The 42% of recent buyers who put no money down when buying their homes have no equity.
They wish. If they bought a used home they paid 7-11% in transaction costs. If they bought new they are facing new homes 60, 80, $120,000 cheaper. Taxes due in 2 weeks and their home is a year older. Upside down, underwater... pick your phrase. Personally I favor; Tango Uniform. [If you have to ask you don't want to know. If you already know you are laughing too hard to reply anyway.]
1 comment:
You're on the money Robert. In an earlier phase of my life I used a VA loan with 100% financing to buy a house in 1990. It took me decade to recover, but I learned. As will this generation of debt-freaks.
Nice blog - I'll try to look in once in a while :)
Meanwhile I need to briefly check and see how Nina is doing in her own financial "well-heeled" hubris.
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