themechanic
Oklahoma is OK
- Local time
- 1:27 AM
- Joined
- Nov 11, 2012
- Messages
- 16,532
- Reaction score
- 19,517
- Location
- Moore, Oklahoma
Yep, 1983 I assumed a 9% mortgage with the Permanent on a house when I was 21 years old. 2 years later I sold it and the bastages charged me 3 months principal and interest to get out of same when I sold it at a loss. $3500 to get out... on an $86,000 bungalow, that today (well at least last year) sold for $1.4 million dollars !80s sucked, home loans were 14 - 15%
Yeah.....80s sucked, home loans were 14 - 15%
That's fine but the average blue collar guy is running out of water and ice cubes and sugar. Pretty soon going to have to settle for luke warm lemon water, and if they get their plan "2030" or "2032" etc. in place we will just have to suck on the lemons.I was 29 and after making a few bucks on the first two, I was now on my third home. Interest rates were stupid high, CD rates were about 8 percent and I was making good money at work. Different times require a different tactics to move forward. My father always said, if life deals you a lemon, make lemonade.
I realize what you're saying, but when we got here with two suitcases, and the four of us. we had nothing. Times are different, no doubt, but I'm an average guy and I thought the same thing and so did those before me. We do the best we can and I hope for the best for you.That's fine but the average blue collar guy is running out of water and ice cubes and sugar. Pretty soon going to have to settle for luke warm lemon water, and if they get their plan "2030" or "2032" etc. in place we will just have to suck on the lemons.
I am middle aged unlike many on the board here, the future is not certain to say the least.
I was making $40K as a company truck driver in 1985. I also bought a 1200 square foot house, in 1988, for $75,000, after taking a pay cut to go into management. Property taxes were about $1000 a year. I also financed with an adjustable rate mortgage, which I locked at 9.5% shortly before I sold the place to move to Chicago in 1993. Bought the next one with an ARM as well. Younger folks don't realize the impact of interest rates back then. My wife and I barely qualified for the first mortgage.II finished out the 80s making a little over $30K a year as an engineer. I bought my house in ‘89. Iirc fixed rates then were 12.5% but I opted for an adjustable rate mortgage at 8.5% despite my mom and other pundits telling me that was risky.
It worked out fine for me, I refinanced several times and most of the 90s I was paying in the 5s.
Cost increase wise the worst expense I deal with due to constant increases is property taxes. I still own the same humble 1200 sq ft home I bought 35 years ago. Only improvement I made here that would affect taxes is tearing down a 25x25 2 car garage and building a 28x24 3 car. My info on the assessor site still shows 2 car garage so I’m not sure that update got inputted anyway.
My property taxes were a hair under $1500 a year in 1989.
Currently a bit under $8000 a year. Even if anything else was good in Illinois now, which nothing is, the taxes alone are reason enough no one should live here!!