Housing Bubble 2: Return of the Ugly

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A community for discussing and documenting the second great housing bubble.

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SeattleRain

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A mother of three says her family can't secure a $1,600 home loan, yet they must manage a $2,100 rent. (www.reddit.com)

submitted 3 months ago by SeattleRain to c/housing_bubble_2

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[–] Snowclone 50 points 3 months ago

Working as intended.

[–] [email protected] 41 points 3 months ago (1 children)

We will own. Not you.

[–] [email protected] 18 points 3 months ago* (last edited 3 months ago)

We will own ~~. Not~~ you.

You are welcome!

[–] randon31415 3 points 3 months ago

What are the laws around renters eviction vs. housing eviction? Might be that it could cost a bank years of lawyers to get the money back on a house, but your junk can be all on the street and a new tenet in your apartment with a quick call to the cops about back due rent.

[–] Buddahriffic 1 points 3 months ago

It's even more obscene when you realize that part of that 1600 you are paying yourself. The interest is the only bit you lose, the rest is equity you own instead of the bank now. Equity that you can then use to get more money from the bank.

Whereas the rent is likely being used so that your landlord can pay themselves part of their mortgage and maybe keep some more on top of that.

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