or save for a rainy day any more...I mean why should they? they think they can still file bankruptcy what fools...